Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Select risk mitigation for each risk

1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

2. Develop risk mitigation plan

2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

2.2 Identify, document and allocate required actions

2.3 Establish budget, timeframes and reporting schedules

3. Develop implementation plan

3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions

3.2 Determine indicators of progress and success

3.3 Establish monitoring system to determine effectiveness of treatments

4. Communicate with relevant internal and external stakeholders

4.1 Identify stakeholders and seek out their views

4.2 Provide information to stakeholders at each stage of treating organisation’s risks

Skill 

Performance Criteria 

Description 

Reading

1.1, 2.1, 2.2

• Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements

Writing

2.2, 2.3, 3.3, 4.1, 4.2

• Uses a range of formats and structures to report and present information logically
• Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations

Oral Communication

4.1, 4.2

• Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel
• Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience

Numeracy

1.2, 2.3

• Performs mathematical calculations to interpret and estimate complex financial information
• Uses numerical data in the development of plans, budgets and reports

Interact with others

3.1, 4.1, 4.2

• Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
• Shares knowledge, information and experience openly as an integral part of the working relationship

Get the work done

1.1, 1.2, 2.1-2.3, 3.1-3.3, 4.1, 4.2

• Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands
• Gathers, monitors and analyses data and seeks feedback to improve processes
• Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions
• Explores and incubates new and innovative ideas through analysis and critical thinking
• Uses digital systems and technologies to enter, store or access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSRSK601 Develop and implement risk mitigation plan

FNSRSK601A Develop and implement risk mitigation plan

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.