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Unit of competency details

FNSRSK601 - Develop and implement risk mitigation plan (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSRSK601A - Develop and implement risk mitigation planUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by FNSRSK611 - Develop and implement risk mitigation plan 30/Jun/2020

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
FNS60515 - Advanced Diploma of SuperannuationAdvanced Diploma of Superannuation1-4 
FNS51815 - Diploma of Financial ServicesDiploma of Financial Services1-4 
FNS60715 - Advanced Diploma of Financial Licensing ManagementAdvanced Diploma of Financial Licensing Management1-4 
FNS51515 - Diploma of Credit ManagementDiploma of Credit Management1-3 
FNS51715 - Diploma of Applied Anti-Money Laundering and Counter Terrorism Financing ManagementDiploma of Applied Anti-Money Laundering and Counter Terrorism Financing Management1-2 
FNS60615 - Advanced Diploma of Banking Services ManagementAdvanced Diploma of Banking Services Management1-4 
FNS60815 - Advanced Diploma of Integrated Risk ManagementAdvanced Diploma of Integrated Risk Management1-3 
FNS60115 - Advanced Diploma of Insurance BrokingAdvanced Diploma of Insurance Broking1-3 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Application

This unit describes the skills and knowledge required to apply knowledge of different financial risk treatment methods to develop and then implement a plan or strategy for treatment of an organisation’s risks.

It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to manage and implement organisational strategies that mitigate risk within their area of responsibility.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Risk management

Elements and Performance Criteria

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

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

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

Unit Mapping 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

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

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

Performance Evidence

Evidence of the ability to:

  • analyse financial risks, perform associated cost analysis and select appropriate risk management practices
  • develop a risk mitigation plan
  • develop and monitor budgets and implementation schedules for risk mitigation strategies.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain risk management principles, practices and management tools
  • identify and explain the key features and purpose of the Australian standards as they relate to risk management
  • analyse and discuss the range of possible treatment options for financial and legislative risk
  • analyse areas of applicability of treatment options in an organisation
  • describe methods of comparing suitability of risk treatment options for particular applications
  • describe the key indicators for monitoring the success of selected risk mitigation strategies
  • identify and explain the role of internal and external stakeholders relevant to risk.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the risk management field of work and include access to:

  • office equipment, technology, software and consumables
  • relevant legislation, regulations and codes of practice
  • relevant Australian standards relating to risk management.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe