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. Determine appropriate risk assessment strategies

1.1 Identify and evaluate appropriate criteria for acceptance or rejection of risks using Australian risk management standards

1.2 Determine performance targets for organisation’s capacity to assess and accept risk

1.3 Identify organisation’s business risk elements and control risk elements

2. Evaluate risk and compliance factors

2.1 Identify and collate accurate, reliable and up-to-date information on these elements in form suitable for analysis, and comprehensively investigate and review data accessed

2.2 Evaluate risk elements against known exposure factors and consider compliance with relevant legislation, regulatory guidelines, industry sector compliance requirements and organisational policy

2.3 Evaluate risk acceptability factors within context of organisation’s mitigating capabilities

2.4 Evaluate risk acceptability factors within context of organisational requirements

3. Establish risk acceptance criteria

3.1 Establish terms and conditions of risk acceptance criteria for low hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure

3.2 Establish terms and conditions of risk acceptance for high hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure

3.3 Clearly document risk acceptance strategies, criteria and guidelines to meet requirements of relevant guidelines determined within delegated authorities

3.4 Obtain and review relevant feedback and finalise risk acceptance criteria, and associated authority limitations, conditions and guidelines

4. Develop risk management strategies

4.1 Select risk management for each risk and develop implementation plan

4.2 Identify and develop procedures that staff should follow in operationalising strategy

5. Implement risk assessment strategies

5.1 Communicate risk assessment strategies, criteria and guidelines to relevant staff and intermediaries

5.2 Monitor risk acceptance strategy implementation

6. Evaluate and review risk assessment strategies

6.1 Evaluate risk assessment strategies to determine effectiveness in achieving risk management objectives, and review as required

6.2 Document and communicate results to relevant staff

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.3, 2.1, 3.1, 3.2, 3.4, 6.1

• Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Writing

2.1, 3.3, 3.4, 4.1, 4.2, 5.1, 6.2

• Uses clear and concise language, correct spelling and grammar, and appropriate terminology to convey information and provide detailed instructions
• Prepares logically organised documents using appropriate formats for the audience and purpose

Oral Communication

3.4, 5.1, 6.2

• Participates in verbal exchanges using active listening and questioning techniques to convey information, obtain feedback and elicit the views and opinions of others
• Articulates clearly, using concepts and language appropriate to the audience, and adapts tone and pace to engage and present information to others

Numeracy

1.2, 2.1, 4.1

• Collates, interprets and analyses financial and statistical information to determine requirements

Navigate the world of work

1.3, 2.2-2.4, 3.1-3.3, 4.2

• Works autonomously, making high level decisions to achieve and improve organisational goals
• Takes a lead role in the development of organisational goals, roles and responsibilities
• Monitors and reviews the organisation’s policy, procedures and adherence to legislative requirements

Interact with others

3.4, 5.1, 6.2

• Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships

Get the work done

1.1, 1.2, 2.1-2.4, 3.1, 3.2, 4.1, 4.2, 5.2, 6.1, 6.2

• Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands
• Gathers and analyses data and seeks feedback to improve plans and processes
• Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions
• Makes high impact decisions in a complex and diverse environment, using input from a range of sources
• Explores and incubates new and innovative ideas through unconstrained 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 

FNSRSK602 Determine and manage risk exposure strategies

FNSRSK602A Determine and manage risk exposure strategies

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.