Assessment Requirements for FNSRSK601 Develop and implement risk mitigation plan

Release: 1

Assessment Requirements for FNSRSK601 Develop and implement risk mitigation plan

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