- BSBRSK501A - Manage risk
Issue Date: November 2018
This unit addresses the management of the risk across the organisation or within a business unit or area. It does not assume any given industry setting.
This unit applies to individuals who are working in positions of authority and are approved to implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.
This unit describes the performance outcomes, skills and knowledge required to manage risks in a range of contexts across the organisation or for a specific business unit or area.
The unit has been designed to be consistent with AS/NZS 4360:2004 Risk management.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
This unit contains employability skills.
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
risk management plan which includes a detailed stakeholder analysis, explanation of the risk context, critical success factors, identified and analysed risks, and treatments for prioritised risks
details of monitoring arrangements for risk management plan and an evaluation of the risk management plan's efficacy in treating risks
knowledge of relevant legislation, codes of practice and national standards.
Context of and specific resources for assessment
Assessment must ensure:
access to workplace documentation.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
observation of presentations
oral or written questioning to assess knowledge of risk management policies and procedures
review of documented critical success factors, and goals or objectives for area
review of risks prioritised for treatment
evaluation of action plan for implementing risk treatment
evaluation of documentation communicating risk management processes to relevant parties.
Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
financial management units, governance units, human resource management units, or technology units.
List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
communication and literacy skills to consult and negotiate, to prepare communications about risk management, and to encourage stakeholder involvement
organisational and management skills to plan and implement risk management processes
problem-solving and innovation skills to find practical ways to manage identified risks.
AS/NZS 4360:2004 Risk management.
legislation, codes of practice and national standards, for example:
duty of care
freedom of information
industrial relations law
privacy and confidentiality
legislation relevant to organisation's operations
legislation relevant to operation as a business entity
organisational policies and procedures, including:
risk management strategy
policies and procedures for risk management
overall operations of organisation
reasonable adjustment in the workplace for people with a disability
types of available insurance and insurance providers.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Risks may include those relating to:
economic circumstances and scenarios
management activities and controls
Scope may apply to:
specific business unit or area
specific functional such as:
Relevant parties may include:
internal and external stakeholders
specific teams or business units
Research may include:
data or statistical information
information from other business areas
lessons learned from other projects or activities
review of literature and other information sources
Tools and techniques may inlcude:
Likelihood may refer to:
probability of a given risk occurring, such as:
Impact or consequence may refer to:
significance of outcomes if the risk occurs, such as:
Evaluation of risks includes:
considering the likelihood of the risk occurring
considering the impact of the risk
determining which risks are most significant and are therefore priorities for treatment
Options may include:
avoiding the risk
changing the consequences
changing the likelihood
retaining the risk
sharing the risk with a third party
Action plans should include:
what actions are required
who is taking responsibility
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
|Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice||Yes||No||Comments/feedback|
|Review organisational processes, procedures and requirements for undertaking risk management|
|Determine scope for risk management process|
|Identify internal and external stakeholders and their issues|
|Review political, economic, social, legal, technological and policy context|
|Review strengths and weaknesses of existing arrangements|
|Document critical success factors, goals or objectives for area included in scope|
|Obtain support for risk management activities|
|Communicate with relevant parties about the risk management process and invite participation|
|Invite relevant parties to assist in the identification of risks|
|Research risks that may apply to scope|
|Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties|
|Assess likelihood of risks occurring|
|Assess impact or consequence if risks occur|
|Evaluate and prioritise risks for treatment|
|Determine and select most appropriate options for treating risks|
|Develop an action plan for implementing risk treatment|
|Communicate risk management processes to relevant parties|
|Ensure all documentation is in order and appropriately stored|
|Implement and monitor action plan|
|Evaluate risk management process|
Assessment Cover Sheet
BSBRSK501A - Manage risk
Assessment task 1: [title]
I declare that the assessment tasks submitted for this unit are my own work.
Result: Competent Not yet competent
Feedback to student
Assessment Record Sheet
BSBRSK501A - Manage risk
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent