Assessor Resource

FNSRSK501A
Undertake risk identification

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies in any sector of the financial services industry to job roles involving managing organisation risk.

This unit describes the performance outcomes, skills and knowledge required to identify the financial risks faced by an organisation, evaluate existing risk controls and recommend improvements appropriate to mitigate the impact of those risks.

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)

Employability Skills

This unit contains employability skills.



Evidence Required

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 ability to:

effectively apply risk management principles and practices

identify financial risk clusters

recommend risk control improvements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to Australian Standard 4360 Risk Management.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

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)

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.

Required skills

well-developed communication skills to:

determine and confirm organisation risk situation with internal and external stakeholders, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

risk assessment and management skills

numeracy and IT skills to make financial calculations and use word processors, spreadsheets, databases and internet information

literacy skills for analysingrisk information to ensure appropriateness to the organisation

problem solving skills to identify any issues that have the potential to impact on organisation risk controls and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

Australian Standard 4360 Risk Management

methods of identifying financial risks

principles of risk management

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.

Boundaries may include:

business unit

organisation

team project.

Risk cluster may include:

business risks

financial risks

legal risks

compliance risks

physical risks.

Description of risk includes:

how they can occur and impact on the achievement of business objectives

their area of impact

their nature.

Stakeholders may be:

those internal to the organisation who have an interest in the function under consideration, including:

those providing services

policy makers

those receiving services from this organisational unit

those external to the organisation who have an interest the organisation being assessed, including:

suppliers

customers

regulators

shareholders.

Controls are:

measures which limit the impact of risks.

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.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Stakeholders are identified and provided information pertinent to financial risk identification 
Views of stakeholders are sought and recorded 
 
Risk cluster elements are identified and the risks described clearly to stakeholders 
Existing controls are identified and their effectiveness evaluated 
The need for additional/improved controls is established 
Amendments to existing controls are recommended and the need for new controls reported if required 

Forms

Assessment Cover Sheet

FNSRSK501A - Undertake risk identification
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSRSK501A - Undertake risk identification

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: