Assessor Resource
SITXMGT005A
Manage business risk
Assessment tool
Version 1.0
Issue Date: May 2024
This unit describes a fundamental business management skill for those working within the service industries and applies to the full range of industry sectors and environments.
A risk to business operations can be faced by any type of organisation, including non-profit businesses, whether they are micro, small, medium or large. Managers within these businesses require skills to ensure the success of the operation, meet budget, minimise losses or ensure a profit, depending on the focus of the activities.
This unit reflects the active participation of any personnel in the identification, assessment and control of risks to business and operational activities. This activity would normally be undertaken by unsupervised senior staff members who have significant responsibility in the workplace, owner-operators and managers. It could also be undertaken by frontline operational personnel who work with some level of autonomy or under limited supervision and guidance from others.
Assessments of business risk are commonly conducted as a team effort and a person achieving competence in this unit could either actively participate in group assessments or could take a lead role in coordinating a group approach.
The assessment and control of risks to business operations could be implemented on many levels within an organisation; a whole of organisation approach or for a particular project or business activity.
This unit describes the performance outcomes, skills and knowledge required to actively identify risks to business operations, assess the associated consequences and take measures to eliminate or control the risk. It requires the ability to monitor business risks on an ongoing basis.
This unit focuses on business risk and not on the risk management strategies that a business applies to the management of OHS issues. OHS management practices are covered in separate specialised units.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)