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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Identify project risks
   • Identify risk objectives and standards, with input from stakeholders
   • Identify project risk context to inform risk management processes
   • Identify project risks using valid and reliable risk identification methods
   • Identify risk analysis classification criteria and apply to agreed risk ranking system
   • Use risk analysis processes, within delegated authority, to analyse and qualify any risks, threats and opportunities
   • Identify risk priorities in agreement with project client and other stakeholders
   • Document risk analysis outcomes for inclusion in risk register and risk management plan
2. Establish risk treatments and controls
   • Identify and document existing risk controls
   • Analyse risk treatment options using agreed consultative methods
   • Record and implement agreed risk treatments
   • Update risk plans and allocate risk responsibilities to project team members
3. Monitor and control project risks
   • Establish risk review processes
   • Monitor risk environment and identify changed circumstances impacting project risks
   • Evaluate risk responses to changed environment
   • Implement agreed risk responses and modify plans
4. Assess risk management outcomes
   • Review project outcomes for effectiveness of risk-management processes and procedures
   • Develop recommended improvements for application in future projects
   • Identify and document risk management issues and recommended improvements for application to future projects

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

manage project risk on at least two occasions.

In the course of the above, the candidate must:

conduct effective risk management processes for a project of sufficient complexity

apply risk management techniques, strategies and tools.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

project risks in a range of risk categories

key components of a risk management plan

relevant project risk controls

industry sector risk classifications and different risk contexts

organisational and industry standard risk frameworks

project risk-management processes and procedures

characteristics, techniques and applications of quantitative and qualitative risk management techniques and approaches.

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