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Elements and Performance Criteria

1. Identify risks and opportunities.
   • Information on actual and potential risks and opportunities is collected and assessed for currency, accuracy and relevance.
   • Structured plan for identifying and assessing likelihood of risk and opportunity is developed.
   • Limitations in identifying and assessing risks and opportunities are recognised, and assistance is sought as required.
2. Analyse risks and opportunities.
   • Identified risks and opportunities are analysed for validity and reliability.
   • Assessment criteria for measuring level of potential or existing risk or opportunity, together with an assessment of consequences, are developed according to terms of reference.
   • Gaps in assessment methodology are identified and appropriate actions implemented.
   • Valid and relevant data is analysed against assessment criteria to determine level of potential risk or opportunity.
3. Document findings.
   • Risk and opportunity assessment findings are documented.
   • Feedback on findings is actively sought to ensure accuracy and relevance of information.
   • Findings are updated as required and incorporated into risk and opportunity assessment plan for future management decision making.
   • Information is securely maintained with due regard to confidentiality.

Range Statement

This section specifies work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included. Bold italicised wording, if used in the performance criteria, is detailed below.
Risks must include at least three of the following:	deliberate, natural, accidental or perceived risks industry special risks loss of goodwill, reputation or credibility loss of profits loss, disclosure, destruction or compromise of asset equipment malfunction work health and safety (WHS) public liability trade practices issues.
Opportunities must include at least four of the following:	adding value aggregation of assets altering existing property or facility change in use, ownership, appearance and perception of property or facility changing style of investment creating something new use of bankers and financiers.

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Performance Evidence

A person demonstrating competency in this unit must satisfy all of the elements, performance criteria, foundation skills and range of conditions of this unit.

The person must also identify and analyse potential risks and opportunities to ensure safe and effective property operations.

The person must demonstrate this performance by identifying and analysing three potential risks and three potential opportunities relating to the operations of one property-related organisation. The findings of this work must be documented in a form suitable for presentation to senior managers in the organisation.

In doing the above, the person must:

assess level of potential risk or opportunity against agreed assessment criteria

establish terms of reference and develop effective action plan and structure for analysis and assessment

apply knowledge of organisation’s practices, ethical standards, and legislative requirements associated with identifying and analysing potential risks and opportunities to ensure safe and effective property operations

obtain information from a range of sources and consultative processes to ensure accurate understanding of operating environment

review and prepare findings relating to risks and opportunities in a format suitable for presentation.

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Knowledge Evidence

A person demonstrating competency in this unit must demonstrate knowledge of:

client and organisational confidentiality requirements

concept of litigation

insurance policies, codes and operations

mechanisms to obtain and analyse feedback on findings of risk and opportunity analysis

principles and techniques for identifying and measuring risks and opportunities

key requirements of federal, state or territory legislation and local government regulations relating to:

anti-discrimination

consumer protection

environmental issues

equal employment opportunity (EEO)

financial probity

franchise and business structures

industrial relations

work health and safety (WHS)

property sales, leasing and management

property industry code of conduct and professional standards

risk and opportunity assessment techniques and processes.

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