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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 application of risk management strategies to job role
   • Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role
   • Access and accurately interpret organisational policy and procedures for risk management
   • Clarify and confirm risk management role with relevant stakeholders as required
2. Apply risk management strategies
   • Determine appropriate organisational strategies and tools for controlling risks in own job role
   • Identify and apply control measures for cross-organisation risks
   • Choose and implement control measures for own area of operation and responsibilities
3. Identify and propose changes to improve risk management strategies
   • Maintain currency of understanding and application of risk management strategies
   • Audit and review risk strategy implementation to improve treatment of risks
   • Recommend improvements in risk management, relevant to own job role, to management
   • Model best practice risk management in own performance

Performance Evidence

Evidence of the ability to:

interpret, comply with and review organisational financial risk management strategies

recommend risk mitigation improvements and risk control measures

audit compliance of risk implementation strategies within the organisation

undertake a proactive risk management and support role within the organisation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain the key features and purpose of the Australian standards relating to risk management

describe different types of risk and identify risk factors in own job role

compare and contrast methods of identifying financial risks

outline the key organisational policy and procedures relating to risk management processes and strategies

describe the organisational tools and strategies used in managing risk

explain the key principles of risk management

outline current industry risk management practices and risk mitigation strategies.

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