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Elements and Performance Criteria

1. Identify and confirm risk management strategies
   • Research organisational, legislative and regulatory requirements and standards for risk management as indicated by regulators applicable to own job role
   • Access and interpret organisational strategy, policy and procedures for risk management
   • Clarify and confirm own risk management accountabilities and responsibility with key stakeholders as required
2. Apply risk management strategies
   • Determine appropriate organisational strategies and tools for controlling risks in own job role
   • Determine appropriate tools and strategies for controlling risk where own job role intersects with work of others
   • Choose and apply tools and strategies to own area of operation and responsibility
3. Report risk management breaches or concerns
   • Identify and record evidence of a breach or concern
   • Determine organisational procedure to follow in event of breach or concern
   • Report breach or concern as indicated by organisational procedure
   • Record notification of breach or concern according to organisational procedure
4. Review and propose improvements to risk management strategies
   • Establish regular processes to monitor, audit and review application of risk management strategies to own work practice
   • Identify opportunities for improvements in risk management strategies and recommend to appropriate stakeholders according to organisational procedure

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:

implement at least three controls relevant to own area of operation and responsibilities to comply with organisational risk management strategies

report at least two risk management breaches or concerns of differing severity according to organisational policy and procedures.

In the course of the above, the candidate must:

establish processes to monitor, audit and review application of risk management strategies.

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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:

key principles of risk management

the key features and purpose of key standards for risk management as indicated by regulators

methods for accessing and interpreting organisational strategy, policy and procedures

methods for identifying and treating organisational risks, and risks within the candidate’s own area of operation and responsibility

key risk management strategies, controls, treatments and practices relevant to own area of operation and responsibility

methods for identifying and applying controls for cross-organisation risk

methods for identifying, recording evidence and reporting risk management or compliance breaches or concerns

industry whistle-blower protections for challenging and reporting risk management or compliance breaches or concerns

techniques for auditing and reviewing risk strategy implementation

organisational tools, strategies, policy, and procedures relating to risk management and compliance

key financial services legislation and regulation required to produce the performance evidence.

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