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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. Communicate with relevant internal and external stakeholders at each stage
   • Identify stakeholders and provide information pertinent to financial and legislative risk identification
   • Seek out and record views of stakeholders
   • Explain use of Australian Risk Management Standards in risk identification and risk control
2. Identify and describe risk
   • Define organisational environment and boundaries of review in consultation with stakeholders
   • Identify risk cluster elements and describe risks clearly to stakeholders
   • Obtain information on risks as identified by stakeholders
3. Identify and assess controls
   • Identify existing controls and evaluate their effectiveness
   • Establish need for additional or improved controls
   • Recommend amendments to existing controls and report need for new controls if required

Performance Evidence

Evidence of the ability to:

effectively liaise and communicate with stakeholders regarding risk identification

identify financial risk clusters, and analyse and prioritise the risks

document risks and controls, and make recommendations for risk control improvements.

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:

identify and explain the role of internal and external stakeholders relevant to risk

identify and explain the key features and purpose of the Australian standards for risk management

compare and contrast methods of identifying financial and legislative risks

explain the concept of risk clusters

explain the key principles and practices of risk management

explain the key principles and importance of risk controls

explain risk mitigation strategies.

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