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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. Select risk mitigation for each risk
   • Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation
   • Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected
2. Develop risk mitigation plan
   • Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
   • Identify, document and allocate required actions
   • Establish budget, timeframes and reporting schedules
3. Develop implementation plan
   • Identify tasks to be undertaken and organise personnel and resources to carry out actions
   • Determine indicators of progress and success
   • Establish monitoring system to determine effectiveness of treatments
4. Communicate with relevant internal and external stakeholders
   • Identify stakeholders and seek out their views
   • Provide information to stakeholders at each stage of treating organisation’s risks

Performance Evidence

Evidence of the ability to:

analyse financial risks, perform associated cost analysis and select appropriate risk management practices

develop a risk mitigation plan

develop and monitor budgets and implementation schedules for risk mitigation strategies.

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 risk management principles, practices and management tools

identify and explain the key features and purpose of the Australian standards as they relate to risk management

analyse and discuss the range of possible treatment options for financial and legislative risk

analyse areas of applicability of treatment options in an organisation

describe methods of comparing suitability of risk treatment options for particular applications

describe the key indicators for monitoring the success of selected risk mitigation strategies

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

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