Google links for FNSRSK601A - Develop and implement risk mitigation plan

Elements and Performance Criteria

Select risk mitigation for each risk
- Risk mitigation options for each risk and treatments for risk mitigation are identified
- Implementation time for each treatment and the costs and benefits arising from the treatment options are quantified before appropriate treatments are selected
Develop risk mitigation plan
Develop implementation plan
Communicate with relevant internal and external stakeholders
- Stakeholders are identified and their views sought
- Information is provided to stakeholders at each stage of treating the organisation's risks

Required Skills

Required skills

highly developed communication skills to

determine and confirm organisation risk management requirements using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

highly developed research and analysis for accessing interpreting and managing complex information

highly developed risk assessment and management skills

numeracy and IT skills to make financial calculations and use word processors spreadsheets databases and internet information

welldeveloped literacy skills for analysing risk mitigation information to ensure appropriateness to the organisation

welldeveloped problem solving skills to identify any issues that have the potential to impact on risk mitigation strategies and to develop options to resolve these issues when they arise

planning and organisational skills

Required knowledge

Australian Standard Risk Management

range of possible treatment options for financial risk

areas of applicability of treatment options in an organisation

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

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

effectively choose and apply risk management principles and practices

analyse financial risks and undertake cost analysis

develop and monitor budgets and implementation schedules

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to Australian Standard Risk Management

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Risk mitigation options are specific tools including:

diagnostic tools used to identify and measure risks

monitoring tools used to monitor risks

preventative tools used to mitigate risks

remedial tools used to address crystallised risks.

Treatments are specific solutions within risk mitigation options and may include:

currency hedging

insurance of risk

reduction of risk by greater control

removal of risk by use of different methods.

Costs and benefits may include:

financial benefits and costs

non-financial benefits and costs.

Stakeholders may be:

those internal to the organisation who have an interest in the function under consideration, including:

those providing services

policy makers

external stakeholders outside the organisation who have an interest the organisation under being assessed, including:

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FNSRSK601A - Develop and implement risk mitigation plan

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Elements and Performance Criteria

Required Skills

Evidence Required

Range Statement