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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. Research and select risk treatments
   • Identify and assess residual risks according to risk appetite
   • Determine material risks outside of appetite and assess acceptance according to organisation’s risk acceptance processes
   • Identify risk mitigation and treatment options for each risk according to standards for risk management as indicated by regulators
   • Quantify implementation time, costs and benefits for each treatment option
   • Select risk treatments according to organisational priorities, policy and procedures
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 actions
   • Establish budget, timeframes and reporting schedules
3. Implement risk mitigation plan
   • Organise personnel and resources to carry out actions
   • Determine indicators of progress and success
   • Establish monitoring system to determine effectiveness of treatments
4. Review risk mitigation plan
   • Maintain records produced by monitoring system
   • Review records according to established timeframes
   • Liaise with appropriate stakeholders regarding mitigation plan effectiveness
   • Determine effectiveness of risk mitigation plan

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:

develop and implement one risk mitigation plan for an organisation.

In the course of the above, the candidate must communicate and consult with appropriate external and internal stakeholders at all stages of risk treatment.

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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:

risk management principles, practices and management tools including policy and procedures

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

key requirements of legislation and regulation required to produce the performance evidence

a range of possible treatment options and controls for different types of risk

areas of applicability of treatment options in an organisation

methods of comparing suitability of risk treatment options for particular applications

key indicators for monitoring the success of selected risk mitigation strategies

techniques for management of personnel and stakeholders, including key communication methods.

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