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Elements and Performance Criteria

1. Establish the risk management context
   • Establish the nature and extent of business unit activity, its objectives and outcomes within the organisational context.
   • Identify the strategic and risk management context.
   • Identify and consult stakeholders to ensure their views, concerns and needs are taken into account in the risk management process.
   • Determine criteria for risk assessment.
   • Determine risk management criteria to provide guidance on balancing risk, costs, benefits and opportunities.
   • Monitor, review and adjust risk management criteria to ensure opportunities and current and emerging trends are reflected.
2. Plan for risk management
   • Investigate sources of risk and identify and consult upon potential, perceived and actual risks to ensure full coverage.
   • Analyse risks and document in consultation with stakeholders, and determine levels of risk as the basis for risk management planning.
   • Select risk management methods and modify as necessary to determine risks that are acceptable or unacceptable.
   • Identify risk treatment options for unacceptable risks and determine preferred risk treatment approaches.
   • Develop and communicate risk management plan to key stakeholders to ensure clarity and achievement of objectives throughout the activity’s life cycle.
3. Manage risk
   • Manage activity in accordance with agreed risk management plan.
   • Review performance, analyse variance and initiate risk responses to achieve objectives with minimal disruption and conflict.
   • Monitor internal and external risks to outcomes and initiate remedial actions to achieve objectives.
4. Evaluate the risk management plan
   • Develop and implement an evaluation methodology.
   • Review and analyse outcomes to assess the effectiveness of current risk management strategies.
   • Monitor existing risks, identify new risks and identify any trouble spots.
   • Seek and use a variety of information, including the perspectives of key stakeholders.
   • Formulate and act upon recommendations on enhancements to the plan.
   • Communicate the outcomes of evaluation to relevant personnel.
5. Establish the risk management context
   • Establish the nature and extent of business unit activity, its objectives and outcomes within the organisational context.
   • Identify the strategic and risk management context.
   • Identify and consult stakeholders to ensure their views, concerns and needs are taken into account in the risk management process.
   • Determine criteria for risk assessment.
   • Determine risk management criteria to provide guidance on balancing risk, costs, benefits and opportunities.
   • Monitor, review and adjust risk management criteria to ensure opportunities and current and emerging trends are reflected.
6. Plan for risk management
   • Investigate sources of risk and identify and consult upon potential, perceived and actual risks to ensure full coverage.
   • Analyse risks and document in consultation with stakeholders, and determine levels of risk as the basis for risk management planning.
   • Select risk management methods and modify as necessary to determine risks that are acceptable or unacceptable.
   • Identify risk treatment options for unacceptable risks and determine preferred risk treatment approaches.
   • Develop and communicate risk management plan to key stakeholders to ensure clarity and achievement of objectives throughout the activity’s life cycle.
7. Manage risk
   • Manage activity in accordance with agreed risk management plan.
   • Review performance, analyse variance and initiate risk responses to achieve objectives with minimal disruption and conflict.
   • Monitor internal and external risks to outcomes and initiate remedial actions to achieve objectives.
8. Evaluate the risk management plan
   • Develop and implement an evaluation methodology.
   • Review and analyse outcomes to assess the effectiveness of current risk management strategies.
   • Monitor existing risks, identify new risks and identify any trouble spots.
   • Seek and use a variety of information, including the perspectives of key stakeholders.
   • Formulate and act upon recommendations on enhancements to the plan.
   • Communicate the outcomes of evaluation to relevant personnel.

Performance Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.

applying legislation, regulations and policies relating to risk management

researching and analysing the wider context affecting the organisation

using communication and consultation with a diverse range of stakeholders

applying problem solving using conceptual and reasoning skills

engaging in discussion using exchange of complex oral information

using a variety of words and language structures to explain complex, formal documents and assisting others to apply them in the workplace

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Knowledge Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.

legislation, regulations, policies, procedures and guidelines relating to risk management

Australian and New Zealand standards

Guidelines for managing risk in the Australian and New Zealand public sector

risk management cycle

the relationship of risk to context – how the context may define the risks

the importance of consultation and communication at every stage of the risk management cycle

legal requirements related to the activity

wholeoflife considerations

approval processes

range of evaluation methodologies

the diversity of risks in the public sector

public sector legislation, including work health and safety and environment in the context of risk management

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