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Elements and Performance Criteria

1. Establish risk context.
   • Review organisational policies and procedures for undertaking risk management activities.
   • Review strengths and weaknesses of existing risk management arrangements.
   • Determine scope for risk management, and document critical success factors in managing risks.
2. Identify risks.
   • Consult with relevant internal and external stakeholders to assist in identification of risks.
   • Research internal and external risks that may apply to risk scope.
   • Systematically analyse information to decide on appropriate risk management treatments.
   • Document identified risks according to organisational procedures.
3. Assess risks.
   • Assess and document likelihood of identified risks occurring.
   • Assess and document impact or consequences if identified risks occur.
   • Evaluate, prioritise and document identified risks for management.
4. Treat risks.
   • Consult with relevant internal and external stakeholders on risks and risk management.
   • Determine and select most appropriate options for managing assessed risks.
   • Document a risk management plan according to organisational procedures.
   • Implement and monitor the risk management plan, amending plan as required.
   • Monitor implementation of risk management activities.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

identify and analyse one internal and one external risk for one of the following:

retail organisation

retail department

retail function

develop and implement a risk management plan for the management of one of the above identified risks, covering:

an assessment of potential impact of the risk

action to be taken to mitigate and treat the risk

review and document outcomes of the risk management plan.

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Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

organisational policies and procedures relevant to:

identifying risks

assessing risks

treating risks

risk management plans

sources of information to establish risks

regulation and compliance relevant to risk management in the retail industry

ISO 31000 - Risk management

risk identification methods:

scenario based

objective based

internal audit

environmental scanning

risk treatment options:

avoidance

reduction

sharing

retention

commercial impact of risk management both favourable and unfavourable:

reputation

fines

business closure

health risk

team morale

absenteeism

retail risks:

global risks

political

economic

social

legal

technological

consumer markets and behavioural change

regulation and compliance

cost control

brand image

supply chain and sourcing

commercial real estate

competition

security

safety.

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