Diploma of Financial Risk Management
This qualification provides cross-industry competencies for specialist financial and related risk management activities in a range of organisations.
Subjects
Packaging Rules
12 units must be achieved:
5 core units
plus7 elective units.
A maximum of 2 of the required elective units of competency can be selected from elective Group A
A maximum of 2 of the required elective units of competency can be selected from elective Group B
the remaining electives can be selected elective Group C or up to 2 units may selected from units aligned to Diploma qualifications in the FNS10 Financial Services or another endorsed Training Package or nationally accredited course.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.
Core units of competency:
FNSINC401A Apply principles of professional practice to work in the financial services industry
FNSORG502A Develop and monitor policy and procedures
FNSORG508A Analyse and comment on management reports
FNSRSK501A Undertake risk identification
FNSRSK502A Assess risks
Elective units of competency:
Group A:
BSBCOM401B Organise and monitor the operation of compliance management system
BSBCOM402B Implement processes for the management of breaches in compliance requirements
BSBINM401A Implement workplace information system
BSBOHS303B Contribute to OHS hazard identification and risk assessment
BSBOHS403B Identify hazards and assess OHS risks
BSBOHS404B Contribute to the implementation of strategies to control OHS risk
BSBPMG404A Apply quality management techniques
BSBPMG407A Apply risk management techniques
BSBRSK401A Identify risk and apply risk management processes
BSBSMB401A Establish legal and risk management requirements of small business
BSBWOR401A Establish effective workplace relationships
FNSISV401A Evaluate risk for new business
FNSISV402A Underwrite new business
FNSISV403A Survey potential risk exposure
FNSISV404A Underwrite renewal business
FNSILF401A Contribute to the life risk underwriting process
Group B:
BSBCOM602B Develop and create compliance requirements
BSBCOM603B Plan and establish compliance management systems
BSBINM501A Manage an information or knowledge management system
BSBINM601A Manage knowledge and information
BSBMGT605B Provide leadership across the organisation
BSBMGT615A Contribute to organisation development
BSBMGT616A Develop and implement strategic plans
BSBMGT617A Develop and implement a business plan
BSBOHS601B Develop a systematic approach to managing OHS
BSBOHS602B Develop OHS information and data analysis and reporting and recording processes
BSBOHS603B Analyse and evaluate OHS risk
BSBOHS604B Apply ergonomic principles to control OHS risk
BSBOHS605B Apply occupational hygiene principles to control OHS risk
BSBOHS606B Develop and implement crisis management processes
BSBOHS607B Advise on application of safe design principles to control OHS risk
BSBOHS608B Conduct an OHS audit
BSBOHS609B Evaluate an organisation's OHS performance
BSBPMG605A Direct quality management of a project program
BSBPMG607A Direct communications management of a project program
BSBPMG608A Direct risk management of a project program
BSBREL701A Develop and cultivate collaborative partnerships and relationships
BSBRSK501A Manage risk
BSBSUS501A Develop workplace policy and procedures for sustainability
FNSACC604A Monitor corporate governance activities
FNSACC606A Conduct internal audit
FNSACC609A Evaluate financial risk
FNSORG601A Negotiate to achieve goals and manage disputes
FNSORG602A Develop and manage financial systems
FNSORG603A Establish and prepare operational guidelines in a financial services organisation
FNSPRM601A Establish, supervise and monitor practice systems to conform with legislation and regulations
FNSRSK601A Develop and implement risk mitigation plan
FNSRSK602A Determine and manage risk exposure strategies
Group C:
BSBCOM501B Identify and interpret compliance requirements
BSBCOM503B Develop processes for the management of breaches in compliance requirements
BSBINN502A Build and sustain an innovative work environment
BSBMGT515A Manage operational plan
BSBOHS502B Participate in the management of the OHS information and data systems
BSBOHS504B Apply principles of OHS risk management
BSBOHS506B Monitor and facilitate the management of hazards associated with plant
BSBOHS507B Facilitate the application of principles of occupational health to control OHS risk
BSBPMG501A Manage application of project integrative processes
BSBPMG508A Manage project risk
BSBPMG510A Manage projects
FNSACC505A Establish and maintain accounting information systems
FNSACC506A Implement and maintain internal control procedures
FNSFMK503A Advise clients on financial risk
FNSFMK505A Comply with financial services legislation and industry codes of practice
FNSORG501A Develop and manage a budget
FNSORG503A Develop a resource plan
FNSORG505A Prepare financial reports to meet statutory requirements
FNSORG506A Prepare financial forecasts and projections
FNSORG507A Manage client service and business information
FNSIBK509A Identify and advise on significant risk changes to broking client insurances
FNSIBK510A Assess and negotiate complex risk portfolio for broker client at renewal
FNSISV503A Undertake post-loss risk management
FNSISV505A Determine risk rating for investment and insurance products
FNSISV506A Investigate claims
FNSILF501A Assess extraordinary risks
NOTE Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.
Pathways...
Qualification Pathway
The primary pathway from this qualification is employment in a financial services sector or other industry organisation involving:
managing risk in operational areas
strategic planning
managing occupational health and safety
controlling fraud
assessing project management risk.
A further learning pathway utilising qualifications such as FNS60810 Advanced Diploma of Financial Risk Management would support career progression. A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.
Entry Requirements
Not applicable.
Licensing Information
Not applicable.
Employability Skills
QUALIFICATION SUMMARY | |
Employability Skill | Industry/enterprise requirements for this qualification include: |
Communication | conducting research to collect and analyse information and presenting it in report form consulting with stakeholders on risk management policies and procedures developing and writing reports to specifications preparing and presenting correspondence in appropriate electronic format questioning, clarifying and evaluating information using effective telephone techniques and having the ability to negotiate solutions with clients and colleagues |
Teamwork | monitoring and working with staff to implement policies and procedures supervising work practices and adapting to change in technical and work practices supporting staff to implement systems and making referrals to external specialists as required |
Problem solving | aligning requirements of the system with the needs of users analysing and synthesising information and determining levels of risk collecting, analysing, comparing and contrasting data comparing risk exposure levels with industry and statutory obligations identifying and resolving inconsistencies performing cost benefit analyses, budgeting, assessing and managing risk providing strategies on how to address non-compliances solving problems in respect to risk and knowledge management systems testing strategic assumptions and applying different risk treatment strategies |
Initiative and enterprise | applying referral skills and implementing continuous improvement practices identifying and investigating risk as it relates to new business identifying improvements to work design and organisation reviewing processes to inform future activity |
Planning and organising | contributing to the planning process by researching and validating information monitoring policy against KPIs researching, developing, trialling, implementing, monitoring and reviewing policies and procedures and risk strategies |
Self-management | acting as a role model for others applying time management strategies to own work schedule planning own work schedule and monitoring and evaluating own work performance presenting a positive organisational image taking responsibility as required by work role and ensuring all organisational policies and procedures are followed understanding and acting upon compliance requirements working ethically and complying with all industry codes of practice and legislative requirements |
Learning | ensuring evidence of training undertaken to meet compliance requirements is maintained evaluating and reviewing risk assessment strategies facilitating internal training to ensure staff have the knowledge and skills to implement quality and compliance systems maintaining personal competency and identifying professional development opportunities |
Technology | conducting web searches and using corporate templates operating computers and using word processing, spreadsheet and database skills to produce workplace documentation using business technology to access, organise and monitor information using research data devices and telecommunication devices and equipment |