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 in the performance criteria is detailed below. Add any 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.
Sources of information may include: | agency records experience industry practice and experience legislation market research published literature specialist or expert advice from: government agencies professional and industry associations. |
Tools for identification may include: | documentation to assist in the process of identifying risks and assessing impact and likelihood of occurrence standard instruments developed for the agency and contextualised for sections of the workplace's operations, such as checklists and testing procedures tools to prioritise risks, including where relevant, numerical scoring systems for risks. |
Actual and potential risks may relate to: | administrative and business systems, policies and practices commercial and legal relationships between the agency, consumers and other organisations, such as buyers, sellers, employees, landlords, tenants, subcontractors, developers and suppliers consumer risk economic and financial circumstances individual actions, such as discrimination and ineffective communication management activities and controls natural events non-compliance with legislative and regulatory requirements, such as: consumer protection OHS trade practices non-compliance with quality systems, such as: enterprise franchise International Standards Organisation (ISO) OHS physical and personal security |
| political circumstances, such as legislative change property ownership, including intellectual property technological and technical issues, both internal and external to the agency, such as loss of data. |
Agency, clients and other stakeholders may include: | consumers and clients co-owners financial institutions with an interest in the agency principal staff and others to whom a duty of care is owed. |
Agency representations and information provided by clients may refer to: | anticipated income and expenditure bankruptcy business status and ownership compliance with legislative and regulatory requirements condition of property covenants customer base easements family law matters financial records insolvency leases or tenancy agreements legal action licences permits property status and ownership quotas stock value of property. |
Causes of risks may include: | commercial and legal relationships economic circumstances human behaviour inaccurate information provided by clients individual activities management activities and controls natural events political circumstances technological issues. |
Potential impact of risks may adversely affect: | capital reserves cash flow viability and resulting liquidity goodwill value nett worth of the business return on investment. |
Consequences, likelihood and severity of risks may refer to: | consequences - extreme, very high, medium, low and negligible likelihood - almost certain, likely, moderate, unlikely and rare severity - severe, high, major, significant, moderate and trivial. |
Risk categorisation may refer to: | administration - misrepresentation, personal injury and misappropriation commercial sales and leasing - miscalculating rentable floor space and exclusivity of business (retail) property management - maintenance, consumer protection and discrimination property sales - incorrect disposal of chattels, code of ethics and conduct, loss of documents, trade practices, consumer protection, unauthorised disclosure, and sale of goods under warrant of execution. |
Risk priorities may refer to: | assessing consequences and likelihood assigning a value to identified risks using available tools. |
Options for minimising risks may include: | avoid the risk - deciding not to become involved in a risk situation finance the risk - funding risk treatment and the financial consequences of risk |
| reduce the risk - applying appropriate techniques and management principles to reduce the likelihood of an occurrence and its consequences retain the risk - intentionally or unintentionally retaining responsibility for loss or financial burden of loss transfer the risk - shifting responsibility or burden of loss to another party through contract, insurance or other means. |
Procedures and systems for controlling risks may include: | documentation procedures, including: assessment confidentiality, security and privacy procedures control measures identification monitoring organisational procedures treatment systems, including: company operations manual induction and training. |
Risks to consumers may relate to: | advertising and marketing moneys held in trust property management property sale provision of information and advice tenancy agreements. |