Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFMK507 Mapping and Delivery Guide
Analyse risk mitigation in the operations process

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSFMK507 - Analyse risk mitigation in the operations process
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to analyse financial market operations risks and determine appropriate mitigation and treatment methods.It applies to individuals with highly specialised knowledge who use analytical skills and systematic approaches to make judgements and provide organisational advice relating to risk.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:

office equipment, technology, software and consumables

financial services organisational data

access to international standards ISO 31000 (2009).

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Analyse financial market operation risk profiles
  • Determine types and characteristics of financial market risks relevant to organisation’s operations process
  • Analyse operations processes to detect risk
  • Assess organisation’s operations processes for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools
  • Rank identified risks against likelihood and organisational impact
       
Element: Identify risk mitigation strategy
  • Consider risk mitigation options and treatments for each risk mitigation identified in operations process
  • Select appropriate treatment options, and financial and non-financial costs and benefits arising from treatment options
  • Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
       
Element: Develop risk mitigation recommendations
  • Identify and establish personnel and resources necessary to carry out actions
  • Develop viable recommendations to management for each stage of treating organisational risks
  • Determine key indicators of progress and success
  • Develop monitoring system for effectiveness of risk treatments
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse financial market operation risk profiles

1.1 Determine types and characteristics of financial market risks relevant to organisation’s operations process

1.2 Analyse operations processes to detect risk

1.3 Assess organisation’s operations processes for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools

1.4 Rank identified risks against likelihood and organisational impact

2. Identify risk mitigation strategy

2.1 Consider risk mitigation options and treatments for each risk mitigation identified in operations process

2.2 Select appropriate treatment options, and financial and non-financial costs and benefits arising from treatment options

2.3 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

3. Develop risk mitigation recommendations

3.1 Identify and establish personnel and resources necessary to carry out actions

3.2 Develop viable recommendations to management for each stage of treating organisational risks

3.3 Determine key indicators of progress and success

3.4 Develop monitoring system for effectiveness of risk treatments

Evidence of the ability to:

analyse operations processes to detect risks

effectively apply risk management principles and practices

analyse risks and determine appropriate mitigation strategies

develop sound recommendations on risk mitigation.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe key features of financial markets products and services

outline the key financial markets risks

outline organisational operations processes and operations processing systems

compare methods of determining suitability of risk treatment options for particular applications

describe key features of relevant financial services legislative and industry code or practice requirements

compare and contrast risk analysis techniques and tools

discuss issues relating to the range of possible financial risk treatment options

describe the key types and characteristics of financial markets risk arising in the operations process.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Analyse financial market operation risk profiles

1.1 Determine types and characteristics of financial market risks relevant to organisation’s operations process

1.2 Analyse operations processes to detect risk

1.3 Assess organisation’s operations processes for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools

1.4 Rank identified risks against likelihood and organisational impact

2. Identify risk mitigation strategy

2.1 Consider risk mitigation options and treatments for each risk mitigation identified in operations process

2.2 Select appropriate treatment options, and financial and non-financial costs and benefits arising from treatment options

2.3 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

3. Develop risk mitigation recommendations

3.1 Identify and establish personnel and resources necessary to carry out actions

3.2 Develop viable recommendations to management for each stage of treating organisational risks

3.3 Determine key indicators of progress and success

3.4 Develop monitoring system for effectiveness of risk treatments

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Determine types and characteristics of financial market risks relevant to organisation’s operations process 
Analyse operations processes to detect risk 
Assess organisation’s operations processes for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools 
Rank identified risks against likelihood and organisational impact 
Consider risk mitigation options and treatments for each risk mitigation identified in operations process 
Select appropriate treatment options, and financial and non-financial costs and benefits arising from treatment options 
Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls 
Identify and establish personnel and resources necessary to carry out actions 
Develop viable recommendations to management for each stage of treating organisational risks 
Determine key indicators of progress and success 
Develop monitoring system for effectiveness of risk treatments 

Forms

Assessment Cover Sheet

FNSFMK507 - Analyse risk mitigation in the operations process
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

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Assessment Record Sheet

FNSFMK507 - Analyse risk mitigation in the operations process

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

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