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

FNSRSK401 Mapping and Delivery Guide
Implement risk management strategies

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSRSK401 - Implement risk management strategies
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to interpret an organisation's financial risk management strategies in terms of own work, and effectively use risk mitigation and elimination techniques and tools.It applies to individuals who use specialised knowledge, follow organisational policy and strategies, and use discretion within limits of own job role to manage risk.No licensing, legislative or certification requirements apply to this unit at the time of publication.
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 risk management field of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice

relevant Australian standards governing risk management.

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: Identify application of risk management strategies to job role
  • Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role
  • Access and accurately interpret organisational policy and procedures for risk management
  • Clarify and confirm risk management role with relevant stakeholders as required
       
Element: Apply risk management strategies
  • Determine appropriate organisational strategies and tools for controlling risks in own job role
  • Identify and apply control measures for cross-organisation risks
  • Choose and implement control measures for own area of operation and responsibilities
       
Element: Identify and propose changes to improve risk management strategies
  • Maintain currency of understanding and application of risk management strategies
  • Audit and review risk strategy implementation to improve treatment of risks
  • Recommend improvements in risk management, relevant to own job role, to management
  • Model best practice risk management in own performance
       


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. Identify application of risk management strategies to job role

1.1 Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role

1.2 Access and accurately interpret organisational policy and procedures for risk management

1.3 Clarify and confirm risk management role with relevant stakeholders as required

2. Apply risk management strategies

2.1 Determine appropriate organisational strategies and tools for controlling risks in own job role

2.2 Identify and apply control measures for cross-organisation risks

2.3 Choose and implement control measures for own area of operation and responsibilities

3. Identify and propose changes to improve risk management strategies

3.1 Maintain currency of understanding and application of risk management strategies

3.2 Audit and review risk strategy implementation to improve treatment of risks

3.3 Recommend improvements in risk management, relevant to own job role, to management

3.4 Model best practice risk management in own performance

Evidence of the ability to:

interpret, comply with and review organisational financial risk management strategies

recommend risk mitigation improvements and risk control measures

audit compliance of risk implementation strategies within the organisation

undertake a proactive risk management and support role within the organisation.

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:

explain the key features and purpose of the Australian standards relating to risk management

describe different types of risk and identify risk factors in own job role

compare and contrast methods of identifying financial risks

outline the key organisational policy and procedures relating to risk management processes and strategies

describe the organisational tools and strategies used in managing risk

explain the key principles of risk management

outline current industry risk management practices and risk mitigation strategies.

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. Identify application of risk management strategies to job role

1.1 Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role

1.2 Access and accurately interpret organisational policy and procedures for risk management

1.3 Clarify and confirm risk management role with relevant stakeholders as required

2. Apply risk management strategies

2.1 Determine appropriate organisational strategies and tools for controlling risks in own job role

2.2 Identify and apply control measures for cross-organisation risks

2.3 Choose and implement control measures for own area of operation and responsibilities

3. Identify and propose changes to improve risk management strategies

3.1 Maintain currency of understanding and application of risk management strategies

3.2 Audit and review risk strategy implementation to improve treatment of risks

3.3 Recommend improvements in risk management, relevant to own job role, to management

3.4 Model best practice risk management in own performance

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
Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role 
Access and accurately interpret organisational policy and procedures for risk management 
Clarify and confirm risk management role with relevant stakeholders as required 
Determine appropriate organisational strategies and tools for controlling risks in own job role 
Identify and apply control measures for cross-organisation risks 
Choose and implement control measures for own area of operation and responsibilities 
Maintain currency of understanding and application of risk management strategies 
Audit and review risk strategy implementation to improve treatment of risks 
Recommend improvements in risk management, relevant to own job role, to management 
Model best practice risk management in own performance 

Forms

Assessment Cover Sheet

FNSRSK401 - Implement risk management strategies
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

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSRSK401 - Implement risk management strategies

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:

Date: