This unit applies in any sector of the financial services industry to job roles involving managing organisation risk. |
ELEMENT | PERFORMANCE CRITERIA |
1. Communicate with relevant internal and external stakeholders at each stage | 1.1. Stakeholders are identified and provided information pertinent to financial risk identification 1.2. Views of stakeholders are sought and recorded |
2. Identify and describe risk | Organisation environment is defined and the boundaries of review defined in consultation with stakeholders 2.1. Risk cluster elements are identified and the risks described clearly to stakeholders |
3. Identify and assess controls | 3.1. Existing controls are identified and their effectiveness evaluated 3.2. The need for additional/improved controls is established 3.3. Amendments to existing controls are recommended and the need for new controls reported if required |
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Required skills |
well-developed communication skills to: determine and confirm organisation risk situation with internal and external stakeholders, using questioning and active listening as required liaise with others, share information, listen and understand use language and concepts appropriate to cultural differences risk assessment and management skills numeracy and IT skills to make financial calculations and use word processors, spreadsheets, databases and internet information literacy skills for analysingrisk information to ensure appropriateness to the organisation problem solving skills to identify any issues that have the potential to impact on organisation risk controls and to develop options to resolve these issues when they arise organisational skills, including the ability to plan and sequence work |
Required knowledge |
Australian Standard 4360 Risk Management methods of identifying financial risks principles of risk management |
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: effectively apply risk management principles and practices identify financial risk clusters recommend risk control improvements. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables access to Australian Standard 4360 Risk Management. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills setting and reviewing business simulations or scenarios evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment | |
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, if used in the performance criteria, is detailed below. 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) may also be included. | |
Boundaries may include: | business unit organisation team project. |
Risk cluster may include: | business risks financial risks legal risks compliance risks physical risks. |
Description of risk includes: | how they can occur and impact on the achievement of business objectives their area of impact their nature. |
Stakeholders may be: | those internal to the organisation who have an interest in the function under consideration, including: those providing services policy makers those receiving services from this organisational unit those external to the organisation who have an interest the organisation being assessed, including: suppliers customers regulators shareholders. |
Controls are: | measures which limit the impact of risks. |
Unit sector | Risk management |
This unit contains employability skills. |
Not applicable.