NTISthis.com

Evidence Guide: BSBSMB401 - Establish legal and risk management requirements of small business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBSMB401 - Establish legal and risk management requirements of small business

What evidence can you provide to prove your understanding of each of the following citeria?

Identify and implement business legal requirements

  1. Identify and research possible options for the business legal structure using appropriate sources
  2. Determine legislation and regulatory requirements affecting operations of the business under its chosen structure
  3. Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements
Identify and research possible options for the business legal structure using appropriate sources

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Determine legislation and regulatory requirements affecting operations of the business under its chosen structure

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Comply with legislation, codes and regulatory requirements

  1. Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements
  2. Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance
  3. Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility
  4. Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities
  5. Conduct investigations to identify areas of noncompliance with legal and regulatory requirements, and take corrective action where necessary
Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Conduct investigations to identify areas of noncompliance with legal and regulatory requirements, and take corrective action where necessary

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Negotiate and arrange contracts

  1. Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities
  2. Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable
  3. Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan
  4. Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan
Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and treat business risks

  1. identify potential internal and external risks to the business
  2. assess the probability and impact of identified risks
  3. prioritise risks for treatment
  4. develop actions to mitigate risks including identifying insurance requirements and adequate cover
identify potential internal and external risks to the business

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

assess the probability and impact of identified risks

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

prioritise risks for treatment

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

develop actions to mitigate risks including identifying insurance requirements and adequate cover

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and implement business legal requirements

1.1 Identify and research possible options for the business legal structure using appropriate sources

1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure

1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements

2. Comply with legislation, codes and regulatory requirements

2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements

2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance

2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility

2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities

2.5 Conduct investigations to identify areas of noncompliance with legal and regulatory requirements, and take corrective action where necessary

3. Negotiate and arrange contracts

3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities

3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable

3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan

3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan

4. Identify and treat business risks

4.1 identify potential internal and external risks to the business

4.2 assess the probability and impact of identified risks

4.3 prioritise risks for treatment

4.4 develop actions to mitigate risks including identifying insurance requirements and adequate cover

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and implement business legal requirements

1.1 Identify and research possible options for the business legal structure using appropriate sources

1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure

1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements

2. Comply with legislation, codes and regulatory requirements

2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements

2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance

2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility

2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities

2.5 Conduct investigations to identify areas of noncompliance with legal and regulatory requirements, and take corrective action where necessary

3. Negotiate and arrange contracts

3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities

3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable

3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan

3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan

4. Identify and treat business risks

4.1 identify potential internal and external risks to the business

4.2 assess the probability and impact of identified risks

4.3 prioritise risks for treatment

4.4 develop actions to mitigate risks including identifying insurance requirements and adequate cover

Evidence of the ability to:

demonstrate a systematic approach to identifying, managing and meeting legal and regulatory requirements, specifically in regard to WHS, business registration and environmental requirements

ensure compliance, by:

following taxation and industrial relations principles

updating and maintaining legal documents

investigating areas of non-compliance

monitoring provision of products and services

taking corrective action where necessary

negotiate and arrange contracts, including:

seeking legal advice

investigating procurement rights

identifying options of leasing or ownership of business premises.

Identify, assess and treat risks specific to the business including

prioritising risks with highest probability of occurrence and greatest negative impact on the business

identifying insurance requirements

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:

outline business registration and licensing requirements

identify all government legislative requirements relating to the specific business operation

explain creation and termination of relevant legal contracts

summarise relevant cultural differences and legal implications

describe legal rights and obligations of alternative ownership structures

outline necessary record keeping to meet minimum legal and taxation requirements

summarise relevant consumer legislation and industry codes of practice

outline the key steps in the risk management process

explain relevant insurance requirements and products.