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Evidence Guide: FNSFMK507 - Analyse risk mitigation in the operations process

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

 

FNSFMK507 - Analyse risk mitigation in the operations process

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

Analyse financial market operation risk profiles

  1. Determine types and characteristics of financial market risks relevant to organisation’s operations process
  2. Analyse operations processes to detect risk
  3. Assess organisation’s operations processes for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools
  4. Rank identified risks against likelihood and organisational impact
Determine types and characteristics of financial market risks relevant to organisation’s operations process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse operations processes to detect risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Rank identified risks against likelihood and organisational impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk mitigation strategy

  1. Consider risk mitigation options and treatments for each risk mitigation identified in operations process
  2. Select appropriate treatment options, and financial and non-financial costs and benefits arising from treatment options
  3. Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
Consider risk mitigation options and treatments for each risk mitigation identified in operations process

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop risk mitigation recommendations

  1. Identify and establish personnel and resources necessary to carry out actions
  2. Develop viable recommendations to management for each stage of treating organisational risks
  3. Determine key indicators of progress and success
  4. Develop monitoring system for effectiveness of risk treatments
Identify and establish personnel and resources necessary to carry out actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine key indicators of progress and success

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop monitoring system for effectiveness of risk treatments

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. 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

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. 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.