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Evidence Guide: FNSFMK524 - Conduct work within financial markets organisational risk management framework

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

 

FNSFMK524 - Conduct work within financial markets organisational risk management framework

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

Research financial markets organisational risk management framework

  1. Research the main risks for financial markets
  2. Analyse the impact of regulatory and technological changes on the financial markets risk landscape
  3. Research risk mitigation strategies and controls used for managing key financial markets risks
  4. Identify the key risks outlined in the risk management framework of the organisation
Research the main risks for financial markets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the impact of regulatory and technological changes on the financial markets risk landscape

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research risk mitigation strategies and controls used for managing key financial markets risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify the key risks outlined in the risk management framework of the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess individual risk management responsibilities

  1. Identify individual role in relation to the three lines of defence
  2. Identify key risks for the organisation relevant to own job role
  3. Analyse the link between own Key Performance Indicators (KPIs) and the risk framework of the organisation
Identify individual role in relation to the three lines of defence

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify key risks for the organisation relevant to own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse the link between own Key Performance Indicators (KPIs) and the risk framework of the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review individual work practices

  1. Critically analyse work tasks and processes to identify potential risks
  2. Analyse controls used to detect and prevent risks associated with own job role
Critically analyse work tasks and processes to identify potential risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse controls used to detect and prevent risks associated with own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Respond to risk events

  1. Assess anomalies in data or processes
  2. Escalate anomalies in data or processes according to organisational policies and procedures
  3. Record relevant information in relation to risk event, including any required actions
Assess anomalies in data or processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Escalate anomalies in data or processes according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record relevant information in relation to risk event, including any required actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and monitor ongoing requirements of risk management

  1. Monitor organisational risks within responsibility of own job role
  2. Identify and research ongoing issues relating to financial markets organisational risk management frameworks
  3. Monitor and respond to changes to risk management framework requirements and organisational procedures
Monitor organisational risks within responsibility of own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and research ongoing issues relating to financial markets organisational risk management frameworks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and respond to changes to risk management framework requirements and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

identify at least two risks relevant to own job role.

In the course of the above, the candidate must:

liaise and communicate with required persons for escalations

evaluate consequence of unmitigated risks for the organisation

analyse own work environment to identify anomalies that may indicate risk

critically assess data and processes in own work environment to identify risk.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

key risk management principles and practices, including:

risk tolerance, appetite, exposure, detection, and prevention

risk mitigation strategies and controls used for managing key financial markets risks

key steps of the risk management process

the three lines of defence

risk evaluation criteria

risk maps

prioritisation methods

residual risk

risk culture

organisational policies, procedures and operational guidelines relating to risk evaluation criteria and risk assessment

the effects of regulatory and technological change on the financial markets risk landscape

methods for identifying data and process anomalies

organisational policies and procedures for escalation of anomalies and risk events.