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Evidence Guide: FNSRSK401 - Implement risk management strategies

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

 

FNSRSK401 - Implement risk management strategies

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

Identify application of risk management strategies to job role

  1. Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role
  2. Access and accurately interpret organisational policy and procedures for risk management
  3. Clarify and confirm risk management role with relevant stakeholders as required
Research legislative and regulatory requirements and appropriate risk management standards relating to risk management, and relate to own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and accurately interpret organisational policy and procedures for risk management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and confirm risk management role with relevant stakeholders as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Apply risk management strategies

  1. Determine appropriate organisational strategies and tools for controlling risks in own job role
  2. Identify and apply control measures for cross-organisation risks
  3. Choose and implement control measures for own area of operation and responsibilities
Determine appropriate organisational strategies and tools for controlling risks in own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and apply control measures for cross-organisation risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and propose changes to improve risk management strategies

  1. Maintain currency of understanding and application of risk management strategies
  2. Audit and review risk strategy implementation to improve treatment of risks
  3. Recommend improvements in risk management, relevant to own job role, to management
  4. Model best practice risk management in own performance
Maintain currency of understanding and application of risk management strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Audit and review risk strategy implementation to improve treatment of risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Model best practice risk management in own performance

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 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

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 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.