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Evidence Guide: FNSRSK411 - Apply risk management strategies to own work

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

 

FNSRSK411 - Apply risk management strategies to own work

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

Identify and confirm risk management strategies

  1. Research organisational, legislative and regulatory requirements and standards for risk management as indicated by regulators applicable to own job role
  2. Access and interpret organisational strategy, policy and procedures for risk management
  3. Clarify and confirm own risk management accountabilities and responsibility with key stakeholders as required
Research organisational, legislative and regulatory requirements and standards for risk management as indicated by regulators applicable to own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Access and interpret organisational strategy, policy and procedures for risk management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and confirm own risk management accountabilities and responsibility with key 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. Determine appropriate tools and strategies for controlling risk where own job role intersects with work of others
  3. Choose and apply tools and strategies to own area of operation and responsibility
Determine appropriate organisational strategies and tools for controlling risks in own job role

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate tools and strategies for controlling risk where own job role intersects with work of others

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Choose and apply tools and strategies to own area of operation and responsibility

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report risk management breaches or concerns

  1. Identify and record evidence of a breach or concern
  2. Determine organisational procedure to follow in event of breach or concern
  3. Report breach or concern as indicated by organisational procedure
  4. Record notification of breach or concern according to organisational procedure
Identify and record evidence of a breach or concern

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine organisational procedure to follow in event of breach or concern

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report breach or concern as indicated by organisational procedure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record notification of breach or concern according to organisational procedure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and propose improvements to risk management strategies

  1. Establish regular processes to monitor, audit and review application of risk management strategies to own work practice
  2. Identify opportunities for improvements in risk management strategies and recommend to appropriate stakeholders according to organisational procedure
Establish regular processes to monitor, audit and review application of risk management strategies to own work practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify opportunities for improvements in risk management strategies and recommend to appropriate stakeholders according to organisational procedure

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:

implement at least three controls relevant to own area of operation and responsibilities to comply with organisational risk management strategies

report at least two risk management breaches or concerns of differing severity according to organisational policy and procedures.

In the course of the above, the candidate must:

establish processes to monitor, audit and review application of risk management strategies.

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 principles of risk management

the key features and purpose of key standards for risk management as indicated by regulators

methods for accessing and interpreting organisational strategy, policy and procedures

methods for identifying and treating organisational risks, and risks within the candidate’s own area of operation and responsibility

key risk management strategies, controls, treatments and practices relevant to own area of operation and responsibility

methods for identifying and applying controls for cross-organisation risk

methods for identifying, recording evidence and reporting risk management or compliance breaches or concerns

industry whistle-blower protections for challenging and reporting risk management or compliance breaches or concerns

techniques for auditing and reviewing risk strategy implementation

organisational tools, strategies, policy, and procedures relating to risk management and compliance

key financial services legislation and regulation required to produce the performance evidence.