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Evidence Guide: FNSRSK501 - Undertake risk identification

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

 

FNSRSK501 - Undertake risk identification

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

Communicate with relevant internal and external stakeholders at each stage

  1. Identify stakeholders and provide information pertinent to financial and legislative risk identification
  2. Seek out and record views of stakeholders
  3. Explain use of Australian Risk Management Standards in risk identification and risk control
Identify stakeholders and provide information pertinent to financial and legislative risk identification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek out and record views of stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain use of Australian Risk Management Standards in risk identification and risk control

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and describe risk

  1. Define organisational environment and boundaries of review in consultation with stakeholders
  2. Identify risk cluster elements and describe risks clearly to stakeholders
  3. Obtain information on risks as identified by stakeholders
Define organisational environment and boundaries of review in consultation with stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk cluster elements and describe risks clearly to stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain information on risks as identified by stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess controls

  1. Identify existing controls and evaluate their effectiveness
  2. Establish need for additional or improved controls
  3. Recommend amendments to existing controls and report need for new controls if required
Identify existing controls and evaluate their effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish need for additional or improved controls

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommend amendments to existing controls and report need for new controls if required

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. Communicate with relevant internal and external stakeholders at each stage

1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification

1.2 Seek out and record views of stakeholders

1.3 Explain use of Australian Risk Management Standards in risk identification and risk control

2. Identify and describe risk

2.1 Define organisational environment and boundaries of review in consultation with stakeholders

2.2 Identify risk cluster elements and describe risks clearly to stakeholders

2.3 Obtain information on risks as identified by stakeholders

3. Identify and assess controls

3.1 Identify existing controls and evaluate their effectiveness

3.2 Establish need for additional or improved controls

3.3 Recommend amendments to existing controls and report need for new controls if required

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. Communicate with relevant internal and external stakeholders at each stage

1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification

1.2 Seek out and record views of stakeholders

1.3 Explain use of Australian Risk Management Standards in risk identification and risk control

2. Identify and describe risk

2.1 Define organisational environment and boundaries of review in consultation with stakeholders

2.2 Identify risk cluster elements and describe risks clearly to stakeholders

2.3 Obtain information on risks as identified by stakeholders

3. Identify and assess controls

3.1 Identify existing controls and evaluate their effectiveness

3.2 Establish need for additional or improved controls

3.3 Recommend amendments to existing controls and report need for new controls if required

Evidence of the ability to:

effectively liaise and communicate with stakeholders regarding risk identification

identify financial risk clusters, and analyse and prioritise the risks

document risks and controls, and make recommendations for risk control improvements.

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:

identify and explain the role of internal and external stakeholders relevant to risk

identify and explain the key features and purpose of the Australian standards for risk management

compare and contrast methods of identifying financial and legislative risks

explain the concept of risk clusters

explain the key principles and practices of risk management

explain the key principles and importance of risk controls

explain risk mitigation strategies.