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Evidence Guide: FNSRSK501A - 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

 

FNSRSK501A - 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. Stakeholders are identified and provided information pertinent to financial risk identification
  2. Views of stakeholders are sought and recorded
Stakeholders are identified and provided information pertinent to financial risk identification

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Views of stakeholders are sought and recorded

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and describe risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisation environment is defined and the boundaries of review defined in consultation with stakeholders

  1. Risk cluster elements are identified and the risks described clearly to stakeholders
Risk cluster elements are identified and the risks described clearly to stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and assess controls

  1. Existing controls are identified and their effectiveness evaluated
  2. The need for additional/improved controls is established
  3. Amendments to existing controls are recommended and the need for new controls reported if required
Existing controls are identified and their effectiveness evaluated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The need for additional/improved controls is established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Amendments to existing controls are recommended and the need for new controls reported if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

effectively apply risk management principles and practices

identify financial risk clusters

recommend risk control improvements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to Australian Standard 4360 Risk Management.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm organisation risk situation with internal and external stakeholders, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

risk assessment and management skills

numeracy and IT skills to make financial calculations and use word processors, spreadsheets, databases and internet information

literacy skills for analysingrisk information to ensure appropriateness to the organisation

problem solving skills to identify any issues that have the potential to impact on organisation risk controls and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

Australian Standard 4360 Risk Management

methods of identifying financial risks

principles of risk management

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Boundaries may include:

business unit

organisation

team project.

Risk cluster may include:

business risks

financial risks

legal risks

compliance risks

physical risks.

Description of risk includes:

how they can occur and impact on the achievement of business objectives

their area of impact

their nature.

Stakeholders may be:

those internal to the organisation who have an interest in the function under consideration, including:

those providing services

policy makers

those receiving services from this organisational unit

those external to the organisation who have an interest the organisation being assessed, including:

suppliers

customers

regulators

shareholders.

Controls are:

measures which limit the impact of risks.