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Evidence Guide: FNSRSK502 - Assess risks

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

 

FNSRSK502 - Assess risks

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

Develop risk evaluation criteria

  1. Identify risks in organisational processes and procedures following the Australian Risk Management Standards
  2. Develop risk evaluation criteria, including tolerance levels
Identify risks in organisational processes and procedures following the Australian Risk Management Standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop risk evaluation criteria, including tolerance levels

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess current exposure

  1. Identify and apply appropriate risk assessment tools and establish probability of risk
  2. Identify potential severity and/or impact or consequence of risk
  3. Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria
Identify and apply appropriate risk assessment tools and establish probability of risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify potential severity and/or impact or consequence of risk

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare exposure with guidelines

  1. Identify relevant guidelines and compare risk exposure levels with organisational guidelines
  2. Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks
Identify relevant guidelines and compare risk exposure levels with organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare probability assessment

  1. Analyse specific issues using measurement criteria
  2. Prepare risk map that ranks and summarises threats and risk issues in consistent manner
Analyse specific issues using measurement criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare risk map that ranks and summarises threats and risk issues in consistent manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate with relevant internal and external stakeholders

  1. Identify stakeholders and seek out their views
  2. Provide information to stakeholders at each stage of assessing organisation’s exposure to risks
Identify stakeholders and seek out their views

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information to stakeholders at each stage of assessing organisation’s exposure to risks

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. Develop risk evaluation criteria

1.1 Identify risks in organisational processes and procedures following the Australian Risk Management Standards

1.2 Develop risk evaluation criteria, including tolerance levels

2. Assess current exposure

2.1 Identify and apply appropriate risk assessment tools and establish probability of risk

2.2 Identify potential severity and/or impact or consequence of risk

2.3 Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria

3. Compare exposure with guidelines

3.1 Identify relevant guidelines and compare risk exposure levels with organisational guidelines

3.2 Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks

4. Prepare probability assessment

4.1 Analyse specific issues using measurement criteria

4.2 Prepare risk map that ranks and summarises threats and risk issues in consistent manner

5. Communicate with relevant internal and external stakeholders

5.1 Identify stakeholders and seek out their views

5.2 Provide information to stakeholders at each stage of assessing organisation’s exposure to risks

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. Develop risk evaluation criteria

1.1 Identify risks in organisational processes and procedures following the Australian Risk Management Standards

1.2 Develop risk evaluation criteria, including tolerance levels

2. Assess current exposure

2.1 Identify and apply appropriate risk assessment tools and establish probability of risk

2.2 Identify potential severity and/or impact or consequence of risk

2.3 Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria

3. Compare exposure with guidelines

3.1 Identify relevant guidelines and compare risk exposure levels with organisational guidelines

3.2 Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks

4. Prepare probability assessment

4.1 Analyse specific issues using measurement criteria

4.2 Prepare risk map that ranks and summarises threats and risk issues in consistent manner

5. Communicate with relevant internal and external stakeholders

5.1 Identify stakeholders and seek out their views

5.2 Provide information to stakeholders at each stage of assessing organisation’s exposure to risks

Evidence of the ability to:

effectively liaise and communicate with stakeholders

develop risk evaluation criteria and conduct effective analysis of financial and legislative risk situations

prepare a risk map prioritising risk, based on risk analysis

develop recommendations to mitigate risk.

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 key features and purpose of Australian standards for risk management

analyse and discuss risk management principles and practices, and key terminology

outline the key organisational policy, procedures and operational guidelines relating to risk assessment

research risk exposure levels in the financial services industry

identify residual risk levels and check risk appetite levels for the industry

evaluate risk consequences for the organisation

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