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Evidence Guide: FNSRSK512 - 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

 

FNSRSK512 - Assess risks

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

Identify risks and develop risk evaluation criteria

  1. Identify risks in organisational processes and procedures following standards for risk management as indicated by regulators
  2. Identify implications of risk factors to organisation and create evaluation criteria
Identify risks in organisational processes and procedures following standards for risk management as indicated by regulators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify implications of risk factors to organisation and create evaluation criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess current risk exposure

  1. Apply applicable risk assessment tools, establish probability and assess potential consequence of risk in an organisation
  2. Conduct spot checks and determine quality of data
  3. Identify mitigating effect of existing controls and use evaluation criteria to assess exposure to risk
  4. Compare risk exposure levels against risk appetites of organisation, and identify and report unacceptable residual risks
  5. Review and critically analyse risk appetite monitoring process and document findings
Apply applicable risk assessment tools, establish probability and assess potential consequence of risk in an organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct spot checks and determine quality of data

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare risk exposure levels against risk appetites of organisation, and identify and report unacceptable residual risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and critically analyse risk appetite monitoring process and document findings

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare probability assessment

  1. Analyse issues related to risk using measurement criteria
  2. Identify issues arising from measurement assessment and determine the risk probability
  3. Rank and summarise threats and risk issues as a risk map
  4. Provide risk map to appropriate stakeholders
Analyse issues related to risk using measurement criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify issues arising from measurement assessment and determine the risk probability

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Rank and summarise threats and risk issues as a risk map

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide risk map to appropriate stakeholders

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and report breached issues and incidents

  1. Report issues and incidents on risk profile to business according to organisational policies and procedures
  2. Determine reporting requirements of issues and incidents to regulators
Report issues and incidents on risk profile to business according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine reporting requirements of issues and incidents to regulators

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:

conduct a risk assessment of at least two risks for an organisation.

In the course of the above the candidate must communicate and consult with appropriate external and internal stakeholders.

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

systematic issues, trends and emerging risks

risk management principles, practices and terminology

organisational policy, procedures and operational guidelines relating to risk assessment

key features of evaluation criteria including risk exposure and tolerance levels

methods for developing measurement criteria

residual risk levels for the industry

risk appetite levels for the industry

incident assessment and analysis including:

root cause analysis

remediation plans

methods for prioritising risks, including preparing risk maps and conducting risk analysis

risk consequences for the organisation

methods for mapping threat summaries and ranking risk issues

roles of internal and external stakeholders in risk management.