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Evidence Guide: FNSRSK601 - Develop and implement risk mitigation plan

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

 

FNSRSK601 - Develop and implement risk mitigation plan

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

Select risk mitigation for each risk

  1. Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation
  2. Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected
Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop risk mitigation plan

  1. Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
  2. Identify, document and allocate required actions
  3. Establish budget, timeframes and reporting schedules
Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, document and allocate required actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish budget, timeframes and reporting schedules

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop implementation plan

  1. Identify tasks to be undertaken and organise personnel and resources to carry out actions
  2. Determine indicators of progress and success
  3. Establish monitoring system to determine effectiveness of treatments
Identify tasks to be undertaken and organise personnel and resources to carry out actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine indicators of progress and success

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish monitoring system to determine effectiveness of treatments

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 treating organisation’s risks
Identify stakeholders and seek out their views

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide information to stakeholders at each stage of treating organisation’s 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. Select risk mitigation for each risk

1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

2. Develop risk mitigation plan

2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

2.2 Identify, document and allocate required actions

2.3 Establish budget, timeframes and reporting schedules

3. Develop implementation plan

3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions

3.2 Determine indicators of progress and success

3.3 Establish monitoring system to determine effectiveness of treatments

4. Communicate with relevant internal and external stakeholders

4.1 Identify stakeholders and seek out their views

4.2 Provide information to stakeholders at each stage of treating organisation’s 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. Select risk mitigation for each risk

1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation

1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected

2. Develop risk mitigation plan

2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls

2.2 Identify, document and allocate required actions

2.3 Establish budget, timeframes and reporting schedules

3. Develop implementation plan

3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions

3.2 Determine indicators of progress and success

3.3 Establish monitoring system to determine effectiveness of treatments

4. Communicate with relevant internal and external stakeholders

4.1 Identify stakeholders and seek out their views

4.2 Provide information to stakeholders at each stage of treating organisation’s risks

Evidence of the ability to:

analyse financial risks, perform associated cost analysis and select appropriate risk management practices

develop a risk mitigation plan

develop and monitor budgets and implementation schedules for risk mitigation strategies.

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:

explain risk management principles, practices and management tools

identify and explain the key features and purpose of the Australian standards as they relate to risk management

analyse and discuss the range of possible treatment options for financial and legislative risk

analyse areas of applicability of treatment options in an organisation

describe methods of comparing suitability of risk treatment options for particular applications

describe the key indicators for monitoring the success of selected risk mitigation strategies

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