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Evidence Guide: FNSRSK601A - 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

 

FNSRSK601A - 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. Risk mitigation options for each risk and treatments for risk mitigation are identified
  2. Implementation time for each treatment and the costs and benefits arising from the treatment options are quantified before appropriate treatments are selected
Risk mitigation options for each risk and treatments for risk mitigation are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implementation time for each treatment and the costs and benefits arising from the treatment options are quantified before appropriate treatments are selected

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop risk mitigation plan

  1. Treatment priorities and the adequacy of existing controls are reviewed and the need for additional or alternative controls established
  2. Required actions are identified, documented and allocated
  3. Budget, timeframes and reporting schedules are established
Treatment priorities and the adequacy of existing controls are reviewed and the need for additional or alternative controls established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required actions are identified, documented and allocated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Budget, timeframes and reporting schedules are established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop implementation plan

  1. Tasks to be undertaken are identified and personnel and resources to carry out actions organised
  2. Indicators of progress and success are determined
  3. Monitoring system for the effectiveness of treatments is established
Tasks to be undertaken are identified and personnel and resources to carry out actions organised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Indicators of progress and success are determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitoring system for the effectiveness of treatments is established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communicate with relevant internal and external stakeholders

  1. Stakeholders are identified and their views sought
  2. Information is provided to stakeholders at each stage of treating the organisation's risks
Stakeholders are identified and their views sought

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information is provided to stakeholders at each stage of treating the organisation's risks

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 choose and apply risk management principles and practices

analyse financial risks and undertake cost analysis

develop and monitor budgets and implementation schedules.

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

highly developed communication skills to:

determine and confirm organisation risk management requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research and analysis for accessing, interpreting and managing complex information

highly developed risk assessment and management skills

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

well-developed literacy skills for analysing risk mitigation information to ensure appropriateness to the organisation

well-developed problem solving skills to identify any issues that have the potential to impact on risk mitigation strategies and to develop options to resolve these issues when they arise

planning and organisational skills

Required knowledge

Australian Standard 4360 Risk Management

range of possible treatment options for financial risk

areas of applicability of treatment options in an organisation

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

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.

Risk mitigation options are specific tools including:

diagnostic tools used to identify and measure risks

monitoring tools used to monitor risks

preventative tools used to mitigate risks

remedial tools used to address crystallised risks.

Treatments are specific solutions within risk mitigation options and may include:

currency hedging

insurance of risk

reduction of risk by greater control

removal of risk by use of different methods.

Costs and benefits may include:

financial benefits and costs

non-financial benefits and costs.

Stakeholders may be:

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

those providing services

policy makers

external stakeholders outside the organisation who have an interest the organisation under being assessed, including:

suppliers

customers

regulators

shareholders.