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Evidence Guide: FNSRSK611 - 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

 

FNSRSK611 - Develop and implement risk mitigation plan

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

Research and select risk treatments

  1. Identify and assess residual risks according to risk appetite
  2. Determine material risks outside of appetite and assess acceptance according to organisation’s risk acceptance processes
  3. Identify risk mitigation and treatment options for each risk according to standards for risk management as indicated by regulators
  4. Quantify implementation time, costs and benefits for each treatment option
  5. Select risk treatments according to organisational priorities, policy and procedures
Identify and assess residual risks according to risk appetite

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine material risks outside of appetite and assess acceptance according to organisation’s risk acceptance processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify risk mitigation and treatment options for each risk according to standards for risk management as indicated by regulators

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Quantify implementation time, costs and benefits for each treatment option

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select risk treatments according to organisational priorities, policy and procedures

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 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 actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish budget, timeframes and reporting schedules

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement risk mitigation plan

  1. Organise personnel and resources to carry out actions
  2. Determine indicators of progress and success
  3. Establish monitoring system to determine effectiveness of treatments
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:

 

 

 

 

 

 

 

Review risk mitigation plan

  1. Maintain records produced by monitoring system
  2. Review records according to established timeframes
  3. Liaise with appropriate stakeholders regarding mitigation plan effectiveness
  4. Determine effectiveness of risk mitigation plan
Maintain records produced by monitoring system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review records according to established timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Liaise with appropriate stakeholders regarding mitigation plan effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine effectiveness of risk mitigation plan

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:

develop and implement one risk mitigation plan for an organisation.

In the course of the above, the candidate must communicate and consult with appropriate external and internal stakeholders at all stages of risk treatment.

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:

risk management principles, practices and management tools including policy and procedures

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

key requirements of legislation and regulation required to produce the performance evidence

a range of possible treatment options and controls for different types of risk

areas of applicability of treatment options in an organisation

methods of comparing suitability of risk treatment options for particular applications

key indicators for monitoring the success of selected risk mitigation strategies

techniques for management of personnel and stakeholders, including key communication methods.