Diploma of Financial Risk Management

This qualification provides cross-industry competencies for specialist financial and related risk management activities in a range of organisations.


Packaging Rules

12 units must be achieved:

5 core units

plus7 elective units.

A maximum of 2 of the required elective units of competency can be selected from elective Group A

A maximum of 2 of the required elective units of competency can be selected from elective Group B

the remaining electives can be selected elective Group C or up to 2 units may selected from units aligned to Diploma qualifications in the FNS10 Financial Services or another endorsed Training Package or nationally accredited course.

Elective units must be relevant to the work outcome, local industry requirements and the qualification level.

Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.

Core units of competency:

add topic FNSINC401A Apply principles of professional practice to work in the financial services industry

add topic FNSORG502A Develop and monitor policy and procedures

add topic FNSORG508A Analyse and comment on management reports

add topic FNSRSK501A Undertake risk identification

add topic FNSRSK502A Assess risks

Elective units of competency:

Group A:

add topic BSBCOM401B Organise and monitor the operation of compliance management system

add topic BSBCOM402B Implement processes for the management of breaches in compliance requirements

add topic BSBINM401A Implement workplace information system

add topic BSBOHS303B Contribute to OHS hazard identification and risk assessment

add topic BSBOHS403B Identify hazards and assess OHS risks

add topic BSBOHS404B Contribute to the implementation of strategies to control OHS risk

add topic BSBPMG404A Apply quality management techniques

add topic BSBPMG407A Apply risk management techniques

add topic BSBRSK401A Identify risk and apply risk management processes

add topic BSBSMB401A Establish legal and risk management requirements of small business

add topic BSBWOR401A Establish effective workplace relationships

add topic FNSISV401A Evaluate risk for new business

add topic FNSISV402A Underwrite new business

add topic FNSISV403A Survey potential risk exposure

add topic FNSISV404A Underwrite renewal business

add topic FNSILF401A Contribute to the life risk underwriting process

Group B:

add topic BSBCOM602B Develop and create compliance requirements

add topic BSBCOM603B Plan and establish compliance management systems

add topic BSBINM501A Manage an information or knowledge management system

add topic BSBINM601A Manage knowledge and information

add topic BSBMGT605B Provide leadership across the organisation

add topic BSBMGT615A Contribute to organisation development

add topic BSBMGT616A Develop and implement strategic plans

add topic BSBMGT617A Develop and implement a business plan

add topic BSBOHS601B Develop a systematic approach to managing OHS

add topic BSBOHS602B Develop OHS information and data analysis and reporting and recording processes

add topic BSBOHS603B Analyse and evaluate OHS risk

add topic BSBOHS604B Apply ergonomic principles to control OHS risk

add topic BSBOHS605B Apply occupational hygiene principles to control OHS risk

add topic BSBOHS606B Develop and implement crisis management processes

add topic BSBOHS607B Advise on application of safe design principles to control OHS risk

add topic BSBOHS608B Conduct an OHS audit

add topic BSBOHS609B Evaluate an organisation's OHS performance

add topic BSBPMG605A Direct quality management of a project program

add topic BSBPMG607A Direct communications management of a project program

add topic BSBPMG608A Direct risk management of a project program

add topic BSBREL701A Develop and cultivate collaborative partnerships and relationships

add topic BSBRSK501A Manage risk

add topic BSBSUS501A Develop workplace policy and procedures for sustainability

add topic FNSACC604A Monitor corporate governance activities

add topic FNSACC606A Conduct internal audit

add topic FNSACC609A Evaluate financial risk

add topic FNSORG601A Negotiate to achieve goals and manage disputes

add topic FNSORG602A Develop and manage financial systems

add topic FNSORG603A Establish and prepare operational guidelines in a financial services organisation

add topic FNSPRM601A Establish, supervise and monitor practice systems to conform with legislation and regulations

add topic FNSRSK601A Develop and implement risk mitigation plan

add topic FNSRSK602A Determine and manage risk exposure strategies

Group C:

add topic BSBCOM501B Identify and interpret compliance requirements

add topic BSBCOM503B Develop processes for the management of breaches in compliance requirements

add topic BSBINN502A Build and sustain an innovative work environment

add topic BSBMGT515A Manage operational plan

add topic BSBOHS502B Participate in the management of the OHS information and data systems

add topic BSBOHS504B Apply principles of OHS risk management

add topic BSBOHS506B Monitor and facilitate the management of hazards associated with plant

add topic BSBOHS507B Facilitate the application of principles of occupational health to control OHS risk

add topic BSBPMG501A Manage application of project integrative processes

add topic BSBPMG508A Manage project risk

add topic BSBPMG510A Manage projects

add topic FNSACC505A Establish and maintain accounting information systems

add topic FNSACC506A Implement and maintain internal control procedures

add topic FNSFMK503A Advise clients on financial risk

add topic FNSFMK505A Comply with financial services legislation and industry codes of practice

add topic FNSORG501A Develop and manage a budget

add topic FNSORG503A Develop a resource plan

add topic FNSORG505A Prepare financial reports to meet statutory requirements

add topic FNSORG506A Prepare financial forecasts and projections

add topic FNSORG507A Manage client service and business information

add topic FNSIBK509A Identify and advise on significant risk changes to broking client insurances

add topic FNSIBK510A Assess and negotiate complex risk portfolio for broker client at renewal

add topic FNSISV503A Undertake post-loss risk management

add topic FNSISV505A Determine risk rating for investment and insurance products

add topic FNSISV506A Investigate claims

add topic FNSILF501A Assess extraordinary risks

NOTE Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.


    Qualification Pathway

    The primary pathway from this qualification is employment in a financial services sector or other industry organisation involving:

    managing risk in operational areas

    strategic planning

    managing occupational health and safety

    controlling fraud

    assessing project management risk.

    A further learning pathway utilising qualifications such as FNS60810 Advanced Diploma of Financial Risk Management would support career progression. A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.

Entry Requirements

Not applicable.

Licensing Information

Not applicable.

Employability Skills


Employability Skill

Industry/enterprise requirements for this qualification include:


conducting research to collect and analyse information and presenting it in report form

consulting with stakeholders on risk management policies and procedures

developing and writing reports to specifications

preparing and presenting correspondence in appropriate electronic format

questioning, clarifying and evaluating information

using effective telephone techniques and having the ability to negotiate solutions with clients and colleagues


monitoring and working with staff to implement policies and procedures

supervising work practices and adapting to change in technical and work practices

supporting staff to implement systems and making referrals to external specialists as required

Problem solving

aligning requirements of the system with the needs of users

analysing and synthesising information and determining levels of risk

collecting, analysing, comparing and contrasting data

comparing risk exposure levels with industry and statutory obligations

identifying and resolving inconsistencies

performing cost benefit analyses, budgeting, assessing and managing risk

providing strategies on how to address non-compliances

solving problems in respect to risk and knowledge management systems

testing strategic assumptions and applying different risk treatment strategies

Initiative and enterprise

applying referral skills and implementing continuous improvement practices

identifying and investigating risk as it relates to new business

identifying improvements to work design and organisation

reviewing processes to inform future activity

Planning and organising

contributing to the planning process by researching and validating information

monitoring policy against KPIs

researching, developing, trialling, implementing, monitoring and reviewing policies and procedures and risk strategies


acting as a role model for others

applying time management strategies to own work schedule

planning own work schedule and monitoring and evaluating own work performance

presenting a positive organisational image

taking responsibility as required by work role and ensuring all organisational policies and procedures are followed

understanding and acting upon compliance requirements

working ethically and complying with all industry codes of practice and legislative requirements


ensuring evidence of training undertaken to meet compliance requirements is maintained

evaluating and reviewing risk assessment strategies

facilitating internal training to ensure staff have the knowledge and skills to implement quality and compliance systems

maintaining personal competency and identifying professional development opportunities


conducting web searches and using corporate templates

operating computers and using word processing, spreadsheet and database skills to produce workplace documentation

using business technology to access, organise and monitor information

using research data devices and telecommunication devices and equipment