BSBRSK501 Manage Risk

In this document, you will find the foundation of what is required to become competent in this unit. For further information on each element, you can refer to the Assessment Matrix. Included in this document are the elements for the unit, foundation skills, assessment requirements as well as an assessment tool definition list and the crucial observation and third party check lists. As well as all of the areas covered here, each student must also complete all workbook activities, case studies and major activities, where stated, to become competent within this unit.

Elements for Competency Demonstration

Elements for Competency Assessment:

1.Establish risk context
2.Identify risk
3.Analyse risk
4.Select and implement treatments
Performance Evidence:
Evidence of the ability to:

Analyse information from a range of sources to identify the scope and context of the risk management process including:

oStakeholder analysis
oPolitical, economic, social, legal, technological and policy context
oCurrent arrangements
oObjectives and critical success factors for the area included in scope
oRisks that may apply to scope

Consult and communicate with relevant stakeholders to identify and assess risks, determine appropriate risk treatment actions and priorities and explain the risk management processes

Develop and implement an action plan to treat risks
Monitor and evaluate the action plan and risk management process
Maintain documentation
Foundation Skills:
Reading
Comprehends a variety of relatively complex texts
Gathers, interprets and analyses textual information from a range of sources to identify relevant information Writing
Develops textual material and organises content in a manner that effectively documents risk management analysis and assessment priorities and processes
Oral communication
Participates in interactions with stakeholders using questioning and listening to elicit opinions, and to confirm and clarify understanding
Numeracy

Uses numerical tools to assess risk and uses numerical data to review plans Navigate the world of work

Refers to organisational processes, procedures and requirements when making decisions about risk management Interact with others

Establishes and uses appropriate conventions and protocols when communicating with stakeholders about risk management
Consults and negotiates with stakeholders about risk management processes and outcomes

Get the work done:

Sequences and schedules a range of routine and complex activities, monitors implementation, evaluates processes and manages relevant communication
Systematically analyses information to decide on appropriate risk management treatments
Uses digital technologies and systems to access information, document plans and communicate with others

Knowledge Evidence:

To complete the unit requirements safely and effectively, the individual must:

Outline the purpose and key elements of current risk management standards
Outline the legislative and regulatory context of the organisation in relation to risk management
Outline organisational policies, procedures and processes for risk management

Assessment Conditions:

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the regulation, licensing and risk - risk management field of work and include access to:

Relevant legislation, regulations, standards and codes
Relevant workplace documentation and resources
Case studies and, where possible, real situations
Interaction with others.