Manage risk

risk management

This unit of competency, BSBRSK501 Manage risk, describes the skills and knowledge required to manage risks in a range of contexts across an organisation for specific business unit or area in any industry setting.

It applies to individuals who are working in positions of authority and are approved to implement change across the organisation, business unit, program or project area.

The elements and performance criteria include:

1. Establish risk control.
1.1 Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards.
1.2 Determine scope for risk management process.
1.3 Identify internal and external stakeholders and their issues.
1.4 Review political, economic, social, legal, technological and policy context.
1.5 Review strengths and weaknesses of existing arrangements
1.6 Document critical success factors, goals or objectives for area included in scope.
1.7 Obtain support for risk management activities.
1.8 Communicate with relevant parties about the risk management process and invite participation.

2. Identify risks.
2.1 Invite relevant parties to assist in the identification of risks..
2.2 Research risks that may apply to scope.s.
2.3 Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties.

3. Analyse risks.
3.1 Assess likelihood of risks occurring.
3.2 Assess impact or consequence if risks occur.
3.3 Evaluate and prioritise risks for treatment.

4. Select and implement treatments.
4.1 Determine and select most appropriate options for treating risks.
4.2 Develop an action plan for implementing risk treatment.
4.3 Communicate risk management processes to relevant parties.
4.4 Ensure all documentation is in order and appropriately stored.
4.5 Implement and monitor action plan.
4.6 Evaluate risk management process.

Purchase the materials:

  • Assessor Guide / Benchmarks (42 pages);
  • Learner’s Assessment Workbook (37 pages);
  • Supplementary Notes (24 pages);
  • Powerpoint Slides (159);
  • RPL Kit (Assessor and Participant);
  • Third Party Report; and,
  • Assessment Matrix.

Price: AUD $490.00 + GST

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