Unit of competency Outline

Date retreived
23/07/2026 5:28 AM AWST

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Assess risks

Assess risks

Unit of competency
National Code
FNSRSK512
State Code
OBR65
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
02/10/2020
Nominal Hours
45
Description
This unit describes the skills and knowledge required to assess the exposure to identified risks in the organisation by evaluating the likelihood of risks occurring and their consequences.It applies to individuals who use specialised knowledge to develop systematic approaches to problem solve and make recommendations within the organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify risks and develop risk evaluation criteria
  • 1.1 Identify risks in organisational processes and procedures following standards for risk management as indicated by regulators
  • 1.2 Identify implications of risk factors to organisation and create evaluation criteria
2. Assess current risk exposure
  • 2.1 Apply applicable risk assessment tools, establish probability and assess potential consequence of risk in an organisation
  • 2.2 Conduct spot checks and determine quality of data
  • 2.3 Identify mitigating effect of existing controls and use evaluation criteria to assess exposure to risk
  • 2.4 Compare risk exposure levels against risk appetites of organisation, and identify and report unacceptable residual risks
  • 2.5 Review and critically analyse risk appetite monitoring process and document findings
3. Prepare probability assessment
  • 3.1 Analyse issues related to risk using measurement criteria
  • 3.2 Identify issues arising from measurement assessment and determine the risk probability
  • 3.3 Rank and summarise threats and risk issues as a risk map
  • 3.4 Provide risk map to appropriate stakeholders
4. Review and report breached issues and incidents
  • 4.1 Report issues and incidents on risk profile to business according to organisational policies and procedures
  • 4.2 Determine reporting requirements of issues and incidents to regulators
No information
No information
Replaces
State Code National Code Title Type
AUS85 FNSRSK502 Assess risks Unit of competency