Unit of competency Outline

Date retreived
22/07/2026 8:04 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Assess risks

Assess risks

Unit of competency
National Code
FNSRSK502
State Code
AUS85
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to examine the likelihood of financial risks and their consequences, and assess the organisation’s exposure to those risks.It applies to individuals who provide specialised knowledge, and who use systematic approaches to problem solving and make recommendations within organisational processes and procedures.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Develop risk evaluation criteria
  • 1.1 Identify risks in organisational processes and procedures following the Australian Risk Management Standards
  • 1.2 Develop risk evaluation criteria, including tolerance levels
2. Assess current exposure
  • 2.1 Identify and apply appropriate risk assessment tools and establish probability of risk
  • 2.2 Identify potential severity and/or impact or consequence of risk
  • 2.3 Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria
3. Compare exposure with guidelines
  • 3.1 Identify relevant guidelines and compare risk exposure levels with organisational guidelines
  • 3.2 Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks
4. Prepare probability assessment
  • 4.1 Analyse specific issues using measurement criteria
  • 4.2 Prepare risk map that ranks and summarises threats and risk issues in consistent manner
5. Communicate with relevant internal and external stakeholders
  • 5.1 Identify stakeholders and seek out their views
  • 5.2 Provide information to stakeholders at each stage of assessing organisation’s exposure to risks
No information
No information
Replaces
State Code National Code Title Type
D4312 FNSRSK502A Assess risks Unit of competency
Replaced By
State Code National Code Title Type
OBR65 FNSRSK512 Assess risks Unit of competency