Unit of competency Outline

Date retreived
22/07/2026 7:37 AM AWST

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Manage risk

Manage risk

Unit of competency
National Code
PSPMGT007
State Code
AWU55
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
07/03/2016
View on TGA
State Implementation and Classification
Approved Date
21/07/2016
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
21/07/2016
Nominal Hours
40
Description
This unit describes the skills required to maximise results and minimise consequences for a business unit activity by managing risk. It includes establishing the risk management context, planning for risk management.This unit applies to those managing risks. The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to.Those undertaking this unit would work autonomously, performing complex task in a range of familiar contexts.No licensing, legislative or certification requirements apply to unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish the risk management context
  • 1.1 Establish the nature and extent of business unit activity, its objectives and outcomes within the organisational context.
  • 1.2 Identify the strategic and risk management context.
  • 1.3 Identify and consult stakeholders to ensure their views, concerns and needs are taken into account in the risk management process.
  • 1.4 Determine criteria for risk assessment.
  • 1.5 Determine risk management criteria to provide guidance on balancing risk, costs, benefits and opportunities.
  • 1.6 Monitor, review and adjust risk management criteria to ensure opportunities and current and emerging trends are reflected.
2. Plan for risk management
  • 2.1 Investigate sources of risk and identify and consult upon potential, perceived and actual risks to ensure full coverage.
  • 2.2 Analyse risks and document in consultation with stakeholders, and determine levels of risk as the basis for risk management planning.
  • 2.3 Select risk management methods and modify as necessary to determine risks that are acceptable or unacceptable.
  • 2.4 Identify risk treatment options for unacceptable risks and determine preferred risk treatment approaches.
  • 2.5 Develop and communicate risk management plan to key stakeholders to ensure clarity and achievement of objectives throughout the activity’s life cycle.
3. Manage risk
  • 3.1 Manage activity in accordance with agreed risk management plan.
  • 3.2 Review performance, analyse variance and initiate risk responses to achieve objectives with minimal disruption and conflict.
  • 3.3 Monitor internal and external risks to outcomes and initiate remedial actions to achieve objectives.
4. Evaluate the risk management plan
  • 4.1 Develop and implement an evaluation methodology.
  • 4.2 Review and analyse outcomes to assess the effectiveness of current risk management strategies.
  • 4.3 Monitor existing risks, identify new risks and identify any trouble spots.
  • 4.4 Seek and use a variety of information, including the perspectives of key stakeholders.
  • 4.5 Formulate and act upon recommendations on enhancements to the plan.
  • 4.6 Communicate the outcomes of evaluation to relevant personnel.
No information
No information
Replaces
State Code National Code Title Type
C7983 PSPMNGT608B Manage risk Unit of competency
Replaced By
State Code National Code Title Type
ODX15 PSPGEN135 Manage risk Unit of competency