Unit of competency Outline

Date retreived
22/07/2026 10:02 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.

Undertake risk identification

Undertake risk identification

Unit of competency
National Code
FNSRSK501
State Code
AUS94
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 identify the financial risks faced by an organisation, evaluate existing risk controls and recommend improvements appropriate to mitigate the impact of those risks.It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Communicate with relevant internal and external stakeholders at each stage
  • 1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification
  • 1.2 Seek out and record views of stakeholders
  • 1.3 Explain use of Australian Risk Management Standards in risk identification and risk control
2. Identify and describe risk
  • 2.1 Define organisational environment and boundaries of review in consultation with stakeholders
  • 2.2 Identify risk cluster elements and describe risks clearly to stakeholders
  • 2.3 Obtain information on risks as identified by stakeholders
3. Identify and assess controls
  • 3.1 Identify existing controls and evaluate their effectiveness
  • 3.2 Establish need for additional or improved controls
  • 3.3 Recommend amendments to existing controls and report need for new controls if required
No information
No information
Replaces
State Code National Code Title Type
D4311 FNSRSK501A Undertake risk identification Unit of competency
Replaced By
State Code National Code Title Type
OBR66 FNSRSK511 Undertake risk identification Unit of competency