Unit of competency Outline

Date retreived
22/07/2026 9:51 PM AWST

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Manage project risk

Manage project risk

Unit of competency
National Code
BSBPMG517
State Code
AUI09
TGA Status
Replaced
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080315 - Project Management
Original Release Date
15/09/2015
Nominal Hours
40
Description
This unit describes the skills and knowledge required to manage risks that may impact achievement of project objectives. It involves identifying, analysing, treating and monitoring project risks, and assessing risk management outcomes.It applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify project risks
  • 1.1 Determine risk objectives and standards, with input from stakeholders
  • 1.2 Establish project risk context to inform risk management processes
  • 1.3 Identify project risks using valid and reliable risk identification methods
  • 1.4. Classify project risks within agreed risk categories
2. Analyse project risks
  • 2.1 Determine risk analysis classification criteria and apply to agreed risk ranking system
  • 2.2 Use risk analysis processes, within delegated authority, to analyse and qualify risks, threats and opportunities
  • 2.3 Determine risk priorities in agreement with project client and other stakeholders
  • 2.4 Document risk analysis outcomes for inclusion in risk register and risk management plan
3. Establish risk treatments and controls
  • 3.1 Identify and document existing risk controls
  • 3.2 Consider and determine risk treatment options using agreed consultative methods
  • 3.3 Record and implement agreed risk treatments
  • 3.4 Update risk plans and allocate risk responsibilities to project team members
4. Monitor and control project risks
  • 4.1 Establish regular risk review processes to maintain currency of risk plans
  • 4.2 Regularly monitor risk environment to identify changed circumstances impacting project risks
  • 4.3 Determine risk responses to changed environment
  • 4.4 Implement agreed risk responses and modify plans to maintain currency of risk treatments and controls
5. Assess risk management outcomes
  • 5.1 Review project outcomes to determine effectiveness of risk-management processes and procedures
  • 5.2 Identify and document risk management issues and recommended improvements for application to future projects
No information
No information
Replaces
State Code National Code Title Type
WG104 BSBPMG517A Manage project risk Unit of competency
Replaced By
State Code National Code Title Type
OCE50 BSBPMG536 Manage project risk Unit of competency