Unit of competency Outline

Date retreived
22/07/2026 4:16 PM AWST

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Develop and implement risk mitigation plan

Develop and implement risk mitigation plan

Unit of competency
National Code
FNSRSK611
State Code
OBR62
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
55
Description
This unit describes the skills and knowledge required to develop and implement a plan or strategy for treatment of risks in an organisation. It involves applying knowledge of different risk treatment methods.It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to manage and implement organisational strategies that mitigate risk within their area of responsibility.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Research and select risk treatments
  • 1.1 Identify and assess residual risks according to risk appetite
  • 1.2 Determine material risks outside of appetite and assess acceptance according to organisation’s risk acceptance processes
  • 1.3 Identify risk mitigation and treatment options for each risk according to standards for risk management as indicated by regulators
  • 1.4 Quantify implementation time, costs and benefits for each treatment option
  • 1.5 Select risk treatments according to organisational priorities, policy and procedures
2. Develop risk mitigation plan
  • 2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
  • 2.2 Identify, document and allocate actions
  • 2.3 Establish budget, timeframes and reporting schedules
3. Implement risk mitigation plan
  • 3.1 Organise personnel and resources to carry out actions
  • 3.2 Determine indicators of progress and success
  • 3.3 Establish monitoring system to determine effectiveness of treatments
4. Review risk mitigation plan
  • 4.1 Maintain records produced by monitoring system
  • 4.2 Review records according to established timeframes
  • 4.3 Liaise with appropriate stakeholders regarding mitigation plan effectiveness
  • 4.4 Determine effectiveness of risk mitigation plan
No information
No information
Replaces
State Code National Code Title Type
AUS79 FNSRSK601 Develop and implement risk mitigation plan Unit of competency