Unit of competency Outline
Date retreived
22/07/2026 10:52 AM AWST
22/07/2026 10:52 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.
Establish legal and risk management requirements of new business ventures
Establish legal and risk management requirements of new business ventures
Unit of competency
National Code
BSBESB402
BSBESB402
State Code
OCG32
OCG32
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080301 - Business Management
Original Release Date
16/03/2021
Nominal Hours
55
Description
This unit describes the skills and knowledge required to identify and comply with legal and risk management requirements of the business or new business venture, including negotiating, creating and planning for legal contracts used within the business, where required.The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify legal and risk management requirements relating to business
- 1.1 Identify legal structure of business using reliable sources
- 1.2 Identify legislative and regulatory requirements applicable to identified legal structure
- 1.3 Analyse identified requirements and their relationship to business and workplace practices and processes
2. Implement procedures and processes to comply with legislative and regulatory requirements
- 2.1 Develop and implement procedures to ensure compliance with relevant legislative and regulatory requirements
- 2.2 Develop and implement processes and procedures for storing and maintaining legal documents and business records
- 2.3 Establish systems to identify areas of noncompliance and take corrective action where necessary
3. Negotiate and arrange contracts
- 3.1 Assess products and/or services to determine procurement rights and ensure protection of business interests
- 3.2 Negotiate and secure contractual procurement rights for goods and/or services as required and according to business plan and workplace procedures
- 3.3 Complete any contractual arrangements according to workplace procedures and business plan
- 3.4 Seek legal advice if required to confirm contractual rights and obligations
4. Mitigate business risks
- 4.1 Analyse business activities and identify applicable risk management requirements
- 4.2 Assess probability and impact of identified internal and external risks to business
- 4.3 Develop a plan to prioritise and treat risks
- 4.4 Implement procedures to mitigate risks according to risk treatment plan
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUL08 | BSBSMB401 | Establish legal and risk management requirements of small business | Unit of competency |
| AUJ46 | BSBIPR405 | Protect and use intangible assets in small business | Unit of competency |
| AUJ13 | BSBSMB410 | Review and implement energy efficiency in business operations | Unit of competency |