Unit of competency Outline

Date retreived
22/07/2026 12:47 PM AWST

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Manage risk

Manage risk

Unit of competency
National Code
PSPGEN135
State Code
ODX15
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
03/04/2022
View on TGA
State Implementation and Classification
Approved Date
08/07/2022
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
08/07/2022
Nominal Hours
40
Description
This unit describes the performance evidence, skills and knowledge required to maximise results and minimise consequences for a business unit activity by managing risk. This unit applies to those managing risks. Those undertaking this unit would work autonomously, performing complex tasks in a range of familiar contexts.The skills in this unit must be applied in accordance with Commonwealth and State and Territory legislation, Australian standards and industry codes of practice.No occupational licensing, certification or specific legislative requirements apply to this 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.
3. Implement risk management plan.
  • 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
AWU55 PSPMGT007 Manage risk Unit of competency