Unit of competency Outline

Date retreived
22/07/2026 5:57 PM AWST

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Undertake risk identification

Undertake risk identification

Unit of competency
National Code
FNSRSK511
State Code
OBR66
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
40
Description
This unit describes the skills and knowledge required in an organisation to identify risks, assess existing controls and recommend improvements and mitigation strategies.It applies to those 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. Conduct research and prepare for consultation
  • 1.1 Identify stakeholders and provide information pertinent to risk identification
  • 1.2 Examine organisational processes to identify risks to which organisation is susceptible
  • 1.3 Define organisational environment and boundaries of review in consultations with stakeholders
2. Consult stakeholders and determine risk to be addressed
  • 2.1 Identify internal and external stakeholders to be engaged
  • 2.2 Apply standards for risk management as indicated by regulators to identify risks
  • 2.3 Review identified risk cluster elements with internal and external stakeholders
  • 2.4 Obtain information on risks as identified by stakeholders
3. Identify and assess controls
  • 3.1 Evaluate application and effectiveness of existing controls
  • 3.2 Establish need for updated or new controls for identified risks
  • 3.3 Recommend amendments to existing controls and report need for new controls, as required
No information
No information
Replaces
State Code National Code Title Type
AUS94 FNSRSK501 Undertake risk identification Unit of competency