Unit of competency Outline
Date retreived
24/07/2026 1:27 AM AWST
24/07/2026 1:27 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.
Manage risk
Manage risk
Unit of competency
National Code
BSBRSK501
BSBRSK501
State Code
AUM52
AUM52
TGA Status
Replaced
Replaced
DTWD Status
Transition (Replaced)
Transition (Replaced)
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080301 - Business Management
Original Release Date
15/09/2015
Nominal Hours
50
Description
This unit describes skills and knowledge required to manage risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.It applies to individuals who are working in positions of authority and are approved to implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish risk context
- 1.1 Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
- 1.2 Determine scope for risk management process
- 1.3 Identify internal and external stakeholders and their issues
- 1.4 Review political, economic, social, legal, technological and policy context
- 1.5 Review strengths and weaknesses of existing arrangements
- 1.6 Document critical success factors, goals or objectives for area included in scope
- 1.7 Obtain support for risk management activities
- 1.8 Communicate with relevant parties about the risk management process and invite participation
2. Identify risks
- 2.1 Invite relevant parties to assist in the identification of risks
- 2.2 Research risks that may apply to scope
- 2.3 Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties
3. Analyse risks
- 3.1 Assess likelihood of risks occurring
- 3.2 Assess impact or consequence if risks occur
- 3.3 Evaluate and prioritise risks for treatment
4. Select and implement treatments
- 4.1 Determine and select most appropriate options for treating risks
- 4.2 Develop an action plan for implementing risk treatment
- 4.3 Communicate risk management processes to relevant parties
- 4.4 Ensure all documentation is in order and appropriately stored
- 4.5 Implement and monitor action plan
- 4.6 Evaluate risk management process
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| S8081 | BSBRSK501B | Manage risk | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCE90 | BSBOPS504 | Manage business risk | Unit of competency |