Unit of competency Outline

Date retreived
23/07/2026 5:19 PM AWST

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Manage risk in the retail environment

Manage risk in the retail environment

Unit of competency
National Code
SIRXRSK003
State Code
AWW97
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
31/03/2016
View on TGA
State Implementation and Classification
Approved Date
13/09/2016
Field of Education
080301 - Business Management
Original Release Date
13/09/2016
Nominal Hours
55
Description
This unit describes the performance outcomes, skills and knowledge required to manage risks across a retail organisation, department or function. This includes establishing the risk context, assessing and treating risks. This unit applies to senior personnel working in a diverse range of sectors and business contexts. They operate independently and are responsible for making a range of operational business decisions and risk management. No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish risk context.
  • 1.1.Review organisational policies and procedures for undertaking risk management activities.
  • 1.2.Review strengths and weaknesses of existing risk management arrangements.
  • 1.3.Determine scope for risk management, and document critical success factors in managing risks.
2. Identify risks.
  • 2.1.Consult with relevant internal and external stakeholders to assist in identification of risks.
  • 2.2.Research internal and external risks that may apply to risk scope.
  • 2.3.Systematically analyse information to decide on appropriate risk management treatments.
  • 2.4.Document identified risks according to organisational procedures.
3. Assess risks.
  • 3.1.Assess and document likelihood of identified risks occurring.
  • 3.2.Assess and document impact or consequences if identified risks occur.
  • 3.3.Evaluate, prioritise and document identified risks for management.
4. Treat risks.
  • 4.1.Consult with relevant internal and external stakeholders on risks and risk management.
  • 4.2.Determine and select most appropriate options for managing assessed risks.
  • 4.3.Document a risk management plan according to organisational procedures.
  • 4.4.Implement and monitor the risk management plan, amending plan as required.
  • 4.5.Monitor implementation of risk management activities.
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State Code National Code Title Type
AZZ8 SIR50116 Diploma of Retail Leadership Qualification
BDJ6 SIR50317 Diploma of Retail Merchandise Management Qualification