Unit of competency Outline
Date retreived
22/07/2026 11:32 PM AWST
22/07/2026 11:32 PM 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 business risk
Manage business risk
Unit of competency
National Code
BSBOPS504
BSBOPS504
State Code
OCE90
OCE90
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
50
Description
This unit describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.The unit applies to individuals who are working in positions of authority and who 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 Evaluate organisational processes, procedures and requirements and determine scope for risk management process
- 1.2 Review strengths and weaknesses of existing arrangements
- 1.3 Document critical success factors, goals and objectives for area included in scope
- 1.4 Communicate risk management process to relevant stakeholders
2. Identify risks
- 2.1 Invite stakeholders to assist in the identification of risks
- 2.2 Research risks that may apply to scope
- 2.3 Document 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 from options for treating risks
- 4.2 Develop action plan for implementing risk treatment
- 4.3 Communicate risk management processes to relevant parties
- 4.4 Implement action plan according to organisational policies and procedures
- 4.5 Monitor and evaluate risk management process
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUM52 | BSBRSK501 | Manage risk | Unit of competency |