Unit of competency Outline

Date retreived
24/07/2026 12:29 AM AWST

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Develop and implement risk mitigation plan

Develop and implement risk mitigation plan

Unit of competency
National Code
FNSRSK601
State Code
AUS79
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to apply knowledge of different financial risk treatment methods to develop and then implement a plan or strategy for treatment of an organisation’s risks.It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to manage and implement organisational strategies that mitigate risk within their area of responsibility.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Select risk mitigation for each risk
  • 1.1 Identify risk mitigation options for each risk in line with Australian risk management standards and treatments for risk mitigation
  • 1.2 Quantify implementation time for each treatment, and costs and benefits arising from treatment options, before appropriate treatments are selected
2. Develop risk mitigation plan
  • 2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls
  • 2.2 Identify, document and allocate required actions
  • 2.3 Establish budget, timeframes and reporting schedules
3. Develop implementation plan
  • 3.1 Identify tasks to be undertaken and organise personnel and resources to carry out actions
  • 3.2 Determine indicators of progress and success
  • 3.3 Establish monitoring system to determine effectiveness of treatments
4. Communicate with relevant internal and external stakeholders
  • 4.1 Identify stakeholders and seek out their views
  • 4.2 Provide information to stakeholders at each stage of treating organisation’s risks
No information
No information
Replaces
State Code National Code Title Type
D4313 FNSRSK601A Develop and implement risk mitigation plan Unit of competency
Replaced By
State Code National Code Title Type
OBR62 FNSRSK611 Develop and implement risk mitigation plan Unit of competency