Elements and Performance Criteria

RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Boundaries may include:
business unit
organisation
team project.
Risk cluster may include:
business risks
financial risks
legal risks
compliance risks
physical risks.
Description of risk includes:
how they can occur and impact on the achievement of business objectives
their area of impact
their nature.
Stakeholders may be:
those internal to the organisation who have an interest in the function under consideration, including:
those providing services
policy makers
those receiving services from this organisational unit
those external to the organisation who have an interest the organisation being assessed, including:
suppliers
customers
regulators
shareholders.
Controls are:
measures which limit the impact of risks.

EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
effectively apply risk management principles and practices
identify financial risk clusters
recommend risk control improvements.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to Australian Standard 4360 Risk Management.

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment