Undertake risk identification
This unit describes the skills and knowledge required in an organisation to identify risks, assess existing controls and recommend improvements and mitigation strategies. It applies to those who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.
What you'll learn
- Identify and describe risk
- Describe the role of ISO 31000:2018 in identifying and controlling risk
- Determine the scope, internal context and external context for risk identification activities
- Identify stakeholders and communicate with them to identify risks
- Plan and implement the risk identification process
- Clearly described the risks that have been identified
- Identify and evaluate existing controls
- Determine the need for additional or improved controls.
FNSRSK511 Undertake risk identification
- What is risk?
- Risk in organisations
- Regulatory requirements for risk management
- ISO31000:2018 and the risk management process
- Risk sources and characteristics
- Communication and consultation in risk identification
- Establishing the scope, internal context and external context for risk identification
- Establishing risk criteria
- Planning the documentation
- Identifying and analysing key stakeholders
- Reviewing existing documents and data
- Gathering information and opinions from stakeholders and experts
- Developing an approach
- Describing and verifying risks
- Obtaining information on identified risks
- Identifying and evaluating existing risk controls
- Assessing the need for additional or improved risk controls
- Identifying risk clusters
- Recommending amendments and new risk controls
1 Exam and 1 Simulation
See the Assessment and Academic Calendar pages for more information.