Course Title: Undertake risk identification
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: BUSM8007C
Course Title: Undertake risk identification
School: 650T Vocational Business Education
Campus: City Campus
Program: C5379 - Diploma of Financial Services
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harve@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Mahboob Hossain
mahboob.hossain@rmit.edu.au
Nominal Hours: 40
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
This unit describes the skills and knowledge required to identify the financial risks faced by an organisation, evaluate existing risk controls and recommend improvements appropriate to mitigate the impact of those risks.
It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSRSK501 Undertake risk identification |
Element: |
1. Communicate with relevant internal and external stakeholders at each stage |
Performance Criteria: |
1.1 Identify stakeholders and provide information pertinent to financial and legislative risk identification 1.2 Seek out and record views of stakeholders 1.3 Explain use of Australian Risk Management Standards in risk identification and risk control |
Element: |
2. Identify and describe risk |
Performance Criteria: |
2.1 Define organisational environment and boundaries of review in consultation with stakeholders 2.2 Identify risk cluster elements and describe risks clearly to stakeholders 2.3 Obtain information on risks as identified by stakeholders |
Element: |
3. Identify and assess controls |
Performance Criteria: |
3.1 Identify existing controls and evaluate their effectiveness 3.2 Establish need for additional or improved controls 3.3 Recommend amendments to existing controls and report need for new controls if required |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
The following courses are are delivered together under the title Risk Management:
- FNSRSK501/BUSM8007C Undertake risk identification
- FNSRSK502/BUSM8008C Assess risks
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Canvas Learning Hub
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities.
(The following schedule is subject to change)
Course schedule: Undertake risk identification and Assess risks, Semester 1, 2020 | ||||
Week Commencing |
Topics |
Online activity |
Assessment |
Competencies Delivered |
|
Week 1 February 10 |
Introduction to the Course including:
What is Risk? |
Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback |
Assessment No. 1 of 2 - Risk Management - Developing organisational environment - made available |
FNSRSK501 Undertake Risk Identification |
|
Week 2 February 17 |
Standards Australia |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSRSK501 Undertake Risk Identification |
|
Week 3 February 24 |
Introduction to personal risk |
1 hour weekly online learning and submitted online for Teacher Feedback |
Work on: Assessment No. 1 of 2 - Risk Management - Developing organisational environment - stage 1 Stakeholder Consultation |
FNSRSK501 Undertake Risk Identification |
|
Week 4 March 2 |
Identify and describe risk |
1 hour weekly online learning and submitted online for Teacher Feedback |
Work on: Assessment No. 1 of 2 - Risk Management - Developing organisational environment - stage 2 Risk Evaluation and Matrix Development |
FNSRSK501 Undertake Risk Identification |
|
Week 5 March 9 |
Identify and describe risk |
1 hour weekly online learning and submitted online for Teacher Feedback |
FNSRSK501 Undertake Risk Identification |
|
|
Week 6 March 16 |
Identify and assess control |
1 hour weekly online learning and submitted online for Teacher Feedback |
FNSRSK501 Undertake Risk Identification |
|
|
Week 7 March 23 |
Identify and assess control |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSRSK501 Undertake Risk Identification |
|
Week 8 March 30 |
Communication | 1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment No. 1 of 2 - Risk Management - Developing organisational environment. This assessment is to be completed by week 8 of the first semester of commencing this unit. Assessment 1 Due |
FNSRSK501 Undertake Risk Identification |
|
Week 9 April 6 |
Communication |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
| Mid-Semester Break | ||||
|
Week 10 April 20 |
Develop risk evaluation criteria |
1 hour weekly online learning and submitted online for Teacher Feedback |
Work on: Assessment No. 2 of 2 Risk Management - Identifying, assess and Record - stage 1 Identifying risk source areas |
FNSRSK502 Assess Risk |
|
Week 11 April 27 |
Assess current risk |
1 hour weekly online learning and submitted online for Teacher Feedback |
Work on: Assessment No. 2 of 2 Risk Management - Identifying, assess and Record - stage 2 Assess current Risks |
FNSRSK502 Assess Risk |
|
Week 12 May 4 |
Assess current risk |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSRSK502 Assess Risk |
|
Week 13 May 11 |
Compare exposure with guidelines |
1 hour weekly online learning and submitted online for Teacher Feedback |
Work on: Assessment No. 2 of 2 Risk Management - Identifying, assess and Record |
FNSRSK502 Assess Risk |
|
Week 14 May 18 |
Develop & maintain your own knowledge & skills
|
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSRSK502 Assess Risk |
|
Week 15 May 25 |
Assessment 2 Due |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment No. 2 of 2 Risk Management - Identifying, assess and Record, this assessment is to be completed by week 15 of the first semester of commencing this unit. |
|
|
Week 16 June 1 |
Interviews/Re-submission/s if required |
|
|
|
|
Week 17 June 8 |
Grade Entry |
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities including the self - paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas. The online learning materials listed include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities.
Overview of Assessment
In order to achieve competency in this unit, you must provide
Performance evidence
Evidence of the ability to:
- effectively liaise and communicate with stakeholders regarding risk identification
- identify financial risk clusters, and analyse and prioritise the risks
- document risks and controls, and make recommendations for risk control improvements.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- identify and explain the role of internal and external stakeholders relevant to risk
- identify and explain the key features and purpose of the Australian standards for risk management
- compare and contrast methods of identifying financial and legislative risks
- explain the concept of risk clusters
- explain the key principles and practices of risk management
- explain the key principles and importance of risk controls
- explain risk mitigation strategies.
Assessment conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the risk management field of work and include access to:
- office equipment, technology, software and consumables
- relevant legislation, regulations and codes of practice
- relevant Australian standards relating to risk management.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
Assessment Tasks
You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.
The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.
Assessment Task 1: Risk Management - Developing organisational environment
Due: Sunday, 5 April 2020 (Week 8)
Summary and Purpose:
This project is consists of three sub-assessment tasks that you need to complete satisfactorily, in order to be deemed competent for this unit. Completing this project allows you to demonstrate your skills and knowledge in:
- Risk and risk management
- Communicating and collaborating with stakeholders
- Develop agreed organisational risk boundaries
- Identify and describe risk inline with Standards Australia
- Identifying and assessing risk controls
Assessment Instructions:
By the end of this assessment you will have completed the Swanston Banking Group Risk Management Framework document. Currently within this document there are some missing information, information that needs to be reviewed and completed by you, in collaboration with stakeholders as required.
For this assessment you will asked to complete the following project over three stages:
Stage 1: Stakeholder consultation.
In groups (group size to be decided by the facilitator) you are to meet with Swanston Banking Group (SBG) CEO (or selected representative) and identify the organisations environment and boundaries.
For an organisation to develop its own risk management matrix you will first need to understand the organisations risk profile/attitude to risk, including the organisations environment and boundaries.
In order to understand the organisations environment and boundaries, you first need to meet with the CEO (or selected representative) and gain the relevant information on the organisations vision and values and document the operating environment and boundaries.
You will need to:
- Record organisations Vision and Values
- Summarise the organisations operating environment;
- List the key risks the organisation is exposed to in this environment.\
- Document this in a word formatted SBG letterhead, following the branding guidelines so it can be presented to the CEO (or allocated representative).
This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete their own report and be involved in the questions of the SBG representative.
Stage 2: Risk Evaluation and Matrix development
Utilising the knowledge gained from your meeting with the SBG representative, you’re to document the risk matrix and Risk Evaluation Rule that is unique to SBG.
Your task is to complete the Risk Matrix table and Risk Evaluation Rule table within the Swanston Banking Group Risk Management Framework.
You will need to:
- Enter the matrix risk rankings in the table, the risk ranking needs to align to the organisation attitude to risk.
- Define in the risk evaluation rule how each risk level profile will be treated.
- Download the Swanston Street Banking Group Risk Management Framework from Canvas
This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete his or her own report and be involved in the questioning of the SBG representative.
Stage 3: Report Presentation
In a full written report you are to present your rational and documented risk management plan as per the previous stage (2)
Your task is to present your completed Swanston Banking Group Risk Framework document to the company executives. In the presentation you must:
- Provide the rational behind your risk rankings and the risk evaluation;
- Gain agreement from the SBG executives and/or make adjustments as required.
This delivery of the sub-assessment task will be conducted within class timetables. However, it is expected that the majority of this assessment preparation will be completed outside of class
Assessment Task 2: Risk Management - Identifying, assess and record
Due Date: Sunday, 31 May 2020 (Week 15)
Summary and Purpose : This project is consists of three sub-assessment tasks that you need to complete satisfactorily, in order to be deemed competent for this unit. Completing this project allows you to demonstrate your skills and knowledge in:
- Risk and risk management
- Communicating and collaborating with stakeholders
- Develop agreed organisational risk boundaries
- Identify and describe risk inline with Standards Australia
- Identifying and assessing risk controls
Assessment Instructions: By the end of this assessment you will have completed the Swanston Banking Group Risk Management Framework document. Currently within this document there are some missing information, information that needs to be reviewed and completed by you, in collaboration with stakeholders as required.
For this assessment you will asked to complete the following project over three stages:
Stage 1: Identifying risk source areas.
In groups (group size to be decided by the facilitator) you are to document and identify the potential sources of risk to Swanston Banking Group, under the 9 key risk areas as provided within the PowerPoint presentation for this course.
Developing a ‘Risk Areas’ table you will need to:
a. Identify risk sources relevant to SBG
b. Record risk sources relevant to SBG
c. Document this in a word formatted SBG letterhead, following the branding guidelines so it can be incorporated into SBG policies and procedure documentation.
d. Work collaboratively within a team
This sub-assessment task will be conducted in class with all reports and outcomes to be worked on within your assigned groups in class. Every group member must, however, complete their own report and be involved in the questions and research.
Stage 2: Assess current risks
Selecting 2 of the identified risk sources complete a risk assessment of each of the courses of risk for SBG.
Your task is to complete a risk management report on each of the risk sources you have identified. In this process you must:
a. Use the SBG Risk Management Assessment tools
b. Provide a report on each risk, utilising the risk treatment and action plan worksheet
c. Document the risk on the risk management risk register
d. Download the Swanston Street Banking Group Risk Management Framework from Canvas
This sub-assessment task will be conducted in class with all reports and outcomes to be worked on individually, however, students can collaborate in their teams.
Stage 3: Record guidelines and summary
In a full written report you are to document a risk assessment guideline. The objective of the reports is to provide clear guidance for SBG staff and stakeholders on reducing their risk from the identified guideline area.
Your task is to write 1 report on your selected guideline (Guidelines identified on the canvas following an activity in week13), reports must cover:
- Introduction to the guideline
- Guideline rationale
- Summary of evidence
- Advice
This delivery of the sub-assessment task will be conducted within class timetables. However, it is expected that work for this assessment will also be completed outside of class
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
- Ensure that you submit assessments on or before the due date.
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
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