Course Title: Establish legal and risk management requirements of small business
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: BUSM6503C
Course Title: Establish legal and risk management requirements of small business
School: 650T Vocational Business Education
Campus: City Campus
Program: C6164 - Advanced Diploma of Conveyancing
Course Contact: Callie.Harvey
Course Contact Phone: +61 3 99255772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Sukant Arora
sukant.arora@rmit.edu.au
Nominal Hours: 60
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 and comply with all regulations affecting the business.
It applies to individuals operating a small business who use analytical skills to interpret legislation and regulations and develop procedures to manage compliance.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBSMB401 Establish legal and risk management requirements of small business |
Element: |
1. Identify and implement business legal requirements |
Performance Criteria: |
1.1 Identify and research possible options for the business legal structure using appropriate sources 1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure 1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements |
Element: |
2. Comply with legislation, codes and regulatory requirements |
Performance Criteria: |
2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements 2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance 2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility 2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities 2.5 Conduct investigations to identify areas of non-compliance with legal and regulatory requirements, and take corrective action where necessary |
Element: |
3. Negotiate and arrange contracts |
Performance Criteria: |
3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities 3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable 3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan 3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan |
Element: |
4. Identify and treat business risks |
Performance Criteria: |
4.1 identify potential internal and external risks to the business 4.2 assess the probability and impact of identified risks 4.3 prioritise risks for treatment 4.4 develop actions to mitigate risks including identifying insurance requirements and adequate cover |
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 may 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 unit title Compliance and Risk:
- BSBCOM603/LAW5752C Plan and Establish Compliance Management Systems
- FNSPRM601/BUSM8845C Establish Systems to Conform with Legislation
- BSBSMB401/BUSM6503C Establish Legal and Risk Management Requirements of Small Business
(Please note that this schedule is subject to change)
Week |
Topic |
Collaborate Session & Workshop |
Assessment Task (AT) |
| Week 1: February 10 | Introductions and Identify regulations and requirements affecting the business |
Collaborate Session-1 (Thursday 18:00-19:30 PM) |
|
| Week 2: February 17 | Identify regulations and requirements affecting the business |
Collaborate Session-2 (Thursday 18:00-19:30 PM) |
|
| Week 3: February 24 | Preparing for AT1 success |
Collaborate Session-3 (Thursday 18:00-19:30 PM) |
|
| Week 4: March 2 | Plan compliance management systems, AT1 Q&A |
Workshop-1 (TBC) |
|
| Week 5: March 9 | Plan compliance management systems |
Collaborate Session-4 (Thursday 18:00-19:30 PM) |
Assessment 1 - Due (15 March, 23:59 PM) |
| Week 6: March 16 | Establish compliance management systems |
Collaborate Session-5 (Thursday 18:00-19:30 PM) |
AT1 Feedback (22 March, 23:59 PM) |
| Week 7: March 23 | Preparing for AT2 success |
Workshop-2 (Wednesday 17:30-19:00 PM) |
AT1 re-submissions - due (29 March, 23:59 PM) |
| Week 8: March 30 | Establish compliance management systems, AT2 Q&A |
Collaborate Session-6 (Thursday 18:00-19:30 PM) |
Assessment 2 Due (5 April, 23:59 PM) |
| Week 09: April 6 | Comply with regulations affecting the business |
Collaborate Session-7 (Thursday 18:00-19:30 PM) |
AT2 re-submissions - due (12 April, 23:59PM) |
Mid-Semester Break | |||
| Week 10: April 20 | Preparing for AT3 success |
Workshop-3 (Wednesday 17:30-19:00 PM) |
AT2 re-submissions Feedback - (26 April, 23:59PM) |
| Week 11: April 27 | Comply with regulations affecting the business, AT3 Q&A |
Collaborate Session-8 (Thursday 18:00-19:30 PM) |
Assessment 3 Due |
| Week 12: May 4 | Supervise and monitor practice systems |
Collaborate Session-9 (Thursday 18:00-19:30 PM) |
AT3 Feedback (10 May, 23:59 PM) |
| Week 13: May 11 | Supervise and monitor practice systems |
Collaborate Session-10 (Thursday 18:00-19:30 PM) |
AT3 re-submissions - due (17 May, 23:59 PM) |
| Week 14: May 18 | Preparing for AT4 success |
Workshop-4 (Wednesday 17:30-19:00 PM) |
AT3 re-submissions Feedback (24 May, 23:59PM) |
| Week 15: May 25 | Course Wrap-up, AT4 Q&A |
Collaborate Session-11 (Thursday 18:00-19:30 PM) |
Assessment 4 Due (31 May, 23:59 PM) |
| Week 16: June 1 | Extensions / Re-submissions |
AT4 Feedback (7 June, 23:59 PM) |
|
| Week 17: June 8 | Grade Entry |
AT4 re-submissions - due (14 June, 23:59 PM) |
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 may 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:
- demonstrate a systematic approach to identifying, managing and meeting legal and regulatory requirements, specifically in regard to WHS, business registration and environmental requirements
- ensure compliance, by:
- following taxation and industrial relations principles
- updating and maintaining legal documents
- investigating areas of non-compliance
- monitoring provision of products and services
- taking corrective action where necessary
- negotiate and arrange contracts, including:
- seeking legal advice
- investigating procurement rights
- identifying options of leasing or ownership of business premises.
- Identify, assess and treat risks specific to the business including
- prioritising risks with highest probability of occurrence and greatest negative impact on the business
- identifying insurance requirements
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- outline business registration and licensing requirements
- identify all government legislative requirements relating to the specific business operation
- explain creation and termination of relevant legal contracts
- summarise relevant cultural differences and legal implications
- describe legal rights and obligations of alternative ownership structures
- outline necessary record keeping to meet minimum legal and taxation requirements
- summarise relevant consumer legislation and industry codes of practice
- outline the key steps in the risk management process
- explain relevant insurance requirements and products.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership Small and Micro Business field of work and include access to:
- office equipment and resources
- business technology including internet access
- specialist software for analysis of data
- relevant legislation, regulations, standards and codes
- relevant workplace documentation and resources
- case studies, or where possible, real situations
- interaction with others.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback
Feedback will be provided during 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.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in this course. Assessment may include oral examination. Finally you can email or arrange an appointment with your teacher to gain more feedback on your progress.
Assessment Tasks
There are a total of four (4) assessments in this unit. You need to complete all assessment tasks satisfactorily in order to be deemed competent for this unit.
Assignment 1: Identify requirements and plan appropriate systems
Due: Sunday, 15 March 2020
Summary and Purpose: The purpose of this assessment is for you to show how you can identify and comply with regulations affecting a small business.
Assessment Instructions: In this assessment task you will respond to several questions based on the given scenario.
Note: Some questions require you to work with your class peers and learn through interaction, cooperation and collaboration. However, in all these tasks you will be required to undertake your own independent research to inform your responses. Where group work is required, you will be assigned to a group of 3 – 5 members in the beginning of the unit to perform the group tasks.
Assignment 2: Research, plan and establish appropriate systems
Due: Sunday, 5 April 2020
Summary and Purpose: The purpose of this assessment is for you to exhibit your ability to plan for and establish appropriate compliance program/ management systems which would enable an organisation to fulfil its obligations and responsibilities under applicable compliance requirements.
Assessment Instructions: In this assessment task you will need to develop a range of proposals for your business that will be presented to the Board. Ensure you collate and compile information using reliable sources. All proposed recommendations must be clear and with enough detail.
Note: Some questions require you to work with other class peers and learn through interaction, cooperation and collaboration. However, in all these tasks you will be required to undertake your own independent research to inform your responses. Where group work is required, you will be assigned to a group of 3 – 5 members in the beginning of the course to perform the group tasks.
Assignment 3: Comply with regulations affecting the business
Due: Sunday, 3 May 2020
Summary and Purpose: The purpose of this assessment is for you to exhibit their ability to plan, establish, supervise and monitor appropriate practice systems which would enable an organisation to fulfil its obligations and responsibilities under applicable compliance requirements, conform to legislative and regulatory requirements, and meet standards defined in professional code of practice.
Assessment Instructions: In this assessment task, you are required to read through the context of e-Conveyancing in Victoria.
Based on the given context and using any conveyancing organisation based in Victoria or the one assumed in the previous assignment as a guide, you are to complete Q1 – Q10. You may assume that the conveyancing organisation is in the process of, or has recently transitioned to, 100% digital lodgement. You are also allowed to make any reasonable assumptions to meet the assessment criteria satisfactorily.
Assignment 4: Comply, supervise and monitor performance and provide recommendations
Due: Sunday, 31 May 2020
Summary and Purpose: The purpose of this assessment is for you to exhibit your ability to plan, establish, supervise and monitor appropriate practice systems which would enable an organisation to fulfil its obligations and responsibilities under applicable compliance requirements, confirm to legislative and regulatory requirements, and meet standards defined in professional codes of practice.
Assessment Instructions: This assessment task consists of two parts:
- Part A is a performance evidence in a real – world scenario. It includes Q1 – Q5
- Part B relates to financial professional services and covers learning materials from FNSPRM601. It includes Q6 – Q7
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
Course Overview: Access Course Overview