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Unit of competency details

SIRXRSK003 - Manage risk in the retail environment (Release 1)

Summary

Usage recommendation:
Current
Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 31/Mar/2016

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  09/Aug/2016 
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Unit of competency

Modification History

Not applicable.

Application

This unit describes the performance outcomes, skills and knowledge required to manage risks across a retail organisation, department or function. This includes establishing the risk context, assessing and treating risks.

This unit applies to senior personnel working in a diverse range of sectors and business contexts. They operate independently and are responsible for making a range of operational business decisions and risk management.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Competency Field

Risk Management and Security

Unit Sector

Cross-Sector

Elements and Performance Criteria

ELEMENTS 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Establish risk context.

1.1.Review organisational policies and procedures for undertaking risk management activities.

1.2.Review strengths and weaknesses of existing risk management arrangements.

1.3.Determine scope for risk management, and document critical success factors in managing risks.

2. Identify risks.

2.1.Consult with relevant internal and external stakeholders to assist in identification of risks.

2.2.Research internal and external risks that may apply to risk scope.

2.3.Systematically analyse information to decide on appropriate risk management treatments.

2.4.Document identified risks according to organisational procedures.

3. Assess risks.

3.1.Assess and document likelihood of identified risks occurring.

3.2.Assess and document impact or consequences if identified risks occur.

3.3.Evaluate, prioritise and document identified risks for management.

4. Treat risks.

4.1.Consult with relevant internal and external stakeholders on risks and risk management.

4.2.Determine and select most appropriate options for managing assessed risks.

4.3.Document a risk management plan according to organisational procedures.

4.4.Implement and monitor the risk management plan, amending plan as required.

4.5.Monitor implementation of risk management activities.

Foundation Skills

Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement.

SKILLS 

DESCRIPTION 

Reading skills to:
  • gather, interpret and analyse textual information from sources to identify information relevant to risk management in retail.

Writing skills to:
  • document risk management analysis and assessment priorities and processes.

Oral communication skills to:
  • consult multiple stakeholders using questioning and listening to elicit opinions, and to confirm and clarify comprehension.

Initiative and enterprise skills to:
  • highlight retail specific risks that exist within the external market place.

Planning and organising skills to:
  • sequence and schedule routine and complex risk treatment activities.

Technology skills to:
  • use digital technologies and systems to access information, document plans and communicate with others.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d

 

Assessment requirements

Modification History

Not applicable.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

  • identify and analyse one internal and one external risk for one of the following:
  • retail organisation
  • retail department
  • retail function
  • develop and implement a risk management plan for the management of one of the above identified risks, covering:
  • an assessment of potential impact of the risk
  • action to be taken to mitigate and treat the risk
  • review and document outcomes of the risk management plan.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • organisational policies and procedures relevant to:
  • identifying risks
  • assessing risks
  • treating risks
  • risk management plans
  • sources of information to establish risks
  • regulation and compliance relevant to risk management in the retail industry
  • ISO 31000 - Risk management
  • risk identification methods:
  • scenario based
  • objective based
  • internal audit
  • environmental scanning
  • risk treatment options:
  • avoidance
  • reduction
  • sharing
  • retention
  • commercial impact of risk management both favourable and unfavourable:
  • reputation
  • fines
  • business closure
  • health risk
  • team morale
  • absenteeism
  • retail risks:
  • global risks
  • political
  • economic
  • social
  • legal
  • technological
  • consumer markets and behavioural change
  • regulation and compliance
  • cost control
  • brand image
  • supply chain and sourcing
  • commercial real estate
  • competition
  • security
  • safety.

Assessment Conditions

Skills must be demonstrated in a services industry environment. This can be:

  • an industry workplace
  • a simulated industry environment.

Assessment must ensure access to:

  • relevant documentation:
  • relevant legislation, regulations, standards and codes
  • organisational policies and procedures relevant to risk management as listed in the Knowledge Evidence
  • existing risk management plan
  • internal and external stakeholders with whom to consult; these can be:
  • individuals in an industry workplace, or
  • individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=ca051b1b-5101-4ec2-ac1c-49699303188d

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