Assessment Requirements for BSBSMB401 Establish legal and risk management requirements of small business

Release: 2

Assessment Requirements for BSBSMB401 Establish legal and risk management requirements of small business

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

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

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10