| Diploma of Integrated Risk Management |
The Institute's Diploma of Integrated Risk Management meets the requirements of the following FNS04 qualification: FNS50104 Diploma of Financial Services. This means that the modules in the course include coverage of the competency standards required for issuance of this national qualification.
A summary of the employability skills developed through this qualification can be downloaded from http://employabilityskills.training.com.au/.
Upon completion of the following modules, students should obtain the following learning outcomes and national competencies:
- RM501 Introduction to the Management of Risk
- RM502 Integrated Management
- RM503 Operational Management of Risk
- RM504 Management of Specific Risk Exposures
| RM501 Introduction to the Management of Risk |
Covers the principles and processes of risk management within an organisation. This module introduces the concepts of a risk management framework, risk identification, risk analysis and evaluation, risk treatment and monitoring, and review of a risk management program.
Learning Outcomes:
- Identify and describe the risk management process
- Identify and assess risk controls
- Communicate with relevant stakeholders at each stage of the risk management process
- Develop risk evaluation criteria
- Assess current risk exposures
- Compare risk exposures with organisational guidelines and external obligations
- Analyse risk exposures using measurement criteria
- Identify the scope sectors and responsibilities of the risk management sector
- Identify and apply industry guidelines, procedures and legislation
- Manage information and plan work within organisational requirements.
National Competencies:
- FNSICIND401B Apply principles of professional practice to work in the financial services industry
- FNSRISK501B Undertake risk identification
-
FNSRISK502B Assess risks.
| RM502 Integrated Management |
Develops the knowledge and skills required to integrate risk management within the whole organisation while working with the principles, practices, structure and language of management. This module explores the link between developing an organisational framework and the organisation’s strategic planning, aims and management.
Learning Outcomes:
- Identify the nature and principles of management
- Explain the principles involved in the integration of the risk management process into an organisation’s holistic management practices
- Outline the principles and practice of strategic planning and management
- Analyse the management of risk as strategic opportunity in an organisation
- Identify and outline the strategic framework required for implementing the management of risk in an
organisation
- Describe and apply core management skills
- Understand the importance of reporting to integrate the management of risk and develop effective reports at all levels of management
- Develop an organisational policy and risk management framework for the strategic management of risk
exposures.
National Competencies:
- FNSICORG506B Develop and monitor policy and procedures
- FNSICGEN301B Communicate in the workplace
- FNSICORG519B Analyse and comment on management reports.
| RM503 Operational Management of Risk |
Develops the knowledge and skills required to identify the interrelationship of operational areas within an organisation. Students will learn how to establish risk management processes across operational areas, identify risk exposures and develop a risk register. This module will also teach students how to develop, implement and monitor treatment plans.
Learning Outcomes:
- Explain the concept of operational management, how organisations structure their operational areas, the significance of structural interdependence between those areas, and their organisational control through strategic and operational goals and planning
- Describe past and present approaches to operational risk management
- Identify and take steps to establish the context of operational risks
- Identify operational risk exposures, write clearly expressed risk statements for the risks identified, and devise and apply a risk identification matrix and other risk identification techniques in operational settings
- Describe and apply tools, techniques and strategies for analysing and treating operational risks
- Explain how cost–benefit analysis techniques can be used in evaluating levels of risk in operational contexts and apply these to evaluating high and low risks and low losses
- Identify a process for implementing and monitoring risk treatment actions and activities and integrate that process into operational environments
- Describe and apply a systematic process for effectively integrating the management of risk into operational systems, culture and management.
National Competencies:
- FNSRISK601B Develop and implement risk mitigation plan
- FNSRISK602B Determine and manage risk exposure strategies
- FNSICGEN302B Use technology in the workplace.
| RM504 Management of Specific Risk Exposures |
Builds on the risk management process, its integration into management, and its application at an operational level. The module explores techniques and strategies for addressing risk associated with undertaking projects, events and outsourcing, preserving reputation and financial performance, assessing environmental, occupational health and safety impacts and protecting against fraud.
Learning Outcomes:
- Identify specific types of risk that may impact on the management of an organisation’s activities, such as:
- Projects
- Events
- Environment
- Finance
- Information security and fraud
- Occupational health and safety
- Outsourcing
- Privacy
- Reputation
- Explain the interrelationship of types of risk when managing risk holistically within an organisation
- Describe how to identify, assess and treat specific types of risk
- Outline critical issues relating to managing a specific type of risk
- Identify tools, techniques and strategies for managing exposures to specific types of risk
- Apply the AS/NZ 4360:2004 risk management process, in simulated and real–world contexts, to addressing and managing exposures to specific types of risk.
National Competencies:
- FNSICGEN304B Apply health and safety practices in the workplace
- FNSICORG508B Manage a project
-
FNSINSV506B Investigate claims.