BSBSMB401 - Establish legal and risk management requirements of small business

Unit code: BSBSMB401 | Study level: TAFE

Credit points

N/A

Location

Footscray Park

Industry

Sunshine

Werribee

Prerequisites

N/A

Overview

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.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

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, and;
identify, assess and treat risks specific to the business including: prioritising risks with highest probability of occurrence and greatest negative impact on the business, and identifying insurance requirements.

Students will also be expected to demonstrate the following knowledge:

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, and;
explain relevant insurance requirements and products.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.