This unit describes the skills and knowledge required to identify and comply with legal and risk management requirements of the business or new business venture, including negotiating, creating and planning for legal contracts used within the business, where required.
The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.
- Identify legal and risk management requirements relating to business
- Implement procedures and processes to comply with legislative and regulatory requirements
- Negotiate and arrange contracts
- Mitigate business risks
Upon successful completion of this unit, you will:
- Establish legal and risk management requirements for at least one business or new business venture, and implement procedures for meeting them
- Create at least one contract with a supplier of goods or services to business or new business venture
- Identify, assess and treat at least three different risks specific to business or new business venture and prioritise risks with highest probability of occurrence and greatest negative impact.
Nominal hours = 60