BSBSMB401

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.

Topics:

  1. Identify and implement business legal requirements
  2. Comply with legislation, codes and regulatory requirements
  3. Negotiate and arrange contracts
  4. Identify and treat business risks

Upon successful completion of this unit, you will:

  • 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

Demonstrate knowledge of:

  • business registration and licensing requirements
  • government legislative requirements relating to the specific business operation
  • creation and termination of relevant legal contracts
  • relevant cultural differences and legal implications
  • legal rights and obligations of alternative ownership structures
  • record keeping to meet minimum legal and taxation requirements
  • relevant consumer legislation and industry codes of practice
  • key steps in the risk management process
  • relevant insurance requirements and products

Nominal hours = 60 hours