BSBRSK501 Manage risk Answers

BSBRSK501 Manage risk Answers

Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

The major objectives of this course are

  • Establish risk context
  • Review organizational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
  • Determine scope for risk management process
  • Identify internal and external stakeholders and their issues
  • Review political, economic, social, legal, technological and policy context
  • Review strengths and weaknesses of existing arrangements
  • Document critical success factors, goals or objectives for area included in scope
  • Obtain support for risk management activities
  • Communicate with relevant parties about the risk management process and invite participation
  • Identify risks
  • Invite relevant parties to assist in the identification of risks
  • Research risks that may apply to scope
  • Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties
  • Analyse risks
  • Assess likelihood of risks occurring
  • Assess impact or consequence if risks occur
  • Evaluate and prioritise risks for treatment
  • Select and implement treatments
  • Determine and select most appropriate options for treating risks
  • Develop an action plan for implementing risk treatment
  • Communicate risk management processes to relevant parties
  • Ensure all documentation is in order and appropriately stored
  • Implement and monitor action plan
  • Evaluate risk management process
  1. In a short sentence for each, explain the meaning of these terms:

Risk.
Risk management.
Risk appetite.
Risk capacity.

  1. Why should risk management policies and procedures be periodically reviewed? (100 words)
  2. Scenario: You work for Australia Wide Taxations Solutions—a company of 1,500 employees offering taxation services in different cities across the country. The company offers five services: personal taxation, small business taxation, corporate services, personal wealth creation and corporate asset management. It is working in a highly regulated and legislated industry. You have been asked to work with the team conducting a risk assessment for the entire organisation. How will you identify the risk management scope—what things do you need to look at? What challenges does a scope of this size pose and how would you approach the risk assessment process? (350–400 words)Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online
  3. Who are an organisation’s stakeholders and why should they and their issues be identified? (300–350 words)
  4. When considering organisational risk it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence/ impact each of those factors has on an organisation’s risk profile—the risk scope and context. (500–700 words)
  5. Why is it necessary to review existing risk management arrangements and standards?
  6. Scenario: Nautilus Boat Hire is a small family-owned and operated business. It operates from a marina at the mouth of a major river and has been operating for five years. The business is based on:
  • hire of eight aluminium runabouts (tinnies) to youth groups, anglers and tourists
  • hire of two deep-sea vessels to serious anglers and scuba divers
  • hire of fishing gear
  • sale of bait and scuba tank refills

The business is considering an expansion that will include purchase of three houseboats for hire to families and groups of young adults.

They recently conducted a survey revealing that a significant number of clients are tourists from interstate or overseas. Most clients are once-only hirers who have no knowledge of local waters and weather conditions.

As part of their business planning, the company identified the following risks to the new business offerings:

people who are not strong swimmers, especially children, drowning

houseboats getting lost and/or driven on to sandbars

clients finding the houseboats difficult to control—resulting in damage to the houseboat and/or land structures when, for example, mooring

clients being sunburned and dehydrated on hot, sunny days

Using the information provided, describe the goals, objectives and targets that Nautilus Boat Hire should include in their risk management plan. These are the critical success factors relevant to the safety of the new operation. (A total of 350–370 words)Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

  1. How can support for risk management policies and procedures be encouraged? What skills might be used when garnering support and with whom should you communicate the risk management intentions? (230–250 words)
  2. The organisation for which you work is planning an extension to the premises and an increase in staff numbers with a view to expanding into new markets. You have been asked to conduct research that will identify any risks or contingency requirements for the department that you head. What parties might be invited to assist with the risk identification and what contribution could they make? (150–170 words).

Why should employees be invited to participate in risk management consultations? (150–170 words)

  1. A number of tools can be used to collect risk related information and data ready for analysis. List eight.

From your list select two methods. Explain what they are and how they work. (Approx. 200 words each)

  1. Plotting business risks on a risk matrix is recommended. What are the benefits of doing this? (80–100 words)

List four questions that might be asked when assessing and prioritising risks.
How does categorising risk help? List four benefits of categorising risk.
List six factors that might contribute to financial risk.

  1. A number of different risk treatments will be applied depending on the industry in which an organisation operates its structure and the risks it faces. Explain what risk treatment is and the categories of risk treatment options that could be applied. (130–150 words)

Under what circumstances might it be appropriate to accept risks, without applying controls? (70–80 words)

Insurance is valuable and necessary, but why is it not a real risk control? (70–80 words)

  1. Why are risk management plans necessary? (220–250 words)

Risk management plans should be accompanied by action plans. What information is contained in an action plan? (50–60 words)

The organisation for which you work has recently leased new premises. The furniture and equipment has been moved in and the staff are due to start working there 3 days from now. As a basic risk precaution it is necessary to develop a suitable building evacuation procedure and you have been asked to oversee the process. There were evacuation posters at the old building but these will, of course, no longer be suitable. Using the template, create an action plan to show how you would proceed.

Risk management strategy: Develop and document a task evaluation strategy. Make posters and place them where they can be seen by employees and any site visitors.
Action to be taken Responsible persons/s Start/ end dates Resources Costs Completion
  1. List six methods that could be used to communicate risk management plans to relevant parties.

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The senior accountant at Abacus Accounting, a small accountancy firm, has their laptop stolen from an interstate restaurant where they were conducting a dinner meeting with clients. The laptop contains nearly four weeks of data that has not been backed up to the main server. This is a significant loss. In addition, the accountant is now without use of a laptop and still has much client work to conduct. The firm recognises that the use of laptops by accounting staff is critical, as is the information the laptops contain. Abacus Accounting decides to develop a risk management plan that will mitigate or minimise such losses in the future. Amongst other things, the plan contains details of:

  • protocols for safeguarding laptops whilst travelling
  • protocols for backing up data
  • procedures for updating the asset register with laptop warranty and insurance details
  • procedures for reporting the loss of the laptop and how to
  • practises to follow in order to expedite replacement

To whom should the plan be communicated and what communication procedures would be effective? (100–120 words)

  1. Why should risk management data and plans be documented and appropriately stored?
  2. It is important to monitor and evaluate an action plan once it has moved into its implementation phase. How does monitoring and evaluation help and what sorts of things might come under scrutiny? (200 words)
  3. Explain who should be involved in the evaluation of risk management treatments. (30–40 words)

Sometimes external auditors can be called in to evaluate risk management plans and strategies. What are three advantages of using external auditors?

Question 1

SECTION 1

CASE STUDY: ADIDAS

INSTRUCTIONS TO STUDENTS:

  1. You are required to undertake all assessment tasks.
  2. All tasks are of equal weight.
  3. Answer all tasks using the templates and forms provided.
  4. Answer by referring to the given case study material as provided at the end of the question and by undertaking your own research.
  5. STUDENT NEED TO ATTEMPT PART A & PART B OF THE CASE STUDY AND ADDRESS ALL THE QUESTIONS/CRITERIA MENTIONED THEREIN.

ASSESSMENT SUBMISSION REQUIREMENTS

  • Your assessment must be typed in Arial font size 12 only.
  • You must provide your completed assessment in one document with an assessment cover page
  • You are required to format your document including spell-check and indicate each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc. according to this Assessment Tool Task requirement.

SCENARIO

You work as a Business Manager at Adidas – NSW Head Office in the Public Relations Department.

This department is managed by the Public Relations Manager and you work in a team of 5 Business Managers.

Your role as Business Manager in the Public Relations Department includes the requirement to identify and manage the business risk that results from adverse public relations.

Recently Oxfam (Australia) released an article over the internet – this article is reproduced below.

Oxfam Australia is an organisation that is reportedly dedicated to fighting social injustice around the world – especially social injustice which is created by businesses.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Adidas: So what’s the problem with Adidas? July 2016

Thousands of workers endure poverty wages and harsh sweatshop-like conditions to make Adidas their coveted sports shoes. Adidas also don’t have a good track record in relation to upholding trade union rights.

We have been in constant correspondence with Adidas since 2006 asking that they uphold the rights of their workers.

So what’s the solution?

Better wages

Workers require a living wage, which is one that allows them to meet the basic needs of a family after working a full-time working week without overtime. Adidas won’t commit to a living wage for its workers.

But it will commit to paying already high earning sport stars millions of dollars to endorse their products.

The right to form trade unions

Adidas gets much of its gear made in countries and free trade zones where it is illegal or extremely difficult for workers to organise into unions. Without this united structure, it is near impossible for individual workers to ask for improved conditions without fear of retribution.

Adidas has taken a positive step by signing onto the new Freedom of Association Protocol in Indonesia. Adidas was an active participant in negotiations with Indonesian unions and supplier factories to develop the Freedom of Association Protocol. The Protocol, which Adidas signed onto in June 2011, is already having positive impacts in a number of supplier factories. But Adidas must work hard to ensure that the Protocol is implemented at the factory level throughout its supply chain.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

A confidential complaints structure

When workers suffer sexual harassment, intimidation, violence or other human rights violations they need to be able to access a confidential complaints mechanism, and they need those complaints to be taken seriously and handled sensitively. In response to public pressure, Adidas has made some effort to establish complaint mechanisms in some factories, but most Adidas workers don’t have access to a complaint mechanism which they have reason to trust.

Ban short-term contracts

Adidas moves its production where it likes when it likes and does not ban or discourage short-term contracts for its workers. So when it leaves an area those workers on short-term contracts are left with nothing.

Incentives for respecting workers’ rights

Adidas should offer meaningful incentives to factories that respect workers’ rights, particularly workers’ right to organise trade unions. Without genuine incentives, human rights abuses will continue

https://www.oxfam.org.au/what-we-do/ethical-trading-and-business/workers-rights-2/adidas/

Your Department Manager has requested that you identify and manage one of the possible business risks that might result from the release of this article – that is a drop in sales figures for Adidas shoes in NSW.

Part A: Risk Management Plan

In the first instance, you are required to undertake the required research and stakeholder analysis to determine the scope and context of the risk and to develop a Risk Management Plan – which includes a communication plan

Your Department Manager has sent the team this email:

ADIDAS
PUBLIC RELATIONS DEPARTMENT
Internal Email

Date: 20 July 2017
To: Business Managers – PUBLIC RELATIONS DEPARTMENT

RE: Possible business risks associated with the Oxfam release of the article: ‘Adidas: So what’s the problem with Adidas?’

Dear Business Managers

No doubt you are aware of the release this year of the Oxfam Australia article.

This type of adverse publicity can have serious effects on our sales – as you know the Australian population is severely affected by these types of allegations and our competitors will quickly put out advertising that assures consumers that they don’t do what Adidas does – so buy their shoes, not ours!!

As Business Managers I want you to undertake a Risk Management Plan to reduce the impact of the Oxfam article on NSW sales by releasing an advertising campaign: ‘When you buy Adidas shoes you are buying ethical shoes ‘ in the Sydney Morning Herald– 2 x full-page, colour, graphics etc that assures the Australian Consumers that we are a very ‘community’ conscious company – very ethical – and that our production processes and products reflects these values- so when you buy Adidas shoes you are buying ethical shoes.

I require you to undertake a risk management strategy that involves:

  • Establishing the risk context: Adidas policies and procedures involved, risk management process, stakeholders, critical factors.
  • Communicating the risk plan to other Business Managers and your Department Head – have a meeting – get some feedback and amend the plan if necessary
  • Identifying the risk.
  • Analyzing the risk.
  • Selecting, implementing and evaluating your risk management process.

However, I need you to take into account all of the following risk factors:

  • To date (the article was released a year ago) there is no real evidence of a related drop in shoe sales in NSW as a result of the article.
  • However sales figures from past occurrences such as this for other companies shows that this type of bad publicity takes approximately 2 years to impact on sales
  • The expected drop in shoe sales is expected to be around 20% in NSW alone
  • The value of this is $1.9 million.
  • The type of advert I want will cost $2 million to create and further costs to place in the Sydney Morning Herald.
  • There is no evidence that this advert will work.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

You are required to compete the Adidas Risk Management Pan using the standard Adidas Template which includes provision for a Communication Plan with stakeholders. You might identify as stakeholders the Public Relations Manager, Marketing Manager, Sales Manager, Finance Manager and externally a representative from the Shareholders Committee.

Please hold a stakeholder meeting and invite the relevant parties to assist with the identification of risks that may apply to this scope. So, in consultation with relevant parties:

  • Generate a list of risks that apply to the scope.
  • Assess likelihood of risks occurring.
  • Assess impact or consequence if risks occur.
  • Evaluate and prioritise risks for treatment.

You can document this meeting using the Meeting Minutes Template. I have booked 21 July 2017 in the Meeting Room 1 Sydney Head Office – for you to hold the meeting. 9 am start.

Please refer to the following Adidas publications for further information:

Adidas 2016 Report – (Refer the link below)

https://www.adidas-group.com/media/filer_public/a3/fb/a3fb7068-c556-4a24-8eea-cc00951a1061/2016_eng_gb.pdf

Adidas Group Code of Conduct – (Refer the link below)

https://www.adidas-group.com/media/filer_public/f5/79/f5794aa8-514a-4463-8756-c1c496c124a0/coc_english_2016.pdf

Adidas POLICIES AND STANDARDS – (Refer the link below)

https://www.adidas-group.com/media/filer_public/2013/07/31/english_workplace_standards_en.pdf

https://www.adidas-group.com/en/sustainability/reporting/policies-and-standards/

Adidas Risk and Opportunity Report – (Refer the link below and page 131)

https://report.adidas-group.com/media/pdf/EN/adidas_AR_2017_EN.pdf

Adidas Risk Management Plan Template

Adidas Records Management Policy and Procedure

Australian Risk Standard: Art_RiskAnalysis_ISO31000 (Refer the link below)

http://www.australiacouncil.gov.au/workspace/uploads/files/risk-management-policy-framewo-544f3b1beeb16.pdf

Thank you
Jan Peterson
Public Relations Manager

Part B: Implement and Monitor

By using the agreements from the Stakeholder Meeting and your own research (through the Risk Management Plan) you are required to determine and select the most appropriate options for treating the identified risks and subsequently Develop an action plan for implementing risk treatment

    1. Use the Adidas Action Plan and Schedule Template to document your plan
    2. Send an internal email to the Manager Public Relations explaining your decision

(The same case would continue to Summative Assessment 2 and students need to work on other aspects of Risk Assessment plan, i.e. student need to complete Part C, D & E)

SECTION 2

KNOWLEDGE QUESTIONS:

Student must answer all the following questions, referring the materials, learner guide, suggested weblinks mentioned earlier:

Q1. By referring to page IV of the introduction to the document: 31000-2009 Risk Standards Australia Guidelines, outline 1 primary purpose of current risk management standard in Australia: AS/NZS ISO 31000:2009 Risk Management Standard.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Q2. By referring to the document: Art_RiskAnalysis_ISO31000, List 11 key principles of the current risk management standards in Australia.

Answer questions 3 – 12 with reference to the Adidas Case Study – by using the support material provided.

Q3. What key legislative and regulatory areas must Adidas management take into account when developing and implementing their Group Risk Management Policy?

Q4. How does Adidas define Risk and opportunity?

Q5. In what Report does Adidas summarise the most important of these risks and opportunities?

Q6. In what three main categories does Adidas management consider risk?

Q7. What is the primary purpose of the Adidas organisational policies, procedures and processes for risk management?

Q8. The policies and procedures designed by Adidas to facilitate effective risk and opportunity management is held in what business system?

Q9. What is the key objective of this system?

Q10. How does Adidas management make available to employees the Group Risk Management Policy?

Q11. What is the key purpose of the Group Risk Management Policy?

Q12. By referring to the Adidas Risk and Opportunity Report 2017, identify 1 key feature of system policies as they refer to:

  • Responsibility and Risk and opportunity identification.

Project 1

  • 1

SUMMATIVE ASSESSMENT 2

CASE STUDY: ADIDAS (Continued from Summative Assessment 1)

INSTRUCTIONS TO STUDENTS:

  • You are required to undertake all assessment tasks.
  • All tasks are of equal weight.
  • Answer all tasks using the templates and forms provided.
  • Answer by referring to the given case study material as provided at the end of the question and by undertaking your own research.

ASSESSMENT SUBMISSION REQUIREMENTS

  • Your assessment must be typed in Arial font size 12 only.
  • You must provide your completed assessment in one document with an assessment cover page
  • You are required to format your document including spell-check and indicate each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assessment Tool Task requirement.

SCENARIO

You work as a Business Manager at Adidas – NSW Head Office in the Public Relations Department.

This department is managed by the Public Relations Manager and you work in a team of 5 Business Managers.

Your role as Business Manager in the Public Relations Department includes the requirement to identify and manage business risk that results from adverse public relations.

Recently Oxfam (Australia) released an article over the internet – this article is re-produced below.

Oxfam Australia is an organisation that is reportedly dedicated to fighting social injustice around the world – especially social injustice which is created by businesses.

Adidas: So what’s the problem with Adidas? July 2016

Thousands of workers endure poverty wages and harsh sweatshop-like conditions to make Adidas their coveted sports shoes.
Adidas also don’t have a good track record in relation to upholding trade union rights.

We have been in constant correspondence with Adidas since 2006 asking that they uphold the rights of their workers.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

So what’s the solution?

Better wages

Workers require a living wage, which is one that allows them to meet the basic needs of a family after working a full-time working week without overtime. Adidas won’t commit to a living wage for its workers.

But it will commit to paying already high earning sport stars millions of dollars to endorse their products.

The right to form trade unions

Adidas gets much of its gear made in countries and free trade zones where it is illegal or extremely difficult for workers to organise into unions. Without this united structure it is near impossible for individual workers to ask for improved conditions without fear of retribution.

Adidas has taken a positive step by signing onto the new Freedom of Association Protocol in Indonesia. Adidas was an active participant in negotiations with Indonesian unions and supplier factories to develop the Freedom of Association Protocol. The Protocol, which Adidas signed onto in June 2011, is already having positive impacts in a number of supplier factories. But Adidas must work hard to ensure that the Protocol is implemented at the factory level throughout its supply chain.

A confidential complaints structure

When workers suffer sexual harassment, intimidation, violence or other human rights violations they need to be able to access a confidential complaints mechanism, and they need those complaints to be taken seriously and handled sensitively. In response to public pressure, adidas has made some effort to establish complaint mechanisms in some factories, but most adidas workers don’t have access to a complaint mechanism which they have reason to trust.

Ban short-term contracts

Adidas moves its production where it likes when it likes and does not ban or discourage short-term contracts for its workers. So when it leaves an area those workers on short-term contracts are left with nothing.

Incentives for respecting workers’ rights

Adidas should offer meaningful incentives to factories that respect workers’ rights, particularly workers’ right to organise trade unions. Without genuine incentives human rights abuses will continue

https://www.oxfam.org.au/what-we-do/ethical-trading-and-business/workers-rights-2/adidas/

Your Department Manager has requested that you idenitfy and manage one of the possible buisness risks that might result from the release of this article – that is a drop in sales figures for Adidas shoes in NSW.

Please refer to the folowing Adidas publicaitons for further information (To address issues mentioned in Part C, D and E below):

Adidas 2016 Report – (Refer the link below)

https://www.adidas-group.com/media/filer_public/a3/fb/a3fb7068-c556-4a24-8eea-cc00951a1061/2016_eng_gb.pdf

Adidas Group Code of Conduct – (Refer the link below)

https://www.adidas-group.com/media/filer_public/f5/79/f5794aa8-514a-4463-8756-c1c496c124a0/coc_english_2016.pdf

Adidas POLICIES AND STANDARDS – (Refer the link below)

https://www.adidas-group.com/media/filer_public/2013/07/31/english_workplace_standards_en.pdf

https://www.adidas-group.com/en/sustainability/reporting/policies-and-standards/

Adidas Risk and Opportunity Report – (Refer the link below and page 131)

https://report.adidas-group.com/media/pdf/EN/adidas_AR_2017_EN.pdf

Adidas Risk Management Pan Template

Adidas Records Management Policy and Procedure

Australian Risk Standard: Art_RiskAnalysis_ISO31000 (Refer the link below)

http://www.australiacouncil.gov.au/workspace/uploads/files/risk-management-policy-framewo-544f3b1beeb16.pdf

Part C: implement the action plan

Now that you have received management approval you are to implement the action plan to treat the risk of a sales fall in NS.

    1. Send an email to the Advertising Department to design the advertisement.
    2. Complete all required Sydney Morning Herald documentation to place the advert.
    3. Lodge the documentation (using the portal provided by your trainer and assessor).

Part D: Monitoring

1 month after you placed the advert you send out a communication to your ‘customer group’ asking them to provide feedback on the advert. You receive the following market feedback:

‘this advert is an obvious attempt to take away from the issue that Adidas is not ethical’
‘we know you use child labour ‘
‘we are now buying Ike shoes’

    1. Send an email to your manager outlining your monitoring technique and evaluation of the action plan and risk management process to date.
    2. Issue a letter to the stakeholders (as at your initial meeting) and inform them of the situation i.e. the feedback.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Part E: maintain documentation.

By creating an electronic folder manage and store correctly all documentation as per Adidas Records Management Policy and Procedure in the Adidas POLICIES AND STANDARDS document

 

BSBRSK501 MANAGE RISK AND STUDENT ASSESSMENT TASK ANSWERS ONLINE

Assessment Information

The assessment tasks for BSBRSK501 Manage risk are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.

Assessment Task Overview
1. Written questions You must correctly answer all questions.
2. Risk management project You must prepare an initial report about risk associated with business expansion for a case study organisation, participate in a role-play meeting with team members to brainstorm risks, and develop a risk management plan the case study organisation.
3. Risk management implementation project You must implement and monitor risk treatments for risks identified.
4. Risk management process evaluation report You must evaluate the risk management process.

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Additional Resources

You will be provided with the following resources you begin each Assessment Task.

Assessment Task 2

  • Risk Management Policy and Procedures
  • Risk Management Report Template
  • Risk Management Plan Template

Assessment Task 3

  • Customer Survey Results Memo
  • Sales data analysis memo
  • Staff survey results memo
  • Performance review results memo

Assessment Task 4

Risk Management Policy and Procedures

Assessment Task 1 Cover Sheet

Student Declaration

To be filled out and submitted with assessment responses

  • I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
  • I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
  • I have correctly referenced all resources and reference texts throughout these assessmenttasks.
Student name
Student ID number
Student signature
Date

Assessor declaration

  • I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online
Assessor name
Assessor signature
Date
Assessment outcome S NS DNS Resubmission    Y     N

Feedback

Student result response

  • My performance in this assessment task has been discussed and explained to me.
  • I would like to appeal this assessment decision.
Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 1: Written Questions

Task summary

This is an open book test, to be completed in the classroom. A time limit of 1 hour to answer the questions is provided.

You need to answer all of the written questions correctly.

Your answers must be word processed and sent to the assessor as an email attachment.

Required

  • Access to textbooks/other learning materials
  • Computer and Microsoft Office
  • Access to the internet

Timing

Your assessor will advise you of the due date of this assessment.

Submit

  • Answers to all questions

Assessment criteria

All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.

Re-submission opportunities

Your Assessor will provide you feedback on your performance. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with your assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.

Note that the following guidance is the minimum level of response required.

Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Discuss – when a question asks you to discuss something, you are required to point out important issues or features, and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.

Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

Assessment Task 1 Instructions

Provide answers to all of the questions below:

  1. Discuss the purpose of risk management standards. Include an example of a risk management standard in your answer.
  2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.
  3. Explain the requirements of WHS legislation in relation to risk workplace.
  4. List the factors that must be taken into account in determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations
  5. Explain the purpose of risk management policies and procedures in the actioned.
  6. List three examples of the impact of risks for a workplace if risks are not identified or actioned.
  7. Outline a step-by-step procedure that companies can use for analysing risks.
  8. Outline three sources of information that a company could use to gather information on potential risks.
  9. Describe three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process.
  10. Explain four options that a company could take to control risks.
  11. Explain four procedures that a company could use to minimise risk.

Assessment Task 1 Checklist

Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Satisfactory performance Comments
Yes No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Task Outcome: Satisfactory ¨ Not Satisfactory ¨
Assessor signature
Assessor name
Date

 

Assessment Task 2: Risk management project

Task summary

This assessment task requires you, in the role of Operations Manager of NatureCare Products, to develop a risk management briefing report associated with the proposed business expansion. You will then prepare for a meeting with your team by researching risks, as well as potential risk treatment options pertaining to the NatureCare Products business expansion project.

Following this, you will meet with your team to brainstorm risks and develop a risk management plan, which includes an action plan to implement identified risk treatments.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Computer and Microsoft Office
  • Access to the Internet to:
  • research information to inform PESTLE analysis
  • access publications about risk management standards such as: http://www.finance.gov.au/sites/default/files/COV_216905_Risk_Management_Fact_Sheet_ pdf
    • Risk Management Policy and Procedures
    • Risk Briefing Report Template
    • Risk Management Plan Template
    • Space for a meeting, with a whiteboard, if possible.
    • Roleplay participants

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email to the CEO (your assessor) with risk briefing report attached.
  • Email to team (your assessor) inviting them to a meeting.
  • Email to the CEO (your assessor) with risk management plan attached.

Assessment criteria

To be assessed as having satisfactorily completed this task, you are required to complete all of the activities indicated in the instructions for students and will be assessed against the criteria included in the checklist.

Re-submission opportunities

You will be provided feedback on your performance by your Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with your assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 2 Instructions

Carefully read the following:

You are the Operations Manager of a medium-sized Australian company, NatureCare Products, based in Brisbane. The company commenced business in 1996, and manufactures eco-friendly, high quality beauty skin care products.

The business was established to cater for a growing demand for skin products that contain eco- friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. The company makes all its products in a small factory.

The company sells its products direct to a chain of health food shops across Australia, as well as online through its own web site. Products ordered online are shipped directly to customers from the factory. Products provided to health food shops are provided to the health food shop distributor who then distributes the products to all its stores. The relationship with the chain of health food shops is a long standing one (ten years).

The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of their customers are professional women aged 25 to 55.

NatureCare Products’ strategic priorities focus on business diversification and growth. They aim to increase their market share by 10%, and to expand the existing product range to attract more customers.

At a recent board meeting, the two company shareholders and the CEO discussed options for expanding the business, including establishing a chain of retail outlets. The idea is to initially set up one retail outlet in central Sydney, Brisbane and Melbourne. Products will continue to be made in the company’s factory and shipped to the retail outlets.

The CEO has asked you to investigate this, undertaking a risk analysis on establishing a chain of retail outlets. The CEO and shareholders are keen to get the business expansion started as soon as possible so need to get your risk management plan in place immediately.

Currently the company employs the following staff: Accounts Manager, Marketing Manager, Marketing Assistant, Sales Manager, four customer service representatives, Office Manager and Administration Assistant, Operations Manager, as well as the CEO and two shareholders as indicated above.

The company currently has a Risk Management Policy and Procedures in place that incorporates the AS/NZS ISO31000:2009 Risk Management Principles and Guidelines.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

Complete the following activities:

  1. Develop a risk briefing

Review the case study information provided to you to determine the scope of the risk management process required, as well as the company’s risk management policy and procedures and information on risk management standards.

You should also review the recent team meeting minutes on the business expansion project to inform your report.

Use the Risk Briefing Report Template that includes notes to guide your work.

Your report will be sent to the CEO for initial feedback and then you will meet with your team to brainstorm further risks associated with the business expansion project.

Your report should include the following:

  • Introduction, including the purpose of the risk analysis
  • The scope of the risk management process, any risks that may apply to the scope, and objectives and critical success factors for the area included in the scope
  • Give also an outline of the risk management process as per the organisation’s policy and procedure, as well as how the organisation’s process aligns with the risk management standards as identified in the link provided to you.
  • A PESTLE analysis identifying the key factors that impact on the environment in which NatureCare Products operates and their relevance to the risk management process. You should also use this analysis to identify important factors that may influence consumer needs and desires as part of analysis of external stakeholders, as well as to inform the key risks you identify below.
  • You are also required to Identify at least five risks identified with the expansion, and at least one potential risk treatment option for each of the risks you identify.
  • Identification and analysis of internal and external stakeholders and the issues they may have that are likely to impact on the risk management process.
  • An analysis of the strengths and weaknesses of the company’s existing retail approach namely, online and through health food shops.
  • Analysis of critical success factors, goals or objectives for the business expansion project.
  1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should provide a brief overview of the risk management project, introduce and summarise the contents of the attachment, and seek their feedback and approval to move forward with the project.

Attach your risk briefing report to the email.

Your assessor will send you an email in the role of the CEO, providing you with feedback and approval to proceed.

  1. Send an email to your team (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should invite the team to participate in a meeting to brainstorm risks associated with the company’s proposed expansion.

Your email should briefly explain the purpose of the meeting and advise of the date and time for the meeting (your assessor will advise you of the date and time and also provide you with the email addresses of the two students who will be your team).

The meeting is to run for approximately 30 minutes.

  1. Conduct team meeting

After giving a short introduction, present to your team the risks that you have identified, as well as the treatment measures you have selected. Refer to your Risk Briefing Report and share your ideas, encouraging the meeting attendees to share theirs.

Steer this discussion into a brainstorming session.

Take paper and pen with you, or use a whiteboard, to jot down ideas as they are given.

At the meeting, you are required to:

  • Clearly explain the risk management process as per the organisation’s policy and procedure.
  • Discuss the risks you have identified and potential risk treatments
  • Seek ideas from the team about risks involved in the business expansion, as well as treatment measures.
  • Agree on the most important risks that should be included in the risk management plan, as well as suitable risk treatments. At least five must be identified.

During the meeting, you will need to demonstrate effective communication skills including:

  • Speaking clearly and concisely
  • Using non-verbal communication to assist with understanding
  • Asking questions to identify required information
  • Responding to questions as required
  • Using active listening techniques to confirm understanding

Close the meeting by thanking the participants for

  1. Develop a Risk Management Plan

The final part of the assessment task requires you to develop the risk management plan using the risk management plan template.

Use the Risk Management Plan Template to guide your work.

Your risk management plan should include:

  • The risks you have identified based on your research and brainstorming session. You must include at least five
  • An assessment of the likelihood of the risk occurring, as well as the severity of the risk should it occur.
  • Identification of at least one suitable treatment measures for each of the five risks Priority rating (high, medium or low) to show the order in which risks must be treated.
  • A risk action plan that sets out for each risk including:
    • Risk description
    • Impact of risk
    • Recommended actions
    • Resource requirements
    • Timelines
    • Responsibilities
    • Monitoring processes
  1. Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

The email text should include the following:

  • Summary of the purpose of the Risk Management Plan
  • An outline of the risks most likely to occur in relation to the business expansion project.
  • Why you believe the identified treatment strategies for each of the risks will be effective in ensuring risks are minimised or do not occur.

Attach your risk management plan to the email.

Assessment Task 2 Checklist

Student’s name:
Did the student: Completed successfully Comments
Yes No
In the risk briefing report, provide an overview of the risk management project, including how the project will be carried out in accordance with the organisation’s Risk Management Policy and Procedure, as well as how the process aligns with the risk management standards?
In the briefing report, include the scope of the risk management process, any risks that may apply to the scope, and objectives and critical success factors for the area included in the scope
In the briefing report, provide a PESTLE analysis for NatureCare Products including identification of key factors that impact on the environment in which NatureCare Products operates and their relevance to the risk management process?
In the briefing report, identify and analyse internal and external stakeholders and the issues they may have that are likely to impact on the risk management process?
In the briefing report, review and describe the

strengths and weaknesses of the company’s existing business approach?

In the briefing report, document critical success factors, goals or objectives of the project?
In the email to the CEO, seek feedback on, as well as obtain support for the risk management project?
Invite the team via email to participate in the brainstorming meeting to identify risks and treatments?
At the meeting, clearly explain the risk management process as set out in the organisation’s Risk Management Policy and Procedures?
At the meeting, seek input from the team through brainstorming on possible risks and potential risk

 

Student’s name:
Did the student: Completed successfully Comments
Yes No
treatment?

 

Demonstrate effective communication skills including:

  • Speaking clearly and concisely
  • Using non-verbal communication to assist with understanding
  • Asking questions to identify required information
  • Responding to questions as required
  • Using active listening techniques to confirm understanding
In the risk management plan, document all the risks identified through research and consultation?
In the risk management plan, determine the likelihood of the risk occurring, as well as the severity of the risk should it occur?
In the risk management plan, evaluate risk priority and order of likelihood of occurring from most likely to unlikely?
In the risk management plan, identify strategies for the treatment or control of the risk if it occurs?
In the risk management plan, include an action plan that includes:

  • Risk description
  • Impact of risk
  • Recommended actions
  • Resource requirements
  • Timelines
  • Responsibilities
  • Monitoring processes?
Task Outcome: Satisfactory ¨ Not Satisfactory ¨
Assessor signature
Assessor name
Date

Assessment Task 3: Risk implementation project

Task summary

This assessment task requires you to implement a control measure from the risk management plan, as well as monitor and report on actions arising.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Computer and Microsoft Office
  • Access to the internet for research
  • Customer Survey Results Memo
  • Sales data analysis memo
  • Staff survey results memo
  • Performance review results memo

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email to the CEO (the assessor) with staff training report
  • Email to the staff members (the assessor) who will undergo
  • Email to the CEO (the assessor) with Risk Monitoring Report

Assessment criteria

To be assessed as having satisfactorily completed this task, you are required to complete all of the activities indicated in the instructions for students and will be assessed against the criteria included in the checklist.

Re-submission opportunities

You will be provided feedback on your performance by your Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

You are encouraged to consult with your assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 3 Instructions

Carefully read the following information:

Assume that one of the risks that you identified in your risk management plan was the inability to attract sufficiently qualified and knowledgeable staff to manage the new retail stores and that the risk treatment identified is to invest in the training and development of existing staff to fulfil this role, at least in the short term.

It has been identified that at least two of the existing customer service representatives are interested in taking on this new role. Neither of the two customer service representatives have managerial skills nor knowledge, but they both have excellent company and product knowledge, as well as customer service skills.

Complete the following activities:

  1. Write a report on staff training options

Review the case study information and then research a range of potential training options for the customer service representatives, including both on and off the job options. Identify at least three suitable options.

Then develop a short report outlining your recommended option/s for the training, including a rationale for each recommendation.

Include the details of each recommended training option, including a summary of the training to be provided and outcomes, location, costs and duration as applicable.

As a guide, your staff training report should be 1 to 2 pages long.

  1.  Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment, and seek their feedback and approval to move forward with the project.

Attach your staff training report to the email.

The CEO will send you an email providing comments and approval to proceed with the training course that they select from your report.

  1.  Send an email to the staff members who will undergo training (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the training that they will participate in. Provide all the necessary details of the training for the staff member.

It is six months later, and you are monitoring the implementation of this risk treatment to ensure sufficient qualified staff. Assume also that both managers participated in a formal, nationally recognised course in management which they completed over the last six months.

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You have been provided with the following information by your team, which you will use to monitor the implementation of the action plan:

  • The new Human Resources Manager has provided you with performance review information for th two Managers, as well as a staff survey conducted to assess employee satisfaction.
  • The Marketing Manager has provided you with sales analysis for the last six months, as well as a memo about a recent customer survey.
  1.  Write a risk monitoring

In order to monitor the implementation of your action plan you are required to review the following documents:

  • Customer Survey Results Memo
  • Sales data analysis memo
  • Staff survey results memo
  • Performance review results memo

Develop a risk monitoring report that provides a summary of the data provided to you and document what the data shows in relation to the effectiveness of the action plan.

Identify any additional risk control measures, which you believe should be put in place as relevant.

Your report should be 1 to 2 pages long.

  1.  Send an email to the CEO (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment. Attach your risk monitoring report to the email.

 

 

 

 

Assessment Task 3 Checklist

Student’s name:
Did the student: Completed successfully Comments
Yes No
Demonstrate the ability to implement the risk management action plan by identifying appropriate training programs for staff?
Demonstrate the ability to implement the risk management action plan through advising staff of the training that they will participate in?
Demonstrate the ability to monitor the action plan through reporting on the outcomes of staff training?
Demonstrate the ability to monitor action plan through giving recommendations on future actions?
Task Outcome: Satisfactory ¨ Not Satisfactory ¨
Assessor signature
Assessor name
Date

Assessment Task 4: Risk management process evaluation report

Task summary

In this assessment task, you are required to answer a number of questions in order to evaluate the risk management process that you completed in the last two assessment tasks.

You are also required to set up logical folders and store all the documents that they have created for this assessment task.

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Computer with Microsoft Office and access to the internet
  • Risk Management Policy and Procedures
  • Risk management plan developed in Assessment Task 2

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email to the assessor with risk management evaluation report and screen shot

Assessment criteria

To be assessed as having satisfactorily completed this task, you are required to complete all of the activities indicated in the instructions for students and will be assessed against the criteria included in the checklist.

Re-submission opportunities

Your Assessor will provide you with feedback on your performance. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with your assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 4 Instructions

Complete the following activities:

  1. Develop a risk management evaluation report

This assessment task requires you to evaluate and report on the risk management process that you have completed in the previous two assessment tasks.

Review all of the following questions and prepare a short report of approximately 1 – 2 pages that addresses each question.

Evaluate the overall risk management

  • Was it easy or difficult to identify risks?
  • Was staff input (at the meeting) helpful?
  • How confident are you that all the risks have been identified?

Consider whether the process indicated in the NatureCare Products’ current Risk Management Policy and Procedures is sufficient to guide the risk management process used for the business expansion project. Explain why or why

Explain whether the principles of risk management in the NatureCare Products risk management policy and procedure is consistent with AS/NZS ISO31000:2009 Risk Management Principles and

What changes would you recommend to the risk management

  1. Take a screen shot of your folder and files associated with this assessment task, as well as assessment tasks 2 and 3.

You are required to demonstrate that you can file all of your records in a logical structure. Ensure that you have an overall folder for your work, as well as sub folders if necessary.Bsbrsk501 Manage Risk Answers Bsbrsk501 Manage Risk And Student Assessment Task Answers Online

All of the documents you have submitted for this unit should be correctly named and filed, as set out on page 3 of this document.

The screen shot should show all the folders, sub-folders and documents.

  1.  Send an email to your assessor.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachments.

Attach your risk management evaluation report and screen shot to the email.

Assessment Task 4 Checklist

Student’s name:
Did the student: Completed successfully Comments
Yes No
In the evaluation report, evaluate the risk management process by providing clear and relevant answers to all questions?
In the evaluation report, provide recommendations for changes to the risk management process based on the evaluation?
Set up logical folders and store all documents (created and provided as par of assessment tasks) within these folders?
Task Outcome: Satisfactory ¨ Not Satisfactory ¨
Assessor signature
Assessor name
Date

 

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