Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: XXXXXXXXXX CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000...

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Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 1 of 46 Student Assessment Tasks BSBRSK501 Manage risk Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 2 of 46 Table of Contents Table of Contents 2 Assessment Information 3 Assessment Instructions 5 Student Assessment Agreement 7 Assessment Task 1 Cover Sheet 9 Assessment Task 1: Written Questions 11 Assessment Task 1 Instructions 15 Assessment Task 1 Checklist 17 Assessment Task 2 Cover Sheet 18 Assessment Task 2: Risk management project 20 Assessment Task 2 Instructions 23 Assessment Task 2 Checklist 28 Assessment Task 3 Cover Sheet 31 Assessment Task 3: Risk implementation project 33 Assessment Task 3 Instructions 35 Assessment Task 3 Checklist 39 Assessment Task 4 Cover Sheet 40 Assessment Task 4: Risk management process evaluation report 42 Assessment Task 4 Instructions 44 Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 3 of 46 Assessment Information The assessment tasks for BSBRSK501 Manage risk are included in this Student Assessment Tasks booklet and outlined in the assessment plan below. To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily. Assessment Plan 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 roleplay 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. Assessment Preparation Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all. When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file. Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you. Assessment appeals If you do not agree with an assessment decision, you can make an assessment appeal as per Queen Anne Business College’s assessment appeals process. 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. Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 4 of 46 Naming electronic documents It is important that you name the documents that you create for this Assessment Task in a logical manner. Each should include:  Course identification code  Assessment Task number  Document title (if appropriate)  Student name  Date it was created For example, BSBRSK01 AT2 Risk Management Plan Joan Smith 20/04/18 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 Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 5 of 46 Assessment Instructions Each assessment task in this booklet consists of the following: Assessment Task Cover Sheet This must be filled out, signed and submitted together with your assessment responses. If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission. If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file. The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per Queen Anne Business College’s re-assessment policy. Depending on the task, this may include  resubmitting incorrect answers to questions (such as short answer questions and case studies)  resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task  redoing a role play after being provided with appropriate feedback about your performance  being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback. Assessment Task Information This gives you:  a summary of the assessment task  information on the resources to be used  submission requirements  re-submission opportunities if required Assessment Task Instructions These give questions to answer or tasks which are to be completed. Your answers need to be typed up using software as indicated in the Assessment Task Instructions. Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer. If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date. Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 6 of 46 Checklist This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses. Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 7 of 46 Student Assessment Agreement Make sure you read through the assessments in this booklet before you fill out and sign the agreement below. If there is anything that you are unsure of, consult your assessor prior to signing this agreement. Have you read the assessment requirements for this unit?  Yes  No Do you understand the requirements of the assessments for this unit?  Yes  No Do you agree to the way in which you are being assessed?  Yes  No Do you have any specific needs that should be considered?  Yes  No If so, explain these in the space below. Do you understand your rights to re-assessment?  Yes  No Do you understand your right to appeal the decisions made in an assessment?  Yes  No Student name Student number Student signature Date Assessor name Assessor signature Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 8 of 46 Date Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: 76 141 358 045 CRICOS Provider Code: 03694G National Provider Code: 45368 Level 4,225 Clarence Street, Sydney, NSW 2000 Phone: (02) 8937 0969 Email: [email protected] Website: www.mbc.nsw.edu.au Assessment tasks for BSBRSK501 Manage risk Version 1.1 Approved date: 10 May 2020 Review Date: 10 May 2022 Approved by CEO Page 9 of 46 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
Answered 4 days AfterMar 11, 2021BSBRSK501Training.Gov.Au

Answer To: Australian International Training Academy Pty Ltd t/a My Business College (MBC) ABN: XXXXXXXXXX...

Hartirath answered on Mar 15 2021
159 Votes
Table of Contents
Assessment Task 1: Written Questions    2
Assessment Task 2: Risk management project    5
1) Risk briefing report    5
2) Email to CEO    9
3) Email to Team    10
5) Develop a risk management plan    11
Risk register    12
Risk action plan    13
6) Email to the CEO    17
Assessment Task 3: Risk implementation project    18
1) Staff training report    18
2) Email to the CEO    20
3) Email to staff member    21
4) Risk monitoring report    22
5) Email to the CEO    24
Assessment Task 4: Risk management process evaluation report    25
1) Risk management evaluation report    25
2) Email to Assessor    27
References    28
Assessment Task 1: Written Questions
1. The purpose of risk management standards is to provide necessary guidance for workers who are responsible for implementing the risk management process. It also helps to identify and overcome risks arising in the organization's path, such as financial risks (interest rates and foreign exchange) (DeLoach, 2012).
2. AS / NZS ISO 31000:2009 risk management principles and criteria are as follows:
· Create and protect val
ue
· Become an integral part of the organization process
· Participate in decision making
· Clearly resolve uncertainties
· Systematic, organized and timely
· Based on the best available information
· Tailored
· Consider human factors
· Transparent and inclusive
· Dynamic, iterative and responsive to changes
· Promote continuous improvement of the organization (Australian Government, 2010).
3. In order to ensure a safe and healthy environment for workers in all workplaces, WHS legislation is required. This leads to increased productivity and higher worker retention rates. Therefore, the legislation proved to be beneficial to the long-term success of the organization (Australian Business, 2014).
4. In the "Work Health and Safety Regulations 2011" model, the factors that must be considered when determining risk control measures for hazardous tasks include:
I. Working environment conditions
ii. Use of materials, equipment and substances
iii. Perform task
iv. Design and management of the work environment (Australia, 2011).
5. The purpose of risk management policies and procedures in the workplace is to ensure that workers do not encounter any risks when performing their work. Even if this is done, risk management policies and procedures can be used to minimize risk (Baskerville, 2014).
6. If no action is found or action is taken, examples of the impact of the risk on the workplaces are:
I. Health and safety issues
ii. High job turnover rate
iii. Productivity decreases and production costs increase (Australia, 2011)
7. The procedures that the company can use to analyze risks are listed below;
· The determination of risk
· Risk check
· Assess the risk
· Deal with risks
· Monitoring and review of risks (workSMART, 2018).
8. The information sources that companies can use to collect information about potential risks are:
I. Audit Report
ii. Business impact analysis
iii. Internal and external review
9. The tools or techniques that companies can use to identify risks in the risk assessment process are:
I. Brainstorming
It helps determine the risks of the project by gathering a group of people.
ii. Interview
With the participation of different project participants and stakeholders, expert risks can be determined.
iii. SWOT analysis
It helps to identify the strengths, weaknesses, opportunities and threats of the workplace so that risks can be easily identified (clarizen, 2018).
10. There can be no success without risk. Therefore, companies use to reduce, overcome, transfer and accept risks to control risks. With it, the company can minimize the impact of potential risks (Harrin, 2014).
11. In order to minimize risks in the workplace, the organization should properly understand its employees to help understand internal risks. Make employees aware that implementing internal controls and hiring experts can help minimize risks.
Assessment Task 2: Risk management project
1) Risk briefing report
Introduction
Nature care product is an Australian medium-sized company established in 1996. It provides high-quality environmentally friendly beauty and skin products to various customers through online and health food stores. The result of the market survey is that the company's products attract professional women aged 25-55. With the increasing demand for high-quality and environmentally friendly beauty products, the company decided to expand its business to expand its market share by 10% and attract more customers. The report is based on a risk assessment of the company's expansion decision.
Purpose
The main purpose of the report is to provide information and guidance on the risk management of the company's expansion decisions. The main purpose of risk analysis is:
• Determine the potential risks that may occur when the natural care product company expands its business
• Identify possible solutions to mitigate risks
Scope of risk management process
The scope of the risk management process can help the company identify the company's potential risks and analyze the impact of organizational goals and operational risks. Similarly, risk analysis helps determine appropriate strategies to minimize risk.
Risk management process
The CEO coordinated and facilitated the risk management process. According to the policy of natural care products, we must first negotiate with various stakeholders to determine the risk. After the risk is determined, it will be analyzed and evaluated. The company developed a risk management strategy and integrated it with a strategic plan. And the information is communicated to the respective stakeholders.
According to AS/NZS ISO31000:2009 risk management principles and guidelines, 11 risk management principles have been introduced. Nature care products have promised to follow the risk management process to manage and minimize risks, thereby effectively aligning with the risk management principles and guidelines. It has incorporated risk management into the planning and decision-making process to ensure that employees and managers at every level are accountable. Natural care products have effectively monitored and reviewed the risk management process, and formulated strategies for continuous improvement.
PESTLE analysis
PESTLE is an acronym for politics, economy, society, technology, law and environment. PESTLE analysis helps to determine the potential risks that affect the operation of Nature care products.
Political factors: The Natural Care Products Company aims to expand its operations in central Sydney, Brisbane and Melbourne by establishing a retail store. Therefore, the company should determine the government rules and practices of a particular state.
Economic factors: It is important to understand the location of economic growth, stagnation or decline in a particular state. Economic conditions include income levels, unemployment rates, and the impact of globalization needs to be properly determined.
Social and cultural factors: need to consider social attitudes, cultural values ​​and the norms of a particular society. Need to understand the social education level, medical facilities, lifestyle and occupation. Otherwise, social and cultural risks will cause the company to fail.
Technical factors: Need to determine a certain state of technology. The company needs to analyze whether the company needs to adopt new technologies to improve efficiency.
Legal factors: Laws include national rules and regulations for operating business activities. In order to avoid legal risks, natural care products should effectively analyze legal aspects, such as changing plans and policies, and customer legal protection.
Environmental factors: Natural care product companies need to consider environmental factors, such as the country’s environmental legislation and its impact on the smooth operation of the organization. In addition, companies need to understand consumers' attitudes towards environmental protection.
All PESTLE factors are responsible for determining the changing needs and preferences of customers. The risks that the company's natural care products may face when expanding its business are:
    Risk
    Risk treatment
    Laws and regulations
    Understand and adopt necessary changes to laws and regulations.
    Economic condition
    Conduct a market research analysis
    Environmental legislation
    In order to cooperate with national environmental legislation and formulate environmental protection strategies.
    Changing customer perception
    Increase interaction with customers to identify and understand needs.
    Technology
    Use the latest technology as much as possible, and determine the know-how in the target group.
Stakeholders are people who are interested in company activities. They affect or are affected by business operations. Employees, managers and owners are the main internal stakeholders of the natural care products company. Shareholders, society and suppliers are external stakeholders of the company. Both types of stakeholders have various questions about the risk management process. Employees may encounter difficulties in merging risk management plans. Shareholders may not get an appropriate return on investment. In the risk management process, there may be a lack of cooperation and mutual understanding among stakeholders.
The company mainly provides services through online and health food stores. The advantages and disadvantages of the company's existing retail approach are:
Online
Strength
· accessibility
· cost advantages
Weakness
· Security
· Poor record keeping
Health food shop
Strength
· Eco-friendly product
· Direct interaction and physical appearances of product
Weakness
Health food shop may ask for a certain percentage of commission and discount.
Natural care products aim to expand its business and increase its market share by 10%. The main goal is to integrate risk management into the management culture of NatureCare products and effectively implement risk management. Customer satisfaction, market share, product quality, and employee turnover are the main factors that determine the key success of the risk management process. In order to analyze the key success factors for gaining 10% market share, the company needs to attract new customers and remain competitive.
2) Email to CEO
To: CEO
Subjects: Overview of the risk management project
Respected sir,
Natural Care Products is a medium-sized company that provides high-quality and environmentally friendly beauty care and products to its customers. As the demand for environmental beauty...
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