Business Plan Template BSBRSK501 Manage risk Student Assessment What is the purpose of this document? The Student Pack is the document you, the student, needs to complete to demonstrate competency....

Business Plan Template
BSBRSK501
Manage risk
Student Assessment
What is the purpose of this document?
The StudentPack is the document you, thestudent, needs to complete to demonstrate competency. This document includes the context and conditions of your assessment, the tasks to be completed by you and an outline of the evidence to be gathered.
The information includes the following:
· Information related to the unit of competency
· Guidelines and instructions to complete each task and activity
· A student evaluation form
Student Evaluation Form
These documents are designed after conducting thorough industry consultation. Studentsare encouragedto evaluate this document and provide constructive feedback to their training organisation if they feel that this document can be improved.
Link to other unit documents
· The StudentPack is a document for students to complete to demonstrate their competency. This document includes context and conditions of assessment, tasks to be administered to the student, and an outline of the evidence to be gathered from the student.
· The Unit Mapping is a document that contains information and comprehensive mapping with the training package requirements.
· The Unit Requirements is a document that contains information related to the unit of competency for the Training Organisationstaff and students.
Document Usage
CAQA Resources
https://caqaresources.com.au/
Student Pack © 2019 CAQA Resources, CAQA and RTO Training Resources
This template and all its including associated content is a copyrighted work under Australian and other copyright laws. Do not submit copies or modifications of this template to any website or any third parties. Please review the following license agreement to learn how you may or may not use this template.
License Agreement:
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1. Student and trainer details
    Student details
    Full name:
    
    Student ID:
    
    Contact number:
    
    Email address:
    
    Trainer details
    Full name:
    
2. Qualification and unit of competency
    Qualification/Course/Program Details
    Code:
    BSB61015
    Name:
    Advanced Diploma of Leadership and Management
    Unit of competency
    Code:
    BSBRSK501
    Name:
    Manage risk
    Releases:
    1.0
    Release date:
    25/March/2015
3. Assessment Submission Method
    ☐ By hand to trainer/assessor ☐ By email to trainer/assessor
☐ Online submission via Learning Management System (LMS)
☐ Any other method _________________________________________________
(Please describe here)
4. Student declaration
    · I have read and understood the information in the Unit Requirements prior to commencing this Student Pack
· I certify that the work submitted for this assessment pack is my own. I have clearly referenced any sources used in my submission. I understand that a false declaration is a form of malpractice;
· I have kept a copy of this Student Packand all relevant notes, attachments, and reference material that I used in the production of this Student Pack;
· For the purposes of assessment, I give the trainer/assessor permission to:
· Reproduce this assessment and provide a copy to another member of staff; and
· Take steps to authenticate the assessment, including communicating a copy of this assessment to a plagiarism checking service (which may retain a copy of the assessment on its database for future plagiarism checking).
Studentsignature: ________________________________
Date: ____/_____/______________
5. Assessment Plan
    The student must be assessed as satisfactory in each of the following assessment methods in order to demonstrate competence in a variety of ways.
    Evidence number/ Task number
    Assessment method/ Type of evidence/ Task name
    Sufficient evidence recorded/Outcome
    Assessment task 1
    Knowledge Test (KT)
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 2
    Skills Test (ST) - Prepare a Draft to Risk Management Plan
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 3
    Project (PT) - Complete a Comprehensive Risk Management Plan
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 4
    Role Play/Presentations
    S / NS (First Attempt)
S / NS (Second Attempt)
    Assessment task 5
    Unit Skills Test - Report on Risk Management Plan
    S / NS (First Attempt)
S / NS (Second Attempt)
    Outcome
    C ☐ NYC ☐
    Date assessed:
    Trainer signature:
6. Completion of the Assessment Plan
    Your trainer is requiredto fill out the Assessment Plan Outcome records above, when:
· You have completed and submitted all the requirements for the assessment tasks for this cluster or unit of competency.
· Your work has been reviewed and assessed by your trainer/assessor.
· You have been assessed aseither satisfactory or unsatisfactory for each assessment task within the unit of competency.
· You have been provided with relevant and detailed feedback.
Every assessment has a “Feedback to Student” section used to record the following information. Your trainer/assessor must also ensure that all sections are filled in appropriately, such as:
· Result of Assessment (satisfactory or unsatisfactory)
· Student name, signature and date
· Assessor name, signature and date
· Relevant and detailed feedback
7. Unit Requirements
    
You, the student, must read and understand all of the information in the Unit Requirements before completing the StudentPack.If you have any questions regarding the information, see your trainer/assessor for further information and clarification.
Pre-Assessment Checklist: Task 1 - Knowledge Test
    The purpose of this checklist
    The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking it.
    Section 1: Information for Students
    ☐Make sure you have completed the necessary prior learning before attempting this assessment.
☐Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed.
☐Make sure you understand what evidence is required to be collected and how.
☐Make sure you know your rights and the Complaints and Appeal process.
☐Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix - Appendix A and negotiate these with your trainer/assessor).
☐Make sure that you have access to a computer and the internet (if you prefer to type the answers).
☐Make sure that you have all the required resources needed to complete this assessment task.
☐The due date of this assessment task is in accordance withyour timetable.
☐In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work.
☐The request for an extension to submit your assessment work must be made before the due date.
    Section 2: Reasonable adjustments
    I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidenceas required and select the correct checkbox.
☐I do require reasonable adjustment
☐ I do not require reasonable adjustment
    Declaration (Student to complete)
☐I confirm that the purpose and procedure of this assessment taskhas been clearly explained to me.
☐I confirm that I have been consulted about any special needs I might have in relation to the assessment process.
☐ I confirm that the criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment.
☐I confirm I have accessed and understand the assessment information as provided in the Training Organisation’s Student Handbook.
☐I confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment.
☐I confirm that I am ready for assessment.
Student Name: ______________________________________
Student Signature: ___________________________________ 
Assessment method-based instructions and guidelines: Knowledge Test
    Assessment type
    
· Written Questions
    Instructions provided to the student:
    Assessment task description:
    · This is the first (1) assessment task youmustsuccessfully complete to be deemed competent in this unit of competency.
· The Knowledge Testis comprised of twenty-nine (29) written questions
· You must respond to all questions and submit them to your Trainer/Assessor.
· You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task
· You will receive your feedback within two (2) weeks, and you will be notified byyour Trainer/Assessor when your results are available.
    Applicable conditions:
    · All knowledge tests are untimed and are conducted as open book assessment (this means you can refer to your textbook during the test).
· You must read and respond to all questions.
· You may handwrite/use a computer to answer the questions.
· You must complete the task independently.
· No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.
· As you complete this assessment task,you are predominately demonstrating your written skills and knowledge to your trainer/assessor.
    Resubmissions and reattempts:
    · Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.
· The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.
· For more information, please refer to the Training Organisation’sStudent Handbook.
    Location:
    · This assessment task may be completed in:
☐a classroom
☐learning management system (i.e. Moodle),
☐workplace,
☐or an independent learning environment.
· Your trainer/assessor will provide you withfurther information regarding the location for completing this assessment task.
    Instructions for answering the written questions:
    · Complete a written assessment consisting of a series of questions.
· You will be required to answer all the questions correctly.
· Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.
· Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.
· Be concise, to the point and write answers within the word-limit given to each question.Do not provide irrelevant information. Remember, quantity is not quality.
· You must write your responses in your own words.
· Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.
· When you quote, paraphrase, summarise or copy information from other sources to write your answers or research yourwork, always acknowledge the source.
    Purpose of the assessment
    This assessment task is designed to evaluate student’s knowledge regarding the following:
· Knowledge to establish the risk management context
· Knowledge to define thescope for risk management process
· Knowledge to identify internal and external stakeholders
· Knowledge to document critical success factors, goals or objectives for the areas included in the scope of risk management process
· Knowledge to identify the relevant parties for participation in risk management processes
· Knowledge to identify the major concern/risk for any company
· Knowledge to assist in the identification of risks in an organisation
· Knowledge to identify methods/techniques/approaches to use in consultation with relevant parties, to generate a list of risks that apply to the scope
· Knowledge to determine and select the most appropriate options for treating risks
· Knowledge to develop an action plan for implementing risk treatment
· Knowledge to communicate risk management processes to relevant parties
· Knowledge to ensure all documentation is in order including legislative, regulatory and legal issues and risks
· Knowledge to implement and monitor action plan
· Knowledge to evaluate risk management processes
· Knowledge to prepare and maintain a number of documents for identification, analysis and management of risks.
· Knowledge to identify scope risks
· Knowledge to assist in the implementation and evaluation of risk treatments
    Task instructions
    · This is an individual assessment.
· To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.
· To be assessed as Satisfactory in this assessment task, all questions must be answeredcorrectly.
Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.    
    Q1:
    Read the case study below and respond to questions 1 to 4.
Context: Mario of A-Four Printing in Melbourne, Australia is planning to start a new branch in regional Victoria. His risk assessment manager, Sarah is a qualified ISO 9001 auditor and has worked with the Australian Government on a number of similar projects. Mario has asked Sarah to perform due diligence and detailed risk analysis and management of the business before suggesting a new branch in regional Victoria.
Sarah knows the importance of reviewing organisational processes and procedures before undertaking risk analysis and management according to the current risk management standards to establish risk context and scope. Considering the set requirements, Sarah has reviewed some options and shortlisted a few areas with better connectivity to public transport, good infrastructure and skilled workforce.
As Sarah, Risk Assessment Manager at A-Four Printing, answer the following questions.
What steps must you take to establish the risk management context? Identify five (5) steps based upon the above-mentioned case study. Write your answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
Identify key stakeholders for business goals and strategies. Review organizational processes and procedures. Define the scope or risk assessment process.
Steps you must take to establish a risk management environment
• Before starting to determine the internal environment, we must understand the business (how big and how many people) to determine the business or business?
•Identify the external environment, understand competitors, environment, and legal requirements
• Risk management environment: business operations (how they do it, how do they run the business)
•Develop risk measures (this is not a problem for companies)
Define the structure for risk evaluation. (What risk we have to look at?)
• A risk management plan to address or modify the listed risks to achieve an acceptable level of risk.
• time frame
• Resources
Record keeping
    Q2:
    A well-established scope for risk management process is essential before establishing the risk management context.
What should be included in a well-established risk management process scope? Answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
• Establish a framework: Determine all elements of the risk management framework. These can include risk registers/templates, risk matrices, likelihood and consequence criteria, policies and appetite/tolerance statements. These elements will help assess the impact of risks.
• Determine goals and objectives: You must understand the goals of the organization to be achieved. Knowledge about goals will also help develop goal-centric risks.
• List and analyze the identified risks: The risk reporting framework is also important to ensure that the risks identified and managed by the current risk process are incorporated into the entity's broader risk management activities.
• Stakeholders (roles and responsibilities): Submit documents to all relevant stakeholders to inform the actions taken.
    Q3:
    Identify any five (5) internal and any five (5) external stakeholders who can help you in identifying risks related to opening a new office branch?
    Satisfactory response
    
    
    Yes
    No
    
5 Internal Stakeholders are:
· Workers
· Manager
· Investors
· Owner
· BOD
5 External Stakeholders are:
· Consumer
· Competitors
· providers
· Labour union
· National / Local government authorities
    Q4:
    Answer the following questions:
Why must an organisation review political, economic, social, technological, legal and environmental policy context before establishing the risk management context and risk management plan?
What are the benefits of reviewing these factors? (Explain in 150-200 words)
    Satisfactory response
    
    
    Yes
    No
    A) The organization must check the PESTLE analysis before establishing a risk management plan, because it makes the organization aware of any external risks that may be beyond our control or trends that may go unnoticed. The influence of some external factors may cause more serious consequences for specific departments or specific departments or the entire project goal. Therefore, PESTLE technology can help clarify the reasons and necessary conditions when determining potential options for mitigating external risks. This analytical technique should be used in conjunction with other tools such as SWOT and other strategic tools. The purpose of using PESTLE Analysis is to ensure that no keys are missed.
b. PESTLE analysis is cost effective.
• PESTAL analysis is very simple.
• It helps to better know the environment of business.
• Motivate the progress of strategic thinking.
• PESTLE analysis helps decrease the impacts of future business concerns.
• Have a deeper understanding of the business and its environment.
• PESTLE analysis can increase awareness of potential threats.
• More opportunities can be used.
    Q5:
    Read the case study below.
Big business is attractive, with huge profits for some. However, there's something to be said about small business as well, with lower risk and the potential for creativity. Mario of A-Four Printing in Melbourne found success in his business by pursuing customers with both large and small orders. A-Four started out catering only to large orders and the shop sat idle in between orders.
Through effective scheduling and transparent pricing, they were able to fill in idle times with smaller orders. A-Four found profit in a market segment that other local screen printers were not eager to fill. Specialists believe this was a smart strategic move, allowing A-Four to spread out risk in their business and offer customised products. Some company employees were upset though, because of the adjustments required for the small orders, pointing out that this may affect the large orders, and moving forward may hurt the company's productivity.
Using the case study as an example, why is it important to review and evaluate strengths and weaknesses of existing arrangements in an organisation? Write your answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
· The status of existing risk management arrangements is the logical starting point for any review and change. This will help determine the company's current position in risk management. Strengths and weaknesses are usually related to the internal problems of the organization.
· Strength Observe what your organization is good at, or how well its resources, skills, and basic abilities are. Generally, positive risks are related to advantages.
· Weaknesses are areas where the organization can improve on what is missing or missing. In this regard, negative risks are related to organizational weaknesses.
    Q6:
    Why must you document critical success factors, goals or objectives for the areas included in the scope of the risk management process? Answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
The key success factor, goal or goal is the key to an activity that must be successfully completed to achieve the ultimate goal. It is very important to consider key success factors within the scope of risk management, so everyone strives for the same goal. If the key success factors are missing or disappointing, the organization's goals will not be achieved. KPI indicators can be used to measure CSF indicators. They can help organizations understand whether CSF is working properly. Key performance indicators and indicators can help an organization focus on the key actions that will put it on track.
    Q7:
    As a risk manager, how would you gain support for risk management activities from the employees in your organisation? Write your answer in 50-100 words.
    Satisfactory response
    
    
    Yes
    No
    
• One of the most important steps is to ensure that senior management or board members follow the risk management strategy. Although this process requires the participation of people at all levels of the organization, it absolutely needs to lead the process from the top. After senior management or the board of directors has made a commitment to risk management, all employees, members, participants and stakeholders should be placed in the background at the beginning of the process and should fully support it to make it successful. In order to express their ideas, we can arrange personal interviews, organize special brainstorming meetings to get everyone together to discuss issues, send questionnaires to ask people to identify risks, etc. In addition, employees also need a team or committee to analyze, rank and mitigate related risks.
    Q8:
    Answer the following questions:
a. Mention any three (3) relevant parties you may approach for participation in risk management processes?
b. Why should you communicate with relevant parties about the risk management process and invite them for participation? Write your answer in 50-100 words
c. What are the benefits of communicating with interested parties and inviting participation regarding the risk management processes? Write your answer in 30-50 words
    Satisfactory response
    
    
    Yes
    No
    
a.
• The company’s BOD and top management.
• Risk management team and committee member
•Clients/Customer
b.
• Senior management or company board: They should understand the importance and benefits of risk management, and what is behind the risk management strategy.
• Customers: When working in a risk management environment, customer feedback is important.
• Employees: They have experience and expertise in the job role, which will help identify and control risks.
c.
The benefits of communication are
• Improve understanding.
• Easier to execute plans.
•Improve efficiency.
• Less opposition.
    Q9:
    Documenting the context provides an overview of the organisation, its objectives and specific criteria for business success, the objectives and scope of the risk assessment activity and a set of key elements for structuring the risk identification activity.
Explain the above statement in 200-250 words.
    Satisfactory response
    
    
    Yes
    No
    
Excellent documentation is necessary to the successful implementation of board hazards, as it can serve as both a communication tool and an information tool. The document must convey reliable information, speak typical language, and have a clear goal to cooperate with the maintenance of the association's destination, and be inspected and evaluated at any time. For the sake of clarity, the hazard documentation should be composed of independent individuals from the organization, who can challenge recognized assumptions with a prudent mind. In any case, the author of harm requires the contribution of the enterprise, seeks coordinated efforts, and guides the association to assume the responsibility for the final record. Therefore, the report will be the goal of writing, communicating the language of organization and being understood by outside world. The perfect documentation for the risk management process must include:
• It should be important (in line with best practice).
• Effective understanding.
• Store it in an efficient hazard library and make it available for effective use by representatives.
• For example, this is a living record and can be corrected at any time to accommodate the following changes.
• Comply with industry and regulatory guidelines.
• Have reasonable approval procedures and time allocation.
• It is reflected in both internal and external communications.
• The entire process from preparation to basic leadership must be determined throughout the association.
    Q10:
    Read the case study below and answer the questions:
For any business, the safety of its employees and customers is a major concern.
However, complying with workplace health and safety regulations and completing detailed risk assessments was, in the past, a daunting administrative burden for many organisations.
Small businesses were often bewildered by the task of completing an assessment. Larger organisations sometimes found that the fast-moving nature of their business meant it was difficult to keep up with the amount of detailed documentation required. Some would hire expensive external consultancies to complete assessments for them.
If you run a small business, every detail impacts the service you can offer to customers. Will your suppliers deliver on time? Are your employees up to speed on everything? And, of course, are you able to find time to handle all the red tape and admin involved?
"We complete all our assessments in-house but because we have so many shops and the assessments themselves are so diverse - there are 26 generic risks to a typical small office - the paperwork volume was very high" admits the Manager of Health & Safety Manager for the organisation.
But for this company, and thousands of other businesses, the time-consuming complexities of health and safety risk assessments have now been simplified with the recent introduction of a one-stop online service.
Now, employers of all types can find all the guidance and information they need to complete their risk assessments in one place, on the website. Simple, easy to understand, industry-specific risk management plans are available to download as well as examples of common control measures.
Bill has worked in health and safety regulation for l6 years. He says this new online service for employers is a major step forward.
"Now it’s all there for you, whatever type of risk your business faces. It's very simple. It's the best thing that has happened in the safety area for our industry - there’s no reason why any business, large or small, can’t follow this online procedure."
"The new online service simplifies the whole thing so much; it's actually improved industry standards. It's that simple."
Questions:
a. What is the major concern/risk for any company, how severe can the impact be and how likely can it occur? Write your answer in 50-100 words.
b. How effective do you think companies are in managing their major risk concerns by utilising the one stop online service? Write your answer in 50-100 words
c. In the context of both small and large organisations, what do you think are the major challenges in complying with health and safety regulations? Write your answer in 50-100 words
d. What are the major attributes any online service like one stop solutions should have to effectively serve the potential customers? Write your answer in 50- 100 words
e. What do you think are the major risks that any small business has to face in everyday life? Write your answer in 50-100 words.
f. “There is no reason why any organisation, large or small, can’t follow this online procedure” Up to what extent do you agree with this comment made by manager and why? Write your answer in 50-100 words.
    Satisfactory response
    
    
    Yes
    No
    
a
•Business risk, which means the uncertainty of profit or the danger of loss, and events that may lead to risks due to certain unforeseen events in the future, these events will lead to business failure. Depending on the nature of the company, business risks may occur in different forms.
B
Hiring a separate risk manager means that the company believes in and supports the risk management strategy. Since the company has independent personnel, he can effectively track the risk environment by identifying risks, mitigating them, and conducting further monitoring.
C
Ensure that every employee has access to health and safety regulatory information and whether they know it. 2. Determine the specific location or dynamic risk. 3. Report accidents, incidents or dangers. 4. Identify skills gaps and fill them.
D
• The service should be easy to use
• The service should be easy to understand
• The documents provided should be easy to understand
• The documents provided should be complaints
• Documents should be easily accessible and easy to download
• There should be options for customized plans for specific industries
Including some manuals and instructions for users to understand 7
E
Financial risk. 2. Strategic risk.3. Reputation risk. 4. Liability risk. 5. Security risk
F
I totally agree with this report, because putting the only window online service into practice does not need any significant work. Implementation and practice are also very simple. Once the system is put into practice, it has possibility to greatly improve the business of small organizations facing serious data processing and management difficulties.
    Q11:
    Timely and appropriate communication with stakeholders is critical in order for the emergency risk management process to flow smoothly.
Support this statement, relating your answer to a public emergency, (e.g. bush fire, earthquake, or explosion), and identifying the key stakeholders. Write your answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
Opportunities and proper communication with partners are the common basis for the easy spread of crisis opportunity management procedures. Celebration letters, interviews and basic leadership methods must be solved. Risk communication is an important tool for dispersing information and understanding the hazards chosen by the board. This understanding and data should allow partners to make informed decisions about how choices will affect their qualities and interests.
Technology must be set up to ensure:
The key analysis system is very suitable for participants and partners of the celebration.
Meetings are important to partners.
The executives will keep abreast of the progress of venture capital, system varieties, choices and recommendations.
Open the door to analysis and improvement opportunities.
Take the recent earthquake as an example. In such a high time, establishing correct communication channels between several agencies and civilians has become more and more important for reducing casualties, reducing sequelae, and starting relief work.
    Q12:
    What parties might you invite to assist you in the identification of risks in an organisation? Mention any five (5).
    Satisfactory response
    
    
    Yes
    No
    However, when the danger gradually becomes a reality, solid as well as stable business may limit the impact on revenue, lost profits and time, as well as the negative impact on customers. For innovative industries and established organizations, the ability to identify which hazards represent the risks of accomplishing fruitful tasks is a critical part of business arrangements. Different strategies are used to distinguish business hazards, but each method of identification depends on an in-depth study of clear business activities that may cause difficulties for the association. Under most action plans, the association faces preventable, major and external dangers, which can be monitored by acknowledging, moving, reducing or ending. The parties who can identify threats are mentioned below: the top managers of the association, the CEO, and the director.
Project manager.
Divisional manager or head responsible for looking after the progress of the project.
Stakeholders of the organization
Consumers.
    Q13:
    What are the strategies or processes you may use to research risks that may apply to scope? Identify five (5) and provide an explanation for each. Write your answer in 250-300 words
    Satisfactory response
    
    
    Yes
    No
    
In the case of a specific activity or task, such as entering other market as well as just supervising daily tasks, connections should be established to prevent things from coming true.
If explicit hazards are not carefully examined and appropriate mitigation measures are taken, the community may suffer misfortune. When connected with communication adventures around the world, the association must ensure its mission and benefits through continuous hazard inspections and arrangements. Some strategies broadly used by associations are as follows:
Avoiding threats: Finding out all probable causes of risks and taking corrective measures to avoid or eliminate such threats is the better method for some association.
Reduce the impact of risk: Organization’s can reduce risk by reallocating abilities to talented individuals or individuals who have demonstrated the ability to supervise or mitigate risks.
The impact of transfer risk: The transfer of risk means the need to gather again to confirm the harm. This happens when the association takes some kinds of protective measures: backup plan accepts the harm, and once unfortunate happens, the obligation to compensate will happen. It is also possible to aggregate dangers. A party can select to spread dangers betweeen individuals. If a few one of them suffers misfortune, they will increase compensation.
Keep the risk: This is a reasonable way to deal with small risks. In some cases, the cost of mitigation or protection will be more prominent than the cost of supporting the entire disaster. Of course, all the dangers of not keeping a certain distance from the strategic goal or being unable to move. This involves huge or catastrophic dangers that cannot be prevented or premiums are limited.
Risks in analysis: Sometimes, organizations decide to face risks in order to find ways to further improve and strengthen the entire process.
    Q14:
    Identify three (3) methods/techniques/approaches you may use, in consultation with relevant parties, to generate a list of risks that apply to the scope? Write your answer in 150-200 words for each method chosen.
    Satisfactory response
    
    
    Yes
    No
    From the beginning to the end, every task will face many dangers. It is foreseeable that the danger is unforeseen, and may act like an opportunity or danger to the task. In view of the situation, the danger may be business danger (increased or misfortune) or simple danger (just misfortune). In essence, they may be expansive hazards (with special, execution or quality issues), external hazards, hierarchical hazards or risk-only hazards.
Various risk management methods determine the procedures, systems, equipment, and team work and responsibilities related to a specific enterprise. The plan describes how to organize and execute risks. The three methods of generating a risk list are as follows:
Clarity on the issue: The lack of clearly defined framework limits, the implementation of the scope of responsibility and sense of responsibility, further tested the hazard management in the framework construction.
Create environment: At some point, a plan needs to establish a situation in which the disclosure of hazards and their potential consequences are authorized and compensated. Without this, there will be a lack of understanding of the challenge.
Establish appropriate communication channels: communicate the challenges and make each participant in the team aware of possible harm, the impact and possibility of harm, and welcome suggestions for managing risks, which is essential for any business.
    Q15:
    What is effective consultation when conducting risk identification in an organisation? Write your answer in 150-200 words
    Satisfactory response
    
    
    Yes
    No
    
Negotiation can be said to be a two-step process between the owner and the worker:
Talk to each other on well-being and safety issues.
Adjust their worries as well as increase your worries.
Find and provide opinions and data.
Before deciding, please consider the status of your labor.
The responsibilities of the board of directors and public contact between directors and experts are very important for the completion of feasible meetings. When experts effectively seek their insights and ideas, and truly eliminate any concerns about welfare and safety, they will definitely participate in the discussion. Sometimes, negotiation may fail to reach an understanding. This must be the objectives, because it will make choices likely and more likely to be effectively maintained.
    Q16:
    Complete the below "Coordinating stakeholders’ communication plan". Against each Risk and Response Group identify and explain in 200-250 words:
The key stakeholders with whom they would communicate
The responsibilities of the group
    Satisfactory response
    
    
    Yes
    No
    
    Risk and Response Group
    Stakeholders
    Responsibilities
    
    
Board
Employees
Investors
Suppliers
Lenders
Customers
Media
    The crisis may intensify, even trigger out-of-control media, and even cause widespread panic among the public.
Identifying the primary cause of the crisis, the challenges the organization faces, and the efforts to overcome these problems are the main concerns of the team.
The important step is to prioritize the issues to be focused on and rank the issues according to their impact on employees and the organization.
The team should enhance a map that clearly describes the feasible communication plan for the initial crisis. This will help get rid of the potential damage to business.
The group is answerable for creating and executing the entire communication process. Multiple tasks should be assign to group members to assume particular roles.
The main tasks of the team is to select the official spokesperson responsible for managing media inquiries.
    Q17:
    Why is assessing risks in relation to a workplace health and safety management plan important, taking into account their likelihood and consequences? Write your answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
In order to determine reasonable measures to control potential risks that may prove harmful, a successful risk assessment must be carried out in the workplace. Then comes the analysis or assessment of those risks associated with the hazard. The final step is to determine the suitable steps to eliminate or manage it. This is essential for establishing awareness of risks and hazards, identifying individuals who may be at risk, determining the possible of presented control measures to solve problems, determining requirements for specific hazards, and prevention. Injuries as well as diseases that may occur during the planning and design stages, it helps to prioritize hazards moreover control measures. The correct use of private protective equipment is vital to avoid harm to workers. In addition, it is essential to run in accordance with the legal guiding principle provided by legal management agency.
    Q18:
    The objective of risk analysis is to produce outputs that can be used to evaluate the nature and distribution of risk and to develop appropriate strategies to manage the risk.
Support the statement and address the below criteria in 200-250 words:
Assess impact or consequence if risks occur
Evaluate and prioritise risks for treatment
    Satisfactory response
    
    
    Yes
    No
    
• Poor or inappropriate risk management strategies can seriously affect the organization’s business practices. Some impacts and consequences include uncoordinated user adoption, leading to poor results and incorrect work strategies. Risks can be divided into categories that directly or indirectly affect business organizations. Direct risks are more likely to affect business operations because they are related to safety, legal, natural disasters, environmental, economic and financial factors. Although indirect risks may affect supply chain members or suppliers, customers may be personally affected, resulting in reduced demand for products and services.
•Determining the priority or level of risk is one of the most effective ways to determine potential operating system vulnerabilities in business practices. It allows the team to determine which risks need to be paid attention to, so control measures must be taken first. Prioritizing risks provides benefits for creating action plans or ranking lists. There is more than a single technique or simple method for determining the level of risk. Therefore, the organization must effectively determine and select which technologies can work, and prove effective in controlling risk situations. Hazard rating requires a full understanding of workplace activities and brainstorming based on experience.
    Q19:
    Explain the identification, selection, evaluation and implementation treatment options available to an organisation for risk management in 300-350 words. You must address the following criteria in your answer:
•Determine and select the most suitable risk treatment method
•Develop an action plan to implement risk treatment
•Communicate risk management procedures with related parties
• Ensure that all documents are in order, including laws, regulations and legal issues and risks
•Implement and monitor the action plan
•Assess the risk management process
    Satisfactory response
    
    
    Yes
    No
    
· • Poor or inappropriate risk management strategies can seriously affect the organization’s business practices. Some impacts and consequences include uncoordinated user adoption, leading to poor results and incorrect work strategies. Risks can be divided into categories that directly or indirectly affect business organizations. Direct risks are more likely to affect business operations because they are related to safety, legal, natural disasters, environmental, economic and financial factors. Although indirect risks may affect supply chain members or suppliers, customers may be personally affected, resulting in reduced demand for products and services.
· •Determining the priority or level of risk is one of the most effective ways to determine potential operating system vulnerabilities in business practices. It allows the team to determine which risks need to be paid attention to, so control measures must be taken first. Prioritizing risks provides benefits for creating action plans or ranking lists. There is more than a single technique or simple method for determining the level of risk. Therefore, the organization must effectively determine and select which technologies can work, and prove effective in controlling risk situations. Hazard rating requires a full understanding of workplace activities and brainstorming based on experience.
    Q20:
    Why should stakeholders and relevant parties be identified and contacted before implementing actions identified for risk management? Answer in 150-200 words.
    Satisfactory response
    
    
    Yes
    No
    
For stakeholders and related parties, the unknown is often worse than the truth, and lack of proper communication can lead to speculation, which can lead to rumors and suspicion. Therefore, timely communication must be carried out on the strategy adopted and its implementation. They are the backbone of the entire risk management process. Communication of risk is a multi-directional process that should be continuously developed throughout the life cycle of risk management activities or methods to ensure that everyone affected by risk or risk management must have the relevant information needed when a crisis occurs. Strong and successful communication is an important element of risk management procedures. For example, as a function of the risk management program, the association will maintain communication between colleagues, experts, partners, accomplices, and customers, so that venture capital or choice runs through the risk management program.
    Q21:
    Explain the seven (7) principles that summarise the key features of stakeholder management. Answer in 250-300 words.
    Satisfactory response
    
    
    Yes
    No
    
Principles of stakeholder management:
Regarding the stakeholders of decision-makers: In the decision-making process, it is vital to actively monitor and confirm the concerns of stakeholders. The project manager must be able to identify various stakeholders and their interests.
Effective and open communication between team managers and stakeholders: For project managers, it is very important to effectively listen and communicate with stakeholders. This is the only condition for project success. By carefully understanding their requirements and openly allowing discussions related to the project, effective communication can be conducted with them.
In order to meet their needs, there must be communication between project managers and stakeholders: stakeholders include a variety of individuals or groups. The groups of stakeholders are very large and meet various needs. The project manager is responsible for determining the needs of each stakeholder and managing the communication between each stakeholder accordingly.
Treat stakeholders fairly: Stakeholder groups are divided into voluntary and involuntary. Volunteers include those who actively choose to participate in business activities. Involuntary ones are those affected by business practices. In order for stakeholders to participate in the project, appropriate interests must be maintained for all stakeholders.
Establish partnerships with stakeholders: This change may sometimes benefit stakeholders, and the consequences may sometimes be undesirable. In order to avoid these consequences, it is important for project managers to actively establish healthy relationships with stakeholders even before problems arise.
Stakeholders should be aware of their potential risks: Stakeholders are severely affected by unexpected decisions or activities. Therefore, the project manager has the responsibility to effectively identify those stakeholders who are affected by project risks, and communicate openly to avoid harm to the project.
The project manager as a stakeholder must balance interests: project managers sometimes exercise direct access to safety information and directly influence decision-making. There must be a balance between their abilities and desires.
    Q22:
    Risk management requires preparing and maintaining a number of documents for identification, analysis and management of risks.
What is the importance of preparing and safely storing the documentation in the event of any legal problems? Explain in 100-150 words.
    Satisfactory response
    
    
    Yes
    No
    Record keeping and preservation are essential to start a smooth process and business management. Keeping up-to-date records is essential to complete any business. Good records can help you reduce misfortune and cash management. According to the tax administration law, this is also necessary. Accountants are responsible for establishing the record-keeping framework. It is usually recommended by management consultants and consultants to keep records for business growth management. Lack of adequate record keeping facilities will lead to insufficient tracking of progress.
    Q23:
    What is a PESTLE Analysis and what are five (5) advantages and five (5) disadvantages of conducting PESTLE Analysis? Write your answer in 200-250 words.
    Satisfactory response
    
    
    Yes
    No
    
A PESTLE analysis can be understood as a framework designed for the adequate determination of macro-environmental factors which might profoundly impact the organizational performance and growth.
Advantages:
Easily understood: one of the major advantages include its simplicity and ease of implementation. Further it also provides a deep understanding just by an overlook on the...