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 6 days AfterMay 09, 2021BSBRSK501Training.Gov.Au

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

Shalini answered on May 16 2021
144 Votes
22
RISK MANAGEMENT
Q1.
The risk management standards help the organizations who are carrying out the risk management process in following the guidelines that are considerably mentioned in it. The standards also help in providing an international consensus on how to deal with certain risks. The standards also provides the best advice to deal with the risks. The standards help the organizations in accumulating he tested and tried strategies.
Several examples of risk management standards include-
The ISO 31000 risk management standards frameworks include-
· ISO/EIC 31010:2009- Risk assessment techniques.
· ISO 31000: 2009- principles and guidelines on implementation.
· ISO Guide 73:2009- Risk management-Vocabulary.
The risk management strands help the organizations in better risk management.
Q2.
The eleven risk management principle of AS/NZS ISO 31000:
2009 include-
· Risk management establishes and sustains value.
· Risk management is part of decision making.
· Risk management is an integral part of all organizational process.
· Risk management is systematic, structured and timely.
· Risk management explicitly address uncertainty.
· Risk management is based on the best available information.
· Risk management takes human and cultural factors into account.
· Risk management is transparent and inclusive.
· Risk management is dynamic, iterative and responsive to change.
· Risk management facilitates continual improvement of the organization.
Q3.
WHS legislation is considered important in the risk management as the legislation is based on the harm minimization model. Which considerably implies that the role of the employer is to identify the potential risk in the workplace and formulate and implement the measures that would help in eliminating the risks for their employees. The legislation helps in minimizing the impact of the risks by identifying and eradicating the measures, which is one of the main reasons why it is required in the context of the risk management [footnoteRef:1]. [1: Bluff, E. (2017). The regulation of work health and safety. REGULATORY THEORY, 611.
]
Q4.
The work health and safety regulations 2011 constitutes the overview regarding how to minimize and prevent the risks at the workplace. As per the WHS regulation if the risk at the workplace is not covered by the regulations or the code of practices then another way must be opted that would help in managing and minimizing the exposure to the risk. The other factors include that tall the procedures and the planning need to be in accordance with the risk factors associated with the programs or the events that are constituted by the organizations [footnoteRef:2]. [2: Dey, P. K. (2019). 4 Risk management using combined multiple criteria decision-making technique, risk mapping and decision tree. Risk Management in Engineering and Construction: Tools and Techniques, 63.
]
Q5.
Risk management purpose and policies are considered very important in the workplace as it helps in sorting several problems. The aim of the risk management policy within the workplace is to maximize the opportunities in all the activities and to minimize the adversity within the workplace. It provides an option to the organization in dealing with certain situation which can impact the employee as well as the organizations harshly. The risk management policies and procedures also help in providing appropriate strategies and solution in case if any problems occur within the workplace or the situation become out of control [footnoteRef:3]. [3: Darwish, S., & Abdeldayem, M. M. (2019). Risk Management and Business Ethics: Relations and Impacts in the GCC. International Journal of Civil Engineering and Technology, 10(10), 489-504.
]
Q6.
If risks and not identified and actioned it can impact in several ways. Some of the most prominent impacts include-
Health issues- if the unmanaged risk turn out to be hazardous it will impact the health conditions of the people who are working in those conditions or the workplace.
Financial Loss- in most of the cases if the business houses did not take appropriate measures concerning the risk management and control then it also led the company towards several financial losses.
Employee turnover- the mismanagement of the risks within the workplace ends up to high employee turnover in the workplaces. As the employees are not comfortable working in risky and hazardous conditions.
Q7.
The step by step procedure for analyzing the risks include-
· The first step include the risk identification in which the possible risk within the organized is experienced.
· The step include the analyzation of risks in this the companies analyze the intensity and the type of risks.
· The third step is prioritizing the risk in this the risk which is of more intensity and can impact more is prioritized accordingly.
· The fourth step include treating the risk that implies the risk that are identified and analyzed should be treated accordingly [footnoteRef:4]. [4: Bluff, E., & Johnstone, R. (2017). Supporting and enforcing compliance with Australia's harmonised WHS laws.
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· And the last step include the monitoring and reviewing of the risk in this the overall risk is monitored and reviewed.
Q8.
The three sources that would help in gathering information about the potential risks include-
Documentation Reviews- the documentation review would help in identifying the risks through reviewing the project related document including the articles and assets.
Brainstorming- brainstorming is done with a group of people who comparatively focuses on identification of the risks of the project.
Delphi technique- Delphi technique is one of the most prominent method as in this a team of experts is consulted anonymously. A complete risk of the required information is sent to the experts and their responses and compiled and further the results are sent back to them for the further reviews (Kiseleva, Karmanov, Korotkov, Kuznetsov & Gasparian, 2018).
Q9.
Three examples of the tools and techniques include-
Root Cause Analysis- the root cause analysis are determined for the identified risks. These root causes are further used to identify additional risks.
Interviewing- the interviewing is another important technique that is conducted by the project participants, experts and the stakeholders to identify risks.
Information Gathering Techniques- the information gathering techniques are helpful in gathering and collecting the information related to the projects so that the potential risks could be identified prominently.
Q10.
The four ways that a company can adopt to control risks include-
Avoidance- it helps in eliminating the risks withdrawing or not being generally involved in the process of risks.
Reduction- the reduction aims to optimizing and mitigating the chances of risk in a project.
Sharing- the sharing refers to the transferring or outsourcing the probable chances of the risks.
Acceptance- the acceptance focuses on weathering the impact of an event. Though it is considered as a dangerous strategy as the business runs with the risk of underestimating the potential losses and hence it will be vulnerable in the event that an incident occurs.
Q11.
To minimize the risks the company can take certain steps-
Get insurance- the company should surely look for getting insurance of the projects and events in which they feel the risk included.
Diversifying the Products or Services- diversifying the products and services would be one of the major steps in the risk minimizing process.
Limit the Business Loan- the company should possibly look upon limiting the business loan for their project or event as excessive loan would be liable for huge risks.
Know the Law- having proper knowledge of the law is very important before investment or starting a project [footnoteRef:5]. [5: Klučka, J., & Grünbichler, R. (2020). Enterprise Risk Management–Approaches Determining Its Application and Relation to Business Performance. Quality Innovation Prosperity, 24(2), 51-58.
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Assessment 2
Introduction
The report focuses on analyzing the risk factors associated with the diversification and the expansion of the business. In the meeting the expansion of the business is decided through channelizing the chain of retail outlets for the company. The purpose of the risk analysis is to analyze the potential and the probable risks associated with the business expansion plan of the company. The risk analysis would help in identifying the risks that can come up in the way of the business expansion and it will help in analyzing the best options and strategies for mitigating the impact of the risk.
Scope of the Risk...
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