Knowledge test Submission details Candidate’s name Phone no. Assessor’s name Phone no. Assessment date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to...

Knowledge test Submission details Candidate’s name Phone no. Assessor’s name Phone no. Assessment date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective You are required to demonstrate understanding of a wide range of questions to assess your underpinning knowledge of the management of risk. Assessment description For this task you are required to demonstrate an understanding of standards and legislation relevant to risk management, and the management of risk across an organisation in a range of contexts. Procedure You are required to: • Review the written questions provided • Provide written responses to the questions • Submit your responses in the agreed timeframe. Assessment Specifications You must submit this assessment during session 4.Assessment Task 1 BSBRSK501 Manage Risk 1 st edition version: 1 Page 2 of 3 You must provide: • written responses to all questions provided. Your assessor will be looking for: • evidence that you understand the required legislative requirements • evidence that you understand risk management practices in the business sector. Assessment Outcomes • To complete the requirements of this Task students you must undertake and provide evidence as per Assessment Specification section above. • the assessment evidence submitted must be authentic, i.e is 100% of your own work and not plagiarized (Refer students to handbook for guidance on how to avoid plagiarism). If plagiarism is suspected, your Trainer/Assessor will use the RTO plagiarism software to authenticate the work. Disciplinary action occurs as a result of plagiarism. • If your Assessor does not receive sufficient evidence for this task, you will be provided the opportunity to resubmit. • If after resubmitting your Assessor still has not received sufficient evidence you will be required to re-enrol for the whole unit of competency. Prompt questions • What are three ways that research can be conducted for risk-related issues? For each way, briefly describe how it may be done. • Fishbone checklists and brainstorming are both tools that can be used in risk management. Describe each of these and when they would best be used. • What are the five stages of risk likelihood? Briefly describe each one. • List and give an example description for each of the five levels of consequence for risk. • What needs should be considered when treating risk? List and describe three treatments that could be considered. • What should be included in a risk action plan? Describe the key inclusions and briefly the type of information included with each inclusion. • How does the AS/NZS ISO 31000:2009 Risk management – principles and Assessment Task 1 BSBRSK501 Manage Risk 1 st edition version: 1 Page 3 of 3 guidelines standard assist organisations to reduce risk? • For each of the pieces of legislation listed, describe the intent of each and how it could impact on the process of managing risk. • Privacy law. • WHS regulations. • Contract law. • Name and give an example for three adjustments that can be made in the workplace to assist a person with a disability. • List two types of insurance an organisation could consider purchasing, and for each type, describe the risks covered by the insurance and the benefit to the organisation.