[Solved] BSBRSK501 _ Manage Risk_Formative Asssessment

Formative assessments Activity 1. 1. In a short sentence for each, explain the meaning of these terms: a) Risk b) Risk management c) Risk appetite d) Risk capacity ...

Formative assessments Activity 1. 1. In a short sentence for each, explain the meaning of these terms: a) Risk b) Risk management c) Risk appetite d) Risk capacity 2. Why should risk management policies and procedures be periodically reviewed? 100words Activity 2. Scenario: You work for Australia Wide Taxations Solutions—a company of 1,500 employees offering taxation service in different cities accoress the country. The company offers five services:personal taxation, small business taxation, corporate services, personal wealth creation and corporate asset management. It is working in a hghly regulated and legislated industry. You have been asked to work with the team conducting a risk assessment for the entire organisation. How will you identify the risk management scope—what things do you need to look at？What challenges does a scope of this size pose and how would you approach the risk assessment process? 350-400words Activity 3. Who are an organisation’s stakeholders and why should they and their issues be identified? 300-350words Activity 4. When considering organisational risk it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence/ impact each of those factors has on an organisation’s risk profile—the risk scope and context. 500-700words Activity 5 Why is it necessary to review existing risk management arrangement and standards? Activity 7. How can support for risk management policies and procedures be encouraged? What skills might be used when gathering support and with whom should you communicate the risk management intentions? 230-250 Activity 8. 1. The organisation for which you work is planning an extension to the premises and an increase in staff numbers with a view to expanding into new markets. You have been asked to conduct research that will identify and risk or contingency requirement for the department that you head. What parties might be invited to assist with the risk identification and what contribution could they make? 150-170words 2. Why should employees be invited to participate in risk management consultations? 150-170words 3. What is the danger of attempting to manage risk without properly researching team? 4. List 12 aspect of risk that might contribute to new research processes. Activity 9. 1. A number of tools can be used to collect risk related information and data ready for analysis. List eight. 2. From your list select two methods. Explains what they are and how they work. Approx. 200 each Activity 10. 1. Plotting business risk on a risk matrix is recommended. What are the benefits of doing this? 80-100words 2. List four question that might be asked when assessing and prioritising risk. Activity 11. 1. A number of different risk treatment will be applied depending on the industry in which an organisation operates its structure and the risk it faces. Explain what risk treatment is and the categories of risk treatment options that could be applied. 130-150words 2. Under what circumstances might it be appropriate to accept risks, without applying controls? 70-80 3. Insurance is valuable and necessary, but why is it not a real risk control? 70-80 words Activity 12. 1. Why are risk management plans necessary? 220-250 words 2 Risk management plan should be accompanied by action plans. What information is contained in an action plan? 50-60 words Activity 13. 1. List six methods that could be used to communicate risk management plans to relevant parties. 2. The senior accountant at Abacus Accounting, a small accountancy firm, has their laptop stolen from an interstate restaurant where they were conducting a dinner meeting with clients. The laptop contains nearly four weeks of date that has not been backed up to the main server. This is a significant loss. In addition, the accountant is now without use of a laptop and still has much client work to conduct. The firm recognises that the use of laptops by accounting staff is critical, as is the information such losses in the future. Abacus Accounting decides to develop a risk management plain will mitigate or minimise suck losses in the future. Amongst other things, the plan contains details of: · Protocols of safeguarding laptops whilst travelling · Protocols for baking up data · Procedures for updating the asset register with laptops warranty and insurance details · Procedures for reporting the loss of the laptop and how to · Practices to follow in order toecpedite replacement To whom should the plan be communicated and what communication procedures would be effective? 100-120words Activity 14. Why should risk management data and plans be documented and appropriately stored? Activity 15. It is important to monitor and evaluate and action plan once it had moved into its implementation phase. How does monitoring and evaluation help and what sorts of things might come under scrutinity? 200 words Activity 16. 1. Explain who should be involved in the evaluation of risk management treatment? 30-40words 2. Sometimes external auditors can be called in to evaluate risk management plans and strategies. What are three advantages of using external auditors? Summative assessment 1. Question 1. You could be expected to outline the purpose and key element of current risk management standards. Where would you find this information and how does it link to AS/NZS ISO risk management standards? 200 words Question 2. Legislation and regulation from all levels of government will affect various aspect of business operations and the risk management aspect of the business. The impact of legislation and regulation will depend on business operation/ type of business, the number of staff employed, industry sector and the structure of the business. Explain in 200-250words: · Why it is necessary to have a working knowledge of the legislation involved in business · What legislation or regulations apply to the industry area in which you work or intend to work—list and give a brief description of eight form of relevant legislation · How and from where you sourced this information Make as list of 10 forms of legislation or regulation that could have an impact on risk and that you might have to outline when comunicatiing with employees. Question 3. Each organisation should have policies and procedures, grounded in the relevant legislation, in place to support their operations and various functions/ activities of the business. Risk management plans will relate to the overall operations of the organisation. Outline the reasons why business organisation should develop risk management policies, risj registers and processes for managing risk. 250-300 words