BSBRSK501 Manage Risk Formative Assessment

BSBRSK501 Manage Risk Formative Assessment Activity 1 Question1. Explain the meaning of the following terms: Question2. Organisational processes, procedures and requirements for undertaking risk management ...

BSBRSK501 Manage Risk Formative Assessment Activity 1 Question1. Explain the meaning of the following terms: Question2. Organisational processes, procedures and requirements for undertaking risk management assessments and managing risk be periodically reviewed. Why? Activity 2 You have been asked to undertake a risk management process for their entire organisation. How will you identify the risk management scope? What advantages, difficulties and challenges does a scope of this size pose? How else might you approach the management of risk at Australia Wide Taxation solutions? Activity 3 Why is it necessary to consider stakeholders’ issues throughout the risk management process design? Activity 4 Comment on the influence/ impact each of the following factors has on an organisation’s risk profile: Activity 5 Question 1. Conduct a SWOT analysis for the current risk management practices of an organisation with which you are familiar. Question 2.Summarise the findings of your SWOT. Are the current arrangements adequate? Why? Why not? What steps do you recommend be taken and why? Activity 6 Activity 7 Question 1. Plans must be supported. Who should support them and why is this support necessary? Question 2.Create your own checklist for the qualities of a risk management champion. Activity 8 You have been asked to oversee the management of risk for your team/department at work, where an expansion process is currently being mooted. Identify the key stakeholders with whom you will communicate. For each of them describe: Identify the people at security R us who should be consulted or involved in identifying the risks involved in the relocation and the reasons for their involvement. Suggest appropriate mechanisms for their involvement. Question 1.what is the danger of attempting to manage risks without researching them? Question 2. List at least 8 factors that should be included in the research of any given risk. Question 3. Describe some common methods of researching risk. Give an example of when each would be suitable to use. Prepared a flow chart showing the various steps involved in the process detailed in the book. Question 2. Using the flowchart you prepared, identify the risks that Kane faces. Question 3. Choose a problem/issue you wish to investigate further. Create a cause and effect diagram to visually depict the issue, main categories of causes and the causes. Question 4. Create a Check sheet that could be used to record data in the scenario. Activity 12 Activity 13 Question 1. Plotting your business risks on a risk matrix is widely recommended. What are the benefits of doing this? Question 2. Continuing with our case of the nautilus boat hire company, transfer your likelihood assessments of each risk and add an assessment of the severity of Impact for each of the identified risks onto the matrix shown. Question 3. Plot the risk on the matrix shown: Activity 14 Question 1. Using the severity and likelihood matrix that you created for nautilus boat hire, list the risks in priority order and give reasons for your rankings. Question 2. Comment on some of the problems that you might encounter when trying to determine priority of risks. Activity 15 Activity 16 Using the template below, create an example action plan to show how you would implement two risk management strategies of your choosing. Question 2.Risk management is an integral part of any planning process. What sorts of things should risk recovery plans encompass? Question 3. Describe the 3 key components of a solid risk recovery plan. Question 4. Who should be involved in the design and development of risk recover plans for a project? Why? Question 5.List 3 areas of risk that your business will develop a contingency plan for. Activity 17 Question 1. Explain who the action plan and its associated detail, needs to be communicated to, and when and how this could be best achieved? Question 2. Identify and list 10 types of insurance that might be beneficial to a business and explain weather insurance is viable method of risk control. Activity 18 Question 1.why should all documentation be in order and appropriately stored? Question 2. What is the basis for a good documentation storage system? Activity 19 Question 1. Why it is important to monitor and action plan once it has moved into its implementation phase? Question 2. Using the review scope and frequency triangle, give at least two examples of activities that could be performed at each level. Question 3. At what point is it best to consider the monitoring aspect of a risk management plan and what factors should be included? Activity 20 Audits conducted by external companies are just another academic exercise designed to create employment for consultants.