020000BSBOPS504
04724400BSBOPS504
020000BSBOPS504
9605595620MANAGE BUSINESS RISK
00MANAGE BUSINESS RISK
03321685STUDENT VERSION
020000STUDENT VERSION
4547235269831PROJECT PORTFOLIO
020000PROJECT PORTFOLIO
-883089-83897900
First published 2020
RTO Workswww.rtoworks.com.auhello@rtoworks.com.au
0452 157 557
2020 RTO Works
This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as expressed in the RTO Works License Agreement.
The information contained in this resource is, to the best of the project teams and publishers knowledge true and correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept responsibility for any loss, injury or damage arising from such information.
While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of any errors and any suggestions for improvement. Readers are invited to write to us at hello@rtoworks.com.au.
Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package.
-22225022934500
012619000
Contents
TOC o "1-3" h z t "RTO Works Heading 1,1" Section 1: Establish risk context PAGEREF _Toc58424390 h 5Section 2: Identify and analyse risk PAGEREF _Toc58424391 h 8Section 3: Implement and monitor risk treatment PAGEREF _Toc58424392 h 11
Student name: Assessor: Date: Business this assessment is based on: Risk management project/process: Documentation reviewed as preparation:
Section 1: Establish risk contextProvide a brief overview of the business or organisation you are basing your portfolio on.
What is the name of the business or organisation?
What is the main focus of the business?
What role will you assume as you investigate risk for your chosen risk management process/project?
Determine the scope of your chosen risk management process/project.
What does your chosen risk management process/project involve?
Which departments or work areas are involved in the process?
Are there any risks the business will not manage (for example, staff retention)?
Evaluate organisational requirements and standards for managing risk.
Which organisational policies and procedures provide input on how you approach your chosen risk management process or project e.g. Risk management, Record keeping etc.?
Are there any processes you need to follow?
Attach policies and procedures to this section of your portfolio.
What are the legal requirements associated with your chosen risk management process or project?
Explain the legislation you need to comply with.
Do any regulations apply?
Is there the potential for new laws to be introduced or existing ones to be amended or rescinded?
Which risk management standard/s are used or guide the risk management activities of the business?
List the resources available for you to use as you plan, implement and monitor risk.
Are template documents available to support your risk management process/project?
Do you have budget allocation or restrictions for the risk management process/project?
Which employees are available to assist you?
What other resources are required?
Establish objectives and critical success factors for your risk management process or project.
List two objectives.
List three critical success factors for the risk management process or project.
Identify stakeholders who will be part of the risk management process.
Who is able to shed light on or assist with risk identification, risk analysis and/or risk control?
Who is likely to be impacted by an adverse risk event?
How will each stakeholder provide input to the risk management process (such as identifying possible risks, helping describe their impact and suggesting ways to prevent or mitigate risks)?
What influence does each stakeholder have on risk management decisions?
What are the possible issues each stakeholder may have if a risk event occurs (for example, employees will still want to be paid, customers may still need your products or services and banks will still need to be paid for loans etc)?
Communicate with relevant stakeholders.
Who will you communicate to (at least two stakeholders) regarding:
Explanation of the risk management process or project?
Invitation to assist in risk identification.
How will you consult with each stakeholder?
If not already viewed in person by your assessor, attach proof (e.g. draft email, telephone conversation recording, video of meeting etc.) of your explanation of the risk management process/project to the stakeholders.
If not already viewed in person by your assessor, attach proof of your invitation to stakeholders to assist in the identification of risks (e.g. draft email, telephone conversation recording, video of meeting etc.).
Note: If suitable, 8.3 and 4.4 can be completed as one communication.
Analyse the external environment of your risk management process/project.
Note: You may choose to perform any external environmental analysis (e.g. PESTLE analysis) to answer this question instead of the questions below.
What is the political situation like (e.g. unrest, government support of small business, government policies)?
What is the current and predicted economic situation (e.g. state of local and other applicable economies, interest rates, exchange rates, employment rates etc.)?
Are there any social considerations (e.g. changing values, beliefs, attitudes and habits)?
How are technological advances affecting the business (e.g. internet, RPA, risk control)?
What are competitors doing?
Establish the strengths and weaknesses within your business that have the potential to create or impact risk.
Note: You may choose to use any relevant analysis tool (e.g. SWOT analysis) to answer instead of the questions below.
Are the current risk management policy/procedures complete and comprehensive?
What is the state or condition of business resources relevant to your risk management process or project?
How effective are existing communication mechanisms between management and the workforce?
How loyal are staff?
What is the size and quality of the customer data base?
What is the business ability to fund or raise funding?
What is the business cashflow situation?
Are supplier relationships strong and reliable?
61859414351000 Attach: Policies and procedures
Communication to explain risk management process to stakeholders (if relevant)
Communication to invite stakeholders to identify risks (if relevant)
Section 2: Identify and analyse riskPlan to discuss risks with invited stakeholders (identified in Section 1).
Choose a tool or technique to facilitate the group discussion to identify risks within the scope of the risk management process
Note: At the meeting, you will collaboratively choose three risks to focus on as a group.
List what will be discussed (e.g. identify risks, assess risks, risk treatments, priorities etc.)
What method and scale will you use to assess the likelihood and severity of the risks?
What will guide how you prioritise risk (e.g. risk matrix)?
What are you prepared to negotiate?
How will you negotiate?
Explain questioning and listening techniques you will use to elicit opinion and clarify understanding.
Summarise risks.
Summarise at least three risks identified at the meeting that apply to the scope of your risk management process or project. For each risk:
Identify which type of risk it is.
Identify who may be responsible for the risk.
List at least two potential outcomes should the risk eventuate.
What treatment alternatives were discussed?
How do the stakeholders want to prioritise the risks?
If not already viewed in person by your assessor, attach proof of your stakeholder meeting (e.g. video of meeting etc.).
Complete the table below to assess the identified risks (using an appropriate scale and stakeholder input).
Note, you may enter relevant information into the table below, or use any other appropriate format. If you use another format (e.g. MS Excel spreadsheet), attach proof to this section of your portfolio
Risk Potential outcome Students role
Stakeholder 2
Stakeholder 3
Combined value (e.g. average)
Likelihood Impact Likelihood Impact Likelihood Impact Likelihood Impact
Research risks
Research each of the identified risks to learn more about the risk and any related risk treatment options (e.g. speak to stakeholders, do an internet search, review best practice examples, check policies and procedures, view past incidents, research technology solutions etc.).
Note: You must access at least two different sources of information.
Summarise the research done for each identified risk.
List the options available to you to treat your identified risks.
Attach proof of your research to this section of your portfolio.
Use digital technology to document and calculate risk (e.g. a risk register). Include the risk, potential outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of each treatment action.
Note: Risk is calculated (likelihood)x(impact).
61859414351000 Attach: Proof of your research (2 sources)
Stakeholder meeting
Risk assessment (likelihood and impact) if you did not use the table provided
Digital risk documentation e.g. risk register
Section 3: Implement and monitor risk treatmentComplete the action plan below for ONE of your selected risk treatments (in your Risk register in Section 2).
Note: If your business already has an action plan template or other specific documentation requirements, use them instead and attach your work to this section of the portfolio.
Risk:
Action:
Desired outcome:
Overall person responsible:
Step: Person responsible: Timeframe: Resources: Performance measure: Outcome requirements: Done?
Communicate the action plan to relevant parties (each person responsible for a step in the action plan).
To who will you communicate?
How will you communicate (e.g. face-to-face discussion, email)?
If not already viewed in person by your assessor, attach proof of your communication to this section of the portfolio (e.g. email with attachment, project schedule, video of team meeting etc.).
Implement your action plan.
What are the organisational policy and procedure requirements to implement an action plan?
Must any documentation be maintained or named in a specific way?
If not already viewed in person by your assessor, attach proof of implementation to this section of your portfolio (e.g. notify HR, schedule resources, recording of telephone conversation etc.).
Monitor your risk management process or project.
What data is available?
Have any new risks emerged?
Have any incidents been recorded?
Have you (or other stakeholders) received or provided feedback?
Evaluate your risk management process or project.
Are you identified risks still relevant?
Have your risk treatments been successful?
Are there any new risks?
How satisfied are stakeholders with your action taken to manage risks?
Are your selected treatment options still in line with best practice?
Is any other risk treatment necessary?
Write a report on the outcomes of the evaluation and attach it to this section of your portfolio. In you report, include:
a summary of the risk process/project and associated risks and risk treatments
a summary of the progress of the action plan
a summary of new risks
a summary of risks no longer valid
any additional risk treatments required.
61859414351000 Attach: Action plan (if relevant)
Proof of communicating action plan
Evaluation report
4552950-125426STUDENT ASSESSMENT TASKS
020000STUDENT ASSESSMENT TASKS
-21590-107729100
05919470MANAGE BUSINESS RISK
00MANAGE BUSINESS RISK
05212008BSBOPS504
020000BSBOPS504
First published 2020
RTO Workswww.rtoworks.com.auhello@rtoworks.com.au
0452 157 557
2020 RTO Works
This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as expressed in the RTO Works License Agreement.
The information contained in this resource is, to the best of the project teams and publishers knowledge true and correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept responsibility for any loss, injury or damage arising from such information.
While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of any errors and any suggestions for improvement. Readers are invited to write to us at hello@rtoworks.com.au.
Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package.
-22225022934500
Contents
TOC h z t "RTO Works Heading 1,1" Introduction PAGEREF _Toc58423644 h 4Assessment Task 1: Knowledge questions PAGEREF _Toc58423645 h 5Assessment Task 1: Checklist PAGEREF _Toc58423646 h 9Assessment Task 2: Project PAGEREF _Toc58423647 h 10Assessment Task 2: Checklist PAGEREF _Toc58423648 h 15Final results record PAGEREF _Toc58423649 h 18
IntroductionThe assessment tasks for BSBOPS504 Manage business risk are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.
Assessment for this unit
BSBOPS504 Manage business risk describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.
For you to be assessed as competent, you must successfully complete two assessment tasks:
Assessment Task 1: Knowledge questions You must answer all questions correctly.
Assessment Task 2: Project You must work through a range of activities and complete a project portfolio.
Student assessment agreement
Make sure you read through the assessments in your student assessment 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 reassessment? Yes No
Do you understand your right to appeal the decisions made in an assessment? Yes No
Student name Student ID number Student signature Date
Assessment Task 1: Knowledge questions
Information for studentsKnowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:
review the advice to students regarding answering knowledge questions in the Business Works Student User Guide
comply with the due date for assessment which your assessor will provide
adhere with your RTOs submission guidelines
answer all questions completely and correctly
submit work which is original and, where necessary, properly referenced
submit a completed cover sheet with your work
avoid sharing your answers with other students.
ii Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:
where this task should be completed
the maximum time allowed for completing this assessment task
whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.
Questions
Provide answers to all of the questions below:
Explain the risk management process. You may answer using a labelled diagram or in words (or both) and must include:
a definition of risk management.
a list or illustration of the steps in a risk management process.
a description of what each step involves.
Describe a current risk management standard. In your answer:
name the standard.
explain the purpose of the standard.
list key elements of the standard.
Complete the table below to describe the types of business risk.
Type of risk Description Example Key responsibility
(at least two people)
Strategic risk Compliance risk Financial risk Operational risk Complete the table to explain three different tools and techniques that may be used to identify risk. The first row has been completed as an example for you to follow.
Technique/tool Description
Brainstorming A group discussion to produce as many ideas or solutions to problems in a pre-determined amount of time.
Explain four options that a company could use to take to control risks.
Explain how legislation and its related regulatory requirements relate to risk management. In your answer:
identify two different legislative and regulatory requirements that may apply to risk management.
for each legislative requirement, explain how it relates to risk management.
provide one example of how regulations support one of the legislation.
Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management.
Complete the table below to summarise how three policies and procedures relate to risk management.
Policy/procedure Description
Record keeping policy and procedure WHS policy and procedure Confidentiality policy/procedure
Assessment Task 1: Checklist
Students name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully? Comments
Yes No Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Task outcome: Satisfactory Not satisfactory
Assessor signature: Assessor name: Date:
Assessment Task 2: ProjectInformation for studentsIn this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.
You will need access to:
your learning resources and other information for reference
Project Portfolio template
Simulation Pack (if you need a case study).
Ensure that you:
review the advice to students regarding responding to written tasks in the Business Works Student User Guide
comply with the due date for assessment which your assessor will provide
adhere with your RTOs submission guidelines
answer all questions completely and correctly
submit work which is original and, where necessary, properly referenced
submit a completed cover sheet with your work
avoid sharing your answers with other students.
ii Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:
where this task should be completed
how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.
ActivitiesComplete the following activities:
Carefully read the following:
This project requires you to lead one business risk process or project for an organisation or work area. As part of the assessment, you will maintain relevant organisational documentation as you:
choose a risk management process or project to work on
establish the scope of the risk management process or project
analyse information from a range of sources to establish the internal and external context of your risk management process or project
consult and communicate with stakeholders to identify, assess, treat and prioritise risks
develop and implement an action plan to treat the risks
monitor and evaluate the risk management process and action plan.
Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, we are giving you the choice to base this project on your own business, one you work in or a familiar with, or you can use the case study provided. This will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way to your own situation!
It is important that you are able to access enough information for your chosen business in order to be able to do your assessment. As a minimum this should include workplace documentation relating to risk management (e.g., risk management policy and procedures). You will also need data to monitor and evaluate risk management process and related action plan.
You will need to communicate with people who are involved with the risk management process. Your communication may be either directly with actual staff members or fellow students/your assessor can play the roles of relevant people/parties. Communication can be in any appropriate format (e.g. face to face, video conference, email) as long as it meets the requirements outlined in the Project Portfolio.
You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.
Preparation
Make sure you are familiar with the organisation you are basing this assessment on and have read through the necessary background information. For the case study business, this is all of the documents included in the Simulation Pack. If its your own business or a business where you are working or are familiar with, have your business or case study approved by your assessor.
Choose an appropriate risk management process or project and complete Page 4 of your Project Portfolio for this unit.
Read through the requirements of Section 1, 2 and 3 of your Project Portfolio.
Establish the risk context
Complete Section 1 of your Project Portfolio. To do this, you need to:
determine the scope of your chosen risk management process/project
evaluate organisational requirements and standards for managing risk
determine the legal requirements of your risk management process/project
list resources available to address risk
establish objectives and critical success factors of the risk management process/project
identify stakeholders who will be part of the risk management process.
communicate with at least two stakeholders to:
explain the risk management process/project
invite stakeholders to help identify and assess risk.
Continue completing Section 1 of your Project Portfolio. To do this, you need to
analyse the external environment of the risk management process/project.
establish the strengths and weaknesses within your business that have the potential to create or impact risk.
Make sure you have answered all questions in Section 1. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence review the documents you need to attach as outlined in Section 1 of the Project Portfolio and make sure you attach these when you submit this section.
You will use the work done in this section of the Portfolio to consult with stakeholders to assess and address risk.
In preparation, read through step 4 and Section 2 of your Project Portfolio and complete the first question (plan to discuss risks with invited stakeholders).
Identify and analyse risk
Make sure you are ready to use the tool/technique and risk scale identified at the end of step 3 prior to this meeting.
Meet with at least two of the stakeholders you identified as part of Section 1 of your Project Portfolio.
Consult with stakeholders to:
use an appropriate tool/technique to identify at least three risks within the scope of your risk management process/project.
establish at least two potential outcomes for each risk.
assess risk using an appropriate scale.
discuss treatment options for each risk.
prioritise risks.
ii This meeting should take 20 minutes.
As part of your consultation, you are required to negotiate and use questioning and listening techniques to elicit opinions and confirm/clarify your understanding. You will be assessed on this.
This meeting may take place with actual people who work for/are associated with your chosen business. Alternatively, classmates or your assessor may play the role of one or more team members. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.
Continue completing Section 2 of your Project Portfolio. To do this, you need to:
summarise the outcomes of the meeting and assess likelihood and impact/severity of the risk.
research the risks to find out more about them.
use digital technology to document risk (e.g. a risk register using MS Excel).
Make sure you have answered all questions in Section 2. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence review the documents you need to attach as outlined in Section 2 of the Project Portfolio and make sure you attach these when you submit this section.
You will use the work done in this section of the Portfolio to consult with stakeholders to create an action plan for one of your risks and then monitor and evaluate the plan and your risk management process/project.
Implement and monitor risk treatment
Complete Section 3 of your Project Portfolio. To do this, you need to:
complete an action plan for one of the risk treatments in the risk register
communicate the action plan to relevant stakeholders.
Continue completing Section 3 of your Project Portfolio. To do this, you need to:
follow organisational policy and procedures to implement the action plan (e.g. (e.g. notify HR, schedule resources, recording of telephone conversation, save risk register using appropriate naming conventions etc.).
ii Assume a period of time has passed.
If you are basing this on your own business, make sure you have data available to monitor and evaluate the risk management process/project and its associated action plan.
If you are basing this on the case study, information is provided in the simulation pack.
Continue completing Section 3 of your Project Portfolio. To do this, you need to:
monitor and evaluate the action plan and risk management process/project
write a report on the outcomes of the evaluation.
Make sure you have answered all questions in Section 3. You are also required to attach certain documents as part of your evidence review the documents you need to attach as outlined in Section 3 of the Project Portfolio and make sure you attach these upon submission.
Submit your completed Project Portfolio
Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Remember to submit all necessary attachments as indicated.
Assessment Task 2: Checklist
Students name:
Did the student: Completed successfully? Comments
Yes No Establish the risk context by:
determining the scope of their chosen risk management process/project.
evaluating organisational requirements and standards for managing risk.
determining the legal requirements of their risk management process/project.
listing resources available to address risk.
establishing objectives and critical success factors of the risk management process/project.
identifying stakeholders who will be part of the risk management process
communicating with at least two stakeholders to:
explain the risk management process/project.
invite stakeholders to help identify and assess risk.
analysing the external environment of the risk management process/project (political, economic, social, technological and policy).
establishing the strengths and weaknesses within the business that have the potential to create or impact risk. Identify and analyse risk by:
Consulting with stakeholders to:
use an appropriate tool/technique to identify at least three risks within the scope of the risk management process/project.
establish at least two potential outcomes for each risk.
assess risk using an appropriate scale.
discuss treatment options for each risk.
prioritise risks.
summarising the outcomes of the meeting
assessing likelihood and impact/severity of the risk.
researching the risks to find out more about them.
documenting risk using digital technology (e.g risk register). Implement and monitor risk treatment by:
completing an action plan for one of the risk treatments in the risk register.
communicating the action plan to relevant stakeholders.
implement the action plan.
monitor and evaluate the action plan and risk management process/project.
write a report on the outcomes of the evaluation.
Demonstrate effective oral communication skills, including:
Uses listening and questioning techniques to confirm that you understand the views of others correctly.
Negotiate with stakeholders about risk management process and outcomes. Task outcome: Satisfactory Not satisfactory
Assessor signature: Assessor name: Date:
Final results recordStudent name: Assessor name: Date Final assessment results
Task Type Result
Satisfactory Unsatisfactory Did not submit
Assessment Task 1 Knowledge questions S U DNS
Assessment Task 2 Project Portfolio S U DNS
Overall unit results C NYC Feedback
Student Declaration
I declare that all my submissions are my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
I have correctly referenced all resources and reference texts throughout these assessment tasks.
My performance in this unit has been discussed and explained to me.
I would like to appeal this assessment decision.
Student signature: Date:
Assessor Declaration
I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor signature: Date:
