BSBOPS504 Manage Business Risk
BSBOPS504 Manage Business Risk
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Assessment Requirements
Complete ALL assessment tasks, projects and questions to a Satisfactory standard, ensuring that you provide enough evidence for your Assessor to prove that you are competent in the unit.
Complete this Assessment which involves research and other activities that will make sure you have the skills and knowledge required to demonstrate that you are competent in this unit.
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Tasks in this Assessment include:
Task 121 - Establish risk context
Task 122 - Identify Risks
Task 123- Analyse risks
Task 124 - Select and Implement Treatments
Task 125 - Written Questions
Task 121 Document Organisational Risk
For your organisation OR a case study as decided with your trainer, undertake the following;
Review the risk management processes in your organisation by:
T121.1 Using the following table, review your organisations risk management processes, procedures and requirements for each business area and write a statement that explains current approaches.
Scope / Context of Risk Organisations Current Requirements, & Processes
Financial Audited Financial delegations in place for each level of management.
Monthly expenditure reports provided to each manager level.
Quarterly review by each manager at the next higher level.
yearly internal & yearly external Audits
Theft Industrial Relations Quality Environmental Other T121.2 Use the following table to review and document the strengths and weaknesses of current risk management processes.
Scope / Context of Risk Strengths Weaknesses
Financial Internal and external audits
Purchase order system in place.
Use of fuel cards
Preferred suppliers register Very hard to find.
Current system in place over 10 years and some new functions need to be done manually
Theft Industrial Relations Quality Environmental Other T121.3 Using the table below and the same risk areas as for T121.2 list for each risk area;
The goals / objectives of risk management in these areas
Critical success factors of the risk area that your organisation has.
Scope / Context of Risk Goals / Objectives Critical Success Factors
Financial Maintain a robust, accurate and compliant financial process that eliminates or exposes unlawfully activity. 1. Accurate reporting to government and other stakeholders.
2. Efficient use and reporting
Theft Industrial Relations Quality Environmental Other T121.4 Complete the email template below and address it to the relevant stakeholders explaining to them:
That a risk assessment is about to be undertaken;
What area or function of the business will be included in the context / scope of the risk assessment;
An invite and brief explanation of how the assessment will be conducted; and
What you are asking them to do / how they can participate.
TO: CC: FROM: DATE: TOPIC: Task 122 Identify Risks
Using your organisation/case study chosen in Task 121 undertake the following:
Select 1 business area from T121.1.
T122.1 For this business area explain who would be specifically invited to a workshop and brainstorm session to identify the risks in this context and why. Use the following table.
Risk Area of Analysis: e.g. Financial Risk
Invited for Risk Identification Process Reason for Invite.
e.g. 2nd tier manager e.g. understand interactions with Contractors
T122.2 Choose three of the following strategies and explain using 5-7 sentences each, how you would identify and research risks that may apply to the risk context you have selected in T122.1.
Brainstorming worksheets
Summaries of accident reports
A fault tree analysis
Observations
PEST Analysis
Stake analysis
Current Risk reduction processes
SWOT analysis
Use a minimum of 5-7 sentences to write your answer here.
T122.3 Identify and list at least 5 risks in relation to the risk context you have selected in T122.1.
Risk No. Risks
(Explained as a potential negative event) Cause
(Possible events or circumstances that enable risk to happen)
RSK001 RSK002 RSK003 RSK004 RSK005 RSK006 Task 123 Analyse Risks
Using your organisation/case study chosen in Task 121 undertake the following:
T123 Using the heat map provided, complete the following table for the five (5) risks that you identified in
For each risk, identify:
How likely it is to occur, (likelihood)
The potential impact of the risk. (consequence)
Rate the risk as Extreme, High, Moderate or Low.
This activity demonstrates the starting point of your Risk Register. More columns will follow in coming tasks.
Risks Likelihood Consequence Risk Rating
Copy and paste risks from T122.3 Choose from the horizontal blue cells below Choose from vertical blue cells below Likelihood x Consequence =
No. btn 1 25 (see nos in colour below)
Impact on business or Project objectives Likelihood / Probability
Time delay
(Months) Cost
($M or $K) Safety Quality < 1%
Very Low 1 1 -10%
Low 2 10-50%
Medium 3 50-90% High 4 >90% Very High 5
>6 >50 Single or many fatalities Requirements not achieved Very High
5 5 10 15 20 25
3 - 6 20 - 50 Serious injury / perm disability Huge impact on performance target High
4 4 8 12 16 20
1 - 3 5 - 20 Injury requiring hospital Minor decrease on targeted quality Medium
3 3 6 9 12 15
0.5 - 5 0.5 - 5 Medical treatment & lost time Minor decrease but fixable Low
2 2 4 6 8 10
<0.5 <0.5 First Aid no lost time Little to no impact Very Low
1 1 2 3 4 5
Task 124 Select and Implement Treatments
T124.1 You have conducted your workshop and identified and analysed the risks, now using the abbreviated Risk Register template below, determine the most appropriate control measures for these risks and who is responsible for the implementation of the treatments / controls?
You can copy and paste responses from previous table here! Risks Likelihood Consequence Risk Rating Treatments / Controls Who Responsible
T124.2 Using the following tables, devise an action plan for any 3 of the 5 risks you assessed in Tasks 123.
Action Plan 1st Risk
(Remove examples to complete this plan)
Risk Name e.g. fraudulent delivery dockets
Person responsible Manager
Best Risk treatment or control e.g. Inspections of deliveries and reconciliation of contents with deliveries and counter sign by second employee or deliverer if convenient.
Who will be advised of this plan and how so? e.g. Person in charge of deliveries, staff in immediate area and relief people
Monitoring process e.g. Inspection of all documentation pertaining to goods arriving, quarterly stock takes to ensure actual and records align.
Action Plan Action Step Who is Responsible Date for step to be completed
Train staff in process in reconciling paperwork with delivered goods. Manager 2 weeks from today
Monitor and record incorrect deliveries Manager, engaging 2IC ongoing
Determine cause and report incorrect deliveries Manager, engaging staff ongoing
Adjust /amend / counsel where needed to address insufficiencies in the treat process Manager ongoing
Action Plan 2nd Risk
Risk Name Person responsible Best Risk treatment or control Who will be advised of this plan and how so? Monitoring process Action Plan Action Step Who is Responsible Date for step to be completed
Action Plan 3rd Risk
Risk Name Person responsible Risk treatment/s Targeted Risk treatment outcome Who will be advised of this plan and how so? Monitoring process Action Plan Action Step Who is Responsible Date for step to be completed
T124.3 Complete the email template below and address it to the same stakeholders explaining to them:
That a risk assessment was undertaken;
What context / scope of the risk assessment was; an
How the assessment was conducted;
Summarise the outcome as favourable or not; and why.
TO: CC: FROM: DATE: TOPIC: T124.4 Choose one of the Action Plans above and project yourself 6 months into the future where you have collated the results of your monitoring of the treatments effectiveness and then complete the table below.
Review of Risk Treatment Effectiveness
Risk Treatment/s applied Targeted Outcome Actual Outcome Issues /Defects Causes Next steps / Actions Task 125 Written Questions (Please remember to write a minimum of 6-8 sentences for each)
T125.1 Outline the organisational procedures and processes for risk management documentation storage
Use a minimum of 6-8 sentences to write your answer here.
T125.2 Continuing to use your organisation OR a case study as decided with your trainer, you have chosen in Task 121 undertake the following:
List the relevant legislation and codes of practice in relation relevant to the organisation
Outline the purpose of the current risk management standards
Outline the key elements of current risk management standards
Risk Management Reg or Legislation Purpose of risk management standards Key elements of current risk management standards
e.g. Education and Care Services National Regulations (2011 SI 653) Provide regulatory framework for all aspects of Childcare delivery services Child's Health and Safety and wellbeing, Incidents, injury, trauma and illness, Physical environment, Staffing arrangements
T125.3 Complete the following table from ISO31000:2018 by replacing all xxx with correct terms:
1543050196850Risk Management Process
00Risk Management Process
445770076200Xxx & xxx
00Xxx & xxx
72390090805Xxx & xxx
00Xxx & xxx
18954753079115 Xxx & xxx
x
00 Xxx & xxx
x
center2362200xxx
00xxx
17716501717040xxx
00xxx
17526001288415xxx
00xxx
1762125859790xxx
00xxx
center77660500center62230Xxx, xxx, xxx
00Xxx, xxx, xxx
