BSBOPS504 Manage Business Risk Assessment

Assessment Task 1: Knowledge questions

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. 

Provide answers to all of the questions below:

1. Explain the risk management process. You may answer using a labelled diagram or in words (or both) and must include: (250 – 300 words in total)

• a definition of risk management.
• a list or illustration of the steps in a risk management process.
• a description of what each step involves.

2. Describe a current risk management standard. In your answer: (250 – 300 words in total)

• name the standard.
• explain the purpose of the standard.
• list key elements of the standard.

3. Complete the table below to describe the types of business risk.

• Type of risk
• Strategic risk
• Compliance risk
• Financial risk
• Operational risk

4. Complete the table to explain three different tools/techniques that may be used to identify risk. The first row has been completed as an example for you to follow.

5. Explain four options that a company could use to take to mitigate risks. (4 sentences)

6. Explain how legislation and its related regulatory requirements relate to risk management. In your answer: (300-350 words in total)

• identify two different legislations and their related regulatory requirements that may apply to risk management.
• for each legislative requirement, explain how it relates to risk management.

7. ISO 31000:2009 is a Risk Management Standard. Explain the purpose and key elements of the most current Risk Management Standard. (60-80 words)

8. Complete the table below to summarise how policies, procedures and process relate to risk management.

Policy/procedure/process

Description –How do these policies and procedures relate to risk management? 

(An example is provided or your reference- Organisations may have a separate Policy, procedure and process for risk management or may factor risk management into each Policy, procedure/ process created)

Example: WHS policy and procedure

Example: These address requirements from WHS legislation and specify practical ways to keep workers safe and free from harm.

WHS policies and procedures will minimise the risk of injury. More recently businesses have to comply with adding in a Covid safe plan and procedure to minimise the risk for their employees and clients.

Assessment Task 2: Project

In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project.

You will need access to:

• A suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
• Access to legislation, regulation, standards, and codes related to risk management.
• Workplace documentation and resources relating to risk management.
• Your learning resources and other information for reference 
• Project details built into this assessment kit

Assessment Activities

1. Carefully read the following:

This project requires you to lead at least one risk management process for an organisation or work area. To do this, you will:

Assessment Activities

• Determine scope of the chosen risk management project
• Evaluate organisational procedures, processes and legal requirements for managing risk
• Establish objectives, success factors and resources
• Communicate with two stakeholders to identify and assess risks.
• Analyse the external and internal environment in relation to risk management.
• Analyse with stakeholders the likelihood and impact of the three risks identified.
• Use digital technology to calculate the risk value and risk priority.
• Prepare and communicate action plan for one selected risk
• Monitor and evaluate risk management process.

You will be collecting evidence for this unit in a Project. The steps you need to take are outlined below. This project can be based on:

Option 1 – Your workplace:

It is important that you are able to access enough information from your chosen workplace/business in order to be able to complete the assessment task. 

You must have access to:

• Existing workplace documentation related to legislation, regulation, standards, and codes relating to risk management
• Workplace documentation and resources relevant to risk management.

You will also need to seek input from people who work for, or are involved, in this business several times.

Option 2 – Case study

If you are basing this assessment on the case study, all the information needed to complete the assessment is contained in the simulation pack.

Section 1: Establish risk context

1. Determine scope of the chosen risk management project

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation.
• Provide 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?
  • 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)?

2. Evaluate organisational procedures, processes, and legal requirements for managing risks.

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation.
  • Review thoroughly the procedures and processes for managing risks and carry out a detailed evaluation of the same. Your evaluation must:
  • Describe the adequacy of the procedures and process to manage risk.
  • Systematically assess the procedures and policies to check for their relevance in managing risks in current business context? Have all risks been factored in the current context or do procedures and process need updating?
  • Should a risk occur would the current procedures and process address the risk sufficiently?
  • Considering your chosen risk management project, name 2 legal requirements that need to be complied with.

3. Establish objectives, success factors and resources.

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation
  • 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.

4. Communicate with two stakeholders to identify and assess risks.

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation.
  • Stakeholder 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 are the possible issues a 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)? Provide 2 possible issues for 2 stakeholders.
  • Communicate with relevant stakeholders.
  • Communicate with two stakeholders the risk management process and using this opportunity also invite them to participate in the risk identification process.
  • Attach proof of your communication with stakeholders (e.g., draft email)

5. Analyse the external and internal environment in relation to risk management.

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation.
  • 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
  • Strengths (list 5 or more)
  • Weaknesses (list 5 or more)

Section 2: Identify and analyse risk

1. Analyse with stakeholders the likelihood and impact of the three risks identified.

Meet with the two stakeholders you identified as part of Section 1.

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.

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, family and friends may play the role of one or more team members. 

You will need to video record the session. For how to create and upload an unlisted YouTube Video refer to Annexure 1.

Plan to discuss risks with identified stakeholders. Use the tables provided to assist with your meeting.

a. At the meeting you will collaboratively choose three risks to focus on.

• List what you plan to discuss (e.g., brainstorm possible risks and identify three risks, assess risks, risk treatments, risk 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? 

b. Based on the meeting conducted complete the tables below to assess the identified risks. Also provide the information collected from stakeholders in the meeting. Scale for Likelihood – 1-4 ( Rare, Unlikely, Likely, Very Likely) and Impact 1-4 ( Minor, Moderate, Significant, Catastrophic)

c. Research risks

• Research and summarise 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.). List the treatment options available to you for each of the three risks.

2. Use digital technology to calculate the risk value and risk priority.

To do this, you need to:

• Complete the table below

Section 3: Implement and monitor risk treatment

1. Prepare and communicate action plan for one selected risk.

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.

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.

If you are basing this on the case study, information is provided in the simulation pack.

• Complete the action plan below for ONE of your selected risk treatments (in your Risk register in Section 2).
• Attach proof of communication of your action plan to relevant parties (each person responsible for each step of the action plan- e.g. email with attachment of action plan)
• Implement your action plan.
  • Is there any organisational policy and procedure requirements to implement your risk management action plan? Refer to your own workplace or case study. If there are requirements, pleased explain briefly, if not what is your recommendation?
• Attach proof of implementation of your action plan – example status update of the action plan. If this is an assumption, how would you provide for updates to the action plan to showcase evidence of implementation?

2. Monitor and evaluate risk management process

To do this, you need to:

• Read and respond to the questions below related to you chosen organisation.
  • 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 your identified risks still relevant?
  • Have your risk treatments been successful?
  • Are there any new risks identified?
  • How satisfied are your stakeholders with you action taken to manage risks?
  • Are your selected treatment options still in line with best practice?
  • Is any other risk treatment necessary?
  • Attach: Evaluation report of three risks.
  • Write a report on the outcomes of the evaluation and attach it to this section. Your report must 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.

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