BSBOPS504 Manage Business Risk Project

Activities

Complete the following activities:

1. 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 be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

2. 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 it’s 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.

3. 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.

  This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to organisational policy and procedures.

  If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.

  For the case study, refer to the internal communication policy and procedures for further guidance.

  • 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.

  4. Identify and analyse risk

  Complete Section 2 of your Project Portfolio. To do this, you need to:

  • plan to discuss risks with invited stakeholders.

  Make sure you are ready to use the tool/technique identified in your planning and the risk scale identified at the end of step 3.

  • 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.

  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.

  • 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.

  5. 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.

  This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to your organisational policy and procedures and the instructions in the Project Portfolio.

  If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.

  For the case study, refer to the internal communication policy and procedures for further guidance. Use verbal communication to communicate the action plan (e.g. either via telephone call, video conference or face-to-face meeting). This should take 5 minutes. Classmates or your assessor may play the role of the stakeholders.

  Role-plays can either be viewed in person by your assessor or you may video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you 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 Portfoliofollow organisational policy and procedures to implement one step of your action plan (e.g. do research, request quote).

  If you are using the case study business, assume that one step in your action plan is to request quotes for RPA systems for invoice capturing. This may for example be through a chat functionality on a website, or drafting an email to a sales representative of an AI business.

  maintain your risk management documentation to indicate completion of the step (e.g. mark a step in your action plan as completed).

  If your organisation’s policy and procedures do not specify how to maintain risk documentation, assume that action plans must be updated to show completion of each action/process or task (as per the Simulation Pack Internal communication policy and Procedure).

  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.

  • 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.

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