FNSRSK511 - Undertake risk identification Assignment

For this question you are to follow the scenario. You are required to identify and describe the influence of an organisations policies, processes and procedures throughout the response. You need to demonstrate your understanding of the risk management process, whilst being creative in the process and simulate the information you need.The learner guide for this unit will assist you in locating the information you require to complete this question.

Scenario 1 Denny and Penny both work at Entry Finance as mortgage broking assistants. A nearby factory is undergoing renovations and debris and dust particles have blown over to the offices in the area. Denny and Penny have started to complain of dizziness, are coughing a lot and struggling to work.

Scenario 2 Entry Finance has just engaged a new cleaning company, who work at night time. Penny is usually the first one in each morning and notices they tend to leave chairs everywhere, drawers open and electrical cords in areas that could cause people to trip. Penny fixes this when she comes in first thing but has not told anyone this. One day Penny is late for work and Denny is first to arrive. He trips over an electrical cord and has to be sent to the doctors to look at his wrist.

Your task is writing a report similar to an essay including the following points to respond to the above 2 scenarios and IDENTIFY and ASSESS risk control. Currently there is no risk procedure in place at Entry Finance.

• Identify stakeholders and provide information pertinent to risk identification
• Examine organisational processes to identify risks to which organisation is susceptible
• Define organisational environment and boundaries of review in consultations withstakeholders
• Identify internal and external stakeholders to be engaged
• Apply standards for risk management as indicated by regulators to identify risks
• Review identified risk cluster elements with internal and external stakeholders
• Obtain information on risks as identified by stakeholders
• Evaluate application and effectiveness of existing controls
• Establish need for updated or new controls for identified risksRecommend amendments to existing controls and report need for new controls, asrequired