BSB52015 Diploma of Business
BSBRSK501 Manage Risk
Date of Submission
This project will enable you to produce end products suitable for use in the work place.
Design, develop and document a risk management plan related to:
- the reduction of accidents, illness or incidents relating to worker or general public safety
- the prevention of operational discontinuity
- the need for new or innovative improvement/ changes in processes or procedures (and the associated risks)
- environmental impact issues—including resource use and management
You might choose another risk area relevant to the organisation for which you work. If you do you will need to describe the organisation and the risk being addressed in terms of industry sector requirements.
Give clear and succinct reasons for initiating and implementing the risk management plan.
You will need to:
- Establish the context of the risk.
- Identify the risk/s.
- Analyse the risks.
- Select and plan risk management treatments.
Describe the processes followed to address all of the settings:
- any current risk management policies, procedures and processes and their strengths and weaknesses
- the risk management scope
- the impact that each of the following has on the organisation’s approach to risk management:
- political environment
- economic climate
- social factors
- legal factors
- technological advancements
- policy context
- tools and techniques that can be used to identify, measure (quantify) and analyse (assess) risks
- critical success factors, goals or objectives
- relevant legislation, regulations or codes of practice
- internal and external stakeholder groups and their issues
- communication with each stakeholder groups
- support that will be needed in order for the risk management plan to be effective
- procedures for prioritising risk treatments
Format your risk identification, analysis and improvement plan/ proposal (or action plan) in a manner that would be accepted by senior management. Ensure that all risk scenarios are addressed and catered for.
- the plan
- answers to the questions
- the plan rationale
- tools used in the assessment process and in the plan design process
- any relevant support information, charts, graphs etc.
The plan must clearly describe the risk, proposed actions, resource needs, responsible persons, time frames, deadlines, expected outcomes and success metrics.
Plans should be accompanied by relevant statistics, evidence of the analysis of data/ information, graphs, charts and tables and any relevant background information. (Minimum 2,000 words)
Please address all the following questions:
1. What is the situation?
2. What are the risks associated with the situation?
3. How were the risks identified and assessed?
4. What controls currently exist?
5. What is the desired situation?
6. What are the risks associated with the desired situation?
7. How have they been identified and assessed?
8. How does the risk management plan act to reduce the impact or consequences of the risk/s?
9. Does it introduce any new risks?
10. Who will the plan benefit and how will it be of benefit?
11. Why should the organisation support it? (consider qualitative and quantitative benefits, costs, PR, safety etc.)
12. What resources and what personnel would be involved in developing, implementing and monitoring the planned risk controls?
13. What are the cost factors involved?
14. How would you ensure that the risk treatment was sponsored and supported by the organisation?
15. Whose authorisation would you need in order to go ahead with your plan?
16. How would you determine performance expectations?
17. How will you monitor the operation of the plan?
18. Who would be responsible for monitoring the risk controls and why would this person (people) be most suited to the task?
19. How will you measure its success? (i.e. what measurement processes will you use and what will you measure its success against?)