Reference no: EM132456592

BSBRSK401 Identify Risk and Apply Risk Management Processes - Mentor Education

Exercise 1:

Question 1. Explain what is meant by risk management

Question 2. Risks can be identified in many different contexts depending on the work situation, local industry and regions. List three (3) contexts where risks may need to be managed in the workplace:

Question 3. Complete the following sentence.

Your risk management treatments will need to be _________________ and __________________.

Question 4. Give three (3) risk identification tools:

Question 5. Explain the difference between an internal risk and an external risk:

Question 6. Give two (2) risks that Gail could potentially plan for:

Question 7. Identified risks do not have to be documented, just noticing them is enough.

Question 8. Explain the definition of a stakeholder, and who that may include.

Question 9. Explain how you would consult relevant stakeholders.

Question 10. List five (5) relevant stakeholders who may need to be consulted when analysing and documenting risks:

Question 11. Once risks have been identified they need to be categorised to determine their level of risk. List the five (5) levels that you can rate the likelihood of a risk eventuating:

Question 12. Explain why it is important to prioritise and determine the level of risk.

Question 13. True or false. Circle the correct answer.
An overall risk rating is determined by multiplying impact by likelihood.

Question 14. Give five (5) main treatment strategies in how to approach and handle risks.

Question 15. Complete the following sentence.

Controls are the __________________, __________________ and __________________ used to treat, or manage, risks.

Question 16. List some of the strengths and weaknesses of choosing your control measure types.

Question 17. Explain the risk audit method when monitoring risks.

Question 18. Multiple choice; Circle the correct answer.
Explain what you would do if you identify a risk that could have an impact beyond your own work responsibilities and area of operation?
a) Continue working as you normally would
b) Call the emergency service
c) Refer the risks to others as per policies and procedures
d) Try to reduce the risk yourself

Question 19. Explain how you would ensure that you are detecting as many risks as possible.

Question 20. Give three (3) examples of the smaller organisation golden rules.

Question 21. True or false? Circle the correct answer.
You mustn't ensure all relevant areas of your organisation or business are aware of the risks that may impact them.

Question 22. Complete the following sentence.
A risk treatment __________________ is a document defining how risk__________________ and
__________________ are to be implemented to treat particular risks or risk events.

Question 23. Multiple choice; Circle the correct answer.
At the completion of your pro¬ject or business activity you will want to see all of your risks closed in the risk register. Each risk must meet one of the following criteria to be closed:

a) The risk was successfully prevented from occurring
b) The risk did not occur
c) The risk occurred and was treated
d) All of the above

Question 24. Explain why it is important to monitor and review your risk treatments for the lifecycle of the project, and once they are complete.

Question 25. Explain a simple yet effective way of how you would review risk treatments.

Question 26. True or false? Circle the correct answer.
The person given responsibility for the risk treatment is also usually responsible for the treatment monitoring and review. This person should not be responsible for communicating the results of the review to the concerned stakeholders and other areas that could benefit from this knowledge.

Question 27. Explain two (2) steps to provide assistance to auditing risks in your own area of operation, and explain how you would achieve this.

Question 28. Give three (3) primary purposes of monitoring and review.

Question 29. Give five (5) questions you could ask yourself to complete the risk management review.

Question 30. Describe how you would comprehend documents and texts of varying complexity to extract and analyse relevant information.

Question 31. Explain how you would use specific, industry related terminology and logical organisational structure in the workplace documents that identify and analyse risk and report management process outcomes.

Question 32. How would you participate effectively in interactions with stakeholders by using questioning and listening to elicit opinions and clarify understanding?

Question 33. Explain how you would use numerical tools to assess risk and use numerical data to review plans

Question 34.
a) Why is it necessary to comply with organisational and legislative requirements?
b) Describe how would you take responsibility for identification and management of risk within your own work context and refer matters to others as required?

Question 35. How would you select appropriate communication protocols and conventions when conferring with others to establish risk management requirements?

PORTFOLIO INSTRUCTIONS

Case Study:

You are to assume the role of a loyal and long-term sales supervisor who manages a fun and energetic sales team of six at a successful family owned stationery and office requirements business. You have a wealth of experience and knowledge in the industry. It is your role to ensure the sales team are actively and successfully seeking new business while maintaining their existing clients and looking for ways on how to improve the services. Most of the customer contact is made over the phone, with one sales representative on the road who visit's clients.

The sales team reports back to you with this month's customer feedback. It is obvious there is an enormous growth in mistakes. A number of clients have complained about picking errors or not receiving their deliveries at all.

Brian, the Director of the family business, is apprehensive that clients will abandon the company and sales will decline. Both Brian and you know you have to take measures to ameliorate their services.

You are required to record the processes and steps he/she would take to carry out this task by working through the performance criteria listed for this unit.

You are to supply at least one example of evidence of the ability to:
• relevant legislation, regulations, standards and codes
• relevant workplace documentation and resources
• case studies and, where possible, real situations

For you to be deemed competent in this unit of competency the following activity needs to be satisfactorily completed and supporting evidence supplied at least once.

The case study below can be used to augment your delivery of the evidence required. Ensure that your responses to the delivery of the evidence are in agreement with the performance criteria for this unit of competency.

Identify risks
• By identifying the context for risk management
• By identifying risks using tools, ensuring all reasonable steps have been taken to identify all risks
• By documenting identified risks in accordance with relevant policies, procedures, legislation and standards

Analyse and evaluate risks
• By analysing and documenting risks in consultation with relevant stakeholders
• By undertaking risk categorisation and determine level of risk
• By documenting analysis processes and outcomes

Treat risks
• By determining appropriate control measures for risks and assessing for strengths and weaknesses
• By identifying control measures for all risks
• By refering risks relevant to whole of organisation or having an impact beyond own work responsibilities and area of operation to others as per established policies and procedures
• By choosing and implementing control measures for own area of operation and/or responsibilities
• By preparing and implementing treatment plans

Monitor and review effectiveness of risk treatment/s
• By regularly reviewing implemented treatment/s against measures of success
• By using review results to improve the treatment of risks
• By providing assistance to auditing risk in own area of operation
• By monitoring and reviewing management of risk in own area of operation

Attachment:- Identify Risk and Apply Risk Management Processes.rar