Reference no: EM133510594

Manage business risk - Diploma of Marketing and Communication

Question 1

Identify the following relevant to risk management, as applicable to your organisation:
• At least two legislations
• At least two regulations
Briefly explain how each legislation and regulation affects risk management processes in your organisation.

Question 2
Identify the following items in relation to risk management and document storage in your organisation.
A. Risk management
a. At least one policy
b. At least two corresponding processes under the policy
c. At least two corresponding procedures to carry out the processes
B. At least two document storage requirements as per the risk management policy

Question 3
Define the following types of business risks.

a. Economic Risk
b. Compliance Risk
c. IT Security Risk
d. Financial Risk

Question 4
Define each of the following options for treating risks

Options for Treating Risks
1. Risk avoidance
2. Risk reduction
3. Risk sharing
4. Risk acceptance

Question 5
For each of the following specific ISO 31000 standards, identify their purpose and at least two key elements.
a. ISO 31000:2018: Risk management: Guidelines
b. IEC 31010:2019: Risk management: Risk assessment techniques

ISO 31000:2018: RISK MANAGEMENT: GUIDELINES
PURPOSE
Identify what this standard aims to do, i.e. the scope of the standard.
ELEMENTS
Outline at least two principles that this standard outlines.

IEC 31010:2019: RISK MANAGEMENT: RISK ASSESSMENT TECHNIQUES
PURPOSE
Identify what this standard aims to do, i.e. the scope of the standard.
ELEMENTS
Outline the purpose of at least two components of risk assessment as outlined in this standard. Use bullet points.

Question 6
Explain how the following tools and techniques are used to identify risks for scoping risk management processes:
1. Tools
a. SWOT Analysis
b. PESTLE Analysis

2. Techniques
a. Documentation review
b. Brainstorming
TOOLS
SWOT Analysis
PESTLE Analysis
TECHNIQUES
Documentation review
Brainstorming

Assessment 2-Practical Assessment

Project Overview
This Simulation environment project requires you to lead at least one risk management process for an organisation or work area.
This assessment is divided into five tasks:
• Task 1: Establish the Risk Context and Research Risks
• Task 2: Consult with Stakeholders to Identify Risks That Apply to Scope
• Task 3: Analyse Risks and Develop Risk Treatment Schedule and Plan
• Task 4: Consult with Stakeholders to Confirm Risk Analysis and Treatment Plan
• Task 5: Implement and Monitor Risk Treatment
This project requires you to complete the assessment tasks in a simulated environment where the conditions are typical of those in a working environment in this industry.
Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation as evidence of task completion.
Before starting this assessment, your assessor will discuss with you these tasks, including instructions, resources, and guidance for satisfactorily completing them.
You are required to:
• Complete the tasks within the time allowed, as scheduled in-class roll.
• Establish the risk context and researching risks
• Consult with stakeholders to identify risks that apply to scope
• Analyse risks and develop a risk treatment schedule and plan
• Consult with stakeholders to confirm the risk analysis and treatment plan
• Implement and monitor the risk treatment

Task 1: Establish the Context and Identify Risks
Assessment Instructions
This task will require you to prepare a Risk Management Report. You will use the Risk Management Report in Simulation environment Project Task 2 to identify risks that apply to the scope.
Use the Risk Management Report template provided on Appendix section at the end of this assessment workbook
To complete this task, you must:
• Identify one business risk area that your organisation may be exposed to.
The business risk area may be any of:
o Customer engagement
o Escalations
o Privacy
o Security
o Work health and safety (WHS)
• Access organisational documents or sources and identify the following details for your organisation in relation to the business risk area you identified:
o At least two processes
o At least two procedures
o At least two requirements

These details must relate to the risk management process followed by the organisation in the identified business risk area.
• Evaluate the identified organisational processes, procedures, and requirements to establish the context of risk management in your organisation and determine:
o The scope of the risk management process
o The context of the risk management process, in terms of:
• Political context
• Economic context
• Social context
• Legal context
• Technological context
• Policy context
o At least two relevant stakeholders of the risk management process
These may include competitors, customers, employees, industry groups, suppliers.
• Identify at least two existing arrangements that follow the risk management process.
Existing arrangements are risk management policies, procedures, and processes that are currently followed in the organisation.
• Identify and review at least two strengths and two weaknesses of each existing arrangement.
• Identify the following for the area included in the scope:
o At least two critical success factors
o At least two goals
o At least two objectives
• Research and identify at least three risks that may apply to the scope you determined.
• Prepare a Risk Management Report including all items listed above.
o Outline the written sources of information accessed to develop the Risk Management Report.
o Include annexures for the following:
• Extracts of organisational processes, procedures, and requirements related to risk management.
• Copies of sources of research to identify risks that apply to scope.
• Leave blank all sections which carry instructions to update after stakeholder consultation and negotiation.
• Communicate the Risk Management Report to at least two relevant stakeholders.
In the communication, invite the stakeholders to assist in identification and agreement of business risks that may apply to the scope of the risk management process.
These may be the same stakeholders of the risk management process you identified earlier
Review Simulation environment Project Task 1 - Assessor's Checklist before starting this task. This form outlines the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task.
Submit the partially completed Risk Management Report to your assessor. Also submit any supplementary documents or sources accessed to complete this task.
You must also submit evidence of communication of the Risk Management Report to at least two stakeholders of the organisation, inviting them to assist in identification of risks.
Evidence must be at least one of the following:
• Email correspondence
• Meeting minutes
• Video recording of the meeting conducted with the stakeholders
When using this as evidence, ensure to inform the stakeholders of the purpose of the recording before doing so.

Task 2: Consult with Stakeholders to Identify Risks That Apply to Scope
Assessment Instructions
This task will require you to conduct a meeting with at least two stakeholders you invited in Simulation environment Project task 1 to assist in identification of risks.
Your assessor will observe you as you consult and communicate with the stakeholders.
You will be assessed on your practical skills to:
• Explain the risk management process.
This must be the same risk management process followed by your organisation that you identified in Simulation environment Project Task 1.
• Present the researched risks that you identified in Simulation environment Project Task 1.
• Consult and negotiate with the stakeholders on the following items you identified in Simulation environment Project Task 1:
o At least two risk management processes
o At least two risk management outcomes
o At least three risks that apply to scope.
You must:
o Ask the stakeholders for their views on the risks you have presented.
o Where there is a difference of opinion, negotiate with the stakeholders to include the items in the risk management process.
• Reach consensus on at least three risks that apply to scope.
• Select appropriate conventions and protocols when communicating with the stakeholders.
Appropriate communication techniques must be observed throughout the meeting.
After the meeting, you must update the Risk Management Report you prepared in Simulation environment Project Task 1 to include the outcomes of consultation and negotiation with the stakeholders on:
• At least two risk management processes
• At least two risk management outcomes
The three business risks the stakeholders and you agreed on during the meeting/presentation.
Review the following before starting this task:
• Simulation environment Project Task 2 - Assessor's Checklist
• Simulation environment Project Task 2 - Observation Form
These forms outline the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
• All practical skills you need to demonstrate to satisfactorily complete the observation task.
Your assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment.
Submit the updated Risk Management Report to your assessor.
You must also submit any of the following written presentation materials that you used to discuss the risks that apply to scope:
• PowerPoint presentation
• Handouts
It is recommended to have your assessor review first the presentation material you will use before presenting with the key stakeholders to ensure that all information is covered.

Task 3: Analyse Risks and Develop Risk Treatment Schedule and Plan
Assessment Instructions
This task will require you to analyse the risks you identified in Simulation environment Project Task 2 and develop a risk treatment plan for at least two risks.
Use Risk Register and Risk Treatment Schedule and Plantemplate provided on Appendix section at the end of this assessment workbook
To complete this task, you must:
• List at least three risks you identified in Simulation environment Project Task 2 in the Risk Register. For each identified risk:
o Provide a risk description
This must conform with the risk description in the updated Risk Management Report from Simulation environment Project Task 2.
o Assess the likelihood of the risk occurring
o Assess the impact or consequence if the risk occurs
o Assign an initial risk rating to the risk
o Assign a priority level for each risk based on its risk rating.
o Identify at least two possible control measure for treating the risk.
o Identify the current treatment to manage the risk
• Access and review organisational documents or sources that contains information on the current treatment implemented for each risk identified.
• Partially complete the Risk Treatment Schedule and Plan with:
o The identified risks
Write the risks in order of the priority ratings identified in the Risk Register.
o Risk treatment option
Identify whether to avoid, reduce, transfer, or accept the risk.
o Risk treatment actions
o Personnel responsible for implementation of treatment activity
o Target date for implementation
o At least one expected outcome of implementation
Each outcome must be SMART (Specific, Measurable, Achievable, Relevant, Timebound)

o You must leave the following sections blank:
• Risk Monitoring
• Evaluation of Implementation
• Areas of Improvement
o You must submit, as supplementary evidence, copies of the sources of information on current treatment to manage the risks you identified.
Review Simulation environment Project Task 3 - Assessor's Checklist before starting this task. This form outlines the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. Use the Risk Register and Risk Treatment Schedule and Plan templates provided at the Bounce Fitness site.
Submit the following to your assessor:
• Completed Risk Register
• Partially completed Risk Treatment Schedule and Plan templates
Include any supplementary documents/sources used to create the Risk Register template, such as:
• Organisational documents such as business plans or similar, with relevant objectives and practices for risk management
Printed or online sources relevant to risk management issues, practices, or requirements, including government websites

Task 4: Consult with Stakeholders to Confirm Risk Analysis and Treatment Plan
Assessment Instructions
This task will require you to:
• Conduct a meeting with at least two stakeholders to consult and confirm your risk analysis and treatment schedule and plan you completed in Simulation environment Project Task 3.
• Communicate the updated Risk Management Report to at least two relevant parties.
A. Conduct a meeting with at least two stakeholders
Your assessor will observe you as you consult and communicate with the stakeholders.
You will be assessed on your practical skills to:
• Explain the risk management process.
This must be the same risk management process you identified in Simulation environment Project Task 1.
• Present your risk analysis and treatment schedule and plan you completed in Simulation environment Project Task 3. You must explain the following:
o Completed Risk Register.
o Partially completed Risk Treatment Schedule and Plan.
• Consult and negotiate with the stakeholders to assess each risk identified in both templates from Simulation environment Project Task 3.
You must ask the stakeholders for their views on the risk assessment, risk treatment schedule and plan you have presented, and the risks you have selected for treatment. Where there is a difference of opinion, you must negotiate with the stakeholders to reach agreement.
• Reach consensus on the risk assessment and treatment schedule and plan you have presented.
• Select appropriate conventions and protocols when communicating with the stakeholders.
Appropriate communication techniques must be observed throughout the meeting.
B. Communicate the updated Risk Management Report to at least two relevant parties
After the meeting, you must:
• Update the Risk Management Report you previously updated in Simulation environment Project Task 2 to include the Risk Register and Risk Treatment Schedule and Plan as annexures.
• Communicate the updated Risk Management Report (including Risk Register and Risk Treatment Schedule and Plan as annexures) to at least two relevant parties.
Relevant parties refer to individuals or groups such as accreditation bodies, auditors, risk managers.
Review the following before starting this task:
• Simulation environment Project Task 4 - Assessor's Checklist
• Simulation environment Project Task 4 - Observation Form
These forms outline the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
• All practical skills you need to demonstrate to satisfactorily complete the observation task.
Your assessor will discuss these resources with you, and the criteria outlined in these forms prior to this assessment.
Submit the updated Risk Management Report (including Risk Register and Risk Treatment Schedule and Plan as annexures) to your assessor.
Submit any of the following written presentation materials that you used to discuss the risks that apply to scope:
• PowerPoint presentation
• Handouts
It is recommended to have your assessor review first the presentation material you will use before presenting with the key stakeholders to ensure that all information is covered.
You must also submit evidence of communication of the updated Risk Management Report to at least two relevant parties.
Evidence must be at least one of the following:
• Email correspondence
• Meeting minutes
• Video recording of the meeting conducted with the relevant parties
When using this as evidence, ensure to inform the stakeholders of the purpose of the recording before doing so.

Task 5: Implement and Monitor Risk Treatment Plan
Assessment Instructions
This task will require you to:
• Implement risk treatment for at least two risks in your Simulation environment, based on the Risk Treatment Schedule and Plan you agreed with relevant stakeholders in Simulation environment Project Task 4.
• Monitor and evaluate the risk management process to identify areas of improvement.
Use Risk Treatment Schedule and Plan template provided at the Bounce Fitness site.

PART A: Implement Risk Treatment Plan
To complete this task, you must:
• Access and identify the following details for your organisation:
o At least two policies for risk treatment implementation
o At least two procedures for risk treatment implementation
• For each risk:
o Implement the risk treatment actions identified in the Risk Treatment Schedule and Plan, according to the organisational policies and procedures you have identified.
o Update the Risk Treatment Plan section of the Risk Treatment Schedule and Plan with the Actual Date of Implementation.

PART B: Monitor Risk Treatment Plan
To complete this task, you must:
• Monitor the implemented risk treatment actions on at least two occasions.
• For each monitoring occasion, update the Risk Monitoring section of the Risk Treatment Schedule and Plan with the following:
o Risk Treatment Action
o Date of Monitoring
o Actual Outcomes
• After the second monitoring occasion:
o Evaluate the implementation of the Risk Treatment Plan section of the Risk Treatment Schedule and Plan by comparing the actual outcomes against the expected outcomes.
• Identify at least one favourable outcome
A favourable outcome is where the actual outcome was better than expected
• Identify the reason for the favourable variance
• Identify at least one unfavourable outcome
An unfavourable outcome is where the actual outcome was worse than expected
• Identify the reason for the unfavourable variance
o Identify at least two areas of improvement in the risk management process based on the actual outcomes of the implementation.
o Provide a reason for selecting each area of improvement
Review Simulation environment Project Task 5 - Assessor's Checklist before starting this task. This form outlines the following:
• Resources you are required to access to complete the task.
• All criteria your submission must address to satisfactorily complete this task.
Your assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment.
Review the template you will use to complete this task. Use the Risk Treatment Schedule and Plantemplate provided on Appendix section at the end of this assessment workbook
Submit the updated Risk Treatment Schedule and Plan to your assessor.
You must also submit evidence of implementation of risk treatment. This can include:
• Evidence of communication/consultation to key personnel and/or stakeholders
• Evidence of Simulation environment training conducted
• Copies of instructions provided to relevant stakeholders on how to implement the specific action item (e.g. instructions for proper handling of equipment)
• You must also submit, as supplementary evidence, copies of the organisational policies and procedures for risk treatment implementation.

Attachment:- Risk-Management-Report-Template.rar