Identify the context for risk management

Assignment Help Risk Management

Reference no: EM13956111

1. Identify risks

1.1. Identify the context for risk management

1.2. 1dentify risks using tools, ensuring all reasonable steps have been taken to identify all risks

1.3. Document identified risks in accordance with relevant policies, procedures and legislation

2. Analyse and evaluate risks

2.1.Analyse and document risks in consultation with relevant stakeholders

2.2. Undertake risk categorisation and determine level of risk

2.3.Document analysis processes and outcomes

3. Treat risks 3.1. Determine appropriate control measures for risks and assess for strengths and weaknesses

3.2.Identify control measures for all risks

3.3. Refer 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

3.4.Choose and implement control measures for own area of operation and/or responsibilities

3.5.Prepare and implement treatment plans

4. Monitor and review effectiveness of risk treatments

4.1. Regularly review implemented treatment's against measures of success

4.2. Use review results to improve the treatment of risks

4.3.Provide assistance to auditing risk in own area of operation

4.4. Monitor and review management of risk in own area of operation

Assessment Task 1 Instructions

Identify Risk and Plan Risk Management

Instructions for Students

This task requires students to demonstrate the skills and knowledge necessary to identifying risk and planning risk treatment in the context of a simulated business.

To complete this assessment task, students will need to review a simulated business and associated documentation, identify and document risks, analyse and evaluate risks to determine the level of risk to the organisation, and plan to treat risk. Students will need to perform these activities in accordance with organisational requirements.

Assessment Objective

This assessment task requires candidates to demonstrate the skills and knowledge necessary to identifying risk and planning risk treatment in the context of a simulated business.

Assessment Instruction

To complete this assessment task, you will need to review a simulated business and associated documentation, identify and document risks, analyse and evaluate risks to determine level of risk for the organisation, and plan to treat risk. You will need to perform these activities in accordance with organisational requirements and the international and Australian standard for risk management.

Procedure

1. Review the simulated business information for MacVille in the Appendices of your Student Workbook.

2. Review the scenario information contained in the Appendices of this assessment task.

3. Identify the internal and external context for risk management with respect to the MacVille scenario.

4. Identify three risks using tools, for example, checklists, research notes, notes of meetings with stakeholders.

5. Analyse each identified risk to identify likelihood and consequence of each risk.

6. Determine the level of risk for each risk.

7. Consult with three stakeholders to assist your analysis and evaluation of risk. Ask questions to gather information from stakeholders.

Note: Your assessor will role-play or assign stakeholder roles to others. Ensure you arrange a time, place, or method of consultation with your assessor.

8. Weigh possible control measures for each risk, assessing strengths and weaknesses of each measure.

9. Determine control measures for each risk.

10. Determine resources and responsibilities for control of risks. Resources may include financial resources, human resources, or any equipment you determine to be necessary to implement control of risks.

11. Document process and outcomes of identification, analysis, and evaluation:

a. Write a two- to three-page reflection on the process you undertook to identify risks and plan risk management:

i. ensure you refer to specific legislation and/or key provisions of legislation relevant to risks

ii. ensure you explain how your process was consistent with organisational requirements and AS/NZS ISO 31000:2009

iii. ensure you identify tools used and explain your use of tools to identify risks

iv. ensure you explain how you used research and information gathering skills to identify risks and determine the acceptability of risk

v. ensure you explain how information from consultation with stakeholders informed your analysis and evaluation of risk

vi. ensure you explain how you weighed control options and determined controls.

b. Complete the risk register template.

c. Complete the risk treatment action plan template.

Ensure your own responsibilities and those of others are clearly recorded. Ensure you have included at least two activities that you will be able to implement in full or in part for Assessment Task 2.

Assessment Task 2 Instructions.

Implement, monitor and review risk management

Instructions for Students

Assessment Task 2 requires students to demonstrate the skills and knowledge necessary for implementing risk treatment, monitoring, and reviewing risk management, in the context of a simulated business.

Performance objective

Assessment Task 2 requires candidates to demonstrate the skills and knowledge necessary to implementing risk treatment and monitoring and reviewing risk management in the context of a simulated business.
Assessment description

To complete this assessment task, you will need to review a simulated business and its associated documentation then review the risk treatment planning you prepared for Assessment Task 1. You will then need to implement risk treatment, schedule and complete monitoring of risk treatment in accordance with your area of responsibility, and write a report containing recommendations for the improvement of risk management.

Procedure

1. Review the simulated business information for MacVille in the Appendices of your Student Workbook.

2. Review the scenario information contained in the Appendices of this assessment task.

3. Create a schedule of monitoring activities. Consider/record:

a. all controls and relevant monitoring activities
b. responsibilities, including personal responsibilities
c. performance measures (measures of success) and targets
d. key timelines for monitoring activities
e. audit requirements as specified in scenario.

4. Implement risk management activities as per the risk treatment action plan you completed in Assessment Task 1 and monitor the success of controls as required by the monitoring schedule and organisational duties.

5. Complete a risk audit report. Complete the report regarding areas of your own responsibility. Complete risk descriptions, objectives, measures for areas of others' responsibility. Submit copy of incomplete report to your assessor to receive results.

6. Receive a completed copy of the audit report from your assessor.

7. Amend the audit report if necessary for areas of your responsibility. For example, your view of the success of your control activities, such as training, procedure writing, and communications for the project team or Australian staff and managers may change if their affect on others' behaviour is short lived, not adhered to, or not ultimately effective in reducing or eliminating risk.

8. Based on your analysis of the completed audit report, produce a one- to two-page report for continuous improvement. Include at least three recommendations for improvement of risk management in the organisation. Attach the final audit report to report on continuous improvement.

9. Submit documentation in accordance with specifications below. Ensure you keep copies of your work for your own records.

Attachment:- Appendices.rar

Reference no: EM13956111

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