Reference no: EM131245932 , Length: word count:2000

Task 1 - Theory: Short Answer Questions

Task 1 requires the Learner to demonstrate their knowledge of managing risks in a range of contexts across an organization or for a specific business unit or area in any industry setting. To enable you to do this, answer the following questions. If you require more space, use your own paper placing your name and group identifier at the top and the question number beside your answer.

a. Outline the purpose of key elements of current risk management standards.

b. Outline the legislative and regulatory context of the organization in relation to risk management.

c. Outline organization policies, procedures and process for risk management either for the simulated business Bounce Fitness or for your own organization.

Task 2 - Practical: Risk Management Plan

This Task requires you to develop a risk management plan. To do this you may choose a risk posed in your organisation or use a potential risk posed by the simulated business. Bounce Fitness.

If you choose to use a risk from your organization, you must supply copies of any organisational documents to which you refer as part of your evidence for your Assessor. The risk you select must be one that could present a real concern to your organization. The final risk management plan must be in the format required by your organisation. Where appropriate, use and make references to the AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines.

If you are using the simulated business, select a risk that could be posed by the Bounce Fitness corporate marketing plan. The final risk management plan must be in an appropriate format. You will be able to find several examples of risk management plans online.

Regardless of which model you choose to use, to enable you to meet the standards required by this competency, ensure that you include the following in your plan:

a. Review the processes, procedures, and requirements for undertaking risk management and discuss each for the organization you have chosen. Identify an explain how the AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines could be used as part of the plan.

b. Determine the scope for this risk management protect.

c. Identify the internal and external stakeholders, and the possible issues that they may have.

d. Review the political, economic, social, legal, technological, and policy contexts in relation to managing risk for this risk

e. Review the strengths and weaknesses Include hard copies as evidence.

f. Create a list of critical success factors, goals and objectives in the area included in the scope.

g. Discuss who you will request for support and how you will do this. Include hard copies as evidence.

h. With whom will you communicate and invite to participate in this risk management process? How will achieve this? Include hard copies as evidence.

i. How will you invite relevant parties to assist in the identification of risks? Include hard copies as evidence.

j. What are the risks that may apply to scope? How did you research these? Include hard copies as evidence.

k. What tools and techniques did you use to generate the list of risks that apply to the scope and with whom did you consult regarding this?

l. How did you assess likelihood of risk occurring? Include hard copies as evidence.

m. How did you assess impact or consequence if risk occurs? Include hard copies as evidence.

n. How did you evaluate and priorities risk for treatment? Include hard copies as evidence.

o. How did you determine and select the most appropriate options for treating the risks that you have chosen to work with? Identify which insurer and insurance policies you could engage and purchase, and explain how they could assist with any risk minimization. Include an insurance proposal from your nominated insurer.

p. Include a hard copy of your action plan for implementing the risk treatment. The action plan must include:

• What actions are required?
• Who is taking responsibility?
• Time lines
• Monitoring processes.

q. How will you communicate the risk management processes to relevant parties? Who are the relevant parties? Include hard copies as evidence.

r. How did you ensure all documentation is in order and appropriately stored?

s. How will you implement and monitor the action plan? Include hard copies as evidence.

t. How will you evaluate the risk management process? Include hard copies as evidence.

u. Discuss the legislation. Codes of Practice and national standards that you will have to consider in developing and implementing this risk management plan.