Purpose of the current national risk management standards

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Reference no: EM132754051

BSBRSK501 Manage Risk - Australian Vocational Training Institute

Assessment Event 1 - Knowledge Questions

Question 1
Outline the purpose of the current national risk management standards.

Question 2
Outline the principles of the current national risk management standards.

Question 3
Outline the risk management framework of the current national risk management standards.

Question 4
Outline the risk management process of the current national risk management standards.

Question 5
Outline the legislative and regulatory context of SmarTech in relation to risk management.

*Legislative & Regulatory Context*	*Legislation / Regulation / Codes / Standards*	*Explanation*
*Duty of care*
*Company law*
*Environmental law*
*Industrial relations*
*Contract law*
*Privacy and confidentiality*
*Discrimination, access and equity*
*Intellectual Property*

Task 2: Identify and Confirm Risks

In this task, you will identify the risks using relevant tools and techniques in consultation with your Risk Manager (your Assessor).

2.1 Research risks that may apply to scope

2.2 Use tools and techniques to generate a list of risks that apply to the scope

2.3 Communicate with the Risk Manager in the identification or risks

Upon the receipt of the feedback from your Risk Manager (your Assessor), make the necessary adjustments to your Risk Assessment Plan. Also, attach the email exchange with this manager.

Task 3: Analyse and Evaluate Risks
In this task, you will analyse and evaluate the risks you identified in Task 2. You will then prioritise these risks for treatment.

3.1 Assess likelihood, impact and consequence of risks

3.2 Evaluate and prioritise risks for treatment

Task 4: Treat and Monitor Risks
In this task, you will develop an action plan for implementing the risk treatment. You will then communicate your draft Risk Management Plan to the two stakeholders, the Chief Executive Officer (CEO) and the Chief Risk Officer (CRO), to gain input on the finalisation of your initial Risk Management Plan.

You will then monitor the outcomes of your action plan based on the outcome of your risk treatment, and update your Risk Management Plan accordingly in order to finalise the risk management process.

Note that in this task, you are required to use the Risk Treatment and Action Plan template in accordance to the Policy.

4.1 Create the Risk Treatment and Action Plan

4.2 Create an Implementation Plan
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4.3 Communicate risk management processes to relevant parties
In this task, you will interact with two stakeholders, CEO and CRO, to gain input and finalise the risk management process.

4.4 Monitor and evaluate the outcomes of the risk management process
Refine your Risk Management Plan in accordance to the feedback provided by the stakeholders and the result set sent by your Risk Manager.

This update will involve revising your Risk Assessment Plan and the Risk Treatment and Action Plan.

Attachment:- Assessment.rar

Reference no: EM132754051

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