Reference no: EM133032117
BSBRSK501 Manage Risk
Assessment 1 - Written Responses
a. Explain why you (representing the organisation) would review its existing risk management practices (policy, procedure, process).
- Periodic review of risk management policies and procedures are always necessary because it enables the organisation to determine whether they comply with current risk management standards. Risks that have already been acknowledged by the organisation may become more frequent, severe, or relevant to it. As a result, the risk management strategy should always be a living document that is updated on a regular basis to reflect organisational changes.
Provide the rationale for the review
- This will assist them in identifying any gap that exists or necessary improvements to their current risk management procedures. Additionally, it is necessary because new risks will emerge, and existing ones will vanish.
List the benefits of doing the review.
-Help to resolve any form of risk quickly and efficiently.
-Manage existing and future risk with updated policies and procedures.
-It will educate and train staff members on the latest policies that could mitigate the risk.
a. Provide three examples of the scope that risk management may cover; and,
- Additions to the project that were not approved during the project's scope.
-Changes to the scope of the project may not be processed properly through the change control process.
-The project team may be unable to identify all the activities necessary to produce the deliverables.
provide a brief explanation of what it is within the scope that risk management will be applied.
- When conducting risk management, it is critical to define the scope of the risk management process. In the context of a new business, the risk management process can be applied to a particular project, an area of the business, certain business functions, and the internal factors. It is critical to remember that while you may not be able to control all the variables, identifying them at this stage enables you to develop processes to mitigate any associated risks.
In your own words, summarize:
8 Principles of the AS/NZS ISO 31000 Risk Management - Principles and Guidelines
- Create value - This refers to the process of continuously evaluating the organisation's processes.
-Integration of internal governance framework into organisational processes - This entails integrating the internal governance framework into the planning processes.
-This is a necessary component of decision-making because it enables organisations to make informed choices and establish priorities.
-Explicitly address uncertainty - When potential risks are identified, the organisation can take steps ahead of time to improve results and mitigate any impact.
-Systematic, structured, and timely - Risk management should be structured and concise, as this will result in more cost-effective and timely results.
-Based on the most up-to-date information available - This assist in identifying and managing risk. Understanding available information heightens awareness of constraints, which allows for a better understanding of how these constraints can be incorporated into the risk management process.
-Tailored - An organisation's risk management process must consider its own profile and internal and external operating environments to be suitable and tailored to them specifically.
-Consider human and cultural factors - It is critical to consider the impact of the people involved and their culture on achieving goals.
Benefit of the AS/NZS ISO 31000 Risk Management - Principles and Guidelines
- Utilising ISO 31000 can assist organisations in increasing their likelihood of achieving objectives, enhancing their ability to identify opportunities and threats, and effectively allocating and utilising risk management resources.
How would you ensure that your risk management processes take into account the following legislation, codes of practice and national standards?
-We will now examine specific pieces of legislation that may influence our organisation and, ultimately, our risk management evaluation.
Briefly describe each legislation.
Provide a practical example for each legislation of what risk action you would take that takes into account the legislation.
Duty of care- taking sensible care for our own safety, cooperating with any reasonable policy or procedure relating to WHS that we have been informed of, and taking reasonable care to ensure our conduct does not jeopardies the safety of others.
Company law- Companies must be managed legally. It covers all aspects of corporate formation, corporate governance, the company constitution, shareholder rights, director responsibilities, shareholder litigation, and takeover rules.
Contract law- includes statutes or regulations enforcing agreements. These can range from straightforward warranty disputes to contract disputes between large corporations or government entities.
Environmental law- developed to conserve Australia's flora, fauna, and heritage sites, including those aimed at reducing pollution and resource use.
Freedom of information- individuals requesting access to documents containing their personally identifiable information. Additionally, individuals can request access to documents that contain additional information, such as details about government policies, programs, and decision-making processes.
Industrial relations law- The workplace relations system is intended to strike a balance between the needs of employees and employers to maintain Australia's competitiveness and prosperity, without jeopardising workers' rights and basic working conditions.
Privacy and confidentiality- contain the collection, storage, access, and use of data. They are particularly pertinent to marketing firms.
Competition and Consumer Law- a national act that regulates how all businesses in Australia must conduct themselves with competing companies, distributors, and clients.
Disability law- The term "disability law" refers to laws that apply to people with disabilities; these laws primarily protect disabled people from certain types of discrimination, most notably in the areas of jobs, homes, education, and access to public services.
a. Give an example of a risk management activity: and,
- Identify the risk
Explain why it is important to gain the support stakeholders.
- Ensures the best quality and reliability of services and other programme outputs.
-Ascertain those services meet requirements and are delivered within budget and time constraints.
Explain one method you can use to gain support; and,
- Inform and invite relevant parties to participate in the risk management process by communicating with them through email, phone call or fax.
why you chose this particular method.
-Communication is the key in every practice that allows staff members to share information with other stakeholders.
a. Discuss three ways of how you will communicate with relevant stakeholders about the risk management process.
- Involve the Team-While project managers are frequently held accountable for communication with stakeholders, they should not be the sole conduit.
-Consider the Location of Stakeholders.
-Make use of technology.
b. Justify why you chose these.
- The organisation's employees are frequently in the best position to identify potential risks, comprehend their implications, and frequently devise a solution.
- If stakeholders are not located near us, communication can be difficult. Ideally, we should select a project team member who is geographically close to our stakeholders, whether by region, country, or timezone, and who can respond more quickly to our questions and concerns.
- Risk assessment technology enables us and our team to interact quantitative risk analysis to stakeholders.
a. Explain how you would encourage stakeholders to participate and assist in risk identification activities.
- Provide background information to stakeholders, gain an understanding of their access barriers, and communicate with them.
b. Justify the benefit of this approach.
-This will allow them to interact with us efficiently by identifying and managing the risk appropriately.
Attachment:- Risk Management Assessment.rar