This assessment guide provides instructions for students to complete assessment tasks for BSBRSK401 Identify Risk and Apply Risk Management Processes. It includes workplace observation assessment, third party supervisor skills observation, submission of assessment, and assessment conditions. The guide also explains the assessment strategy, customizing assessments, and demonstrating competency. It lists the contexts where risks may need to be managed in the workplace, risk identification tools, and the difference between internal and external risks. It also explains stakeholder consultation and how to rate the likelihood of a risk eventuating.