BSBRSK501 Manage Risk: Study Material with Solved Assignments and Practical Assessments

BSBRSK501
MANAGE RISK

Table of contents
Quiz..................................................................................................................................................3
Question 1....................................................................................................................................3
Question 2....................................................................................................................................3
Question 3....................................................................................................................................4
Question 4....................................................................................................................................4
Question 5....................................................................................................................................5
Question 6....................................................................................................................................5
Question 7....................................................................................................................................5
Question 8....................................................................................................................................6
Question 9....................................................................................................................................7
Question 10..................................................................................................................................7
Question 11..................................................................................................................................8
Question 12..................................................................................................................................8
Question 13..................................................................................................................................8
Question 14..................................................................................................................................9
Practical assessment 1....................................................................................................................10
Question 1..................................................................................................................................10
Question 2..................................................................................................................................10
Question 3..................................................................................................................................14
Question 4..................................................................................................................................16
Practical assessment 2....................................................................................................................17
Part A.........................................................................................................................................17
Question 1...............................................................................................................................17
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Question 2...............................................................................................................................17
Question 3...............................................................................................................................18
Part B..........................................................................................................................................19
Question 1...............................................................................................................................19
Part C..........................................................................................................................................21
Question 1...............................................................................................................................22
References:....................................................................................................................................23
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Quiz
Question 1
a. Following are the key updates made under updated risk management guidelines:
 Integration of risk management by highlighting leadership and governance at top
management levels of the organizations.
 Utilizing new experiences, analysis and knowledge for revising process elements,
controls and actions at different process stages through larger emphasis over iterative
nature of risk management.
 Risk management principle review as these are the key criteria for success (Iso.org,
2019).
 Sustainable open systems model for streamline content and providing a fit to multiple
contexts and needs.
b. These guidelines are in context of providing adequate information on the risk management
framework all along an organizational structure. Factors and authorities which are liable to
promote a healthy risk management system through higher management inclusion is expressed
under these guidelines. Practicing of a stiff management condition for the available risks are the
main context discussed under these guidelines.
c. Principles, framework and process are the three elements depicted in figure 1. All of the three
constituents are interrelated in terms of operation and management of risk management systems.
Principles provide opportunities to value creation and protection which require leadership and
commitment to maintain the process function in effective ways. The principles create values and
fireworks for managing risks through leadership and commitment. This relationship is crucial for
managing different processes such as communication and consultation, monitoring and review,
recording and reporting (Wallara.com, 2019). A string of connectivity between all the three
segments can provide appropriate guideline for functional assessment of risk management in an
organizational structure.
Question 2
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The risk management processes at the organization are integrated with supportive legislations,
regulations and code of practices which initiate a supportive mechanism for managing these
processes. The work health and safety laws provide opportunities for a consultation and
cooperation between the employer and the employees in order to protect the safety and health of
individuals while attending the risks. This regulation initiates a supportive framework for the
organization in order to maintain its risk management process effectively. The overall operability
which is linked to these regulations are also justified by the large scale advantages which are
directly or indirectly linked to the risk management process. Similarly, the code of practice for
managing risks in cases where new machines and operations are put in to act also help in guiding
the process effectively. These help in providing a cooperation to the legal framework and initiate
a boost in the provided risk management operations across the organisation.
Question 3
Policies act as a pathfinder for an organization as it provides directional tone to the different
areas and departments related to an organizational structure. These are the highly organized and
analysed set of principles which are evaluated and incorporated by the higher management in
order to practice risk management process. In addition to this, procedures are the lower level
processes which are affiliated with individual policies to maintain the risk assessment and
management processes. It is liable to bring different processes and functions together in order to
consolidate them as different existing and defined operations such as termination and hiring.
These policies and procedures act as a hallmark for defining the organization’s maturity in terms
of operations and risk management (Zaidi and Pelling, 2015). Defining targets and achieving
them through strategic direction is only possible through a set of well defined policies and
procedures. It is largely helpful in defining opportunities for improvements and gaps which are
of major valuation across the risk management segment.
Question 4
Risk context is the factor which defines the individual and institutional behaviours, attitudes and
environment which affect the rise and management of risks for a system. It is a complex system
which takes care of the supporting factors which are responsible for idealizing the basic
operational context for the available risks and their respective solutions. On the other hand, risk
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scope is an ideal way to analyse feasibility of any project or risk management process in an
organisation. It helps in identifying a project which can be accomplished or not. This process is
highly useful in predetermination of feasibility and can be used to check the feasibility factor for
any risk assessment system.
Question 5
Disparity in regulations and legislations for different federal states is a major risk for the
community sector in terms of political factor. It makes the organizations practice a different form
of business management process for each of the states and this diversity in many cases leads to
major risks.
Economic dependency on china based demands are the economical risks associated with the
PEST analysis of the provided company. In case of a failure in the Chinese markets, there is a
major risk for fallout all along the entire network of economy at the organization (Pill and
Guarneros-Meza, 2018).
Lack of adequate infrastructure based on its vast territory is a major social risk which limits
business and its expansion across the country. The overall usability factor for this risk is high in
terms of occurrence and thus the operational implications related to this risk are huge.
Technological risks based on the availability and usability of proper healthcare based equipment
are another risk related to the company. Since, the operational area for this position is quite high,
there are large scale requirements in terms of technological equipment and accessories for
treatment. The unavailability leads to increased chances of failure.
Question 6
Identification and treatment of risks are the two areas which need to be considered in order to
establish an organization's risk context. Identification of risks as the name suggests, defines the
basic symptoms and abilities of the risk. It is the most initial stage of operation which is
associated with the risk management process. Risk treatment is the implementation of a suitable
approach for controlling and managing the risks across the provided setup.
Question 7
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