Risk Identification and Analysis for EPIC

This assessment covers the identification major risks and minor risks for EPIC. It includes risk identification, analysis, and evaluation. The assessment tools are provided via eLearn.

Assessment Coversheet
Student Name CIT
Number
Competency Title,
Code and Banner Code
CRN
Manage Risk BSBRSK501
MGNT615
CRN 11434
Assessment Type ☒ Written ☐ Case Study ☐ Project ☒ Presentation ☐ Other
Assessment Name Assessment 2 – Identify Risks and Analyse risks
Assessment Date Due Tuesday 11 September 2018 Week 8
Student Statement: This assessment is my own work. Any ideas and comments made by
other people have been acknowledged. I understand that by emailing or submitting this
assessment electronically, I agree to this statement.
Student Signature Date
PRIVACY DISCLAIMER: CIT is collecting your personal information for assessment
purposes. The information will only be used in accordance with the CIT Privacy Policy.
Assessor Feedback
 Student provided with feedback
Attempt 1 ☐ Satisfactory ☐ Not Yet
Satisfactory Date / /
Attempt 2 ☐ Satisfactory ☐ Not Yet Date / /
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Satisfactory
Supplementary
Assessment
(Apprentices/Trainees
only)
☐ Satisfactory ☐ Not Yet
Satisfactory
Date / /
Assessor Name Assessor Signature
Note to Assessor: Please record any reasonable adjustment that has occurred for this
assessment.
Instructions to Assessor
Work, Health and Safety: A work health and safety check of the assessment environment is
to be conducted prior to the assessment and any hazards addressed appropriately.
List the time, materials provided and assessment range and conditions on the next page
These sections should be detailed enough for multiple assessors to consistently implement the
assessment and include details of location, time restrictions, level of assistance permitted (if
any), WHS, environment protocols, etc. The student should have access to techniques,
procedures, information, resources and aids which would normally be available in the
workplace. Include if open or closed book.
Materials to be supplied may include: assessment paper, site plan, text, internet access, etc.
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Information for Students: You may have two (2) attempts for this assessment.
 If your first attempt is not successful, your teacher will discuss your results with you and will arrange a second attempt (provided the assessment was
submitted by the due date).
 If your second attempt is not successful, you will be required to re-enrol in this unit.
Only one re-assessment attempt will be granted for each assessment item, with the exception of Apprentices or Trainees who are permitted an additional
supplementary assessment.
Materials Provided: Risk Management Template. eLearn
Assessment Range and Conditions:
Assessment uploaded to eLearn by due date, resources available on eLearn and ISO 31000 online
Assessment Criteria: To achieve a Satisfactory result, your assessor will be looking for your ability to demonstrate the key skills/tasks/knowledge detailed
in the Assessment Task to industry standard.
1. Establish risk context
2. Identify risks
3. Analyse risks
Assessment 2 – in class oral / written evidence
Individual “in class” presentation (informal five minutes) with written evidence (1,200 words) uploaded to eLearn. Compulsory attendance.
This assessment covers the identification major risks and minor risks. You will first
Risk Reference The Risks: Major What can happen? A description of the risk Source How can this happen? Drivers to the risk
Contributor or source of the risk Impact /Outcome What will be the outcome or effect, if what can happen does happen? Impact on the business
objectives Impact from the event happening Consequence Risk Owner – the officer responsible for managing the risk
The risk matrix is presented next,
Risk Reference Risk Controls which are currently in place
Major:
This field is for the risk controls that already exist and are currently managing the risk
Inherent Risk Rating Consequence Likelihood Inherent Risk Rating Control Effectiveness Rating
The final part of this assessment is a brief summary. The assessment tools are provided via eLearn.
S / NYS / F
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Risk Register part 1 – risk identification (Read left to right with Risk Register Part 2)
Risk Reference
The Risk: Major
What can happen?
A description of the risk
Source
How can this happen?
Drivers to the risk
Contributor or source of the risk
Impact /Outcome
What will be the outcome or
effect, if what can happen does
happen?
Impact on the business
objectives
Impact from the event
happening
Consequence
Risk Owner –
the officer
responsible
for managing
the risk
Assets
Improper facility of cyclical
maintenance as well as assets
management programs.
It is found that improper maintenance of
assets management program can create
problem in managing the assets quite
effectively.
If appropriate assets management
program is not developed then it
can raise number of challenges in
successfully managing the assets
that are needed during the event.
Assest manager
Compliance/
regulation
If proper regulation is not followed
then it would be quite difficult to
host both the indoor as well as
outdoor events.
The main risk contributor is the improper
utilization of compliance as well as
regulation within the indoor as well as
outdoor events.
Due to improper use of
regulation number of legal
challenges and issues can occur
within the organization.
HR manager,.
People
If appropriate environment is not
provided to the people so that they
can be able to meet their visitors
then it can raise number of issues
and challenges.
The main reason is impropriate
refurbishment of the facility that are required
to be used by the people.
If proper environment is not
provided then the people will face
problem in meeting, relaxing as
well as exchanging goods in a
proper environment.
Facility
manager/ HR
manager
Environment
The organization is facing number
of challenges in improving the
sustainability of the environment
This risk mainly occurs due to absence of
environmentally sustainable facility of venue
for the customers.
Due to improper steps in
improving the environment
sustainability it is very much
Operational
manager
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Risk Register part 1 – risk identification (Read left to right with Risk Register Part 2)
Risk Reference
The Risk: Major
What can happen?
A description of the risk
Source
How can this happen?
Drivers to the risk
Contributor or source of the risk
Impact /Outcome
What will be the outcome or
effect, if what can happen does
happen?
Impact on the business
objectives
Impact from the event
happening
Consequence
Risk Owner –
the officer
responsible
for managing
the risk
which is provided to the customers
in order to organize the events.
difficult to provide safe, clean as
well as secure environment for
organizing the events.
Financial
EPC does not have proper financial
viability which is considered as a
key challenge for both the
management and board to develop
proper sustainable financial plan for
the ACT community.
The main reason of the risk is the presence
of improper financial viability for EPC
which is considered as one of the main
problem for the management and board of
the organization.
It is found that if the financial
viability is not improved then
there will be increment in the
return of ACT community on the
funds which are generally
invested at EPIC.
Finanacial
manager
Products
and Services
It is found that the organization is
somewhat rundown as the
refurbishment of the facilities are
not done properly.
It is found that the main contributor of the
risk is improper refurbishment of the
facilities of EPIC.
If the risks are not managed or
the refurbishment of the risks are
not done then the number of
customers will decrease.
Operational
manager
Technology
Due to insufficient technology,
EPIC faces challenges in
organizing the event.
It generally occurs as there is insufficiency
of technological utilization within the events.
It generally raises challenges
while organizing the events.
IT manager
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Risk Register part 1 – risk identification (Read left to right with Risk Register Part 2)
Risk Reference
The Risk: Major
What can happen?
A description of the risk
Source
How can this happen?
Drivers to the risk
Contributor or source of the risk
Impact /Outcome
What will be the outcome or
effect, if what can happen does
happen?
Impact on the business
objectives
Impact from the event
happening
Consequence
Risk Owner –
the officer
responsible
for managing
the risk
Reputation
& Image
It is found that the organization
does not take proper step in
maintaining its reputation
It mainly occurs due to improper
involvement of the organization’s staff to
involve in the maintenance of the reputation.
It generally can diminish the
reputation and image that the
organization has.
HR. manager
Cultural &
Heritage
Proper culture and heritage are not
followed within by the organization
during the arrangement of indoor
and outdoor events.
It is found that absence of proper culture is
mainly due to presence of improper steps for
maintaining the heritage and culture of EPIC.
Due to improper culture, the
organization faces difficulty in
achieving the goals as well as
objectives of the organization
successfully.
Culture nad
heritage
manager.
Business
Process &
Systems
The organization “EPC” faces
comprehensive issues in attracting
major number of events due to the
absence of effective as well
comprehensive marketing strategies
as well as the pricing policies that
are mainly designed for attracting
new business.
This risk generally occurs due to the absence
of proper as well as comprehensive
marketing strategy as well as pricing policies
that are generally designed for attracting the
new business.
If the risks are not resolved then
the business of EPC will face
number of issues and challenges
in attracting diverse range of the
events which generally can
minimize the number of
customers.
Marketing
manager.
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk Reference
Risk Controls which are
currently in place
Major:
This field is for the risk
controls that already exist
and are currently managing
the risk
Inherent
Risk Rating
Control Effectiveness Rating
Consequence
Likelihood
Inherent Risk Rating
Consequence
Likelihood
Residual Risk Rating
Assets
It is quite necessary to
implement proper facility of
cyclical maintenance as well
as assets management
programs.
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Complian
ce/
regulatio
n
It is quite necessary for the
organization EPIC to follow
proper compliances as well
as regulations while
conducting the event.
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk Reference
Risk Controls which are
currently in place
Major:
This field is for the risk
controls that already exist
and are currently managing
the risk
Inherent
Risk Rating
Control Effectiveness Rating
Consequence
Likelihood
Inherent Risk
Rating
Consequence
Likelihood
Residual Risk
Rating
People
It is quite necessary to
develop proper environment
for the people so that they
can be able to meet with the
visitors quite easily.
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Environ
ment
It is very much necessary to
improve the environment of
EPIC sustainably in order to
provide the facility of
organizing the events.
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Financial It is found that to manage Hi Hi Hi Me Hi Hi Hi
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk Reference
Risk Controls which are
currently in place
Major:
This field is for the risk
controls that already exist
and are currently managing
the risk
Inherent
Risk Rating
Control Effectiveness Rating
Consequence
Likelihood
Inherent Risk
Rating
Consequence
Likelihood
Residual Risk
Rating
the risks, it is very much
necessary to improve the
long term financial viability
of EPC.
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Products
and
Services
It is very much necessary to
undertake refurbishment of
the facilities so that proper
facilities can be provided to
the customers of the
organization.
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Technolo
gy
It is quite necessary to focus
on technological
development to resolve the
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk Reference
Risk Controls which are
currently in place
Major:
This field is for the risk
controls that already exist
and are currently managing
the risk
Inherent
Risk Rating
Control Effectiveness Rating
Consequence
Likelihood
Inherent Risk
Rating
Consequence
Likelihood
Residual Risk
Rating
risks and challenges
Reputatio
n &
Image
It is quite necessary for the
staffs to involve in the
maintenance of reputation as
well as image.
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Cultural
&
Heritage
Proper culture should be
developed for resolving the
risks and challenges and for
achieving the goals and
objectives of EPIC.
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Business
Process
&
It is found that in order to
resolve the challenges and
issues, it is very much
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk Reference
Risk Controls which are
currently in place
Major:
This field is for the risk
controls that already exist
and are currently managing
the risk
Inherent
Risk Rating
Control Effectiveness Rating
Consequence
Likelihood
Inherent Risk
Rating
Consequence
Likelihood
Residual Risk
Rating
Systems
necessary to improve
effective as well as strategy
comprehensive marketing
strategy as well as pricing
related policies that are
generally designed for
attracting the new business
and for maintaining the long
term relationships with the
various clients in order to
promote number of activities.
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Reference:
Cagliano, A.C., Grimaldi, S. and Rafele, C., 2015. Choosing project risk management techniques. A theoretical framework. Journal of Risk Research, 18(2),
pp.232-248.
Heldman, K., 2018. PMP: project management professional exam study guide. John Wiley & Sons.
Hornstein, H.A., 2015. The integration of project management and organizational change management is now a necessity. International Journal of Project
Management, 33(2), pp.291-298.
Kaiser, M.G., El Arbi, F. and Ahlemann, F., 2015. Successful project portfolio management beyond project selection techniques: Understanding the role of
structural alignment. International Journal of Project Management, 33(1), pp.126-139.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach
Muriana, C. and Vizzini, G., 2017. Project risk management: A deterministic quantitative technique for assessment and mitigation. International Journal of
Project Management, 35(3), pp.320-340
Paquin, J.P., Gauthier, C. and Morin, P.P., 2016. The downside risk of project portfolios: The impact of capital investment projects and the value of project
efficiency and project risk management programmes. International Journal of Project Management, 34(8), pp.1460-1470.
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