BSBRSK501 Manage Risk

This document provides information about risk management and its importance in business. It explains terms like risk assessment, risk control, and contingency planning. It also includes a SWOT analysis for Lonsdale Institute of Education and discusses the risks identified and their treatment. Additionally, it covers the components of a solid risk recovery plan.

BSBRSK501 Manage risk
BSBRSK501 Manage risk
Assessment # 2 Assessment
Type Activity Due Date
Assessment Conditions
This is an assessment that may be worked on in study time and as homework.
Assessment presentation should be completed in a manner that is appropriate to professional
business reporting.
All sections and requirements of the assessment task must be included.
Feedback may be sought prior to submission.
Where necessary include forms, pictures, charts etc. may be added as attachments
Student Details
Student Name: Student ID:
Name your file and upload to e-learning : BSBRSK501_A2 Students Name
Re-submissions
If you receive NYC for your assessment you must make the necessary adjustments and re-
submit. Please rename your file with RESUB1 /RESUB2 etc. It is important to do this to
distinguish between the old file and the new one with the adjustments
Declaration of Authenticity
The above named student, confirm that by submitting, or causing the attached assignment/s to be
submitted, to Lonsdale Institute Pty Ltd, I have not plagiarised any other person’s work in this
assignment and except where appropriately acknowledged, this assignment is my own work, has
been expressed in my own words, and has not previously been submitted for assessment. I do
understand and accept the consequences of academic misconduct according to Lonsdale’s
Policies and Procedures.
Assessment Task
ACTIVITY 1
Explain the following terms: (Minimum 40 words for each, provide examples to enhance your
answers)

BSBRSK501 Manage risk
 Risk
Risk may be defined as a potential for loss as it involves some type of danger. It is usually
assessed or evaluated by taking into account historical behaviours and outcomes.
 Risk Assessment
 It may be defined as a process that emphasizes on identifying hazards as well as risk
factors. This process assists in identifying undesirable situations that may cause of loss.
 Risk management
It may be defined as process of identifying, assessing and controlling threats imposed upon
organization. It emphasizes on the adoption of specific tools and techniques which in turn
helps in reducing the level of risk significantly.
 Risk Appetite
It implies for the risk about which organization is ready to accepting relation to fulfilling goals
and objectives. Moreover, risk enables firm to attain success and gain competitive advantage
over rivals.
 Risk Capacity
In the context of business organization, risk capacity refers to the amount of exposure that an
individual needs to fulfil for the attainment of goals and objectives. Thus, risk capacity can be
presented as an exposure which in turn aligned with organizational strategic objectives.
 Risk Control
It may be served as a plan based strategy which focuses on identification, assessment and
preparation for dangers or hazards. For the achievement of organizational goals business units
focuses on undertaking risk control measures.
 Risk Treatment
It may be presented as a process of selecting and executing measures that helps in modifying
risk level. Foe achieving success in the competitive arena business unit develops risk treatment
by taking into account likelihood associated with it.
 Contingency Planning
It is the course of action that is designed to assist firm in order to respond properly and
effectively for a significant event. It is also known as Plan B because it is used as an alternative
for action.
ACTIVITY 2
Consider Lonsdale Institute of educations risk profile –

BSBRSK501 Manage risk
A) Complete the PESTLE analysis for Lonsdale
B) Comment on the influence/impact each of the following factors has on Lonsdale
PESTLE Analysis for Lonsdale Institute
Political
The element that has been
identified
Stability of political parties
What is the business impact of this
factor
This ensures that the organisations
can operate stably and fluctuations are
lower thus minimising risk.
Economic
Growing Economy
The growth in the economy signifies
that the institute is able to operate in a
profitable way benefiting the institute
profitably.
Sociological Societal norms and acceptability
Education is always promoted and
encouraged in the society and this
ensures that Lonsdale will be
supported by society in which it
operates thus decreasing risk.
Technologica
l
Regular technological upgrade
The updating technology is
incorporated in the institutes as well
using modern teaching methods and
thus giving a wider horizon to
education and risk increases.
Legal
Strong legal framework and
Australian Education Act, 2013
The legal compliance is necessary and
therefore there is increased risk of
getting tangled if appropriate
measures are not adopted.

BSBRSK501 Manage risk
Environment
al
Sustainable activities
The environment should be at the
forefront of every organisation and
therefore non-compliance of this
factor can affect majorly.
ACTIVITY 3
Conduct a SWOT analysis for Lonsdale Institute of Education.
STRENGTHS WEAKNESSES
 Established courses
 International reputation
 Diverse learning of the material deliver
 Experienced tutors
 Poor quality of the video and the audio
 Material is simple been transferred from
the campus delivery to the online websites
 Poor faculty members or an admin time
 Lack of the flexibility at the time of
accessing the material

BSBRSK501 Manage risk
OPPORTUNITIES
 Increasing demand of the skilled and
knowledgeable people
 Enhanced advancement in the
technological capability
 Newer programmes
 Widening the participation
THREATS
 Better provisions and materials provided
from other institutes
 Increased expectation of the student
 Lack in the training of the staff
What are the risks you have identified and how would you treat them? (Minimum 4)
ACTIVITY 4
RISK TREATMENT
Sharing of Personal data By compliance of Australia Data protection Act
Not complying with laws and
regulation
Maintain a register that helps to keep notify whether
company adhere laws.
Technical risk By complying the laws and regulation of IT or ire experts
Reputation risk Implement quality management tool to check the services
are offered properly to students
What is the danger of attempting to manage risks without researching them? (Minimum 40
words)
The danger of attempting to measure risk without proper research is such that not knowing the
full effect of risk. Further, when Lonsdale is attempting to measure risk and did not knowing the
real risk is under reaction or not.

BSBRSK501 Manage risk
ACTIVITY 5
Risk Management is an integral part of any planning process. (Minimum 40 words)
a) What should risk recovery plans encompass?
 Identify the potential risk situation
 Analyse the dimension of risk
 Prioritise means to assess business capacity to cope up with risk
 Determine the cause of risk
 Prepare management team
 Establish the plan to cope up with risk
b) Describe the 3 components of a solid risk recovery plan.
Risk recovery plan helps the business to manage any risk that may affect the business. Thus,
three main components of solid risk recovery plan are:
 Crisis or emergency management planning
 Business continuity planning
 Contingency planning.