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Risk Management Assignment - (Doc)

   

Added on  2020-04-21

4 Pages1333 Words199 Views
Assessment 11a. Explain why you (representing the organization) would review its existing risk management practices (policy, procedure, process).b. Provide the rationale for the review. c. List the benefits of doing the review.1a. I would review all risk practices to ensure they are up to date, that none have been overlooked and the previously assessed ones have been dealt with accordingly. Benefits of doing this is making sure there is no room for error that all elements for risk are covered and all elements have been checked.1b.The rationale for reviewing the risk management review can be stated as, it helpsin identification of the probable issues beforehand they occur in a projectundertaken by the organization. This helps in planning of the risk-handlingactivities. This activities can invoked as per the requirement throughout thelifecycle of any project in order to mitigate or avoid the adverse impacts inachieving the desired objectives or deliverables.1c.The benefits are, Review helps in quantify the implementation of the risk management activities(whether implemented as planned or not) To determine the correctness of the assumptions that are made in theidentification process. Risk management is a continuous, forward-looking process that is an important part of business 2A. Provide 3 examples of the scope that risk management may cover,b. Provide a brief explanation of what it is within the scope that risk managementwill be applied. 2a. The three example of scope that are covered by the risk management process Defining objectives and the goals of the risks management process.Determining the specific inclusions and exclusions of the risk management process. Defining the different responsibilities of different stakeholders in the risk management process. 2b. The scope of the any risk management process is the set of some specific deliverables for a specific project in an organization. The deliverables of the riskmanagement process are mainly derived from the requirements of a project undertaken by a specific organization. 3. In your own words, summarize:a. Eleven principles of the AS/NZS ISO 31000 Risk management - principles and guidelines.

b. Three objectives of the AS/NZS ISO 31000 Risk management – Principle and guidelines.3a. Create value, make sure people know the importance of your direction.Be an integral part of the organization process by being fully involved.Part of the decision making by voicing your opinions.Explicitly express uncertainty by voicing your concernsSystematic, structured and timely, making sure you are adequately organized and prepared.Based on the best available information, so make sure you know the official guidelines.TailoredTake human and cultural factors into account, be mindful of others.Transparent and inclusive, be open to talking and approachable.Dynamic, interactive and responsive to change. Again be approachable.Facilitate continual improvement and enhancement to the organization. Always strive for better and the best.3b. The objectives of AS/NZS ISO 31000 is to help the organizations to Achieve organizational resilience in managing the risks.Proactive risk management while maintaining stakeholder confidence in the organization.In addition to that, it also helps in reliable decision making while considering the uncertain factors. This standard also provides framework managing the risks while considering the context of the risks. Moreover, with enhanced risk management attributes it guides the organization to implement an effective risk management process. The standards can be tailored as per the need of the organizations to develop, implement and improve the risk management process. 4. How would you ensure that your risk management process take into account the following legalization, codes of practice and national standards?Briefly describe each legalization.Provide a practical example for each legalization of what risk action you would take that takes into account the legalization.a.Duty of careb.Company lawc.Contract lawd.Environmental lawe.Freedom of informationf.Industrial relation lawg.Privacy and confidentialityh.Competition and consumer lawi.Disability lawAns.4a.The Duty of care legalization is managed by its clause which asks for consulting with the workers.4b.

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