Assessment 3 - Risk Treatment Individual Written Report

This is an individual written report for Assessment 3 - Risk Treatment. Students will select and determine the most appropriate options for treating risks, then develop the last stage of the risk plan. The required length is a minimum of seven current risk controls four strategies and four actions and a cost benefit analysis.

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 3 –Risk treatment Individual written report
Assessment Date Due 06 November 2018 Week 14
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
© Canberra Institute of Technology RTO Code 0101 Page 1 of 25
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Attempt 1 ☐Satisfactory ☐Not YetSatisfactory Date / /
Attempt 2 ☐Satisfactory ☐Not YetSatisfactory Date / /
Supplementary Assessment
(Apprentices/Trainees only) ☐Satisfactory ☐Not YetSatisfactory Date / /
Assessor Name Assessor Signature
Note to Assessor: Please record any reasonable adjustment that has occurred forthis 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.
© Canberra Institute of Technology RTO Code 0101 Page 2 of 25
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Information for Students: You may have two (2) attempts for this assessment.Provided your first assessment in submitted by the due date.
 If your first attempt is not successful, your teacher will discuss your results with you and will arrange a second attempt.
 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.
Time Allowed: Week 14
Materials Provided: Template, elearn resources and handbook
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.
Elements describe the essential outcomes.
1. Establish risk context
2. Identify risks
3. Analyse risks
4. Select and implement treatments
consult and communicate with relevant stakeholders to identify and assess risks, determine
appropriate risk treatment actions and priorities and explain the risk management processes
develop and implement an action plan to treat risks
monitor and evaluate the action plan and risk management process
Maintain documentation.
outline the legislative and regulatory context of the organisation in relation to risk management
© Canberra Institute of Technology RTO Code 0101 Page 3 of 25
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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.
Assessment 3 - Individual Written Report
You will select and determine the most appropriate options for treating risks, then develop the last stage of the risk plan. This covers implementing the risk
treatment and communication with relevant stakeholders.Action to be taken can include further risk treatment strategies or a rationale behind no further
action where rating is rated as “Room for Improvement” or” inadequate.” Reference can be made to an attaching “cost / benefit analysis” or “risk treatment
action plan” for relevant risks. The last section includes an implementation and monitoring section and final evaluation of the risk management process.
Template provided in class and via eLearn.
You must include an introduction and conclusion, use report format and the template examples as a guide. The required length is a minimum of seven current
risk controls four strategies and four actions and a cost benefit analysis. This length does not include compulsory references. Ensure the report is written in
clear and concise business language. S / NYS / F
© Canberra Institute of Technology RTO Code 0101 Page 4 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
attaching “cost /
benefit analysis”
or “risk
treatment action
plan” for relevant
risks.
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
1 The Asset
Manageme
nt System
of the
facility in
the
organisatio
the fail in
maintenanc
e of the
access
manageme
nt system
can cause
Given the
condition
of the
organisatio
n can be
said that it
is most
High Can be
controlled
A software
technology
facilitates a
proper
planning and
scheduling of
the operations
For this risk,
the
treatment
owner
would be
the
managemen
Adapting
Software
Technology
wood help
controlling
the risk that
are
Most likely
to cure the
Asset
Manageme
nt Problems
Low High Monitoring
of the
process
would be
done by
methodologi
es to make
© Canberra Institute of Technology RTO Code 0101 Page 5 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
n is flawed
and cyclical
maintenanc
e of the
assets are
also faulty
within the
system.
huge loss in
the Assets
of the
organisatio
n which can
lead to a
further
downgrade
in the
finance and
capital
behind the
organisatio
likely to
occur
because of
the poor
asset
manageme
nt system
within the
organisation
that can help
in maintaining
the Asset
Management
System within
the
organisation.
t body who
are are
responsible
for taking
decisions to
to manage
the Assets of
the
organisation
.
associated
with poor
asset
managemen
t system.
out the
effects of the
entire
process
© Canberra Institute of Technology RTO Code 0101 Page 6 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
n.
2 There is a
risk of
difficulty in
hosting the
indoor and
outdoor
events since
it can be a
problem
while
following
the proper
Failure in
manageme
nt of the
internal and
external
regulation
abiding
would bring
about
unruly
events
within the
Most likely
to occur
within the
manageme
nt of the
organizatio
n.
High Can be
controlled
Intigrate
company
policies
within the
organization
and make the
entire
workforce
understand
the problem
and the rules
This
responsibili
ty belongs
to the
manageme
nt of the
organizatio
n.
Difficulty of
the
workforce
to
understand
the rules
and
regulation.
Most likely
to occur.
Low High The
monitoring
and
reporting of
the entire
process
would occur
with the
understandi
ng of the
process and
© Canberra Institute of Technology RTO Code 0101 Page 7 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
regulation
during
abiding by
the
compliance
of the
regulations
within the
organisatio
n.
organizatio
n.
and
regulations
within the
organization.
their
outcomes
delivered by
the entire
workforce.
3 There is a
higher risk
of handling
There could
be unrest
within the
More likely
to occur
because of
High Can be
controlled
There should
be a propoer
system that
This should
be handled
by the
Problems in
the
manageme
This is very
likely to
occur since
Low High The
monitoring
of the timing
© Canberra Institute of Technology RTO Code 0101 Page 8 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
people
while
meeting the
visitors and
there is a
diet
necessity of
providing
the
appropriate
environmen
t to them. If
this
people who
are about
to meet
their
respective
visitors.
the less
interest in
managing
the visitors
and
patient
timings.
enrols a
itming
schedule and
manages it
with
precision to
handle the
timings on
which the
visitors come
to see the
patients.
scheduler
of the
programs
who would
be in the
lesser
position
than the
manageme
nt people.
He or she
should
nt of
timings
would be
problematic
to handle,
which as a
residue
would be
problem to
the
handling of
the timings
there has
been no
prior
implement
ed system
for
managing
the timings
of the
vitors to
see their
patients.
and
scheduling of
the entire
program
would be
monitored
daily to see if
there are any
problems
regarding the
timing and
scheduling as
per the plan.
© Canberra Institute of Technology RTO Code 0101 Page 9 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
regulation is
not
followed to
provide the
people for
meeting
their
respective
visitors
there can
be huge
issues and
challenges
manage
the entire
proper and
for
validation
should
present it
to the
manageme
nt bodies.
of the
visitors
initially.
© Canberra Institute of Technology RTO Code 0101 Page 10 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
within the
organisatio
n.
4 Due to the
absence of
the
environmen
t and
sustainable
facility for
the
customers
There are
no proper
way in
which a
process is
handled
and due to
these
consequenc
Most likely
to occur
because of
the unruly
manageme
nt
practices
and
unplanned
High Can be
controlled
Proper policy
should be set
up for the
events to be
organized
describing all
the
responsibiliti
The
manageme
nt body
would be
responsible
to take
actions in
this
The
consequenc
es of the
entire
entire event
would be
the proper
handling
Less likely
to occur.
Low High Monitoring
and
reporting
would only
occur when
the entire
event would
be constantly
watched
© Canberra Institute of Technology RTO Code 0101 Page 11 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
the
organisatio
n has been
facing
tremendous
problems
and
challenges
for
improving
the
sustainabilit
y for these
es have not
let the
workforce
be available
for the
correct
place at the
time of
need.
events. es of the
workforce
involved
within the
organization
based on
their roles
within the
organization.
situation. and
scheduling
of the
event of
the
organizatio
ns.
over by the
monitoring
of the
management
body.
© Canberra Institute of Technology RTO Code 0101 Page 12 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
customers
and is
facing a lot
of problems
in
organising
the events
within the
organisatio
n.
5 Since, there
is no proper
financial
Without
proper
funding it
Most likely
to occur
when the
High Can be
controlled
The proper
handling of
the
This
responsibili
ty lies
The
financers
would take
Less likely
to occur if
the
Low High The proper
monitoring
of the
© Canberra Institute of Technology RTO Code 0101 Page 13 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
viability
provided by
EPC and this
phone's
major
talent in the
organisatio
n in case of
both
manageme
nt and
board. Due
to this
would be
difficult to
handle the
day to day
operations
further
harming the
assets of
the
organizatio
n.
financial
provided
are not
impressed
by the
operations
in the
organizatio
n.
operations
within the
organization
needs to be
set up and
further it
should be
presented to
the financers
about the
proper
implementati
within the
organizatio
n’s
manageme
nt and
decision
making
bodies.
a bit of
time to
actually
make a
decision to
finance the
organizatio
n so that
they would
not be at a
loss
investing in
organizatio
n and its
operations
are
handled
well
enough.
operations
management
within the
organization
will mitigate
the entire
problem
which can be
further
raised to the
funding
providers so
that they
© Canberra Institute of Technology RTO Code 0101 Page 14 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
problem
they are
facing a lot
of
challenges
in
developing
a proper
sustainable
financial
plan that
would help
the ACT
on of the
strategies to
improve the
condition of
the
organization
so that the
organization
can be
funded again
and the asset
management
the
organizatio
n.
would again
show
interest in
investing
within the
organization.
© Canberra Institute of Technology RTO Code 0101 Page 15 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
community. can be
handled well.
6 The
organisatio
n is found
to be in a
bit of a
sticky
situation
since there
has been no
proper
refurbishme
Without
refurbishme
nt of the
proper
equipments
, the entire
organizatio
n would fail
in delivering
the
deliverables
Most likely
to occur.
High Can be
controlled
Proper
management
of the entire
system
should be
taken care of,
including the
equipments
utilized
within the
This is
entirely the
responsibili
ty of the
people in
charge of
the
equipment
manageme
nt division.
The
company
would lose
finance
while
handling
the entire
situation
due to
failed
Less likely
to occur if
immediatel
y shift in
equipment
are found.
Low High Proper
equipment
management
should make
sure that
there are no
chances of
failing of the
equipments
and they are
changed or
© Canberra Institute of Technology RTO Code 0101 Page 16 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
nt of
facilities.
since the
refurbishme
nt of the
facilities
have been
failed to be
done
properly
the
organisatio
n is facing
and
operations
of the
organizatio
n would go
haywire.
industry to
monitor if
there is a
need of any
upgradation
or
maintenance
of the
equipments
used within
the
organization.
equipments
.
modified
before they
are failing
their
deliverables.
© Canberra Institute of Technology RTO Code 0101 Page 17 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
somewhat
of a
rundown
situation.
7 There has
been an
improper
steps
developed
for
maintaining
the
They losing
of culture
and
heritage of
the
organizatio
n directly
hampers
Less likely
to occur.
High Can be
controlled
Proper steps
to be taken
to make sure
that the
organization
is not
hampering
the culture
The
policymake
rs of the
organizatio
n are
responsible
for
maintainin
They losing
of culture
and heritage
of the
organization
directly
hampers the
organization’
Less likely
to occur.
Low High The
management
bodies need
to make sure
that the
organization
and its
policies are
© Canberra Institute of Technology RTO Code 0101 Page 18 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
Heritage
and cultural
environmen
t of EPIC,
and due to
this factor
there has
been
downgrade
in the
cultural
heritage of
the
the
organizatio
n’s
reputation.
and heritage
of the
organization
and this
should also
be declared
in the
organizationa
l policy.
g the
culture and
heritage of
the
organizatio
n.
s reputation. feasible
enough not
to harm the
culture and
heritage and
reputation of
the
organization.
© Canberra Institute of Technology RTO Code 0101 Page 19 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
organisatio
n for both
the
arrangemen
t of the
events that
have been
organised in
indoors as
well as
outdoors.
© Canberra Institute of Technology RTO Code 0101 Page 20 of 25
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Risk Register part 2 – risk assessment, risk evaluation and risk treatment (Continued from Risk Register Part1)
Risk
Referen
ce
Risk
Controls
which are
currently in
place
This field is for
the risk
controls that
already exist
and are
currently
managing the
risk
Inherent
Risk Rating
Control
Effectivene
ss Rating
Action to be
taken
Can include
further risk
treatment
strategies or a
rationale behind
no further action
where rating is
rated as “Room
for
Improvement”
or” inadequate.”
Reference can be
made to an
Risk
Treatment
Owner –
officer
responsible
for
Manageme
nt of Risk
Treatments
Residual
Risk rating
Control
Effectivene
ss rating
Monitoring
and
reviewing
Monitored by
whom with the
inclusion of
details about
frequency
requirements of
monitoring in
addition to the
final review to
occur. Where
appropriate can
refer to a “risk
treatment
plan.”
Consequenc
e
Likelihood Inhere
nt Risk
Rating
Consequence Likelihood Residu
al Risk
Rating
Directorate: Manager Responsible:
Agency / Division / Business Unit:
Risk Reference Number Identified Risk Inherent Risk Rating
Current Controls
Residual Risk Rating to be
achieved
(on completion of action plan)
Strategy 1 Proper Policy needs to be developed to handle all the impending problems within the organization that has
been causing problems within the workforce, equipments and the operations of the organizations.
Strategy 2 There needs to be a proper management of the finances to make sure that the asset management system
© Canberra Institute of Technology RTO Code 0101 Page 21 of 25
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works well and there is no waste of asset within the organization.
Action to be undertaken in order to implement the risk treatment strategy Action
Officer
Due
Date
Date
finished
Comments
ACTION 1 Proper documentation of the policies needs to be built up and spread amongst the workforce of the
organization.
Management
body
11-
18-
2018
11-18-
2018
The
documentation
of policies are
shared and
conveyed to
the entire
workforce.
ACTION 2 Operational systems needs to be evaluated based on the entire finance of the system taking the assets into
consideration.
Financial
assessment
body
12-
11-
2018
12-11-
2018
The
assessment
has been done
so that no
further risks
occur.
Cost / Benefit Analysis
Costs Benefits
© Canberra Institute of Technology RTO Code 0101 Page 22 of 25
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All of the direct and indirect costs associated with the business, operations,
project, undertaking or action. Can include: capital costs, tax and fees, outsource
consulting fees, training, facilities, overheads, utilities, time etc.
The cost that is used for the maintainance of the risks within the organization is
handles accordingly keeping all the impending risks in mind that may occur due to
non management of the risks.
All of the direct and indirect benefits associated with the business, operations,
project, undertaking or action. Can include: increased output, reduced costs,
reduced labour costs, reduced taxes, reduced number of incidents etc.
Direct benefit is that, although money is utilized for the management of the
risks, but in the long run there would be no wastage of company assets within the
organization occurs.
© Canberra Institute of Technology RTO Code 0101 Page 23 of 25
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© Canberra Institute of Technology RTO Code 0101 Page 24 of 25
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Bibliography
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Cox, D.R., 2018. Analysis of survival data. Routledge.
Dindar, S., Kaewunruen, S. and An, M., 2018. Identification of appropriate risk analysis techniques for railway turnout systems. Journal of Risk Research, 21(8),
pp.974-995.
Ericson, C.A., 2015. Hazard analysis techniques for system safety. John Wiley & Sons.
Goff, D.C., Lloyd-Jones, D.M., Bennett, G., Coady, S., D’agostino, R.B., Gibbons, R., Greenland, P., Lackland, D.T., Levy, D., O’donnell, C.J. and Robinson, J.G., 2014.
2013 ACC/AHA guideline on the assessment of cardiovascular risk: a report of the American College of Cardiology/American Heart Association Task Force on
Practice Guidelines. Journal of the American College of Cardiology, 63(25 Part B), pp.2935-2959.
Gongyu, H., Rong, L., Cong, J. and Xin, L., 2016. Risk Analysis and Evaluation of Long Slope Mining Construction by TBM Techniques. Chinese Journal of Underground
Space and Engineering, 3, p.038.
Hox, J.J., Moerbeek, M. and Van de Schoot, R., 2017. Multilevel analysis: Techniques and applications. Routledge.
Maragh-Bass, A.C., Torain, M., Adler, R., Schneider, E., Ranjit, A., Kodadek, L.M., Shields, R., German, D., Snyder, C., Peterson, S. and Schuur, J., 2017. Risks, benefits,
and importance of collecting sexual orientation and gender identity data in healthcare settings: a multi-method analysis of patient and provider perspectives. LGBT
health, 4(2), pp.141-152.
Modarres, M., 2016. Risk analysis in engineering: techniques, tools, and trends. CRC press.
Salkeld, D., 2016. Project risk analysis: techniques for forecasting funding requirements, costs and timescales. Routledge.
Wang, Y., Kung, L. and Byrd, T.A., 2018. Big data analytics: Understanding its capabilities and potential benefits for healthcare organizations. Technological
Forecasting and Social Change, 126, pp.3-13.
Wu, D.D., Chen, S.H. and Olson, D.L., 2014. Business intelligence in risk management: Some recent progresses. Information Sciences, 256, pp.1-7.
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cit.edu.au Date updated: 30/08/2024