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BSBRSK501 - Manage Risk Assignment

   

Added on  2020-04-13

13 Pages2362 Words132 Views
Terms and definitions

Running Head: Terms and definitionsTerms DefinitionExplanation AS/NZS ISO 31000:2009Example:This is the standard of the riskmanagement frameworks andprograms and this providedthe guidelines at the time ofriskmanagementdevelopment. This is definedas the guide of implementingthe risk management process. AS/NZS ISO 31000:2009 canhelp to achieve the confidenceand trust of the stakeholders,organizational resilience,reliable decision making,planning and the proactivemanagement. All theseguidelines are generalprinciples of the riskmanagement.This standard is mainly used by the fund member agencies.Except them these can be used by the many other private orcommunity enterprise, association, group or individual.Therefore, ISO 31000:2009 is not specific to any industry orsector.Duty of careExample:This term is defined as thelegal obligation which ensuresthe safety and well-being ofthe employees. This isimposed by the individual orany other organization. Theorganizational policies andprocedures of the companiesinclude the duty of care as aThe main motive of thisobligation is that organizationavoids those actions that harmthe other people working inthe organizations. The safetyand the care for the employeesare important to increase theirperformance and productivity.1

Running Head: Terms and definitionsresponsibility of theorganization. It can be applied by the directors, accountants, auditors,manufacturer to make sure about the standard of care fulfilltheir duties. WHS policyExample:Work health policies are thecommitments that themanagement or theorganization does in the favorof the health and safety of theemployees working in theorganization. The WHSpolicies are regulated by theorganization and the stategovernment to control therisks in future. WHS policies in theorganizations are used toremove or minimize the risksassociated with the health,safety and welfare of theworkers. The WHS policies inthe organization retain theemployees for the long periodof time because employeeswill feel secure and safe in theorganization. This policy is applied in the big organization and covering thehealth of the employees working in the organization such ascontractors, agents, consultants and staff.Risk management planRisk management plan is thedocument prepared by themanagers that includes therisks, their impact and thedefinition of the responses toIt consists of the riskassessment matrix and itincludes the four differentways to handle the risks.These four ways are, avoid,2

Running Head: Terms and definitionsExample:issues. This is the clear factthat risks cannot be eradicatedcompletely, as they can bemitigated, reduced or acceptedby the organizations. mitigate, transfer and accept. Risk management plans areused to save the companiesfrom the future losses. When you are planning any project, it involves the uncertainevents which need to be managed by the project manager. LikelihoodThe likelihood is defined asthe probability of an eventhappening. This is theinformal way of discussingabout the situation that maytake place and may beinfluenced by the factors notobserved yet.Likelihood is the frequencylevels in the process of the riskassessment processes. Theseare also helpful in managingthe risks as these likelihoodtells the frequency of the risklevel that affect the objectivesof the company. A person applying for a job, but having a criminal record willminimize the likelihood of getting the call from the job or anyjob offer letter. Likelihood in this example is like the chance ofthe achieving goals. ConsequenceExample:The consequence is defined asthe effect, result, or theoutcome of the event that isoccurring earlier. Theconsequence in the terms of therisk management can beHowever, the Consequencesof the risk identified arehelpful in the evaluation aswell as the riskimplementation processes.The organization can analyze3

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