Nature Care Products Analysis 2022

This document is Risk Management Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Australian Smart College
7 Greenfield Parade, Bankstown NSW 2200
ABN 45 607 618 244
RTO ID: 45302 CRICOS Code: 03661E
Phone: [phone]
Website: www.ascollege.nsw.edu.au
Email: [e-mail]
Australian Smart College Pty. Ltd.
BSBRSK501- Manage risk
Student’s Resources
1 | P a g eV2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Management Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Nature Care Products
Risk Management Plan
The risk management process will be used by the management team to ensure risk control methods are
included in all organisational planning, management of operations and governance.
Definitions
The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS
4360:2004.
Risk
The chance of something happening which will have an impact upon objectives. It is measured in terms of
consequence and likelihood.
Likelihood
A qualitative description or synonym for probability or frequency.
Consequence
The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury,
disadvantage or gain. There may be a range of possible outcomes associated with an event.
Risk assessment
The overall process of risk analysis and risk evaluation.
Risk treatment/control methods
Selection and implementation of appropriate options for dealing with risk.
Conceptually, treatment options will involve one or a combination of the following five strategies:
 Avoid the risk.
 Reduce the likelihood of occurrence.
 Reduce the consequences of occurrence.
 Transfer the risk.
 Retain/accept the risk.
Risk management process
The systematic application of management policies, procedures and practices to the tasks of establishing the
context, identifying, analysing, evaluating, treating, monitoring and communicating risk.
2 | P a g eV2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Management Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Risk management procedure
This risk management plan template should be used. The following procedure should be followed for risk
management:
1. Gather information about potential risks and risk treatments or controls using a range of risk
management tools and techniques. The preferred method is brainstorming potential risks
with key staff members and conducting a PESTLE analysis to identify external risks.
2. Confirm key risks and risk treatments or controls to be documented in the risk management
plan. For each risk, indicate the consequence of the risk e.g. loss in sales, loss in profits,
business closure, lack of qualified staff, etc.
3. Identify key risks and document them in the risk register.
4. Using the risk legend within the risk management plan, assess and document the likelihood
of the risk occurring.
5. Using the risk legend within the risk management plan, assess and document the severity of
the risk occurring.
6. Identify and document the agreed treatment or control method for each risk.
7. Assign a ranking to the risk using the risk assessment legend. The ranking of the risk will
determine its importance in terms of risk management.
Risk assessment legend
3 | P a g eV2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Management Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Risk register
See risk management procedure.
You must document at least five risks and treatment measures using your research and review of team minutes, feedback from CEO and brainstorming meeting.
Evaluate each risk as to whether it is high, medium or low priority and assign an order for treating risks.
Scope of assessment: Attached
Critical success factors: Attached
Internal & external
stakeholders: Attached
Risk Consequences Severity
Rating
Likelihood
Rating
Treatment or
control
methods
Priority
rating
(high,
medium
or low)
Order of
priority
Deteriorating in bilateral
relationship of Government
of Australia would result in
companies losing
markets(Political factors) Loss of markets, supply chains and lowering of profits High Likely
Entering new
markets High
Terrorist attacks would
result in damage to the
properties of the company,
death of employees, loss of
information and financial
losses(Political factors) Massive loss High rarely
Seek
government
help High
Fall in GDP would lead to
fall in demand for high end
organic skincare
products(Economic factors) Demand and revenue generation would fall High Likely
Foreign
expansion High
4 | P a g eV2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E