George Brown College: BSBRSK501 Manage Risk Assessment Guide
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Homework Assignment
AI Summary
This assignment solution provides a comprehensive guide to the BSBRSK501 Manage Risk assessment. It includes an overview of the unit, assessment details, and specific requirements for both the written questions and the project component. The assessment tasks are divided into stages, with detailed instructions for each. The project involves developing a risk management strategy and plan for a hypothetical cafe, encompassing establishing the risk context, identifying risks, analyzing risks, selecting treatments, and developing an implementation strategy. The assessment also covers the key elements of current risk management standards and organizational policies. The solution highlights the importance of stakeholder consultation, action plan development, and evaluation of the risk management process. The assessment also emphasizes the importance of understanding the legislative and regulatory context of the organization in relation to risk management. The document also provides information on plagiarism, referencing, and assessment outcomes, including what happens if a student disagrees with the assessment result. The assessment also covers the various stages of the project, which includes describing the context of the planned business, performing a risk assessment and creating a risk management plan, and writing an action plan for implementation and monitoring. The final stage of the project involves developing a report evaluating the risk management processes based on a given scenario.
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ASSESSMENT
GUIDE
Student
BSBRSK501 Manage risk
GUIDE
Student
BSBRSK501 Manage risk
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BSBRSK501 Manage risk
UNIT OVERVIEW
BSBCUS501 Manage quality customer service
This unit describes skills and knowledge required to manage risks in a range of contexts across an
organisation or for a specific business unit or area in any industry setting.
It applies to individuals who are working in positions of authority and are approved to implement
change across the organisation, business unit, program or project area. They may or may not have
responsibility for directly supervising others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements
To achieve competency in this unit students must demonstrate their ability to:
1. establish risk context
2. identify risks
3. analyse risks
4. select and implement treatments
Performance Evidence
Evidence of the ability to:
analyse information from a range of sources to identify the scope and context of the risk
management process including:
stakeholder analysis
political, economic, social, legal, technological and policy context
current arrangements
objectives and critical success factors for the area included in scope
risks that may apply to scope
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.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
outline the purpose and key elements of current risk management standards
outline the legislative and regulatory context of the organisation in relation to risk
management
outline organisational policies, procedures and processes for risk management.
Student Assessment Guide v 1 August 2019 Page 2 of 27
UNIT OVERVIEW
BSBCUS501 Manage quality customer service
This unit describes skills and knowledge required to manage risks in a range of contexts across an
organisation or for a specific business unit or area in any industry setting.
It applies to individuals who are working in positions of authority and are approved to implement
change across the organisation, business unit, program or project area. They may or may not have
responsibility for directly supervising others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements
To achieve competency in this unit students must demonstrate their ability to:
1. establish risk context
2. identify risks
3. analyse risks
4. select and implement treatments
Performance Evidence
Evidence of the ability to:
analyse information from a range of sources to identify the scope and context of the risk
management process including:
stakeholder analysis
political, economic, social, legal, technological and policy context
current arrangements
objectives and critical success factors for the area included in scope
risks that may apply to scope
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.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
outline the purpose and key elements of current risk management standards
outline the legislative and regulatory context of the organisation in relation to risk
management
outline organisational policies, procedures and processes for risk management.
Student Assessment Guide v 1 August 2019 Page 2 of 27

BSBRSK501 Manage risk
INFORMATION FOR STUDENTS
General Assessment Information
This information is designed to provide you with a full overview of the tasks you need to
successfully complete to be deemed competent in this unit.
You must achieve a satisfactory performance in each of the assessment tasks in order to be
deemed competent in the relevant unit. Where necessary, the assessment tasks are divided into
parts or steps. These are designed to take you through a step by step approach to completing the
activities.
Instructions
First and foremost, please contact your assessor to discuss any necessary adjustments that may
need to be made prior to completing these tasks. The instructions for each of the assessment
tasks are logically sequenced. If you have any questions, contact your assessor immediately. If
there is a practical component to your assessment, you will need to discuss the arrangements for
its completion with your assessor in advance.
Assessment Cover Sheet
Once you have completed all of the tasks, complete the Assessment Cover Sheet, sign the
declaration and forward along with your documentation to your assessor. It should be uploaded
along with the assessment on to RTOManager.
Submitting Assessment Tasks
All written assessment tasks must be typed and submitted with the provided cover sheet.
Your trainer/assessor will tell you when assessments are due. It is your responsibility to ensure
that assessment tasks are submitted on or before their due date.
Extensions for individual assessment tasks may be negotiated with your trainer in specific
circumstances. You must request this prior to the due date, and extensions due to illness will
require a medical certificate. Extensions will be confirmed by your trainer/assessor.
Where assessment tasks are submitted following the conclusion of the unit of competency without
a medical certificate or extension, a late submission fee for each assessment task will be charged.
Assessment Outcomes
There are two outcomes of assessment tasks: S = Satisfactory and NS = Not Satisfactory (requires
more training and experience).
You will be awarded C = Competent on completion of the unit when you have achieved S for all
completed assessment tasks and by meeting all the performance criteria. If you fail to meet this
requirement, you will receive the result NYC = Not Yet Competent and will be eligible to be re-
assessed according to George Brown College policy.
If you are deemed Not Competent by your assessor and require re-assessment, you will be
informed of the process. A fee may be charged according to George Brown College policy.
If all assessment tasks are not completed for a qualification, a certificate will not be awarded. A
Statement of Attainment for completed units of competency will be provided.
Student Assessment Guide v 1 August 2019 Page 3 of 27
INFORMATION FOR STUDENTS
General Assessment Information
This information is designed to provide you with a full overview of the tasks you need to
successfully complete to be deemed competent in this unit.
You must achieve a satisfactory performance in each of the assessment tasks in order to be
deemed competent in the relevant unit. Where necessary, the assessment tasks are divided into
parts or steps. These are designed to take you through a step by step approach to completing the
activities.
Instructions
First and foremost, please contact your assessor to discuss any necessary adjustments that may
need to be made prior to completing these tasks. The instructions for each of the assessment
tasks are logically sequenced. If you have any questions, contact your assessor immediately. If
there is a practical component to your assessment, you will need to discuss the arrangements for
its completion with your assessor in advance.
Assessment Cover Sheet
Once you have completed all of the tasks, complete the Assessment Cover Sheet, sign the
declaration and forward along with your documentation to your assessor. It should be uploaded
along with the assessment on to RTOManager.
Submitting Assessment Tasks
All written assessment tasks must be typed and submitted with the provided cover sheet.
Your trainer/assessor will tell you when assessments are due. It is your responsibility to ensure
that assessment tasks are submitted on or before their due date.
Extensions for individual assessment tasks may be negotiated with your trainer in specific
circumstances. You must request this prior to the due date, and extensions due to illness will
require a medical certificate. Extensions will be confirmed by your trainer/assessor.
Where assessment tasks are submitted following the conclusion of the unit of competency without
a medical certificate or extension, a late submission fee for each assessment task will be charged.
Assessment Outcomes
There are two outcomes of assessment tasks: S = Satisfactory and NS = Not Satisfactory (requires
more training and experience).
You will be awarded C = Competent on completion of the unit when you have achieved S for all
completed assessment tasks and by meeting all the performance criteria. If you fail to meet this
requirement, you will receive the result NYC = Not Yet Competent and will be eligible to be re-
assessed according to George Brown College policy.
If you are deemed Not Competent by your assessor and require re-assessment, you will be
informed of the process. A fee may be charged according to George Brown College policy.
If all assessment tasks are not completed for a qualification, a certificate will not be awarded. A
Statement of Attainment for completed units of competency will be provided.
Student Assessment Guide v 1 August 2019 Page 3 of 27

BSBRSK501 Manage risk
Your Results
Your assessor is committed to providing you with detailed feedback on the outcomes of the
assessment and will provide guidance on areas for improvement. In most instances, you should
only need to complete the sections of the assessment that were deemed not satisfactory.
However, it is important to remember that depending on the task, it may be necessary to repeat the
whole task (for example presentations or the delivery of a training session).
You are entitled to view your results at any time by viewing them once they are uploaded on
RTOManager.
Reasonable Adjustment
George Brown College supports individual differences in the learning environment and provides
‘reasonable adjustment’ in training and assessment activities to support every learner. If you have
any special needs that make it difficult for you to complete your learning or assessments, you
should discuss this with your assessor beforehand and will be provided with reasonable
alternatives to assist you to complete the required tasks such as completing tests verbally or using
an interpreter.
What happens if you do not agree with the assessment result?
If you do not think the assessment process is valid, or disagree with the decision once it is made,
or believe that you have been treated unfairly, you can appeal. The first step is to discuss the
matter with your trainer.
If you still do not agree with the results, refer to the GBC Complaints and Appeals Policy and speak
to the Student Services Team.
Support
While we may not be in a position to assist you with language training or specific LLN training, our
assessors will work with you to ensure that you are supported throughout your qualification. If you
require individual tutoring this may attract an additional fee (see Student Handbook). Support may
be offered by your assessor, or for more specialist support you may need to contact GBC
administration.
A Note on Plagiarism and Referencing
Plagiarism is a form of theft where the work, ideas, inventions etc. of other people are presented as
your own. Information, ideas etc. quoted or paraphrased from another source such as the Internet,
must be acknowledged with “quotation marks” around the relevant words/sentences or ideas and
the source listed in brackets. You must also list the sources at the end of your assessment.
Sources of information, ideas etc. must be provided in alphabetical order by author’s surname
(including author’s full name, name of document/ book / internet etc. and year and place of
publishing) or may be included in brackets in the text.
As a general rule it is advisable to never copy another person’s work. Should it appear that a
student’s work has been copied or does not appear to be authentic, you will be asked to speak to
your Course Coordinator and required to re-submit it. A fee may be charged according to George
Brown College policy.
Contacting the RTO
If you should need further support or assistance please do not hesitate to contact The Student
Services Team.
Student Assessment Guide v 1 August 2019 Page 4 of 27
Your Results
Your assessor is committed to providing you with detailed feedback on the outcomes of the
assessment and will provide guidance on areas for improvement. In most instances, you should
only need to complete the sections of the assessment that were deemed not satisfactory.
However, it is important to remember that depending on the task, it may be necessary to repeat the
whole task (for example presentations or the delivery of a training session).
You are entitled to view your results at any time by viewing them once they are uploaded on
RTOManager.
Reasonable Adjustment
George Brown College supports individual differences in the learning environment and provides
‘reasonable adjustment’ in training and assessment activities to support every learner. If you have
any special needs that make it difficult for you to complete your learning or assessments, you
should discuss this with your assessor beforehand and will be provided with reasonable
alternatives to assist you to complete the required tasks such as completing tests verbally or using
an interpreter.
What happens if you do not agree with the assessment result?
If you do not think the assessment process is valid, or disagree with the decision once it is made,
or believe that you have been treated unfairly, you can appeal. The first step is to discuss the
matter with your trainer.
If you still do not agree with the results, refer to the GBC Complaints and Appeals Policy and speak
to the Student Services Team.
Support
While we may not be in a position to assist you with language training or specific LLN training, our
assessors will work with you to ensure that you are supported throughout your qualification. If you
require individual tutoring this may attract an additional fee (see Student Handbook). Support may
be offered by your assessor, or for more specialist support you may need to contact GBC
administration.
A Note on Plagiarism and Referencing
Plagiarism is a form of theft where the work, ideas, inventions etc. of other people are presented as
your own. Information, ideas etc. quoted or paraphrased from another source such as the Internet,
must be acknowledged with “quotation marks” around the relevant words/sentences or ideas and
the source listed in brackets. You must also list the sources at the end of your assessment.
Sources of information, ideas etc. must be provided in alphabetical order by author’s surname
(including author’s full name, name of document/ book / internet etc. and year and place of
publishing) or may be included in brackets in the text.
As a general rule it is advisable to never copy another person’s work. Should it appear that a
student’s work has been copied or does not appear to be authentic, you will be asked to speak to
your Course Coordinator and required to re-submit it. A fee may be charged according to George
Brown College policy.
Contacting the RTO
If you should need further support or assistance please do not hesitate to contact The Student
Services Team.
Student Assessment Guide v 1 August 2019 Page 4 of 27
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BSBRSK501 Manage risk
ASSESSMENT
BSBRSK501 Manage risk
There are two assessments for this unit:
1. Written Questions
For this assessment, you are to read the questions and respond in writing with the most suitable
answer. There are fifteen questions, all of which must be completed. Most questions require short
answers although some questions require a more detailed response. You may use various sources
of information including workbooks, internet and other documents, but must list and reference your
sources. Your assessor will advise you when this is due.
2. Project
This is a major project in four stages in which you are to develop a risk management strategy and
risk management plan for a business. This includes establishing the risk context, identify risks,
analysing risks, selecting treatments and developing an implementation strategy. It will be based
on a hypothetical scenario of opening a new cafe.
Stage One - you are to describe the context of the planned business, describe the goals and
analyse the external environment. You must also describe the various stakeholders who would be
involved.
Stage Two - you are to do a risk assessment and risk management plan using appropriate risk
management tables, charts and diagrams. You will do this in consultation with other ‘stakeholders’
i.e. your business partners. For this you will need to form groups of 3 or 4 students. Your trainer
will allocate time in class to complete this consultation
Stage Three - you must write an action plan for implementation plus a strategy for implementing
and monitoring the plan. You must present this action plan and the processes to your trainer in the
role of Bank Manager, for approval, in a 5 – 8 minute presentation.
Stage Four – you are provided with a scenario in which you have opened the business and
implemented the risk strategy. Based on the scenario, you are to develop a report in which you
evaluate the risk management processes.
You will present all the information you have researched and activities you have completed in the
form of a final report of 3 – 4 pages.
You will be marked against the criteria in the attached marking guide.
Your assessor will advise you when each stage of this project is due.
Assessment Schedule
Assessment Due Date
1. Written Questions
2. Project:
Stage One
Stage Two
Stage Three
Student Assessment Guide v 1 August 2019 Page 5 of 27
ASSESSMENT
BSBRSK501 Manage risk
There are two assessments for this unit:
1. Written Questions
For this assessment, you are to read the questions and respond in writing with the most suitable
answer. There are fifteen questions, all of which must be completed. Most questions require short
answers although some questions require a more detailed response. You may use various sources
of information including workbooks, internet and other documents, but must list and reference your
sources. Your assessor will advise you when this is due.
2. Project
This is a major project in four stages in which you are to develop a risk management strategy and
risk management plan for a business. This includes establishing the risk context, identify risks,
analysing risks, selecting treatments and developing an implementation strategy. It will be based
on a hypothetical scenario of opening a new cafe.
Stage One - you are to describe the context of the planned business, describe the goals and
analyse the external environment. You must also describe the various stakeholders who would be
involved.
Stage Two - you are to do a risk assessment and risk management plan using appropriate risk
management tables, charts and diagrams. You will do this in consultation with other ‘stakeholders’
i.e. your business partners. For this you will need to form groups of 3 or 4 students. Your trainer
will allocate time in class to complete this consultation
Stage Three - you must write an action plan for implementation plus a strategy for implementing
and monitoring the plan. You must present this action plan and the processes to your trainer in the
role of Bank Manager, for approval, in a 5 – 8 minute presentation.
Stage Four – you are provided with a scenario in which you have opened the business and
implemented the risk strategy. Based on the scenario, you are to develop a report in which you
evaluate the risk management processes.
You will present all the information you have researched and activities you have completed in the
form of a final report of 3 – 4 pages.
You will be marked against the criteria in the attached marking guide.
Your assessor will advise you when each stage of this project is due.
Assessment Schedule
Assessment Due Date
1. Written Questions
2. Project:
Stage One
Stage Two
Stage Three
Student Assessment Guide v 1 August 2019 Page 5 of 27

BSBRSK501 Manage risk
Stage Four
Student Assessment Guide v 1 August 2019 Page 6 of 27
Stage Four
Student Assessment Guide v 1 August 2019 Page 6 of 27

BSBRSK501 Manage risk
ASSESSMENT COVER SHEET
Student Name:
Student ID:
Contact Number:
Email:
Trainer / Assessor Name:
Qualification:
Unit of Competency: BSBRSK501 Manage risk
Assessment:
☐ Written Questions
☐ Project:
Stage One
Stage Two
Stage Three
Stage Four
Due Date: Date Submitted:
If your assessment is being submitted after the due date, please attach a copy of the written
confirmation of extension received from your assessor.
Declaration: I have read and understood the following information at the
beginning of this assessment guide (please tick):
☐ Assessment information
☐ Submitting assessments
☐ Plagiarism and referencing
I declare this assessment is my own work and where the work is
of others, I have fully referenced that material.
Name (please print) Signature Date
Student Assessment Guide v 1 August 2019 Page 7 of 27
ASSESSMENT COVER SHEET
Student Name:
Student ID:
Contact Number:
Email:
Trainer / Assessor Name:
Qualification:
Unit of Competency: BSBRSK501 Manage risk
Assessment:
☐ Written Questions
☐ Project:
Stage One
Stage Two
Stage Three
Stage Four
Due Date: Date Submitted:
If your assessment is being submitted after the due date, please attach a copy of the written
confirmation of extension received from your assessor.
Declaration: I have read and understood the following information at the
beginning of this assessment guide (please tick):
☐ Assessment information
☐ Submitting assessments
☐ Plagiarism and referencing
I declare this assessment is my own work and where the work is
of others, I have fully referenced that material.
Name (please print) Signature Date
Student Assessment Guide v 1 August 2019 Page 7 of 27
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BSBRSK501 Manage risk
ASSESSMENT 1: WRITTEN QUESTIONS
Read the questions below and respond in writing with the most suitable answer. There are fifteen
questions. You must complete them all. Most questions require short answers although some
questions may require a more detailed response. You may use various sources of information
including your workbook, internet and other documents. You must list your sources. Your assessor
will advise when this is due.
Question 1
Outline the purpose and key elements of current risk management standards
The purpose of risk management standards is to help in identifying potential problems before their
occurrence so that risk handling activities can be planned and implemented as required across the
lifestyle of a project so that they do not impact the outcome of a project.
The key elements of current risk management standards are identifying the asset which needs to
be protected, identifying the threats which are associated with the assets, applying controls in a
controlled layer, testing the adequacy of the standards and monitoring of the program and process
periodically.
(a) What is the name of organisation that issues that AS/NZS 4360:2004 Risk Management
Standards?
AS/NZS 4360:2004 risk management standards are issued by Joint Standards Australia/Standards
New Zealand Committee OB-007.
(b) Briefly describe the purpose of this standard.
The purpose of the AS/NZS 4360:2004 is to provide a generic guide for managing risks and for
establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating
risks.
(c) Briefly outline the key elements of AS/NZS4360:2004 Risk Management Standard ie what it
includes.
The key elements of AS/NZS 4360:2004 Risk Management Standards are identification of risks,
risk analysis, risk evaluation, risk treatment, monitoring and reviewing and consulting and
collaborating.
Student Assessment Guide v 1 August 2019 Page 8 of 27
ASSESSMENT 1: WRITTEN QUESTIONS
Read the questions below and respond in writing with the most suitable answer. There are fifteen
questions. You must complete them all. Most questions require short answers although some
questions may require a more detailed response. You may use various sources of information
including your workbook, internet and other documents. You must list your sources. Your assessor
will advise when this is due.
Question 1
Outline the purpose and key elements of current risk management standards
The purpose of risk management standards is to help in identifying potential problems before their
occurrence so that risk handling activities can be planned and implemented as required across the
lifestyle of a project so that they do not impact the outcome of a project.
The key elements of current risk management standards are identifying the asset which needs to
be protected, identifying the threats which are associated with the assets, applying controls in a
controlled layer, testing the adequacy of the standards and monitoring of the program and process
periodically.
(a) What is the name of organisation that issues that AS/NZS 4360:2004 Risk Management
Standards?
AS/NZS 4360:2004 risk management standards are issued by Joint Standards Australia/Standards
New Zealand Committee OB-007.
(b) Briefly describe the purpose of this standard.
The purpose of the AS/NZS 4360:2004 is to provide a generic guide for managing risks and for
establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating
risks.
(c) Briefly outline the key elements of AS/NZS4360:2004 Risk Management Standard ie what it
includes.
The key elements of AS/NZS 4360:2004 Risk Management Standards are identification of risks,
risk analysis, risk evaluation, risk treatment, monitoring and reviewing and consulting and
collaborating.
Student Assessment Guide v 1 August 2019 Page 8 of 27

BSBRSK501 Manage risk
Question 2
In your own words, describe the following types of the legislation, codes of practice and national
standards which relate to risk management in an organisation and provide two (2) examples of
how they apply:
Legislation Description and Examples
(a) Duty of Care Duty of care is a moral or legal obligation for
ensuring the safety and well-being of others.
(b) Company Law Company Law is a set of rules and legislations
which every country needs to follow for
governing and rights and relations and
conduct or persons and businesses.
(c) Contract Law Contract Law is set of rules and regulations
which two parties who are involved in
contract needs to follow for ensuring he
success of the contract.
(d) Environmental Law Environment Law refers to the laws and
regulations regarding the environment which
every organization needs to follow while
doing business.
(d) Privacy Law Privacy laws refers to the laws and legislation
which helps in ensuring the safety and
privacy of customer information.
Question 3
In the workplace, it is a legal requirement to make reasonable adjustments for people with a
disability. Name the Act with which employers must comply.
The Act which employers must comply in order to make necessary adjustments for people with a
disability is The Australian Disability Discrimination Act.
Question 4
Match up the following risk management terms with their definitions by writing the appropriate
number corresponding to the term in the brackets next to the definition.
1. Consequence A colloquial term for ‘probability’. When related to risk, it is
the probability of the stated consequence occurring.
2. Scope A process of rating risks according to their severity and
likelihood to determine the priority for treatment or control
of risks. Also known as ‘prioritisation’.
3. Risk ranking The impact to the organisation or individual resulting from
an event, or sequence of events, which may be
expressed quantitatively or qualitatively.
Student Assessment Guide v 1 August 2019 Page 9 of 27
Question 2
In your own words, describe the following types of the legislation, codes of practice and national
standards which relate to risk management in an organisation and provide two (2) examples of
how they apply:
Legislation Description and Examples
(a) Duty of Care Duty of care is a moral or legal obligation for
ensuring the safety and well-being of others.
(b) Company Law Company Law is a set of rules and legislations
which every country needs to follow for
governing and rights and relations and
conduct or persons and businesses.
(c) Contract Law Contract Law is set of rules and regulations
which two parties who are involved in
contract needs to follow for ensuring he
success of the contract.
(d) Environmental Law Environment Law refers to the laws and
regulations regarding the environment which
every organization needs to follow while
doing business.
(d) Privacy Law Privacy laws refers to the laws and legislation
which helps in ensuring the safety and
privacy of customer information.
Question 3
In the workplace, it is a legal requirement to make reasonable adjustments for people with a
disability. Name the Act with which employers must comply.
The Act which employers must comply in order to make necessary adjustments for people with a
disability is The Australian Disability Discrimination Act.
Question 4
Match up the following risk management terms with their definitions by writing the appropriate
number corresponding to the term in the brackets next to the definition.
1. Consequence A colloquial term for ‘probability’. When related to risk, it is
the probability of the stated consequence occurring.
2. Scope A process of rating risks according to their severity and
likelihood to determine the priority for treatment or control
of risks. Also known as ‘prioritisation’.
3. Risk ranking The impact to the organisation or individual resulting from
an event, or sequence of events, which may be
expressed quantitatively or qualitatively.
Student Assessment Guide v 1 August 2019 Page 9 of 27

BSBRSK501 Manage risk
4. Consultation The span of interest for a risk management process. May
include a specific project, business unit, specific
function, internal or external environment, whole
organisation
5. Likelihood A process of seeking information or the informed opinions
from one or more people prior to decision-making.
1. Consequence The impact to the organisation or individual resulting from
an event, or sequence of events, which may be
expressed quantitatively or qualitatively.
2. Scope The span of interest for a risk management process. May
include a specific project, business unit, specific
function, internal or external environment, whole
organisation.
3. Risk ranking A process of rating risks according to their severity and
likelihood to determine the priority for treatment or control
of risks. Also known as ‘prioritisation’.
4. Consultation A process of seeking information or the informed opinions
from one or more people prior to decision-making.
5. Likelihood A colloquial term for ‘probability’. When related to risk, it is
the probability of the stated consequence occurring.
Question 5
What are three (3) ways by which research can be conducted to determine risk-related issues? For
each way, give a brief example of how it may be done.
Student Assessment Guide v 1 August 2019 Page 10 of 27
4. Consultation The span of interest for a risk management process. May
include a specific project, business unit, specific
function, internal or external environment, whole
organisation
5. Likelihood A process of seeking information or the informed opinions
from one or more people prior to decision-making.
1. Consequence The impact to the organisation or individual resulting from
an event, or sequence of events, which may be
expressed quantitatively or qualitatively.
2. Scope The span of interest for a risk management process. May
include a specific project, business unit, specific
function, internal or external environment, whole
organisation.
3. Risk ranking A process of rating risks according to their severity and
likelihood to determine the priority for treatment or control
of risks. Also known as ‘prioritisation’.
4. Consultation A process of seeking information or the informed opinions
from one or more people prior to decision-making.
5. Likelihood A colloquial term for ‘probability’. When related to risk, it is
the probability of the stated consequence occurring.
Question 5
What are three (3) ways by which research can be conducted to determine risk-related issues? For
each way, give a brief example of how it may be done.
Student Assessment Guide v 1 August 2019 Page 10 of 27
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BSBRSK501 Manage risk
The ways in which research can be conducted to determine risk-related issue are as follows:
Conducting internal research within the organization. For example, carrying out semi-
quantitative analysis by setting values for risks to generate more expanded ranking scale
which will predict realistic figures calculated in quantitative analysis.
Conducting external research within the industry in which the company operates. For
example, carrying out quantitative analysis of risks using numerical values to evaluate both
consequence and likelihood of risks.
Collecting feedback from the stakeholders of the organization. For example, stakeholders
can share their feedback on risk matrix analysis to present level of risk by determining
category of probability or likelihood of risk against severity of consequences.
Question 6
For the following tools that can be used in risk management, describe each of these and when they
would best be used.
Tools Description and Use
Fishbone diagram: The fishbone diagram is a cause and effect diagram which helps
managers to track to identify reasons regarding imperfections,
variations, defects and failures and accordingly contributes to risk
management for identifying the effects associated with the risks.
Brainstorming Brainstorming is defined as a group creativity technique by which
efforts are being made for finding a solution to a specific problem by
gathering of ideas which are provided by its members and therefore it
helps in addressing risks.
Question 7
(a) What are two (2) tools or methods of calculating risk?
The tools or methods of calculating risks are Delphi technique and decision tree.
(b) What are the five stages of risk likelihood usually on a risk calculation table?
1. Rare
Student Assessment Guide v 1 August 2019 Page 11 of 27
The ways in which research can be conducted to determine risk-related issue are as follows:
Conducting internal research within the organization. For example, carrying out semi-
quantitative analysis by setting values for risks to generate more expanded ranking scale
which will predict realistic figures calculated in quantitative analysis.
Conducting external research within the industry in which the company operates. For
example, carrying out quantitative analysis of risks using numerical values to evaluate both
consequence and likelihood of risks.
Collecting feedback from the stakeholders of the organization. For example, stakeholders
can share their feedback on risk matrix analysis to present level of risk by determining
category of probability or likelihood of risk against severity of consequences.
Question 6
For the following tools that can be used in risk management, describe each of these and when they
would best be used.
Tools Description and Use
Fishbone diagram: The fishbone diagram is a cause and effect diagram which helps
managers to track to identify reasons regarding imperfections,
variations, defects and failures and accordingly contributes to risk
management for identifying the effects associated with the risks.
Brainstorming Brainstorming is defined as a group creativity technique by which
efforts are being made for finding a solution to a specific problem by
gathering of ideas which are provided by its members and therefore it
helps in addressing risks.
Question 7
(a) What are two (2) tools or methods of calculating risk?
The tools or methods of calculating risks are Delphi technique and decision tree.
(b) What are the five stages of risk likelihood usually on a risk calculation table?
1. Rare
Student Assessment Guide v 1 August 2019 Page 11 of 27

BSBRSK501 Manage risk
2. Unlikely
3. Possible
4.Likely
5 Almost certain
Question 8
List the five levels consequence or a risk likelihood and consequence analysis table. Describe
examples for each based on risk to a business.
1. Insignificant- Risks creates negligible impact.
2. Minor- Risks create minimal impacts
3. Moderate- Risks create controlled imapct
4. Major- Risks create high impact
5 Severe- Risks create devastating impacts.
Question 9
When treating risk, what are some control measures that could be considered? List and describe
three (3) treatments.
1.Risk response- It is a process of controlling identified risks.
2. Chinese Walls- It is an information barrier which is set up within an organization for preventing
conflicts of interests.
3. Audit trail- It is an information which is recorded by an information technology for the purpose of
helping a future investigation.
Question 10
List five (5) types of insurance an organisation could consider purchasing, and for each type,
describe the risks covered by the insurance and the benefit to the organisation.
1. Professional liability insurance- It helps in covering a business against negligence claims due
to harm which arises from mistakes or failure to perform.
2. Property insurance- Property insurance helps in covering equipment, signage, inventory and
furniture in case of fires, theft or natural disasters.
Student Assessment Guide v 1 August 2019 Page 12 of 27
2. Unlikely
3. Possible
4.Likely
5 Almost certain
Question 8
List the five levels consequence or a risk likelihood and consequence analysis table. Describe
examples for each based on risk to a business.
1. Insignificant- Risks creates negligible impact.
2. Minor- Risks create minimal impacts
3. Moderate- Risks create controlled imapct
4. Major- Risks create high impact
5 Severe- Risks create devastating impacts.
Question 9
When treating risk, what are some control measures that could be considered? List and describe
three (3) treatments.
1.Risk response- It is a process of controlling identified risks.
2. Chinese Walls- It is an information barrier which is set up within an organization for preventing
conflicts of interests.
3. Audit trail- It is an information which is recorded by an information technology for the purpose of
helping a future investigation.
Question 10
List five (5) types of insurance an organisation could consider purchasing, and for each type,
describe the risks covered by the insurance and the benefit to the organisation.
1. Professional liability insurance- It helps in covering a business against negligence claims due
to harm which arises from mistakes or failure to perform.
2. Property insurance- Property insurance helps in covering equipment, signage, inventory and
furniture in case of fires, theft or natural disasters.
Student Assessment Guide v 1 August 2019 Page 12 of 27

BSBRSK501 Manage risk
3. Workers’ compensation insurance- It helps in covering medical insurance, disability and death
benefits in case of injury or death while working.
4. Product liability insurance- It helps in ensuring that the product of a company can find
themselves named on a lawsuit as a result of damages caused by other products.
5 Vehicle insurance- It helps in protecting the vehicles of the company from any type of damages.
Question 11
In a typical business, give an example of two (2) policies and procedures for risk management and
how they communicate it.
1. Policies for operational risk management. The procedure for maintaining operational risk
management policy includes focusing on proactive measures to insure business continuity,
maintaining correctness of information that is used internally and reported externally by
compliance to set rules and procedures to secure physical and operational infrastructure.
This is communicated to all employees during team meetings and through information
circulated by line managers in different operations.
2. Policies of compliance risk. The procedure to maintain compliance risk management
includes establishing and following code of conduct for business and maintaining a Control
committee to oversee and articulate values, duties and obligations. These are
communicated across business organisation through intranet where codes of conduct
documents are available for access of all staffs.
Question 12
Identify the compulsory insurance that an employer must take out in case of injury to employee in
the course of their work.
The compulsory insurance that an employer must provide in case of an injury to an employee
during the course of their work is Workers’ Compensation Insurance which helps in covering
medical treatment, disability and death benefits in an event when an employee gets injured or dies
as a result of working in the company.
Question 13
Briefly describe the following:
(a) Acceptable risk
Acceptable risks refers to the level of human or property loss which can be tolerate by an individual
or business organization.
(b) Hazard based risk
Student Assessment Guide v 1 August 2019 Page 13 of 27
3. Workers’ compensation insurance- It helps in covering medical insurance, disability and death
benefits in case of injury or death while working.
4. Product liability insurance- It helps in ensuring that the product of a company can find
themselves named on a lawsuit as a result of damages caused by other products.
5 Vehicle insurance- It helps in protecting the vehicles of the company from any type of damages.
Question 11
In a typical business, give an example of two (2) policies and procedures for risk management and
how they communicate it.
1. Policies for operational risk management. The procedure for maintaining operational risk
management policy includes focusing on proactive measures to insure business continuity,
maintaining correctness of information that is used internally and reported externally by
compliance to set rules and procedures to secure physical and operational infrastructure.
This is communicated to all employees during team meetings and through information
circulated by line managers in different operations.
2. Policies of compliance risk. The procedure to maintain compliance risk management
includes establishing and following code of conduct for business and maintaining a Control
committee to oversee and articulate values, duties and obligations. These are
communicated across business organisation through intranet where codes of conduct
documents are available for access of all staffs.
Question 12
Identify the compulsory insurance that an employer must take out in case of injury to employee in
the course of their work.
The compulsory insurance that an employer must provide in case of an injury to an employee
during the course of their work is Workers’ Compensation Insurance which helps in covering
medical treatment, disability and death benefits in an event when an employee gets injured or dies
as a result of working in the company.
Question 13
Briefly describe the following:
(a) Acceptable risk
Acceptable risks refers to the level of human or property loss which can be tolerate by an individual
or business organization.
(b) Hazard based risk
Student Assessment Guide v 1 August 2019 Page 13 of 27
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Hazard based risks are defined as the type of risk which involves hazards associated with it such
as disruption of the operations of an organization or high financial losses for an organization.
(c) Uncertainty based risk
Uncertainty based risks are defined as the type of risks which are uncertain in nature and cannot
be predicted in advance.
Question 14
What are five (5) of the key parts of an action plan for implementing risk treatment?
1. Identifying the risks involved.
2. Analyse the likely effects of risks
3. Evaluation and ranking of the risks
4. Treatment of risks
5 Monitoring and reviewing risks
Question 15
Why is it important to prioritise risk? Describe the steps you might follow when prioritising risks.
It is important to prioritise risks as it helps in identifying those risks that matters first to majority of
stakeholders as well as supports in decision making, escalation and determination of potential
responses to individual risk and their consequences. Prioritisation of risks helps even to prioritise
response to inform decisions such as what is to de done, when and by whom.
The steps that can be considered when prioritising risks includes:
1. Identifying and describing risks that might affect and registering their possible
consequences
2. Analysing the risks to determine their likelihood and outcomes and understanding their
nature and possible affect.
3. Ranking the risks by determining their magnitude
4. Treatment of risks by considering highest ranked first and setting plans to attain acceptable
levels
5. Monitoring and reviewing risks
Student Assessment Guide v 1 August 2019 Page 14 of 27
Hazard based risks are defined as the type of risk which involves hazards associated with it such
as disruption of the operations of an organization or high financial losses for an organization.
(c) Uncertainty based risk
Uncertainty based risks are defined as the type of risks which are uncertain in nature and cannot
be predicted in advance.
Question 14
What are five (5) of the key parts of an action plan for implementing risk treatment?
1. Identifying the risks involved.
2. Analyse the likely effects of risks
3. Evaluation and ranking of the risks
4. Treatment of risks
5 Monitoring and reviewing risks
Question 15
Why is it important to prioritise risk? Describe the steps you might follow when prioritising risks.
It is important to prioritise risks as it helps in identifying those risks that matters first to majority of
stakeholders as well as supports in decision making, escalation and determination of potential
responses to individual risk and their consequences. Prioritisation of risks helps even to prioritise
response to inform decisions such as what is to de done, when and by whom.
The steps that can be considered when prioritising risks includes:
1. Identifying and describing risks that might affect and registering their possible
consequences
2. Analysing the risks to determine their likelihood and outcomes and understanding their
nature and possible affect.
3. Ranking the risks by determining their magnitude
4. Treatment of risks by considering highest ranked first and setting plans to attain acceptable
levels
5. Monitoring and reviewing risks
Student Assessment Guide v 1 August 2019 Page 14 of 27

BSBRSK501 Manage risk
Student Assessment Guide v 1 August 2019 Page 15 of 27
Student Assessment Guide v 1 August 2019 Page 15 of 27

BSBRSK501 Manage risk
ASSESSMENT 2: PROJECT
Overview
For this assessment you are required to manage risks in a range of contexts across the
organisation or for a specific business unit or area. You must demonstrate your ability to:
Establish risk context
Identify risks
Analyse risks
Select and implement treatments
In order to complete this project, you must develop a risk management plan for a project which:
includes a detailed a detailed stakeholder analysis, explanation of the risk context, critical
success factors, identified and analysed risks, and treatments for prioritised risks
includes details of monitoring arrangements and reporting mechanisms for the risk
management plan and an evaluation of the risk management plan’s efficacy in treating risks
This is a major project in four stages each with separate tasks. You must complete them all.
Scenario:
You and your business partners have purchased a car wash. You have been running it for a
year and it is going well. However, you have decided to open a café on site so that customers
can have a coffee or snack whilst waiting for their car. You have seen other car washes with
cafes and they seem to be successful.
The goals are to capitalize on the current trend for cafes and to provide additional services to
customers. You are expecting that at least 50% of the customers who use your car wash, will
stay and have a coffee of soft drink whilst they wait. You also will serve a range of cakes,
sandwiches and snacks that require minimum preparation. One objective is to make the car
wash and café a popular place for people to come at weekends to meet whilst getting their car
washed.
The overall business objective is to grow the business by 7.5% in the year following opening of
the café.
There is large storeroom on the premises that is not being used and can be converted into the
café. You will need to purchase or hire a counter, refrigeration, shelving, coffee machine,
preparation bench, tables and chairs and service-ware. You will also need to paint and decorate
the area and select a catchy name. There is also a large outdoor area where you can have
tables and chairs. You intend to have awning or a sunshade to cover the outside area.
You currently hire a pool of ‘casuals’ who staff the business. You realise that you will need to
hire additional staff for the café.
This project will require funding in order to develop the space and purchase the equipment. You
have applied for a loan, but the bank manager has asked you to first do a risk assessment.
In order to do this project, you will need to form a team of 3 or 4 with your classmates. The other
members will act as your business partners (management team) at various stages throughout the
project. You are required to systematically identify risks to the project operations, assess the
associated consequences and identify measures to control the risks.
Student Assessment Guide v 1 August 2019 Page 16 of 27
ASSESSMENT 2: PROJECT
Overview
For this assessment you are required to manage risks in a range of contexts across the
organisation or for a specific business unit or area. You must demonstrate your ability to:
Establish risk context
Identify risks
Analyse risks
Select and implement treatments
In order to complete this project, you must develop a risk management plan for a project which:
includes a detailed a detailed stakeholder analysis, explanation of the risk context, critical
success factors, identified and analysed risks, and treatments for prioritised risks
includes details of monitoring arrangements and reporting mechanisms for the risk
management plan and an evaluation of the risk management plan’s efficacy in treating risks
This is a major project in four stages each with separate tasks. You must complete them all.
Scenario:
You and your business partners have purchased a car wash. You have been running it for a
year and it is going well. However, you have decided to open a café on site so that customers
can have a coffee or snack whilst waiting for their car. You have seen other car washes with
cafes and they seem to be successful.
The goals are to capitalize on the current trend for cafes and to provide additional services to
customers. You are expecting that at least 50% of the customers who use your car wash, will
stay and have a coffee of soft drink whilst they wait. You also will serve a range of cakes,
sandwiches and snacks that require minimum preparation. One objective is to make the car
wash and café a popular place for people to come at weekends to meet whilst getting their car
washed.
The overall business objective is to grow the business by 7.5% in the year following opening of
the café.
There is large storeroom on the premises that is not being used and can be converted into the
café. You will need to purchase or hire a counter, refrigeration, shelving, coffee machine,
preparation bench, tables and chairs and service-ware. You will also need to paint and decorate
the area and select a catchy name. There is also a large outdoor area where you can have
tables and chairs. You intend to have awning or a sunshade to cover the outside area.
You currently hire a pool of ‘casuals’ who staff the business. You realise that you will need to
hire additional staff for the café.
This project will require funding in order to develop the space and purchase the equipment. You
have applied for a loan, but the bank manager has asked you to first do a risk assessment.
In order to do this project, you will need to form a team of 3 or 4 with your classmates. The other
members will act as your business partners (management team) at various stages throughout the
project. You are required to systematically identify risks to the project operations, assess the
associated consequences and identify measures to control the risks.
Student Assessment Guide v 1 August 2019 Page 16 of 27
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BSBRSK501 Manage risk
You will need to refer to organisation policies and procedures on risk management. As your new
business will not have any, you should refer to the Coffeeville Policies and Procedures which your
trainer will supply.
Stage One: Establishing the risk context
For this task you are required to determine the risk context associated with your new business
outlet.
For the scenario you have chosen, you must develop risk management processes and determine
the scope and objectives, taking into account stakeholder input and both internal and external
environmental factors affecting the organisation.
As part of the task, you will assume the role of manager of the project or business. You have been
asked to conduct the risk analysis prior to seeking finance for the project. You have to complete a
written report that addresses the following steps. Remember to record and list your sources of
information.
Tasks
1. Start by briefly describing the new cafe. Include:
name (you can make this up)
a description of the type of activities it will conduct
the objectives/goals (in a few sentences or bullet points)
2. Context - When developing a risk management plan, you first need to establish the context of
the risk management plan in relation to external factors. You must review and monitor industry
information and trends in this region. It is essential the risk analysis is based on careful industry
research:
Identify external factors that could have an impact upon the success or otherwise of the business.
Your report should have five (5) headings and one paragraph under each heading:
Political factors
Economic factors
Social factors
Technological factors
The strengths and weaknesses of any existing arrangements
(If you think that these factors will have no impact upon your project, explain your reasons.
Don’t forget to list your sources of information!
3. Scoping - As a business manager, when developing risk management plans for a project, you
need to clearly identify a project’s goals or objectives and its scope and critical success factors of
risk management.
(a) Describe goals/objectives of the business that you identified in Task 1. Consider factors
including:
Technological innovation
New products or services
Opening new markets
Organisational structure
Student Assessment Guide v 1 August 2019 Page 17 of 27
You will need to refer to organisation policies and procedures on risk management. As your new
business will not have any, you should refer to the Coffeeville Policies and Procedures which your
trainer will supply.
Stage One: Establishing the risk context
For this task you are required to determine the risk context associated with your new business
outlet.
For the scenario you have chosen, you must develop risk management processes and determine
the scope and objectives, taking into account stakeholder input and both internal and external
environmental factors affecting the organisation.
As part of the task, you will assume the role of manager of the project or business. You have been
asked to conduct the risk analysis prior to seeking finance for the project. You have to complete a
written report that addresses the following steps. Remember to record and list your sources of
information.
Tasks
1. Start by briefly describing the new cafe. Include:
name (you can make this up)
a description of the type of activities it will conduct
the objectives/goals (in a few sentences or bullet points)
2. Context - When developing a risk management plan, you first need to establish the context of
the risk management plan in relation to external factors. You must review and monitor industry
information and trends in this region. It is essential the risk analysis is based on careful industry
research:
Identify external factors that could have an impact upon the success or otherwise of the business.
Your report should have five (5) headings and one paragraph under each heading:
Political factors
Economic factors
Social factors
Technological factors
The strengths and weaknesses of any existing arrangements
(If you think that these factors will have no impact upon your project, explain your reasons.
Don’t forget to list your sources of information!
3. Scoping - As a business manager, when developing risk management plans for a project, you
need to clearly identify a project’s goals or objectives and its scope and critical success factors of
risk management.
(a) Describe goals/objectives of the business that you identified in Task 1. Consider factors
including:
Technological innovation
New products or services
Opening new markets
Organisational structure
Student Assessment Guide v 1 August 2019 Page 17 of 27

BSBRSK501 Manage risk
(b) Explain the scope of the project in terms of “deliverables” (what it is designed to achieve)
(c) Relate the deliverables to the goals/objectives of the organisation and explain how the project
promotes them.
(d) Identify the Critical Success Factors (CSF) – factors that must be present in order for the
project to be successful and promote the organisation’s goal.
You can do this in the form of a table if you like, but be sure to provide sufficient details.
4. Stakeholders – identify internal and external stakeholders, their role in the process, and any
issues or concerns they have. Stakeholders should be considered as any individual, group or entity
that the project will affect, and may include:
Clients or customers
Suppliers and contractors
Internal personnel or departments of the organisation
A project funding body
(a) Explain the relationship between each group of the stakeholders and the identified CSF
Use the template provided below.
(b) Discuss the methods that you can use to communicate with relevant parties and obtain their
support for risk management activities. Explain the kinds of support that you would invite them to
give. Relevant parties include:
all staff
internal and external stakeholders
specific terms or business units
technical experts
Table of stakeholders (template)
Stakeholder Internal / External Role in process Stake in process
5. Analysis – complete the following kinds of analysis of the project scenario:
(a) a PEST (Political, Economic, Social and Technological analysis) analysis, and;
(b) a SWOT (Strengths, weaknesses, opportunities and threats) analysis in relation to your project
Refer to the documents you designed in the previous tasks. Use a table format to present this
information.
Student Assessment Guide v 1 August 2019 Page 18 of 27
(b) Explain the scope of the project in terms of “deliverables” (what it is designed to achieve)
(c) Relate the deliverables to the goals/objectives of the organisation and explain how the project
promotes them.
(d) Identify the Critical Success Factors (CSF) – factors that must be present in order for the
project to be successful and promote the organisation’s goal.
You can do this in the form of a table if you like, but be sure to provide sufficient details.
4. Stakeholders – identify internal and external stakeholders, their role in the process, and any
issues or concerns they have. Stakeholders should be considered as any individual, group or entity
that the project will affect, and may include:
Clients or customers
Suppliers and contractors
Internal personnel or departments of the organisation
A project funding body
(a) Explain the relationship between each group of the stakeholders and the identified CSF
Use the template provided below.
(b) Discuss the methods that you can use to communicate with relevant parties and obtain their
support for risk management activities. Explain the kinds of support that you would invite them to
give. Relevant parties include:
all staff
internal and external stakeholders
specific terms or business units
technical experts
Table of stakeholders (template)
Stakeholder Internal / External Role in process Stake in process
5. Analysis – complete the following kinds of analysis of the project scenario:
(a) a PEST (Political, Economic, Social and Technological analysis) analysis, and;
(b) a SWOT (Strengths, weaknesses, opportunities and threats) analysis in relation to your project
Refer to the documents you designed in the previous tasks. Use a table format to present this
information.
Student Assessment Guide v 1 August 2019 Page 18 of 27

BSBRSK501 Manage risk
You should get some of the stakeholders or your project team to assist you in contributing to these.
6. Research – Review and summarise the research information you found, as well as any
literature available that is relevant to this scenario.
7. Describe – complete the analysis of risks for the scenario by summarising the scenario and
associated risks, accompanied by checklists, diagrams or flowcharts that support the summary.
Stage Two: Identifying and Analysing the risks
In this part of assessment, you are required to analyse the risks identified in Stage One. You are
also required to develop an action plan for the treatment of risks, and communicate it to relevant
parties.
You need to analyse the potential risks and analyse them from various viewpoints. Firstly, you
need to look at the likely consequence or impact of the risk event, and secondly you should look at
the likelihood of the risk event occurring. Then you need to look at the level of risk and decide
which risks need treatment.
Tasks
1. Meet with your ‘business partners’ to invite them to participate and help you identify the risks.
Use a technique such as brainstorming to generate ideas. Participate in discussions with them
using questioning and listening to elicit opinions, and to confirm and clarify understanding?
Write a list of all potential risks.
Your assessor will observe your discussion and assess your communication skills. This will take
place in the classroom. Advise your assessor when you are holding the session. Your discussion
should take approximately one hour.
2. With your business partners, you now need to conduct a risk assessment on each of the risks
you have listed using a Risk Assessment table. For your risk calculation, use the Risk and
Consequence table like the sample format shown below or similar. You must also add a column to
include the Consequence Criteria appropriate for your project (financial, health, etc.).
:
Likelihood – for each risk, assess the likelihood of the risk occurring.
Consequence – for each risk, assess the consequence of the risk occurring.
Student Assessment Guide v 1 August 2019 Page 19 of 27
You should get some of the stakeholders or your project team to assist you in contributing to these.
6. Research – Review and summarise the research information you found, as well as any
literature available that is relevant to this scenario.
7. Describe – complete the analysis of risks for the scenario by summarising the scenario and
associated risks, accompanied by checklists, diagrams or flowcharts that support the summary.
Stage Two: Identifying and Analysing the risks
In this part of assessment, you are required to analyse the risks identified in Stage One. You are
also required to develop an action plan for the treatment of risks, and communicate it to relevant
parties.
You need to analyse the potential risks and analyse them from various viewpoints. Firstly, you
need to look at the likely consequence or impact of the risk event, and secondly you should look at
the likelihood of the risk event occurring. Then you need to look at the level of risk and decide
which risks need treatment.
Tasks
1. Meet with your ‘business partners’ to invite them to participate and help you identify the risks.
Use a technique such as brainstorming to generate ideas. Participate in discussions with them
using questioning and listening to elicit opinions, and to confirm and clarify understanding?
Write a list of all potential risks.
Your assessor will observe your discussion and assess your communication skills. This will take
place in the classroom. Advise your assessor when you are holding the session. Your discussion
should take approximately one hour.
2. With your business partners, you now need to conduct a risk assessment on each of the risks
you have listed using a Risk Assessment table. For your risk calculation, use the Risk and
Consequence table like the sample format shown below or similar. You must also add a column to
include the Consequence Criteria appropriate for your project (financial, health, etc.).
:
Likelihood – for each risk, assess the likelihood of the risk occurring.
Consequence – for each risk, assess the consequence of the risk occurring.
Student Assessment Guide v 1 August 2019 Page 19 of 27
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BSBRSK501 Manage risk
3. You must now rate and prioritise the risks. Use your risk assessment table to assist in prioritising
the risks. You may need to discard some of the risks if the likelihood and consequences are
minor/rare.
Your trainer will allocate time in class for you to do this activity. You will need approximately one
hour.
4. For each prioritised risk, outline at least two (2) suitable options (controls) for treating it.
Stage Three – Identifying measures to treat the risks
Now, you need to develop a risk management plan to treat the risks and monitor the
implementation. You will do this independently of your group.
Tasks
1. Risk Management Plan – develop a risk management plan by completing the table below.
You can copy it onto another page if you like, in landscape orientation, to give you more space.
Add details of how and when you will monitor it and who will be responsible for controlling the risks
Risk Management Plan (template)
Risk Assess Risk
(L, M, H, E)
Controls Responsible Timelines Monitoring
2. Action Plan – Now develop an action plan for implementing your risk management plan.
(a) List all the people who will need to know your risk management processes.
(b) Describe how you will file and store your risk management documentation so that it is secure
and can be easily accessed by those who need it. (approx. 200 words)
(c) Describe the process you will use to evaluate your risk management on an ongoing basis.
(approx. 200 words)
3. Describe how you will monitor and evaluate the risk management plan. Include how you will
monitor your Critical Success Factors, the evaluation mechanisms and processes, who will be
responsible and timeframes. You may do this in the form of a plan (approx. 200 words)
Student Assessment Guide v 1 August 2019 Page 20 of 27
3. You must now rate and prioritise the risks. Use your risk assessment table to assist in prioritising
the risks. You may need to discard some of the risks if the likelihood and consequences are
minor/rare.
Your trainer will allocate time in class for you to do this activity. You will need approximately one
hour.
4. For each prioritised risk, outline at least two (2) suitable options (controls) for treating it.
Stage Three – Identifying measures to treat the risks
Now, you need to develop a risk management plan to treat the risks and monitor the
implementation. You will do this independently of your group.
Tasks
1. Risk Management Plan – develop a risk management plan by completing the table below.
You can copy it onto another page if you like, in landscape orientation, to give you more space.
Add details of how and when you will monitor it and who will be responsible for controlling the risks
Risk Management Plan (template)
Risk Assess Risk
(L, M, H, E)
Controls Responsible Timelines Monitoring
2. Action Plan – Now develop an action plan for implementing your risk management plan.
(a) List all the people who will need to know your risk management processes.
(b) Describe how you will file and store your risk management documentation so that it is secure
and can be easily accessed by those who need it. (approx. 200 words)
(c) Describe the process you will use to evaluate your risk management on an ongoing basis.
(approx. 200 words)
3. Describe how you will monitor and evaluate the risk management plan. Include how you will
monitor your Critical Success Factors, the evaluation mechanisms and processes, who will be
responsible and timeframes. You may do this in the form of a plan (approx. 200 words)
Student Assessment Guide v 1 August 2019 Page 20 of 27

BSBRSK501 Manage risk
4. Complete the analysis of risks for the scenario by summarising the scenario and associated
risks, accompanied by checklists, diagrams or flowcharts that support the summary.
5. You need to communicate your risk assessment processes and Action Plan to your bank
manager for approval. Present your risk assessment documents and Action Plan to your
trainer/assessor, who will act in the role of Bank Manager. You should summarise the activities you
have undertaken and present the plan for approval. You will have 5 – 8 minutes for this.
Remember to speak clearly and professionally according to established protocols for speaking to a
bank manager.
Stage Four – Implementing and monitoring the risk treatment plan
You have been operating your business for 6 months and things are going well overall. However, a
few things have changed:
1. Recently, there have been some tropical storms with heavy rain and hail which have been
causing damage to furniture and plants in your outside area. The outside area is unusual and it will
cost a lot of money to replace everything.
Your plan identified weather as a risk since customers could not go outside, and your
intended action was to have sufficient covered area to accommodate customers by
purchasing awnings to cover some of the outside area.
You did not identify that weather could cause damage in your risk management plan.
You purchased the awnings but they are now completely wrecked.
You purchased insurance for the business but it did not cover storm damage.
2. You planned to hire a pool of ‘casuals’ who can staff the business. However, you are finding that
whilst you are able to hire enough staff, they do not always have the barista skills that you need,
they often cannot work when you need them, and often leave without giving you time to recruit new
ones. You need a new approach to addressing this risk. You have been advertising in an online
agency to get casual staff as per the action plan
You are spending a lot of time interviewing and hiring and letting go staff
You cannot get the casual staff to cover all the shifts you require.
3. Sometimes a customer who appears to be drunk or drugged has entered your business and
who are often abusive to staff. Your staff do not know how to deal with them and it presents a
security risk. Also, it gives a very bad impression to other customers. In your action plan, you
included delivering training to staff on customer service. You did not identify this particular hazard
in your risk management plan.
You have been delivering short training sessions on providing customer service according
to the action plan
You have not included dealing with difficult or abusive customers in your training program.
You do not have a security plan for dealing with situations at risk, except for an armed hold-
up which you did plan for and for which you have developed a manual.
Your risk management process:
You recall that you identified the risks and the treatment actions in consultation with your business
partners. You now realise that maybe you should have got some specialist advice to help with
addressing each of the identified risks. As yours is a new business, maybe you should have asked
a more experienced business person for advice.
Student Assessment Guide v 1 August 2019 Page 21 of 27
4. Complete the analysis of risks for the scenario by summarising the scenario and associated
risks, accompanied by checklists, diagrams or flowcharts that support the summary.
5. You need to communicate your risk assessment processes and Action Plan to your bank
manager for approval. Present your risk assessment documents and Action Plan to your
trainer/assessor, who will act in the role of Bank Manager. You should summarise the activities you
have undertaken and present the plan for approval. You will have 5 – 8 minutes for this.
Remember to speak clearly and professionally according to established protocols for speaking to a
bank manager.
Stage Four – Implementing and monitoring the risk treatment plan
You have been operating your business for 6 months and things are going well overall. However, a
few things have changed:
1. Recently, there have been some tropical storms with heavy rain and hail which have been
causing damage to furniture and plants in your outside area. The outside area is unusual and it will
cost a lot of money to replace everything.
Your plan identified weather as a risk since customers could not go outside, and your
intended action was to have sufficient covered area to accommodate customers by
purchasing awnings to cover some of the outside area.
You did not identify that weather could cause damage in your risk management plan.
You purchased the awnings but they are now completely wrecked.
You purchased insurance for the business but it did not cover storm damage.
2. You planned to hire a pool of ‘casuals’ who can staff the business. However, you are finding that
whilst you are able to hire enough staff, they do not always have the barista skills that you need,
they often cannot work when you need them, and often leave without giving you time to recruit new
ones. You need a new approach to addressing this risk. You have been advertising in an online
agency to get casual staff as per the action plan
You are spending a lot of time interviewing and hiring and letting go staff
You cannot get the casual staff to cover all the shifts you require.
3. Sometimes a customer who appears to be drunk or drugged has entered your business and
who are often abusive to staff. Your staff do not know how to deal with them and it presents a
security risk. Also, it gives a very bad impression to other customers. In your action plan, you
included delivering training to staff on customer service. You did not identify this particular hazard
in your risk management plan.
You have been delivering short training sessions on providing customer service according
to the action plan
You have not included dealing with difficult or abusive customers in your training program.
You do not have a security plan for dealing with situations at risk, except for an armed hold-
up which you did plan for and for which you have developed a manual.
Your risk management process:
You recall that you identified the risks and the treatment actions in consultation with your business
partners. You now realise that maybe you should have got some specialist advice to help with
addressing each of the identified risks. As yours is a new business, maybe you should have asked
a more experienced business person for advice.
Student Assessment Guide v 1 August 2019 Page 21 of 27

BSBRSK501 Manage risk
You realise that your action plan for implementing risk treatments needs to be reviewed. You need
to evaluate the plan and write up what you find in a report which you will provide to your business
partners and bank manager.
Tasks
1. Write a report examining the ongoing implementation of the risk management action plan (about
three - four pages). Include the following:
the risk context – information you researched in Stage One and sources of information
a summary of the initial risks and the plan implemented to manage
details of the risk management processes you followed
a summary of all actions taken to date in attempting to manage identified risks (List actions
according to the scenario provided e.g. training delivered)
a statement identifying continued and/or reduced risks, based on the information provided
(in the scenario above)
a statement about the risks you did not identify and the planned actions for mitigating them
or avoiding them
proposal for amendments to the risk management plan
an analysis of the effectiveness of the risk management plan, by comparing the
implementation with the outcomes (identified in the scenario above).
evaluation of your risk management process
attachments (charts etc).
2. Keep the documents you used during the risk management process, including those from Stage
One, so that you can assemble a neat portfolio of all documents produced as part of your risk
management and store them for future reference.
Submission Requirements:
You must submit a portfolio with:
a report with appropriate sections, headings and tables, charts, diagrams or flowcharts
including:
Description of the business, goals, analysis of external factors and critical success
factors
Identification and analysis of external factors
Identification of stakeholders
PEST and SWOT analyses
Risk Assessment Table (and supporting Likelihood and Consequence table and
Consequence Criteria)
Risk Management table
Action Plan
Strategy for implementation of the risk management plan
Approval from Bank Manage
Report on implementation of your risk management action plan and process
List of sources of information used and any supporting documents
Supporting documentation, tables etc.
The report should be a formal, typed documents with detailed information organised into sections
with appropriate headings, and d risk tools and supporting documents included or attached as
appendices.
Student Assessment Guide v 1 August 2019 Page 22 of 27
You realise that your action plan for implementing risk treatments needs to be reviewed. You need
to evaluate the plan and write up what you find in a report which you will provide to your business
partners and bank manager.
Tasks
1. Write a report examining the ongoing implementation of the risk management action plan (about
three - four pages). Include the following:
the risk context – information you researched in Stage One and sources of information
a summary of the initial risks and the plan implemented to manage
details of the risk management processes you followed
a summary of all actions taken to date in attempting to manage identified risks (List actions
according to the scenario provided e.g. training delivered)
a statement identifying continued and/or reduced risks, based on the information provided
(in the scenario above)
a statement about the risks you did not identify and the planned actions for mitigating them
or avoiding them
proposal for amendments to the risk management plan
an analysis of the effectiveness of the risk management plan, by comparing the
implementation with the outcomes (identified in the scenario above).
evaluation of your risk management process
attachments (charts etc).
2. Keep the documents you used during the risk management process, including those from Stage
One, so that you can assemble a neat portfolio of all documents produced as part of your risk
management and store them for future reference.
Submission Requirements:
You must submit a portfolio with:
a report with appropriate sections, headings and tables, charts, diagrams or flowcharts
including:
Description of the business, goals, analysis of external factors and critical success
factors
Identification and analysis of external factors
Identification of stakeholders
PEST and SWOT analyses
Risk Assessment Table (and supporting Likelihood and Consequence table and
Consequence Criteria)
Risk Management table
Action Plan
Strategy for implementation of the risk management plan
Approval from Bank Manage
Report on implementation of your risk management action plan and process
List of sources of information used and any supporting documents
Supporting documentation, tables etc.
The report should be a formal, typed documents with detailed information organised into sections
with appropriate headings, and d risk tools and supporting documents included or attached as
appendices.
Student Assessment Guide v 1 August 2019 Page 22 of 27
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BSBRSK501 Manage risk
Assessment Criteria
Your performance for this assessment will be assessed against the criteria and evidence
requirements in the following ‘Marking Guide’
ASSESSMENT 2: PROJECT MARKING GUIDE
Student’s name:
Student ID:
Assessor’s name:
Date of assessment:
Unit of competency: BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
Stage One: Establishing the context
Conduct research into the project area to identify
factors that could have an impact upon the success
or otherwise of the project, including:
review the political, economic, social, legal,
technological and policy context
review strengths and weaknesses of
existing arrangements?
Produce a report which clearly includes:
name of the organisation
a description of the type of activities it
conducts or will conduct
the organisation’s objectives/goals (in a few
sentences or bullet points)
identification of relevant:
political factors
economic factors
social factors
technological factors
Evaluation of the strengths and
weaknesses of any existing arrangements?
Identify the scope of risk management required in
the project, including as relevant to the business
goals:
technological innovation
new products or services
opening new markets e.g. competitors,
target market demand
organisational structure
Student Assessment Guide v 1 August 2019 Page 23 of 27
Assessment Criteria
Your performance for this assessment will be assessed against the criteria and evidence
requirements in the following ‘Marking Guide’
ASSESSMENT 2: PROJECT MARKING GUIDE
Student’s name:
Student ID:
Assessor’s name:
Date of assessment:
Unit of competency: BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
Stage One: Establishing the context
Conduct research into the project area to identify
factors that could have an impact upon the success
or otherwise of the project, including:
review the political, economic, social, legal,
technological and policy context
review strengths and weaknesses of
existing arrangements?
Produce a report which clearly includes:
name of the organisation
a description of the type of activities it
conducts or will conduct
the organisation’s objectives/goals (in a few
sentences or bullet points)
identification of relevant:
political factors
economic factors
social factors
technological factors
Evaluation of the strengths and
weaknesses of any existing arrangements?
Identify the scope of risk management required in
the project, including as relevant to the business
goals:
technological innovation
new products or services
opening new markets e.g. competitors,
target market demand
organisational structure
Student Assessment Guide v 1 August 2019 Page 23 of 27

BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
financial such as availability of financial
resources, income and cash flow
legal and regulatory risks
practical challenges
Business risks such as competitors, market
demand?
Ensure that the risk areas identified for the scope
are in accordance with research conducted?
Identify and describe the critical success factors,
goals or objectives for each of the areas included
in the risk scope?
Identify internal and external stakeholders, using
provided template including:
their role in the process
any issues or concerns they have?
Complete a PEST analysis for risks associated
with the project?
Complete a SWOT analysis for risks associated
with the project?
Review and summarise:
the research information found
any literature available that is relevant to
this scenario
outcomes of PEST and SWOT analyses?
Complete the analysis of risk that applies to the
scope and the scenario, including:
summarising the scenario
listing associated risks, accompanied by
checklists, diagrams or flowcharts that
support the summary?
Stage Two: Analysing the risks
Use an appropriate method to identify risks, and
consequences e.g. brainstorming?
Participate in interactions with stakeholders
(business partners) to analyse the risks and
consequences, and controls, including:
inviting participation
using questioning and listening to elicit
opinions, and to confirm and clarify
understanding?
Assess the likelihood – for each risk, assess the
likelihood of the risk occurring?
For each risk, assess the consequence of the risk
Student Assessment Guide v 1 August 2019 Page 24 of 27
Did the student satisfactorily: Yes No Comments
financial such as availability of financial
resources, income and cash flow
legal and regulatory risks
practical challenges
Business risks such as competitors, market
demand?
Ensure that the risk areas identified for the scope
are in accordance with research conducted?
Identify and describe the critical success factors,
goals or objectives for each of the areas included
in the risk scope?
Identify internal and external stakeholders, using
provided template including:
their role in the process
any issues or concerns they have?
Complete a PEST analysis for risks associated
with the project?
Complete a SWOT analysis for risks associated
with the project?
Review and summarise:
the research information found
any literature available that is relevant to
this scenario
outcomes of PEST and SWOT analyses?
Complete the analysis of risk that applies to the
scope and the scenario, including:
summarising the scenario
listing associated risks, accompanied by
checklists, diagrams or flowcharts that
support the summary?
Stage Two: Analysing the risks
Use an appropriate method to identify risks, and
consequences e.g. brainstorming?
Participate in interactions with stakeholders
(business partners) to analyse the risks and
consequences, and controls, including:
inviting participation
using questioning and listening to elicit
opinions, and to confirm and clarify
understanding?
Assess the likelihood – for each risk, assess the
likelihood of the risk occurring?
For each risk, assess the consequence of the risk
Student Assessment Guide v 1 August 2019 Page 24 of 27

BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
occurring?
Use a risk calculation table and prioritise the risks?
For each prioritised risk, outline at least two
suitable options for treating the risk?
Develop a risk management plan using a standard
risk management table (provided) that includes:
Risk
Rating
Controls
Timelines
Monitoring process?
Stage Three: Identifying measures to treat the risks
Develop an action plan for implementing risk
treatment, including:
List of stakeholders who need to know
about risk management process e.g.
suppliers, bank managers?
how risk management processes will be
communicated to relevant parties?
Ensure all documentation is in order and will be
appropriately filed and stored so it is secure and
can be easily accessed, including:
procedures for risk identification; risk rating;
risk controls; risk monitoring and reporting
and personnel responsible and methods
used to communicate – e.g. intranet, email,
meeting etc.
classified and unclassified information and
organisation’s relevant policies and
procedures as relevant
reference to safety in emergency
situations?
Develop a strategy for implementing and
monitoring the action plan that includes:
how the Critical Success Factors will be
monitored
the evaluation mechanisms and processes
who will be responsible and timeframes?
Present the risk assessment documents and Action
Plan to stakeholder (trainer/assessor in role of
Bank Manager for approval, in presentation of 5 –
8 minutes in which he or she:
spoke clearly and professionally
summarised processes used
complied with established protocols for
Student Assessment Guide v 1 August 2019 Page 25 of 27
Did the student satisfactorily: Yes No Comments
occurring?
Use a risk calculation table and prioritise the risks?
For each prioritised risk, outline at least two
suitable options for treating the risk?
Develop a risk management plan using a standard
risk management table (provided) that includes:
Risk
Rating
Controls
Timelines
Monitoring process?
Stage Three: Identifying measures to treat the risks
Develop an action plan for implementing risk
treatment, including:
List of stakeholders who need to know
about risk management process e.g.
suppliers, bank managers?
how risk management processes will be
communicated to relevant parties?
Ensure all documentation is in order and will be
appropriately filed and stored so it is secure and
can be easily accessed, including:
procedures for risk identification; risk rating;
risk controls; risk monitoring and reporting
and personnel responsible and methods
used to communicate – e.g. intranet, email,
meeting etc.
classified and unclassified information and
organisation’s relevant policies and
procedures as relevant
reference to safety in emergency
situations?
Develop a strategy for implementing and
monitoring the action plan that includes:
how the Critical Success Factors will be
monitored
the evaluation mechanisms and processes
who will be responsible and timeframes?
Present the risk assessment documents and Action
Plan to stakeholder (trainer/assessor in role of
Bank Manager for approval, in presentation of 5 –
8 minutes in which he or she:
spoke clearly and professionally
summarised processes used
complied with established protocols for
Student Assessment Guide v 1 August 2019 Page 25 of 27
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BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
speaking in a business context?
Stage Four: Implementing and monitoring the risk treatment plan
Write a final report of approximately three – four
pages, examining the ongoing implementation of
the risk management action plan. Include the
following:
risk context researched (from Stage One)
a summary of the initial risks and the plan
implemented to manage it?
a summary of all actions taken to date in
attempting to manage identified risks?
a statement identifying continued and/or
reduced risks, based on the information
provided (in the scenario above)?
a statement about the risks not identified
and the planned actions for mitigating them
or avoiding them?
proposal for amendments to the risk
management plan?
an analysis of the effectiveness of the risk
management plan, by comparing the
implementation with the outcomes
(identified in the scenario above)?
Submit the report ensuring it includes:
appropriate sections, headings
tables, charts, diagrams or flowcharts as
appropriate
required information
attachments?
Provide documents of the work undertaken and
assemble and store as a neat portfolio of all
documents produced as part of the risk
management process to assist in future strategies?
Student Assessment Guide v 1 August 2019 Page 26 of 27
Did the student satisfactorily: Yes No Comments
speaking in a business context?
Stage Four: Implementing and monitoring the risk treatment plan
Write a final report of approximately three – four
pages, examining the ongoing implementation of
the risk management action plan. Include the
following:
risk context researched (from Stage One)
a summary of the initial risks and the plan
implemented to manage it?
a summary of all actions taken to date in
attempting to manage identified risks?
a statement identifying continued and/or
reduced risks, based on the information
provided (in the scenario above)?
a statement about the risks not identified
and the planned actions for mitigating them
or avoiding them?
proposal for amendments to the risk
management plan?
an analysis of the effectiveness of the risk
management plan, by comparing the
implementation with the outcomes
(identified in the scenario above)?
Submit the report ensuring it includes:
appropriate sections, headings
tables, charts, diagrams or flowcharts as
appropriate
required information
attachments?
Provide documents of the work undertaken and
assemble and store as a neat portfolio of all
documents produced as part of the risk
management process to assist in future strategies?
Student Assessment Guide v 1 August 2019 Page 26 of 27

BSBRSK501 Manage risk
Did the student satisfactorily: Yes No Comments
Feedback to student:
Student’s overall performance is: ☐ Satisfactory ☐ Not Satisfactory
Is re-assessment required? ☐ Yes ☐ No
Assessor’s signature: Date:
Student’s signature: Date:
Student Assessment Guide v 1 August 2019 Page 27 of 27
Did the student satisfactorily: Yes No Comments
Feedback to student:
Student’s overall performance is: ☐ Satisfactory ☐ Not Satisfactory
Is re-assessment required? ☐ Yes ☐ No
Assessor’s signature: Date:
Student’s signature: Date:
Student Assessment Guide v 1 August 2019 Page 27 of 27
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