BSBRSK501 Manage Risk: Southern Cross School of Business Solution

This document provides a comprehensive solution to the BSBRSK501 Manage Risk learner workbook from Southern Cross School of Business. It includes detailed answers to activities covering risk context establishment, risk identification, risk analysis, and the selection and implementation of treatments. The solutions address various aspects of risk management, including legal frameworks, stakeholder engagement, and the impact of political, economic, social, legal, and technological factors. Case studies and practical examples are used to illustrate key concepts and provide guidance on applying risk management principles in organizational settings. This resource is designed to assist students in understanding and applying risk management principles effectively, with Desklib providing access to this and other solved assignments for enhanced learning.

BUSINESS MANAGEMENT
Name:
Institution:
Course Code:

Southern Cross School of Business
BSBRSK501
Manage risk
Learner Workbook
Table of Contents
Candidate Details...........................................................................................................................................3
Assessment – BSBRSK501: Manage risk.......................................................................................................3
Declaration.......................................................................................................................................................3
Competency Record to be completed by Assessor..........................................................................................5
Observation/Demonstration.........................................................................................................................6
Demonstration is off-the-job...........................................................................................................................6
Observation is on-the-job................................................................................................................................6
Activities.........................................................................................................................................................7
Activity 1.1.1 – 1.1.3.......................................................................................................................................7
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Activity 1.2.1 – 1.2.3.......................................................................................................................................9
Activity 1.3.1 – 1.3.4.....................................................................................................................................10
Activity 1.4.1.................................................................................................................................................12
Activity 1.5.1.................................................................................................................................................14
Activity 1.6.1 – 1.8.1.....................................................................................................................................15
Activity 2.1.1 – 2.3.1.....................................................................................................................................16
Activity 3.1.1 – 3.3.2.....................................................................................................................................18
Activity 4.1.1 - 4.1.2......................................................................................................................................22
Activity 4.2.1 – 4.3.1.....................................................................................................................................24
Activity 4.4.1 – 4.4.2.....................................................................................................................................25
Activity 4.5.1 – 4.5.2.....................................................................................................................................27
Activity 4.6.1.................................................................................................................................................28
Skills and Knowledge Activity......................................................................................................................28
Major Activity...............................................................................................................................................30
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Candidate Details
Assessment – BSBRSK501: Manage risk
Please complete the following activities and hand in to your trainer for marking. This forms part of your
assessment for BSBRSK501: Manage risk.
Name: _____________________________________________________________
Address: _____________________________________________________________
_____________________________________________________________
Email: _____________________________________________________________
Employer: _____________________________________________________________
Declaration
I declare that no part of this assessment has been copied from another person’s work with the exception of
where I have listed or referenced documents or work and that no part of this assessment has been written
for me by another person.
Signed: ____________________________________________________________
Date: ____________________________________________________________
If activities have been completed as part of a small group or in pairs, details of the learners involved
should be provided below:
This activity workbook has been completed by the following persons and we acknowledge that it was a fair
team effort where everyone contributed equally to the work completed. We declare that no part of this
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assessment has been copied from another person’s work with the exception of where we have listed or
referenced documents or work and that no part of this assessment has been written for us by another
person.
Learner 1: ____________________________________________________________
Signed: ____________________________________________________________
Learner 2: ____________________________________________________________
Signed: ____________________________________________________________
Learner 3: ____________________________________________________________
Signed: ____________________________________________________________
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Competency Record to be completed by Assessor
Learner Name: _______________________________________________________
Date of Assessment: _______________________________________________________
The learner has been assessed as competent in the elements and performance criteria and the evidence has
been presented as:
Assessor Initials
Authentic
Valid
Reliable
Current
Sufficient
Learner is deemed: COMPETENT NOT YET COMPETENT (Please circle)
If not yet competent, date for re-assessment:____________________________________
Comments from Trainer/Assessor:
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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_____________________________________________________________________________________
______________________________________________________________________
Assessor Signature: ________________________________________________________
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Observation/Demonstration
Throughout this unit, you will be expected to show your competency of the elements through observations
or demonstrations. Your instructor will have a list of demonstrations you must complete or tasks to be
observed. The observations and demonstrations will be completed as well as the activities found in this
workbook. An explanation of demonstrations and observations:
Demonstration is off-the-job
A demonstration will require:
Performing a skill or task that is asked of you
Undertaking a simulation exercise
Observation is on-the-job
The observation will usually require:
Performing a work based skill or task
Interaction with colleagues and/or customers
Your instructor will inform you of which one of the above they would like you to do. The
demonstration/observation will cover one of the unit’s elements.
The observation/demonstration will take place either in the workplace or the training environment,
depending on the task to be undertaken and whether it is an observation or demonstration. Your instructor
will ensure you are provided with the correct equipment and/or materials to complete the task. They will
also inform you of how long you have to complete the task.
You should be able to demonstrate you can:
1. Establish risk context
2. Identify risk
3. Analyse risk
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4. Select and implement treatments
You will also need to show:
Reading
Writing
Oral communication
Numeracy
Navigate the world of work
Interact with others
Get the work done
Activities
Activity 1.1.1 – 1.1.3
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to review organisational
processes, procedures and requirements for undertaking risk
management in accordance with current risk management standards
in accordance with current risk management standards.
Activity What is the difference between the new ISO31000 and AS/NZS
4360:2004?
The new ISO31000 refers to risk management regulation that involves risk
management principles and guidelines that provide frameworks and
principles for managing risks. On the other hand AS/NZS 4360:2004
refers to a standard applied to provide a generic guide for managing risks.
Briefly outline the legal framework.
Legal framework for managing risk is based on principles of good
governance and quality management practices along with principles of risk
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management that are clearly spelt out in risk management standard and
risk management principles and guidelines.
Case study: Christine Finkel worked 13 hours a day, six days a week
for three months. She noted that the floor was slippery but decided to
help a customer before taking steps to clear the area. By the time that
Christine returned to the area, she had forgotten that the floor was
wet. Christine fell and broke her leg.
What unsafe behaviour have you identified here?
She forgot to adhere to risk identification procedures and taking risk
mitigation strategies to prevent that risk.
What could be the impact of Christine’s situation to the organisation?
Now that she broke her leg, it is clear that she become a liability to the
company. The company will be forced to clear her medical bills and hire
another worker. It is a loss to the company.
What would you do if you took a job as a supervisor and walked into a
similar situation?
I would delegate duties to my assistant supervisor so as to keep the
company in operation. I would then sensitize other workers on risk
identification process and risk mitigation so as to prevent it from occurring
again.
Activity 1.2.1 – 1.2.3
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to determine scope for risk
management process.
Activity Do you believe understanding the different types of risk can assist you
in defining the scope?
It is true that understanding types of risk may assist in defining the scope
in risk. Risks are determining by level of loss or damage they express. In
that case, the scope to be explored from this concept will involve external
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and internal factors.
What needs to be evaluated and why?
Based on your outline in the previous question, use your knowledge of
your own organisation to write a brief scope of risk management for
your organisation. (Note: if you work in a large organisation, you can
use this question to write a scope for a project you work on or have
worked on). In your answer, briefly explain the organisation or project.
We need to evaluate both internal and external contexts in risk management.
Internal content in the scope of risk involves social, business and political
environment while internal context in this scope involve good governance
and organizational objectives.
The scope in risk management that my organization need to address is based
on economic factors. The project that the company is undertaking involves
importing and exporting products. The risk in this project is competition.
Thus, to mitigate this risk, the project need to outdo competitors so as to
achieve competitive advantage.
Activity 1.3.1 – 1.3.4
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to identify internal and external
stakeholders and their issues.
Activity Who are your internal stakeholders?
1. Employees
2. Internal investors
3. Management
Who are your external stakeholders?
1. Customers
2. Suppliers
3. Creditors
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