BSBRSK501 Risk Management: Stakeholder Engagement and Action Plan

This assignment focuses on risk management, beginning with identifying internal and external stakeholders and their objectives related to risk. It involves analyzing risks in a work area, detailing the problem, discussing it with relevant personnel, conducting research to measure risk levels, and utilizing documentation and literature. The assignment further delves into assessing risk likelihood and consequences, prioritizing risks for treatment, and identifying opportunities. It then requires developing an action plan for risk treatment using the Hierarchy of Control Pyramid, suggesting ways to eliminate, substitute, isolate, engineer controls, administer controls, and use PPE to handle risks. The assignment also covers documenting and maintaining records before, during, and after action plan implementation, and outlining steps to implement and monitor the action plan, including communication with stakeholders. The case study of a sole driver transporting volatile goods is used to exemplify risk assessment and management strategies.

Running head: RISK MANAGEMENT
Risk management
Name of the student
Name of the university
Author Note:

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RISK MANAGEMENT
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.

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RISK MANAGEMENT
Activity
In the chart below, identify three stakeholders, state their
objectives towards your organisation, or an example
organisation, in terms of risk management (i.e. supplier believes
goods loaded onto an unsafe delivery dock). Who is your contact
with the supplier and how would you consult with them? What
are the recommended feedback and consultation procedures with
them?
Stakeholder Objective/s Contact Feedback and
consultation
Suppliers To increase
the amount of
supply as per
the demand in
the market
The suppliers
were
contacted
online and
their contact
numbers were
taken. Further,
they were
consulted over
a round of
meeting with
the
organization.
It was found out
that the suppliers
did not have any
problem with the
increase in supply
but they were
asking for more
money from the
organization.
There was a risk
in that process
because they will
be able to supply
the product in
increased amount
was not yet sure.
Therefore
investing money
on the suppliers
was a risky
activity as the
money can be
wasted.
Shareholders
To provide
resources to
the
organization
as per the
increase in
demand of the
customer
products
The
shareholders
were
contacted
through third-
party.
Moreover,
they were
consulted
about the
activities of
the
The meeting went
good but some of
the shareholders
were unable to
provide resources
to the
organization on
time. This is
because they were
accountable for
providing
resources to other

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RISK MANAGEMENT
Activity 2.1.1 – 2.3.1
Estimated
Time
40 Minutes
Objective To provide you with an opportunity to identify risks.
Activity Identify a risk in your work area or example work area (this
can be a possible risk if there are no risks requiring
improvement).
What is the risk?
There might be two kinds of risk- data risk and resources risk.
Provide details of the problem.
For instance, the company might face increase in product demand
but they do not have enough resources to meet that demand. Again,
the company’s data might be leaked to the rival companies while
changing their work structure entirely online.
Who would you discuss this problem with?
This problem will be discussed with the manager of the
organization and higher authorities.
What type of research would you do to measure the level of
risk?
Primary and secondary research will be conducted to find out about
the risks in the market.
What documentation could you use?
Interview and survey will be used as the base of the research.
What literature would you research?
The company records will be sorted to know about previous risks in
the market.
Invite other members of your team/training group to also help
identify any risks and note down the outcome of this.

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RISK MANAGEMENT
Other types of risks are;
 Financial risk
 Market risk
 Credit risk
 Liquidity risk
 Legal risk
Consultation is an important part of the risk analysis; in what
ways can you gather information from stakeholders in this
instance?
The consultation with the stakeholders must be done after a regular
interval of time so that the management of the organization can
have the best idea about the future course and the decisions that are
to be taken. The consultation can be done by means of different
ways. Some of the ways are as follows;
 Personal interview
 Online survey
 One- to- one communication
 Focused group interview

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RISK MANAGEMENT
Activity 3.1.1 – 3.3.2
Estimated
Time
45 Minutes
Objective To provide you with an opportunity to analyse risks.
Activity Using the research from Activity 2.1.1-2.3.1, complete the following:
Likelihood
 Probability of a given risk occurring, such as:
o Almost Certain (exposed to hazard constantly)
o Likely (exposed to hazard occasionally)
o Unlikely (could happen but only rarely)
o Highly unlikely (could happen but probably never will).
Moderate Injury consequences & possible likelihood form part of
standard Risk Management but you can decide if they meet your
requirements.
Consequences may be rated as:
a) A fatality
b) Major or serious injury (serious damage to health that may be
irreversible, requiring medical attention and ongoing
treatment). This is likely to involve significant time off work;
c) Minor injury (reversible health damage that may need medical
attention but limited ongoing treatment). This means that it is

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RISK MANAGEMENT
less likely to spend more than a day off work.
d) Negligible injuries (might sustain slight injury and may require
only primary first aid) and no time off work
Assess the risk
What is the likelihood of this problem arising again?
Considering the case study where a driver named Nick is provided the sole
responsibility of transporting volatile goods it is problem for the
organization to manage the risks accordingly. The risk can be categorized as
fatality or a high level risk and also a major or serious injury in other cases
What are the possible consequences of this risk?
The possible consequences of the risk can either be fatal or serious injuries
that can be harmful to the person.
Evaluate and priorities risks for treatment?
The risk of continuing with only one transport carrier for transportation of
volatile goods is dangerous and must be treated with high level of priority.
What risk priority would you consider?
The following risk is rated as a high risk category and thus it is given most
importance.

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What opportunities do you think there are in your case? How can these
opportunities be used?
Moderate Opportunity is present in this particular case and management
must take responsibility to avoid any crisis.
Activity 4.1.1 - 4.1.2
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to determine and select most
appropriate options for treating risks.
Activity Using the Hierarchy of Control Pyramid to identify ways in which to
eliminate, control or minimise the hazard used in the Activity 2.1.1-
2.3.1 and 3.1.1-3.3.2:

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RISK MANAGEMENT
Suggest at least one way of handling the risk for each step of the
process:
 Elimination
The elimination of the risk is the main or the primary aim of the
management and the organuization have to take adequate steps to ensure
the same.
 Substitute or modify
Risks are substituted by other moderate to low amount risks to ease the
pressure off the management of the organization.
 Isolate
The isolation of the organizational risks is one of the most important
elements of risk management.
 Engineering controls
The appointment of expert engineering professionals and implementation
of the latest technologies that will be useful for the success of the

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RISK MANAGEMENT
organization in the market
 Administration controls
The managment must make sure to tighten the administrative set up so that
the organization is able to control the different kinds of administration
controls
 PPE
The management of the organization must make sure to use different kinds
of the safety tools and items that are deemed utmost neccesary for use in
workplaces and companies that dealo with volatile goods and involve risk
factors in work.
What control would you recommend? Why?
A strong administrative control along witht ht eimplementation of the
action plan that is effective as well as sustainable in managing risks within
the organization.
Activity 4.2.1 – 4.3.1
Estimated Time 45 Minutes
Objective To provide you with an opportunity to develop an action plan for
implementing risk treatment.
Activity Briefly explain the risk action plan for this assessment.
The Risk Action Plan for the organization has been constructed by
considering the different kinds of risks that are involved and the severity
of the following risks. The Action Plan will address the different
financial, operational and stakeholder needs that is necessary for the
success of the organization. Apart from addressing these risks the action

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plan must also address different kinds of physical risks to the employees
in case the company deals in volatile goods or provide services that may
consists of fatal elements.
Group activity; in groups of three/four, take turns in briefly
discussing your risk action plan.
The Risk Action Plan as considered can address different issues starting
from managerial risks, financial risks, operational risks, physical risks
and health risks. All these risks must be addressed to ensure a full and
complete Risk Action Plan.
Activity 4.4.1 – 4.4.2
Estimated
Time
30 Minutes
Objective To provide you with an opportunity to ensure all
documentation is in order and appropriately stored.
Activity Individually or in pairs, discuss the following questions:
What documentation and records do you think you will need to
maintain and file before, during and after the action plan is
implemented?
The documentation and methods that are needed for the
management of the organization for the assessment of the risk and
the action plan are as follows;
a. First, as an employee of the organization a list of federal
government records needs to be implemented and followed
accordingly. Federal records must be maintained and stored
properly for future use.
b. Keeping proper records helps the organization in a number
of different ways. This includes improvement of the access
to education, reduction in the cost of the operations,

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minimization of the litigation risks, safeguarding of the
crucial information and the preservation of the vital history
of the organization.
A number of different steps can be taken by the management of a
company to identify the risks and ensure its elimination. The steps
are as follows;
a. Determine the responsible person or the party and the
determination of the different types of resources that are
available for the organization.
b. Identify records needed to document the activities and
functions of your office
c. Establish the different procedures and match the record
according to the schedules
d. Preparing a plan and documenting the recordkeeping
Why?
The documentation process helps in the sustainability of the
organization and helps the organization to deal with different forms
of risk that may occur in the future.