BSBRSK501: Risk Management Assignment for Crown Institute of Business

This assignment solution addresses risk management principles and practices within the context of the Crown Institute of Business and Technology (CIBT). It begins with a definition of risk management and applies the seven-step risk management process from ISO 31000:2018 to a workplace scenario. It then explores organizational responsibilities related to duty of care, environmental law, privacy, and accessibility for individuals with disabilities. The assignment emphasizes the importance of gaining support for risk management activities. Part B analyzes a case study of a retail company's market entry failures, examining risk identification, assessment, and treatment. The solution covers the scope of risk management, identifies risks associated with extended salon hours, and proposes mitigation strategies. It also outlines the steps in the risk management process, provides an implementation plan, and includes a communication plan for effective risk management. The assignment further includes an assessment of potential risks in the Victorian market, the application of the EMQ for risk identification, and methods for managing risks related to oil price increases and operational challenges. Finally, it provides risk control options for various business scenarios, including competition, demand fluctuations, budget overruns, IT system limitations, and staff turnover. This detailed analysis offers valuable insights into practical risk management strategies.