BSBOPS504 - Risk Management Essential Knowledge Test Questions Answered Assignment

Assignment Task

• This is the first (1) assessment task you must successfully complete to be deemed competent in this unit of competency.
• The Knowledge Test is comprised of ten (10) written questions
• You must respond to all questions and submit them to your Trainer/Assessor.
• You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task
• You will receive your feedback within two (2) weeks, and you will be notified by your Trainer/Assessor when your results are available.

Answer the following questions:

1.1. How can you use the following tools and techniques to identify risks to scope risk management processes? Write 30-50 words for each. 

1. SWOT analysis
2. Brainstorming

1.2. Explain the following risk evaluation techniques in 50-70 words each.  

1. Qualitative Risk Analysis
2. Quantitative Risk Analysis

Answer the following questions:

2.1. Explain the purpose of organisational policies and procedures for risk management in 50-70 words.

2.2. What are the different types of organisational policies and procedures for risk management? Prepare a list of any five (5).

2.3. Explain the purpose of document storage policy and procedures in 30-50 words

Explain the following types of business risks in 100-150 words.

1. Strategic risk
2. Compliance risk
3. Financial risk
4. Operational risk

Answer the following questions:

4.1. What is the current standard for risk management in Australia?

4.2. Explain the purpose of current risk management standards in 30-50 words.

4.3. What are the key elements of current risk management standards in Australia?

• Explain the legislative and regulatory context of the organisation in relation to risk management
• Explain the different activities in risk management process as outlined in ISO 31000 risk management standard.

Answer the following questions:

7.1. What is risk treatment? What information should you gather to treat risks? Write your answer 

7.2. Explain the four (4) types of risk treatment options 

Answer the following questions:

8.1. Explain the purpose of Critical Success Factors (CSFs) in 30-50 words. 

8.2. Prepare a list of any five (5) methods to communicate risk management process.

Answer the following questions:

9.1. Explain the purpose of risk register in 50-80 words. 

9.2. What is risk analysis? How can you conduct risk analysis? Write your answer 

Answer the following questions:

10.1. How can you create an action plan for risk treatment? Write your answer in 50-100 words. 

10.2. How can you monitor and evaluate risk management process? Write your answer

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