BSBRSK501: Manage risk - Organisational Processes - Report Writing Assessment Answer

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Subject Code: BSBRSK501 Internal Code: 1AIDJE

Manage risk - Organisational Processes - Report Writing Assessment Answer

Assignment Task:
  1. Written Questions This assessment consists of 20 short answer questions to assess the student’s knowledge of BSBRSK501 Manage risk. Students must answer all questions. Most questions require short answers although some require a more detailed response. A word length is given for each question. Students may use various sources of information including textbooks, learning workbooks, other documents and the internet and they must list their sources.
  2. Case Study & Practical Demonstration Students are required to respond to a case study which includes undertaking the entire risk management process and writing a report. Students are also required to demonstrate their communication and consultation skills and knowledge of the risk management process by organising and facilitating a meeting.
STUDENT ASSESSMENT INSTRUCTIONS To demonstrate your competency in this unit you must successfully complete both theory and practical assessment tasks. The practical assessment will be conducted at a date and place to be advised by your Trainer/Assessor. All questions must be answered correctly for each assessment task to be completed satisfactorily. There is no restriction on the length of the question responses or time restriction in completing the assessment unless specified. You must complete all questions unassisted by the assessor or other personnel but may refer to reference material as needed. If the practical assessment activities are not appropriate for you, please discuss this with your assessor who will seek to provide alternate activities that will allow you to provide evidence for the assessment. Your assessor will document any alternate activities that you undertake. Students are to answer the following questions. Questions 1 List two examples of each of the following types of risk: 
  1. Operational risks
  2. Strategic risks
  3. External risks
2 Describe the six key steps of the risk management process. 3 What are the two components of risk management that must occur continually throughout the process?  4 List three sources of information that you might use in order to understand your organisation’s objectives. 5 Explain and describe two items that might be considered for each of the components of a PESTL analysis. 6 Explain what a stakeholder is and what methods you might use to identify internal and external stakeholders?   7 Describe the meaning of ‘risk criteria’ and its purpose?  8 List three reasons why continual communication is critical to good risk management. 9 Identify and explain five tools that you might use in order to identify risks.  10 What are the main components of risk analysis?  11 What is the difference between qualitative and quantitative risk analysis?  12 Why would you use a likelihood and consequence table?  13 Explain five options for risk treatment. 14 What is a cost-benefit analysis?  15 What factors should be considered when conducting a cost-benefit analysis? 16 Identify and explain five items that should be documented in a risk management plan. (200-250 words) 17 Why is it important to ensure continual reviewing of the risk management plan? 18 Describe three mechanisms that can be used to ensure continuous monitoring and 19 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 (b) Company Law (c) Contract Law (d) Environmental Law (d) Privacy Law 20 Why are risk management standards necessary for risk management and how are they applied in the workplace?
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