Recent Question/Assignment

STUDENT ASSESSMENT

MANAGE RISK - BSBRSK501

Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
5. You may refer to your student learning resources or any other relevant resources when completing your assessment.
6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.
10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule
Task Due Date
Learning Activity Only Week 1
Task 1 Week 2
Learning Activity Only Week 3
Task 2 Week 4
Task 3 Week 5

Task 1: Report on Risk
Performance objective
For this task you are required to determine the risk context associated with establishing a new business outlet within the existing business structure. You will be required to review internal and external environment factors, obtain support for activities and liaise with relevant stakeholders to identify risks.
Assessment description
For the MacVille Pty Ltd simulated business scenario provided, you are required to assume the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be Manager of a new store. Ash has been tasked with conducting a risk management analysis of this new venture.
There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This project is divided into three assessment tasks as follows:

For this assessment task, you will need to review the simulated business’s risk management processes and determine the scope and objectives, taking into account stakeholders and both internal and external environmental factors affecting the organisation. Once you have gathered this information, you are to identify risks and write a draft report to the CEO. You will meet with the CEO to discuss your report, seek support for your findings, and approval to communicate risk management processes to relevant stakeholders for their feedback and participation.
Procedure
You will assume the role of Ash, Assistant Manager of the Brisbane MacVille café, who has just been promoted to Manager of the new Toowoomba store. In preparation for the new venture, Ash has been tasked with conducting a risk management analysis of this project:
Excerpt of email from CEO Paula Kinski
From: CEO – P. Kinski
To: Assistant Manager – Queen Street store
Re: New Toowoomba store
Congratulations on your new appointment. Prior to taking up your position as Manager of our new Toowoomba store, located in Ruthven Street, the Board of Directors has asked that the risks in this project be appropriately managed.
I want you to undertake this task as it will give you significant insight into the store’s operations, it will ensure a smooth transition for Hurley’s Café staff into the MacVille family and will encourage you to give ongoing support for our risk management initiatives.
I would like you to approach this task in three stages and meet with me at the end of each phase to review your work and discuss your plans for the subsequent phases. The three stages in this risk management task will include:
1. Review.
2. Analyse and plan.
3. Monitor…..
Once I have received your risk review report, we will need to discuss the steps that you will take in the risk management process.
Regards
P.Kinski
CEO MacVille Cafés (Qld)
1. Review the provided MacVille simulated business scenario information and documentation provided in the Appendices of this task.
2. Write a report for the CEO (your assessor) that addresses the following:
a. The effectiveness of the MacVille Risk Management Framework in supporting the principles and processes of risk management, set out in the risk management standard AS/NZS ISO 31000:2009. Outline the purpose and key elements of the standard in your discussion.
b. Identify and describe the scope of risk management required in your role.
c. Identify and describe the critical success factors, goals or objectives for areas included in the scope.
d. Identify relevant internal and external stakeholders, their role in the risk management process, and any issues or concerns they have raised. Complete the Table of Stakeholders Template (provided in Appendix 3 of this task) and attach to your report.
e. Complete a PEST analysis and a SWOT analysis to identify risks associated with the scenario. Outline the relevant legislation, regulations and standards (including those at a local level, i.e. Toowoomba Council).
f. Describe the methods of research that you used to complete your PEST and SWOT analysis. For example, how you approached the simulated business information; legislation, regulations, etc.; and any other information or research on risk that applies to the scope of your report.
g. Complete the analysis of risk for the scenario by summarising the scenario and identifying a list of risks to the project.
Note: Ensure your report is written in a style appropriate to your stakeholder audience, for example, using appropriate language and including appropriate illustrative material (such as checklists, diagrams or flowcharts) and attachments to support your summary.
3. Submit your report as per the specifications on the next page. Be sure to keep a copy for your records.
4. After you have developed your report, write an email that is intended for relevant stakeholders (identified in Step 2). Your email should clearly ask stakeholders for input, include a list of risks you have identified and invite them to assist in identifying any additional risks.
5. Send the email to the CEO (your assessor) for review and request a meeting to discuss identified risks and further risk management processes.
6. Meet with the CEO to:
a. discuss your findings, particularly your understanding of the critical success factors and goals
b. explain the MacVille risk management process
c. discuss how you can communicate with stakeholders about the risk management processes in this scenario and invite them to participate in discussions to further identify risks associated with the scenario
d. obtain the CEO’s support for ongoing risk management activities
e. ask the CEO for input on additional risks.
7. In dot-point form, summarise your discussion with the CEO. This should include any recommendations they made to you.
8. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records.

Specifications
You must provide:
? a risk review report, including a completed table of stakeholders
? email communication to stakeholders
? summary notes from your meeting with the CEO.
Your assessor will be looking for evidence of:
? reading skills to gather, review, interpret and analyse text-based business information from a range of sources
? written and oral communication skills to organise and deliver information to effectively communicate risk management processes to a range of stakeholders
? numeracy skills to interpret mathematical data when reviewing and analysing scenario business information
? ability to work independently as well as collaboratively to make decisions about risk management
? ability to interact with others using appropriate conventions when communicating to, and consulting with, stakeholders
? ability to sequence and schedule activities and manage communication
? ability to analyse relevant information to identify scope, goals and objectives and to evaluate options
? ability to use familiar digital technology to access information, document findings and communicate them to stakeholders.
Appendix
Case Study - MacVille Pty Ltd Stakeholders Template

Task 2: Analyse and Treat Risk
Performance objective
For this task you are to analyse the risks you identified in the simulated business scenario to assess the likelihood and consequence of risks, evaluate and prioritise risks, and determine options for treatment. You are also required to develop a risk management action plan for the treatment of risks and communicate it to relevant stakeholders.
Assessment description
For the MacVille Pty Ltd simulated business scenario provided, you are required to assume the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be Manager of a new store. Ash has been tasked with conducting a risk management analysis of this new venture.
There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This project is divided into three assessment tasks as follows:

For this task, you are to use the information you gathered in Assessment Task 1, along with the simulated business information provided, to examine the likelihood and consequence of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information you are required to develop a risk management action plan for implementing risk treatment, document the plan as required, and communicate the risk management plan to relevant parties.

Procedure
Part A
1. Review the MacVille simulated business scenario information and documentation provided in the Appendices of this task and in Assessment Task 1.
2. Develop a report for the CEO (your assessor) that includes the following:
a. For each risk (i.e. the four identified in the scenario for this task), assess the likelihood of the risk occurring.
b. For each risk, assess the consequence of the risk occurring.
c. Develop a risk matrix to assist in prioritising the treatment of the identified risks, including numerical values (e.g. risk matrix in the Student Workbook).
d. Once you have prioritised the risks, for each, outline at least two suitable options for treatment.
e. Include an explanation of the process you used to identify risks and assess likelihood, consequence and priority. Also include an explanation of why the options you have suggested for treating the risks are:
i. likely to be effective
ii. feasible for the organisation.
Note: Ensure your report is written in a style appropriate to your stakeholder audience, for example, using appropriate language and including appropriate illustrative material (such as checklists, diagrams or flow charts) and attachments to support your findings and process.
3. Develop an action plan(you may use the Risk Management Action Plan template provided in Appendix 3 of this task)for implementing risk treatment and attach it to your report.
4. Communicate your analysis to the Board of Directors by submitting your risk analysis report, along with your risk management plan, to the CEO (your assessor) for internal distribution.
Part B
1. Implement your risk management treatment of one key risk, such as decreased brand recognition, in accordance with the requirements provided to you by the CEO (your assessor). You will need to discuss and agree with your assessor how to provide evidence of your implementation.
2. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records.

Specifications
You must:
? submit a risk analysis report, including a risk matrix
? submit a completed risk management action plan
? implement one risk treatment and submit evidence as agreed with your assessor.
Your assessor will be looking for evidence of:
? reading skills to gather, review, interpret and analyse text-based business information from a range of sources in order to evaluate risk
? written skills to organise and deliver information to effectively communicate risk management analysis and plan to a range of stakeholders
? numeracy skills to interpret mathematical data when reviewing and analysing scenario business information and evaluating risks and treatment options
? ability to work independently to evaluate risks and make decisions about treatment options
? ability to interact with others using appropriate conventions when communicating to, and consulting with, stakeholders
? ability to sequence and schedule activities and manage communication
? ability to analyse relevant information to identify and evaluate treatment options
? ability to use familiar digital technology to access information, document findings and communicate them to stakeholders.
Appendix
Case Study - MacVille Pty Ltd (Cont) Risk Management Action Plan Template

Task 3: Monitor Risk and Evaluate Processes
Performance objective
For this task you are required to review the implementation of the risk management action plan you developed in Assessment Task 2 and prepare a monitoring report.
Assessment description
For the MacVille Pty Ltd simulated business scenario provided, you are required to assume the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be Manager of a new store. Ash has been tasked with conducting a risk management analysis of this new venture.
There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This project is divided into three assessment tasks as follows:

For this task, you are to review the implementation of the risk management action plan you developed in Assessment Task 2 against the simulated business information provided in this task. Then, you will need to prepare a monitoring report evaluating the outcomes of the action plan and risk management process.
Procedure
1. Review the MacVille simulated business scenario information provided in the Appendix of this task.
2. Develop a report for the CEO (your assessor), which examines the ongoing implementation of the risk management action plan.
a. Ensure you include the following sections in your report:
i. Plan –a clear summary of the initial risk and the plan implemented to manage it.
ii. Implementation– a summary of all actions taken to date in attempting to manage identified risks.
iii. Outcomes –a clear statement identifying continued and/or reduced risks, with supporting information in tables or graphs where available.
iv. Evaluation –a clear analysis of the effectiveness of the risk management plan, including risk assessment (e.g. risk matrix), by comparing the implementation with the outcomes.
Note: Ensure your report is written in a style appropriate to your stakeholder audience, for example, using appropriate language and including appropriate illustrative material (such as checklists, diagrams or flow charts) and attachments to support your findings and process.
3. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records.
Specifications
You must provide:
? a monitoring report.
Your assessor will be looking for:
? reading skills to review, interpret and analyse text-based business information from a range of sources in order to evaluate effectiveness of risk management implementation
? written skills to organise and deliver information to effectively communicate evaluation of activities to stakeholders
? numeracy skills to interpret mathematical data when reviewing and evaluating scenario business information effectiveness of activities
? ability to work independently to analyse scenario information and evaluate effectiveness of activities
? ability to interact with others using appropriate conventions when communicating to, and consulting with, stakeholders
? ability to sequence and schedule activities and manage communication
? ability to analyse relevant information to identify and evaluate effectiveness of activities
? ability to use familiar digital technology to access information, document findings and communicate them to stakeholders.
Appendix
Case Study - MacVille Pty Ltd (Cont 2)

References / recommended resources
Manage risk - BSBRSK501, 2015, 1st Edition, Version 1, Innovation and Business Industry Skills Council Ltd Australia, East Melbourne, VIC, Australia
Recommended reading
Some recommended reading for this unit includes:
? Anderson, E., 2014, Business risk management: models and analysis, John Wiley & Sons, Chichester, UK.
? Queensland Government, 2014, ‘Preparing a risk management plan and business impact analysis’, Business and industry portal, viewed January 2015, http://www.business.qld.gov.au/business/running/risk-management/risk-management-plan-business-impact-analysis .
? Standards Australia, 2009, AS/NZS ISO 31000:2009 risk management – principles and guidelines, SAI global, Sydney.
? Worksafe ACT, 2012, Risk management of public events, available online, Worksafe ACT, viewed January 2015, http://www.worksafe.act.gov.au/
publication/view/1138 .
Printed resources
? Anderson, E., 2014, Business risk management: models and analysis, John Wiley & Sons, Chichester, UK.
? Damodaran, A., 2008, ‘Chapter 1 – what is risk?’, Strategic risk taking: a framework for risk management, Prentice Hall, New Jersey.
? Standards Australia, 2009, AS/NZS ISO 31000:2009 risk management – principles and guidelines, SAI global, Sydney.
Online resources
? AIRMIC, ALARM and IRM, 2002, A risk management standard, available online, viewed January 2015, http://www.oat.ethz.ch/education/Autumn_term_09/
Material_on_Psychological_Aspects/AIRMIC_Risk-Management-Standard_1_.pdf .
? ANZ, 2015, ‘Online security tips’, ANZ, viewed January 2015, http://www.anz.com/auxiliary/security-centre/fraud-security-centre/protect-yourself/online-security-tips/ .
? Australian Government, 2014, ‘APP quick reference tool’, Office of the Australian Information Commissioner, viewed January 2015, http://www.oaic.gov.au/
privacy/privacy-resources/privacy-guides/app-quick-reference-tool .
? Australian Government, 2010, ‘Chapter 3 – risk analysis’, Natural hazards in Australia: identifying risk analysis requirements, available online, Geoscience Australia, viewed January 2015, http://www.ga.gov.au/image_cache/
GA10820.pdf .
? Australian Government, 2014, ‘Privacy fact sheet 17: Australian Privacy Principles’, Office of the Australian Information Commissioner, viewed January 2015, http://www.oaic.gov.au/privacy/privacy-resources/privacy-fact-sheets/other/privacy-fact-sheet-17-australian-privacy-principles .
? Australian Government, 2010, ‘Risk management – A tool for small-to-medium sized businesses, Australian Transaction Reports and Analysis Centre, viewed September 2014, http://www.austrac.gov.au/risk_management.html .
? Clarence Valley Council, 2012, Risk management plan, available online, Clarence Valley Council, viewed January 2015, http://www.clarence.nsw.gov.au/
page.asp?f=RES-TRV-45-30-11 .
? JobAccess, 2014, An employer’s guide to employing someone with disability, available in the publications list, JobAccess, viewed January 2015, http://jobaccess.gov.au/publications_list .
? PricewaterhouseCoopers, 2008, Being smart about the risks you take, available online, PWC, viewed January 2015, http://www.pwc.com/gx/en/consulting-services/pdfs/get_up_to_speed2.pdf .
? PricewaterhouseCoopers, 2006, Bridging the risk and control information gap, available online, PWC, viewed January 2015, http://www.pwc.com.au/
assurance/assets/bridgingrisk06.pdf .
? Queensland Government, 2014, ‘Preparing a risk management plan and business impact analysis’, Business and industry portal, viewed January 2015, http://www.business.qld.gov.au/business/running/risk-management/risk-management-plan-business-impact-analysis .
? Smith, R., 2012, ‘Who killed lard?’, Planet money, viewed January 2015, http://www.npr.org/blogs/money/2012/02/03/146356117/who-killed-lard .
? University of New South Wales, 2014, HS329 risk management procedure, viewed January 2015, https://www.ohs.unsw.edu.au/hs_procedures_forms/
procedures/HS329_Risk_Management_Procedure.pdf .
? Worksafe ACT, 2012, Risk management of public events, available online, Worksafe ACT, viewed January 2015, http://www.worksafe.act.gov.au/
publication/view/1138 .