Recent Question/Assignment

Assessment Tool BSBRSK501
Manage Risk
BSB50215
Diploma of Business
Version 1.0
October 2015
Level 2, 25 George Street, Parramatta, NSW 2150
Phone: +61 2 9633 1222 Fax: +61 2 9633 1888
Email: info@australisinstitute.nsw.edu.au Web: www.australisinstitute.nsw.edu.au
ABN 17 120 701 911 | RTO ID 91630 | CRICOS ID 03173K

Table of Contents
Assessment Submission Sheet 1
Pre-assessment Checklist 2
Assessment Information 3
Submission Requirements 4
Style Guide for Assessment Submission 5
Assessment Activity 1 – Managing Risks 7
Section 1: The Risk Context 8
1.1 Scope 8
1.2 Stakeholder Analysis 8
1.3 Industry Analysis 9
1.4 Strengths and Weaknesses of Current Arrangements 10
1.5 Critical Success Factors 10
1.6 Communications Plan 10
1.7 Initial Meeting with the CEO 11
Section 2: Risk Identification 12
2.1 Identify Risks 12
2.2 Interim Meeting with the CEO 12
Section 3: Risk Analysis and Evaluation 13
Section 4: Risk Treatment and Action Plan 16
Assessment Activity 2: Implementation, Monitoring and Evaluation 17
Task 1: Implement, Monitor and Evaluate the Action Plan 17
Task 2: Evaluation Report 18
Assessor Marking and Feedback Form: Assessment Activities 19

Assessment Submission Sheet
Course Title Diploma of Business Course Code BSB50215
Unit Title Manage Risk Unit Code BSBRSK501
Version 1.0 Created on October 2015
Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date.
Student Name Student ID
Assessor Date Due
Declaration I affirm that all work submitted in this assessment is my own work and does not involve plagiarism or teamwork other than that authorised for any particular assessment activity. I have been explained and understood the serious consequences in case this work is found plagiarised.
Student Signature: Date Signed: ____/____/____
Assessor Use Only
First Submission Date Re-submission Date Re-assessment Date
0S
0NYS
___/___/____ 0S
0NYS
___/___/____ 0S
0NYS
___/___/____
Feedback: Trainer/Assessor’s Comments:
I hereby confirm that I have been given feedback from the Assessor and I agree with the assessment outcome.
Student Signature Assessor Signature Date ___/___/______
Student Feedback on Assessment: Please provide your comments about this assessment for future improvement.
Assessment Receipt
Student Name Student ID
Course Code & Title BSB50215 Diploma of Business Extension Granted Yes ? No ?
Unit Code & Title BSBRSK501 Manage Risk Date Received ___/___/____
First Submission ? Re-submission ? Re-assessment ? Received by

Pre-assessment Checklist
Candidate’s name:
Units of competency: BSBRSK501 – Manage Risk
Trainer/Assessor:
Date:
My Trainer/Assessor has: Comments
• talked to me about the purpose of the assessment.
• discussed the assessment environment and the process covering when the assessment will occur, where the assessment will occur, who will assess me, and the feedback process.
• printed the unit outline and explained the unit of competency including each element, performance criteria, foundation skill, performance evidence, and knowledge evidence that I will be assessed on.
• discussed the various methods of assessment, assessment instruments, submission requirements and the due date.
• discussed what resources are required to successfully complete this assessment.
• discussed what performance level is required for each assessment task.
• organised the necessary arrangements to meet the assessment conditions essential for me to carry out each assessment task.
• ensured that I have read and understood the Student Assessment Handbook involving following concepts:
authenticity of my work
re-submission, re-assessment and study plan policy/procedures
appeals process
regulatory information
confidentiality procedures
• discussed my special needs (if any) and made the necessary arrangements.
• summarised information and allowed me to ask questions.
Student Initials: Date: __/__/____

Assessment Information
This assessment tool is designed to gather evidence on your knowledge as well as abilities to manage risks in a range of contexts across an organisation based on an industry setting. Also, it collects evidence on key foundation skills outlined in unit of competency details. Your Trainer/Assessor will go through the unit of competency at the very beginning of this unit explaining each element, performance criteria, foundation skill, performance evidence, and knowledge evidence that you will be assessed on via this assessment tool. You can find more information at:
https://training.gov.au/Training/Details/BSBRSK501.
This assessment has two parts:
Assessment Activity 1 – Risk Management Plan
You will create a Risk Management Plan based on a given business scenario - SmarTech. Your Risk Management Plan will involve the following:
continuous stakeholder communication
establishing the risk context
risk identification
risk analysis and evaluation
risk treatment and action plan.
Assessment Activity 2 – Evaluation of Risk Management Plan
You will review the Risk Management Plan based on the changes within the risk environment. Also, you will write an Evaluation Report based on the continuous feedback you will have collected throughout this assessment.
Submission requirements for each task is clearly outlined under each task to give you guidance.
The following document will be provided to you by your Trainer/Assessor to be able to undertake this assessment tool:
SmarTech Risk Management Policy and Procedures document which defines arrangements, procedures and processes in relation to organisational risk management.
In order to be deemed competent in this unit you must obtain satisfactory outcome in each part of this assessment.
You must abide with the rules outlined in the following section “Submission Requirements” when submitting your portfolio to your Trainer/Assessor.
Instruction Box
The icon above is used in this assessment tool to draw your attention and give you a clear guidance on the instructions outlining what to perform in each assessment activity/task. To be deemed satisfactory for an assessment activity/task, you must address each criteria in your responses as specified in the ‘Instruction Box’.
Remember! Your Trainer/Assessor is your best source of help. If you have any special needs, make sure you check with your Trainer/Assessor in advance of undertaking this assessment.

Submission Requirements
You must conform to the requirements outlined in this section for the submission of your work:
Read each task carefully, to make sure you know what is expected of you. Check whether the task has multiple parts, and make sure you answer all parts.
Your Risk Management Plan must be
processed and written in a formal format. Also, ensure your slides are written in an appropriate presentation software and laid out in a formal format too.
Word limit for your Risk Management Plan is 2000 words at maximum (± 10% rule applies). Word count for each knowledge question is given within the question. Your word count does not include assessment cover page, table of contents, bibliography, and text appearing in graphs, footnotes, captions, and appendix. Word count for each knowledge question is given within the question.
Your report must follow a logical structure. Give a title to your assessment and use headings and subheadings where appropriate. Ensure coherence throughout your documentation. A backbone structure is provided to you throughout this assessment tool.
Slides must be printed in a handout format having four slides (maximum) in a page. Do not print one slide in one page.
You must submit your assessment as one portfolio with cover page inserted at the beginning which must contain:
Course Code, Course Name
Unit Code, Unit Name
Date of Submission
Your Student Number
Your Full Name
Your Trainer’s/Assessor’s full name
Do not repeat the wording of the question in your assessment. Simply place appropriate headings and then start your answer.
Make sure you present a professional looking submission. Use a document folder to collate all your documents together. Ensure readable print.
Save a back-up copy of your assessment on a portable storage medium, in case your computer fails or is stolen, and/or keep a printed copy.
When submitting your assessment, submit it as one document – don’t submit the title page, the references and the body separately. If you do this, your assessment will be returned to you for re-formatting.
Research widely and use a variety of reputable sources. Refer to the Style Guide for Assessment Submission in the next page to conform to the referencing standards.
Remember to observe the principles of academic honesty, as we do check assessments for plagiarism.
Style Guide for Assessment Submission
Proofreading Ensure the following in your report:
appropriate tone, language and grammar
coherent structure
visual consistency
free of spelling and punctuation errors
Headings and Subheadings Use ‘Styles’ to ensure consistency (Home ? Styles ? Headings)
Use the titles in your assessment tool’ e.g.: Assessment Activity 1
Citation and Reference List Using Harvard Style Guide, provide in-text citation and Bibliography for each external source you use in your report.
Capitalisation Use initial capitals for positions, personal names, place names, nationalities, and groups of people
E.g.; Chief Executive Officer – Bill Gates – Sydney – Australia – Australian
Write company/brand names as they are commercially used
E.g.; Microsoft - iPhone
Cover Page Attach your portfolio with a cover page including:
Course Code & Title
Unit of Competency Code & Title
Date of submissions
Your Student ID and Full Name
The details of your Trainer/Assessor
Version number
Portfolio
Structure Follow a logical and sequential structure in your portfolio preventing ambiguity for your Trainer/Assessor.
Wording Do not write the question in your assessment. Simply place appropriate headings and then your answer.
Word count for written tasks is given within each task. Your word count does not include assessment cover page, table of contents, bibliography, table/figure captions, and appendix (if any).
Lists Use bullet-lists to list items or summarise content
Ensure consistent indenting and format
Use correct punctuation; nothing after each list, only full stop at the end of the last item
Use two-level spacing for nested lists
Example 1
Example 2
Font Ensure readability and legibility in text by using an easy-to-read font colour, type and size.
E.g.: black, Calibri (Body), 11pt
Footer Unit code and your full name Date Page x of y
Spacing Use 1.15 as line spacing.
Printing Use Moderate margins for printing (Page Layout ? Margins ? Moderate).
Print Black/White unless stated otherwise by your Trainer/Assessor.
Plagiarism Always abide with the principles of academic honesty, as we always check assessments for plagiarism. Provide in-text citation and Bibliography using Harvard Style referencing.

Business Simulation: SmarTech
SmarTech is an Australian technology company that sells smartphones and tablets headquartered in Sydney. The company is heavily dependent on lower cost manufacturing in China. Founded in 1980, SmarTech began designing, manufacturing and selling its own devices including mobile phones, touchscreen phones, and PDAs based on Windows Mobile OS. After initially making smartphones based mostly on Windows Mobile, the company expanded its focus in 2010 to devices based on Android, and in 2011 to Windows Phone.
SmarTech contracted one of Australia’s most reputable independent market research agency to investigate the company’s current standing in the national smartphone and tablet markets as well as to gain key insights into current technology trends across the country. The comprehensive market research yielded the following keynotes:
SmarTech has captured 12.4% and 11.2% market share in the Australian smartphone and tablet markets respectively.
19.4 million Australians (83%) own a smartphone and the market has already entered a stage of maturity.
6-in-10 Australians own a tablet where Australia is in the top three countries in the world in terms of tablet penetration.
Smartphone penetration approached 85% by mid-this-year, while the report showed that about 60% of respondents have a tablet. These overall figures will increase steadily in the next year as a greater number of competitively priced units hit the market.
Consumers are highly interested in devices that connect with a smartphone or tablet to maximise functionality.
The market for the wearable technology will reach $7 billion by 2025 in Australia.
Smartwatch is currently the leading wearable device category going forward and taking an increasingly large share of wearable shipments.
An AGM was recently held to discuss the future business development strategies of SmarTech. The Executive Team and Board of Directors (includes shareholders) were present in the meeting. The following information was recorded in the meeting minutes:
There is a huge growing potential in the wearable technology industry and SmarTech shall benefit from it. Albeit the smartwatch category is newly emerging, it is the leading product segment and SmarTech shall not miss the opportunity of a highly profitable revenue stream. There is still a minimum of five years for this market to enter the stage of market saturation and SmarTech should aim to launch the first product in six months’ time.
It was decided to undertake a feasibility study which aims to establish a groundwork to evaluate the organisational capability and profitability of designing, manufacturing, marketing, and selling own smartwatch. The feasibility study must include a comprehensive risk analysis which must provide in depth evaluation on the potential risks in each risk area.
SmarTech is a mature organisation with high-level of expertise in designing and manufacturing smartphones and tablets. Nevertheless, the company hasn’t been involved in the smartwatch sector yet.
SmarTech’s current technical and operational facilities and processes are designed to manufacture smartphones and tablets. Also, an online store needs to be launched soon in support to retail sales.
A business loan will be required to kick-start the design, development, manufacturing, marketing, and sales of the product. The budget will be fixed with no additional capital to be injected.
You are working as the Chief Risk Management Officer (CRMO) in SmarTech and required to write a comprehensive Risk Management Plan to support the feasibility study.

Assessment Activity 1 – Managing Risks
The below information provides an overview of what you are required to produce in Assessment Activity 1. Specific performance requirements are provided under each section.
In Assessment Activity 1, you are required to review SmarTech’s organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards.
Your Trainer/Assessor will provide you the SmarTech Risk Policy and Procedures document prior undertaking this assessment.
You will write a Risk Management Plan for the SmarTech business scenario which must contain the following sections:
Section 1: The Risk Context
You will:
determine the scope for the Risk Management Plan
undertake a full scope internal and external stakeholder analysis
conduct an Industry Analysis
review and document strengths and weaknesses of existing arrangements
document critical success factors and goals that are essential to measure the success of your risk management arrangements.
Section 2: Risk Identification
Using a number of tools and techniques, you will identify risks, in consultation with the CEO, based on the risk context established in Section 1.
Section 3: Risk Analysis and Evaluation
You will analyse risks that you identified in Section 2. Then, you will assess the likelihood, impact and consequence of each risk. Finally, you will evaluate and prioritise risks for treatment.
Section 4: Risk Treatment and Action Plan
You will choose the most appropriate risk control options for treating risks and then write an action plan that will define how the risk management process will be conducted.
Specific requirements of each part are provided in the subsequent sections.
Remember that the total word count for your Risk Management Plan is 2000 words at maximum (± 10% rule applies).

Section 1: The Risk Context
1.1 Scope
Instruction Box
You are required to write the scope of your Risk Management Plan. Your scope statement must:
define the boundaries of the Risk Management Plan giving a clear idea of what is included and excluded
define the purpose of this Risk Management Plan and the desired outcomes
describe the business and organisational units in which this Risk Management Plan will be applied (e.g.; business applications, locations, processes, technologies, etc. to be changed) and affected by the change
detail any assumptions and constraints that can be tied to this Risk Management Plan
be clear and concise.
1.2 Stakeholder Analysis
Instruction Box
Using the Stakeholder Analysis table below, you are required to undertake a stakeholder analysis and prioritise the most five important internal and external stakeholders who are involved in the risk management process.
To be deemed satisfactory, you must relevantly and logically map each of the five most critical stakeholders with each item listed in the Stakeholder Analysis table below. Information in italics is provided to give you a roadmap.
Stakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder 5
Role Describe the role of the stakeholder in the context of the risk management process.
Internal/External Is the stakeholder internal or external?
Interests What interests does the stakeholder have in the work? E.g.; financial, political, reputational, emotional, etc.
Contribution What is the expected contribution to the work by the stakeholder?
Level of Influence
(Low, Medium, High) How much power does the stakeholder have to influence the work? Significant changes? Or relatively low changes? What is the stakeholder’s capacity to cause change?
Level of Importance
(Low, Medium, High) How much effort the stakeholder is likely to commit to the work?
Level of Interest
(Low, Medium, High) How much the stakeholder has to lose or gain from the work?
Priority
(1, 2, 3, 4, 5, …, n;
1 being the highest) Rank each stakeholder based on the following factors: level of influence, level of importance and level of interest.
Method of communication What are the communication tools and channels to keep the stakeholders involved?
Frequency How frequently each stakeholder to be communicated?
Issues if not involved What are the potential issues that may arise in case a stakeholder is not involved or neglected throughout the risk management process?

1.3 Industry Analysis
Instruction Box
You are required to conduct an Industry Analysis for SmarTech to document the context of your Risk Management Plan. You must document your findings using the table below.
You must search and include statistical data (e.g.; Australian Bureau of Statistics) in your response to support your arguments. You must provide reference where information is gathered from an external source to avoid plagiarism. Refer to the Submission Requirements to conform to the referencing requirements for your work.
To be deemed satisfactory, your response must adequately elaborate each element listed under the Dimension column in the given table below. Also, you must outline the legislative and regulatory context of SmarTech in relation to risk management. Information in italics is provided to give you a roadmap.
Dimension Details
Social What is the population's growth rate and age profile? How would specific demographics affect SmarTech’s proposed change?
Are generational shifts in attitude likely to affect SmarTech’s strategic objectives?
Has there been a change over the employment patterns, job market trends, lifestyle changes, cultural trends, and attitudes towards the new technology area? Are these different for different age groups? How would these affect SmarTech’s future plans?
Are any other socio-cultural factors likely to drive change for the business?
Technological Are there any new technologies that SmarTech could be using for new methods of manufacture, distribution and logistics? How would these bring competitive advantage and reduce risk in risk areas?
Do any of SmarTech’s competitors have access to new technologies that could redefine their products and bring them competitive advantage? Would these radically affect SmarTech’s strategic initiatives or the industry the company operates in?
Are there any other technological factors to consider throughout the risk management process?
Economic How stable is the current economy? Is it growing, stagnating, or declining?
Are key exchange rates stable, or do they tend to vary significantly?
Are customers' levels of disposable income rising or falling? What is the unemployment rate? Interest rate? Inflation rate? How is this likely to change in the next few years? How would these impact the purchasing power of consumers?
Are there any other economic factors that you should consider? E.g.; has there been an increase in labor costs or operational costs?
Legal
Political
Policy What is the legislative and regulatory context of SmarTech in relation to risk management?
Are there any current legislations that regulate the industry? Can there be any change in the legislations for the industry?
Could any pending legislation or taxation changes affect the business, either positively or negatively?
Is there a trend towards regulation or deregulation? How will business regulation, along with any planned changes to it, affect your business?
Are there any political and/or factors that are likely to change which are likely to impact SmarTech’s strategic direction and risk management scope?
Are there any national standards that may have a significant impact on SmarTech’s risk management process?
Are there any external legal or political forces that may have a potential impact on the business?
Government Policy Organisational Policy
Is there any course of action that the current government planning to introduce which may have an impact on SmarTech’s strategic plans, the industry the company operates in and consumers? Is the current SmarTech Risk Management Policy sufficient to manage risks associated with the proposed changes? Is there a need to change the internal policy? Are the internal policies and procedures aligned with the government policy?

1.4 Strengths and Weaknesses of Current Arrangements
Instruction Box
You are required to review the SmarTech Risk Management Policy and identify whether the risk management arrangements are currently sufficient to accommodate the proposed changes. You must identify a minimum of three weakness areas and suggest improvements that are required to deal with the change. Also, you must list a minimum of three strength areas and how each would contribute to the success of the risk management process Document your responses in the tables provided accordingly.
Weaknesses Recommendation
Strengths Contribution
1.5 Critical Success Factors
The main goal of this Risk Management Plan is to develop a comprehensive methodology for identifying and managing risks associated with launching a new product line (smartwatch) in order to create a new revenue stream and gain competitive advantage.
Instruction Box
You are required to write at least five critical success factors to achieve the risk management goal as specified.
1.6 Communications Plan
Instruction Box
Using the table below, you are required to create a Communications Plan. To be deemed satisfactory, you must relevantly and logically map each of the five most critical stakeholders (you identified in Section 1.2) with each item listed in the Communications Plan table above. Information in italics is provided to give you a roadmap.
Communications Plan Stakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder 5
Outcomes What is the main motivation behind the communication? What is aimed to be achieved?
Key Message What content to be communicated?
Channel How to communicate with the stakeholder? Which communication mediums to be used?
Responsible Who is responsible to communicate with the stakeholder?
When/Frequency When to communicate? To what frequency? E.g.; At the beginning of the risk management process. Weekly progress meetings.

1.7 Initial Meeting with the CEO
Instruction Box: What you must do before the meeting with the CEO
Prior to the meeting with the CEO, you are required to:
draft the following elements of your Risk Management Plan:
Scope
Stakeholder Analysis
Industry Analysis
Strenghts and Weaknesses of Current Arrangements
Critical Success Factors
Communications Plan
send an email to the CEO requesting for a meeting.
Note that you must print the email and include in your final submission to your Trainer/Assessor as an evidence of the meeting.
Instruction Box: What you must do during the meeting with the CEO
You are required to conduct a 15 minutes meeting with the CEO of SmarTech with the aim to:
present your Risk Context and obtain approval prior moving to Section 2
communicate on the risk management activities that you will be undertaking hereafter in order to obtain support on a timely fashion
document the suggestions from the CEO and the meeting outcomes to be used in Assessment Activity 2, Task 2.
Instruction Box: What you must do after the meeting
Based on your consultation with the CEO, you are required to:
make the necessary amendments to your Risk Context as suggested by the CEO
finalise Section 1: The Risk Context in your Risk Management Plan.

Section 2: Risk Identification
2.1 Identify Risks
Instruction Box
Using two tools/techniques used for risk identification, you are required to identify a minimum of two risks in accordance with the SmarTech business initiative for each of the risk area listed below:
financial
work health and safety
commercial/market
operational
technology
schedule
external environmental (manufacturing and logistics).
Two tools/techniques must be selected from the following options:
Root Cause Analysis Fishbone Diagram Qualitative Scenario Analysis Influence Diagram Risk Breakdown Structure
To be deemed satisfactory, regardless of which tools and techniques you have selected, you must address each of the risk area and shortlist a minimum of two risks in accordance with the SmarTech business initiative.
2.2 Interim Meeting with the CEO
Instruction Box: Before the meeting, you must:
identify and document a minimum of two risks for each of the prescribed risk area using two tools/techniques as specified.
send an email to the CEO requesting for a meeting.
Note that you must print the email and include in your final submission to your Trainer/Assessor as an evidence of the meeting.
During the meeting, you must:
brainstorm on the risks you have identified
present and discuss how you mapped potential risks using a minimum of two tools and techniques as specified
obtain approval on identified risks prior moving to Section 3
communicate the risk management activities that you will be undertaking hereafter in order to obtain support on a timely fashion.
document the suggestions from the CEO and the meeting outcomes to be used in Assessment Activity 2, Task 2.
After the meeting, you must:
make the necessary amendments to shortlisted risks as suggested by the CEO
finalise Section 2: Risk Identification in your Risk Management Plan.

Section 3: Risk Analysis and Evaluation
Instruction Box
In this section, you are required to complete the Risk Assessment Template provided in the following page by:
assessing the likelihood of identified risks
assessing the impact of identified risks
assessing the consequence of identified risks
evaluating the identified risks
prioritising the identified risks.
Models and scales are given below.
Likelihood scale
Score Flag Range Description
5 Almost Certain 0.67-0.99 Risk is almost expected to occur.
4 Likely 0.33-0.67 Risk is common and will probably occur.
3 Possible 0.15-0.33 Risk may happen under certain situations.
2 Unlikely 0.05-0.15 Risk will probably not occur.
1 Rare 0.01-0.05 Risk is very uncommon and will probably occur under the most exceptional situations.
Impact scale
An impact of a potential risk must be analysed based on the following types of impact:
financial impact
political impact
time impact
Score Flag Financial Impact Political Impact Time Impact
5 Extreme Loss of $5 million and above. Alternative, including external, funding required to recover. Long-term national damage in organisational image. Rebranding required. Organisation can recover from all dimensions of impact in one-three years.
4 High Loss of $1 million to $5 million. Budget can be recovered through major cuts to organisational activities and business units. Long-term state wide damage in organisational image. Restructuring required. Organisation can recover from all dimensions of impact in six months to one year.
3 Moderate Loss of $250,000 to $1 million. Budget through cutting an array of organisational activities and business units. Medium-term regional damage in organisational image. Organisation can recover from all dimensions of impact in three to six months’ time.
2 Low Insignificant loss of $100,000 to $250,000. Budget can be recovered through simple tactics. Minor, short-term isolated damage in organisational image. Organisation can recover from all dimensions of impact in one to three months’ time.
1 Insignificant Loss of $0 to $249,999. No noticeable impact on organisational image. Organisation can easily and quickly manoeuvre from all dimensions of impact.

Risk Level and Ranking
Risk Priority=?Likelihood?_Probability x ?Impact?_((Financial,Political,Time))
Risk Level
Low
(1-4) Minor
(5-10) Serious
(11-15) Major
(16-25) Catastrophic
( 25)
Insignificant financial loss. Minimal time to recover. Brand image is protected. Minor financial loss. Short time scale to recover both financially and politically. Considerable financial loss and reputation. Reasonable time to recover. Consequential financial loss. Major environmental implications and business interruption. Long time to recover. Excessive long term injuries. Severe financial loss and damage in reputation. Significant business interruption. May be almost fatal for business continuity.
Risk Assessment Template
Risk ID Risk Risk Area Likelihood Impact Consequence Risk Ranking Risk Level
Financial
Financial
WHS
WHS
Commercial/Market
Commercial/Market
Operational
Operational
Technology
Technology
Schedule
Schedule
External Environmental
External Environmental
Legend:
Risk ID: unique identification number to be assigned to each identified risk.
Risk: potential risk associated with SmarTech’s organisational change.
Risk Area: Financial? work health and safety? commercial/market? Operational? Technology? Schedule? external environmental?
Likelihood: The probability of risk occurring.
Impact: What is the level of impact if risk occurs?
Consequence: What may happen if risk occurs.
Risk Ranking: Likelihood x Impact.
Risk Level: The level of risk based on likelihood, impact and consequence (Risk Ranking).
To be deemed satisfactory, you must include all the risks identified in each risk area in your risk assessment template.

Section 4: Risk Treatment and Action Plan
Instruction Box
In this section, using the tables below, you are required to create a Risk Treatment and Action Plan based on the risks you included in your Risk Assessment Template (Section 3). To be deemed satisfactory, you must include all the risks identified in your Risk Assessment Template and map them across each of the column item as specified in the template below. Use a vertical format (a landscape orientation) to ensure document readability. You must submit your Risk Treatment and Action Plan to your Trainer/Assessor before moving onto Assessment Activity 2.
Risk Treatment and Action Plan table:
Risk ID Risk Risk Area Risk Ranking Root Causes Risk Treatment Risk Control Measures
Actions to be Taken Monitoring Procedures Responsible Person Timeline
Legend:
Risk ID: unique identification number to be assigned to each identified risk.
Risk: potential risk associated with SmarTech’s organisational change.
Risk Area: Financial? work health and safety? commercial/market? Operational? Technology? Schedule? external environmental?
Risk Ranking: Likelihood x Impact.
Root Causes: Potential causes – mechanisms of failure for the risk event.
Risk Treatment: What are the risk treatment options?
avoid risk?
remove the risk source?
mitigate risk?
transfer risk?
accept risk?
Risk Control Measures What are the actions to be taken to control the risk event?
Monitoring Procedures How will these risk treatment actions be monitored?
Responsible Person Who are the stakeholders responsible for applying the risk control measures?
Timelines What is the time frame required to take the necessary actions to control the risk event?
Assessment Activity 2: Implementation, Monitoring and Evaluation
Task 1: Implement, Monitor and Evaluate the Action Plan
As the CRMO, you have implemented the action plan (Assessment Activity 1 ? Section 4) in collaboration with other key stakeholders. Nevertheless, periodical performance reviews with the CEO has yielded that some of the risk response actions implemented to date aren’t as effective as planned and further action is required due to the changes in the dynamic environment.
Based on the performance outcomes of your action plan, your CEO has identified three risk areas that your immediate attention is required. To communicate these issues, your CEO has arranged a meeting with you. You will receive an invitation email shortly which will include the details of the meeting as well as the risk areas to be discussed.
Instruction Box
You must hold the meeting with the CEO and discuss the issues identified for each risk area, analyse them, incorporate them into your risk management process, and develop corresponding risk response actions. You are required to reengineer your action plan in accordance with the changes required. You must reflect all necessary changes in your Risk Management Plan in which performance outcomes must address the key elements for risk treatment as specified by the CEO.
Step-by-step instructions are given to you below:
upon the receipt of the email from the CEO, hold the meeting and identify the issues
review your Risk Assessment Template (see Section 3: Risk Analysis and Evaluation) and incorporate the changes as specified by the CEO
update your Risk Assessment Template accordingly
review your Risk Treatment and Action Plan (see Section 4: Risk Treatment and Action Plan) and incorporate the changes as required
update your Risk Treatment and Action Plan accordingly
keep a historical trail of your Risk Assessment Template and the Risk Treatment Action Plan.
Note: you must submit both the first version and the updated version of your Risk Assessment Template and the Risk Treatment Action Plan to your Trainer/Assessor as an evidence of the evaluation of changes.

Task 2: Evaluation Report
Until this stage, you have communicated and consulted with the CEO a number of times which has given you the opportunity to collect feedback on your risk management process.
Instruction Box
Based on your discussions, you are required to write a 750 words evaluation report addressing the following criteria:
what were the reactions on your Risk Management Plan?
were risk management processes aligned with SmarTech’s organisational strategic initiatives?
what are the areas of your Risk Management Plan need refinements?
what are your recommendations on each gap area that has been identified?
did your Risk Management Plan reflect the realities of the environment in which the SmarTech operates?
include an evaluation plan outlining how aligning your risk management strategy with the current risk management standards can improve the risk management outcomes in future.
Your report must be word processed and have a professional layout with no spelling mistakes.

Assessor Marking and Feedback Form: Assessment Activities
Assessor Use Only
Assessment Task S NYS Comments
Assessment Activity 1 – Risk Management Plan
Section 1: The Risk Context
Section 2: Risk Identification
Section 3: Risk Analysis and Evaluation
Section 4: Risk Treatment and Action Plan
Assessment Activity 2 – Evaluation of Risk Management Plan
Implement, Monitor and Evaluate the Action Plan
Evaluation Report
The candidate’s overall performance is ? Satisfactory ? Not-Yet-Satisfactory
Assessor Initials: Date:

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