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Students are to answer the following questions.
1 List two examples of each of the following types of risk: (5-20 words each) a. Operational risks
b. Strategic risks
c. External risks
2 Describe the six key steps of the risk management process. (200-300 words)
3 What are the two components of risk management that must occur continually throughout the process? (2-5 words)
4 List three sources of information that you might use in order to understand your organisation’s objectives. (5-10 words)
5 Explain and describe two items that might be considered for each of the components of a PESTL analysis. (250-350 words)
6 Explain what a stakeholder is and what methods you might use to identify internal and external stakeholders? (200-250 words)
7 Describe the meaning of ‘risk criteria’ and its purpose? (50-100 words)
8 List three reasons why continual communication is critical to good risk management. (150-250 words)
9 Identify and explain five tools that you might use in order to identify risks. (100-200 words)
10 What are the main components of a risk analysis? (5-15 words)
11 What is the difference between qualitative and quantitative risk analysis? (200-250 words)
12 Why would you use a likelihood and consequence table? (40-80 words)
13 Explain five options for risk treatment. (40-80 words)
14 What is a cost–benefit analysis? (20-30 words)
15 What factors should be considered when conducting a cost–benefit analysis? (20-30 words)
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? (80150 words)
18 Describe three mechanisms that can be used to ensure continual 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: (15-25 words each)
Legislation Description and Examples
(a) Duty of Care
(b) Company Law
(c) Contract Law
(d) Environmental
(d) Privacy Law
20 Why are risk management standards necessary for risk management and how are they applied in the workplace? (80-160 words)

Editable Microsoft Word Document
Word Count: 3342 words including References

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