Solved: BSBRSK501 Manage Risk

ASSESSMENT

“I acknowledge that I have understood all the above rules and guidelines for the assessment

Assessment Guidelines

INSTRUCTIONS

Part A

Please complete the student details section.

This short answer assessment is one form of assessment that is used to collect evidence of competency for this unit.

To demonstrate competence you must correctly answer all questions. Any shortfalls or wrong responses may be followed up by your trainer in verbal, written or practical instance.

If more space is required for any answer you may attach a separate page containing name, assessment date, unit title unit code and the assessment task number and attach this page with the current assessment task before submission or alternatively use the back of each paper with a clear reference to the relevant question(s).

Ensure you check your work before submitting.

Please note, once the assessor has marked your work they will provide you with feedback.

You will be required to complete other relevant assessment tasks for this unit as instructed by your teacher or trainer.

Part B Case Study / Project

Please complete the student details section.

Evidence submission

Please submit your answers in hardcopy (printed format) and in soft copy on a USB stick with your full name, date, unit code and unit title on your submission and hand this in to your assessor as your evidence.

This assessment is one form of assessment type that is used to collect evidence and will count towards gaining competence toward this unit.

To demonstrate competence each part of this project must be addressed.

When you have completed all tasks, check your work before submitting.

Please note once the assessor has marked your work they will provide you with feedback.

You will be required to complete other relevant assessment tasks for this unit.

Assessment

Assessment 1 – Knowledge Questions

Assessment 2 – Case Study

CASE STUDY

Background Information

Risk Assessment

As the General Manager of the OceanShores Group, you are constantly required to identify, assess and manage real and potential business risks.

Today your desk has on it:

1. An urgent advice from a credit card company about a team of con- artists who are targeting major hotels in a credit card scam. They have so far been able to fraudulently obtain $880,000 of credit and the last activity was in a nearby hotel
2. Two hours ago the kitchen served a meal containing peanut oil to a customer with a severe nut allergy, despite the wait staff having written the food allergy on the docket and telling the cooks about it when ordering the meal. The customer had to be rushed to hospital after exhibiting a severe anaphylactic reaction and is still in a serious condition
3. There is a transport strike called for tomorrow and, due to your city location, more than 75% of your workforce is public transport reliant
4. In today’s newspaper are reports of a major health issue in Asia which has immediately halted inbound tours from all major airports. It is likened in severity to a similar event 2 years ago which dropped your occupancy rate by 25% for 2 full months. You have already had bulk cancellations for

this week and the occupancy rate dropped by 22% overnight

5. A former employee who is now managing a nearby hotel has been systematically poaching key supervisors and successfully offering them employment. You also suspect that they have copied your database as they have been able to effectively target and win function bookings from your regular client base. The functions they are winning are ones held on a monthly basis that have been a mainstay of your functions revenue
6. You are seriously understaffed in the Bar department and have not been able to attract appropriate responses to the advertised positions for over three months.
7. Develop a risk management process for each scenario which could be, ultimately, used for future assessment of business risks as these may arise. The following aspects need to be included:

• Using a four stage hierarchical process, discuss how you would conduct today’s risk assessment and prioritise the management and minimisation of all these risks.
• Include at least 2 different techniques for assessing the above risks and document the processes you used for each risk scenario.
• Determine the risk level for each risk.
• Detail the contingency plans you would develop and who you would call upon to assist you to deal with all these issues in an effective and timely manner.
• Which legal aspects need to be considered or addressed?
• Which insurance options are there if any?

Structure:

• Use or construct a risk management document to analyse the risks
• Identify the stakeholders which would be involved for each scenario
• Establish criteria for ranking the risks in order of importance
• Determine which risks must be treated immediately and which low-level risks can be monitored
• Assess the capabilities of the business for handling the risks
• Determine how to implement risk control measures for the identified risks
• Document the processes including provisions for communication and consultation

2. 1.1 Determine scope for risk management process

Developed a scope for their Risk Management Plan which included:

1.2 Identify internal and external stakeholders and their issues

1.3 Review political, economic, social, legal, technological and policy context

1.4 Review strengths and weaknesses of existing arrangement

1.5 Document critical success factors to achieve objectives

1.6 Create Communication Plan to obtain support for risk management activities

1.7 Communicate with the Risk Manager and Obtain Support.

Attach the email exchange with the manager.

1.8 Provisions for maintaining a risk register

2.1 Research risks that may apply to scope

Insert your answers into the Risk Assessment Plan template.

2.2 Use tools and techniques to generate a list of risks that apply to the scope

Insert your Survey Question and Summary here:

Insert your risks into the Risk Assessment Plan template.

2.3 Communicate with the Risk Manager in the identification or risks

Upon the receipt of the feedback from your Risk Manager (your Assessor), make the necessary adjustments to your Risk Assessment Plan. Also, attach the email exchange with this manager.

3.1 Assess likelihood, impact and consequence of risks

Insert your answers into the Risk Assessment Plan template.

Risk assessment plan sample.

3.2 Evaluate and prioritise risks for treatment

Insert your answers into the Risk Assessment Plan template

4.1 Create the Risk Treatment and Action Plan

Insert your responses into the Risk Treatment and Action Plan template provided in the following page:

4.2 Create an Implementation Plan

Insert your seven critical activities here:

1.

2.

3.

4.

5.

6.

7.

Insert your flowchart here:

4.3 Communicate risk management processes to relevant parties

In this task, you will interact with two stakeholders, CEO and CRO, to gain input and finalise the risk management process.

4.4 Monitor and evaluate the outcomes of the risk management process

Refine your Risk Management Plan in accordance to the feedback provided by the stakeholders.

This update will involve revising your Risk Assessment Plan and the Risk Treatment and Action Plan.

Once this update is done, write your summary of evaluation here:

Sample only

Risk Evaluation

The following refinements are required in my Risk Management Plan:

My recommendations are as follows:

Please add asper your Case Study

• operational risk:

• WHS risk:

• financial risk:

The risk audit process needs further work:

Presentation

Make a short 10 Minutes PowerPoint presentation Explaining Risk Management process of your organisation for Training and coaching purpose.