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Topic: Risk Management

BSBRSK501 Manage Risk Assessment
Assessment 1: Short Answer Questions
Question 1
What is the purpose of the standard AS/NZS ISO 31000:2009 Risk Management?

Question 2
There are a number of key provisions of relevant legislation and regulations from all levels of government that may affect aspects of business operations, such as:
duty of care
company law
contract law
environmental law
freedom of information
industrial relations law
privacy and confidentiality laws
legislation relevant to the organisation’s operations
legislation relevant to operation of a business entity
anti discrimination legislation
ethical principles
codes of practice
health and safety legislation
Why is it necessary to have a working knowledge of the legislation involved in business? Construct appropriate research to explain what duty of care means and how it applies in the workplace.

Question 3
What is risk management? Why must risk management procedures be followed?

Question 4
What are the advantages and disadvantages of carrying out a risk assessment for a whole organisation and its overall operations? On what basis/ scope might risk assessments be carried out if they are not carried out for an entire organisation?

Assessment 2: Case Study
ABC Company directors are currently reviewing ABC’s approach to risk management and are seeking some information to support their review. Your Business Operations Manager need you to prepare a report on the current risk context and the organisation’s ability to address these risks. This will require you to gather, analyse and interpret information from a range of resources. Read the background information provided below to learn more about the context of what is required.
Background information
ABC Company’s business has been good, but management is always wary of risks on the horizon, especially given the situation during the past 3 months. Over this period, there have been significant international, national and organisational incidents that have affected the business.
On the international front, 5 key suppliers of our top-selling range of products have received global condemnation about using toxic or banned chemicals in their products and polluting the environment through their unsustainable production methods. Floods have affected some Asian suppliers, so that the manufacture and transport of numerous top-selling lines has been interrupted for the past 3 months. This is affecting online sales.
On the national front, Australian consumers are spending less due to the uncertain global financial situation and rumours of government tax increases that are likely to decrease household disposable incomes. Furthermore, there has been recent political uncertainty with leadership challenges and allegation of condition. These issues and the implementing federal election are leading customers, businesses and investors to take a wait-and-watch approach. Federal consumer legislation was introduced, so there is a need for all states to be brought up to date, especially with increased consumer knowledge or rights such as the product safety law. Uniform WHS laws have also been introduced by most of the states.
There are some issues arising within the organisation. There has been an increase in complaints from consumers about online purchasing and allegations that confidential customer information is being passed on to other companies. Customers have complained that the company website and online purchasing links have problems. There is also rising social media pressure about claims that ABC’s major suppliers use sweatshops, child labour and manufacturing processes that cause environment destruction.
Information systems and warehousing/ logistic systems are more than 10 years old. Management is contemplating downsizing and adopting rigorous budgetary cuts across all sections of the organisation. Staff morale has dropped, with many conflicts between staff and complaints about hours worked and lack of training.
You are required to complete the tasks below:
1. Prepare a report.
a) Summarise the key risks facing the organisation and list them under the following scope headings: political, economic, social, legal, technological and policy
b) Review and list the organisation’s current policies and procedures that relate to the risk context in accordance with current risk management standards
c) Identify links between the current risks and the organisation’s stated ethos
d) List examples of legislation, regulations, standards and codes that are relevant to the current situation
e) List the key stakeholders who should be involved in the risk management process. Where possible, indicate which stakeholders should be consulted about specific risks
f) Indicate the key stakeholders you will need to gain support from for this risk management process to be successful
g) Use the information you have gathered to complete a risk management plan using the available template

2. Review the information you gathered. In a new document, write a summary of:
a) The strengths and weaknesses of the existing arrangements to adequately address the identified risks
b) Critical success factors that will ensure the risks are addressed
c) Identify at least 2 strategies you will use to consult with stakeholders to identify and assess risks, invite participation and explain the risk management processes
d) Other possible sources of data (at least 2) that may apply to the scope of this project; for example, market research, information from other businesses

3. Provide an analysis of each risk you have identified. Reorder the risks in terms of priority, from highest to lowest.

4. Using the content of the report, prepare a presentation for ABC’s senior managers (your classmates and assessor). The CEO has stipulated that she wants the presentation to cover how the risk management process will be implemented, monitored and evaluated. Use slide presentation software to development the presentation and include the following:
a) A list of options commonly used in risk treatment processes
b) The most appropriate options for treating each of the identified risks and priorities
c) A proposed action plan to treat the identified risks, including:
 What actions are required
 Who is taking responsibility
 Time lines
 The monitoring process
 A proposed folder structure for storing information relevant to the risk management process
 Key factors in implementing, monitoring and evaluating the risk treatment action plan
d) Answer senior managers’ questions during your presentation and adjust your report according to feedback

5. Prepare a report for ABC’s senior managers on how the action plan will be implemented, monitored and evaluated. The report should use the following headings:
• Implementation strategy
• Monitoring strategy
• Evaluating strategy

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