Reference no: EM133040368

BSBOPS504 - Manage Business Risk

1. Explain the risk management process. Is possible to answer using a labelled diagram or in words (or both) and must include:

• a definition of risk management.
• a list or illustration of the steps in a risk management process.
• a description of what each step involves.

2. Describe a current risk management standard. In the answer:

• name the standard.
• explain the purpose of the standard.
• list key elements of the standard.

3. Complete the table below to describe the types of business risk

4. Complete the table to explain three different tools and techniques that may be used to identify risk. The first row has been completed as an example for you to follow.

5. Explain four options that a company could use to take to control risks.

6. Explain how legislation and its related regulatory requirements relate to risk management. In the answer:

• identify two different legislative and regulatory requirements that may apply to risk management.
• for each legislative requirement, explain how it relates to risk management.
• provide one example of how regulations support one of the legislation.

7. Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management. 

8. Complete the table below to summarise how three policies and procedures relate to risk management.