Reference no: EM132410948

BSBRSK501 Manage Risk Assignment - Australian Vocational Training Institute, Australia

Assessment Event 1 - Knowledge Questions

Question 1 - Outline the purpose of the current national risk management standards.

Question 2 - Outline the principles of the current national risk management standards.

Question 3 - Outline the risk management framework of the current national risk management standards.

Question 4 - Outline the risk management process of the current national risk management standards.

Question 5 - Outline the legislative and regulatory context of SmarTech in relation to risk management.

Assessment Event 2 - Smartech Simulation

In this assessment, you will undertake a number of tasks associated with managing risks for a technology company, SmarTech.

Task 1: Establish Risk Context

In this task, you will establish the risk context based on SmarTech's internal and external operating environment.

1.1 Determine scope for risk management process

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 arrangements.

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.

Important: - In Tasks 2 and 3, you are required to use the Risk Assessment Plan Template to provide your answers. Please refer to the Student Assessment Guide to see the requirements of all the subtasks under Task 2 and Task 3. We have attached the Risk Assessment Plan Template for you in the following page. You will make changes on this template based on the feedback collected from the Risk Manager (your Assessor).

Task 2: Identify and Confirm Risks

In this task, you will identify the risks using relevant tools and techniques in consultation with your Risk Manager (your Assessor).

2.1 Research risks that may apply to scope.

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

2.3 Communicate with the Risk Manager in the identification or risks.

Task 3: Analyse and Evaluate Risks

In this task, you will analyse and evaluate the risks you identified in Task 2. You will then prioritise these risks for treatment.

3.1 Assess likelihood, impact and consequence of risks.

3.2 Evaluate and prioritise risks for treatment.

Task 4: Treat and Monitor Risks

In this task, you will develop an action plan for implementing the risk treatment. You will then communicate your draft Risk Management Plan to the two stakeholders, the Chief Executive Officer (CEO) and the Chief Risk Officer (CRO), to gain input on the finalisation of your initial Risk Management Plan.

You will then monitor the outcomes of your action plan based on the outcome of your risk treatment, and update your Risk Management Plan accordingly in order to finalise the risk management process.

Note that in this task, you are required to use the Risk Treatment and Action Plan template in accordance to the Policy.

4.1 Create the Risk Treatment and Action Plan.

4.2 Create an Implementation Plan.

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.

See your Student Assessment Guide for more information. No response required here.

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 and the result set sent by your Risk Manager (your Assessor).

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

Attachment:- Manage Risk Assignment Files.rar