Conducting and evaluating a risk management program

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Reference no: EM132993130

BSBRSK501 Manage Risk

Project 1

This project entails you planning, conducting and evaluating a risk management program for an organisation. For the purpose of this project, the term organisation can include a small business, work team or division in a large organisation, sporting group, or family(Research these online). Complete each of the sections below in as much detail as is possible.

Part 1 - Plan for enterprise risk management:

• describe the organisation's current risk management policies, procedures and processes and comment on the strengths and weaknesses of these arrangements
• describe the scope for risk management process that you will conduct - explain why you decided upon this scope
• discuss the impact that each of the following has on the organisation' s approach to risk management:
- political environment
- economic climate
- social factors
- legal factors
- technological advancements
- policy context
• document critical success factors, goals or objectives for area included in scope
• identify each of the internal and external stakeholder groups and for each make a list of their issues
• discuss how you will communicate with each of these stakeholder groups, include details of:
- key messages
- delivery strategies
- how you will encourage input/ participation
• describe what level and type of support you need in order for your risk management plan to be effective and discuss the strategies that you will use in order to obtain that support

Part 2 - Identify the risks:
• using a SWOT diagram, identify the risks that face the company
• research these risks and provide any necessary background/ further detail
• make a list of the other tools and techniques you could use in order to generate a list of risks that apply to the scope

Part 3 - Analyse the risks:
• assess the likelihood of the risks occurring
• assess the impact or consequence if risks occur
• depict the risks on a risk matrix
• evaluate and prioritise risks for treatment

Part 4 - Select and implement treatments:
• determine the most appropriate option/s for treating the top 3 risks that you have identified
• develop an action plan for implementing those risk treatments
• explain how you will communicate the action plan information to the relevant parties
• what documentation is needed and how will it be completed and stored
• describe the steps that you will take to implement your risk management action plan
• discuss how you will monitor the action plan to ensure that it meets its identified goals
• explain how you will evaluate the process that you have used to manage these risks

Attachment:- Manage Risk.rar

Reference no: EM132993130

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