Reference no: EM132962624

Mr Michael Jones and Mrs Samantha Jones have operated and owned 'The Best Finance Pty Ltd' business for the last five years as an ACL holder. They currently have three brokers that work in the business, Mr Bill Mason the most recent to the business and three administration support staff.

Mr and Mrs Jones have recently completed an internal audit of files and noticed a breach by Mr Bill Mason. It appears a systematic issue was established for not advising commission charged in the credit proposal. Mr and Mrs Jones noted that all of Bill's applications had this critical item missing.

Problem 1: Use the Risk Register below to identify and describe three (3) potential risks to the operation of the business, and three (3) potential risks to the client arising from this proposal. Remember, when identifying risk, you need to consider both what can go wrong and how it can go wrong. Note: The client risks in this case can be the client, broker, and the owners of the business.

Note: The Risk Register table in the learner guide lists Operational, Financial, Competitive and Client risks. However for this assessment task, we only require the operational and client risks to be completed. Refer to the learner guide for an example of what is required.