Reference no: EM133176549

1. Why should risk management policies and procedures be periodically reviewed?

2. Explain the meaning of these terms:

Risk.

Risk management.

Risk appetite.

Risk capacity.

3. You work for Australia Wide Taxations Solutions-a company of 1,500 employees offering taxation services in different cities across the country. The company offers five services: personal taxation, small business taxation, corporate services, personal wealth creation and corporate asset management. It is working in a highly regulated and legislated industry.

You have been asked to work with the team conducting a risk assessment for the entire organisation.

How will you identify the risk management scope-what things do you need to look at? What challenges does a scope of this size pose and how would you approach the risk assessment process?

4. Who are an organisation's internal and external stakeholders and why should they and their issues be identified?

5. When considering organisational risk it is important to review the political, economic, social, legal, technological, and policy context. What impact can each of those factors have on an organisation's risk profile.

6. Why is it necessary to review existing risk management arrangements and standards?

7. Nautilus Boat Hire is a small family-owned and operated business that has been operating for five years from a marina at the mouth of a major river. The business is based on the hire of eight aluminium runabouts (tinnies) to youth groups, anglers and tourists, two deep-sea vessels to serious anglers and scuba divers, fishing gear and the sale of bait and scuba tank refills. The business is considering an expansion that will include the purchase of three houseboats for hire to families and groups of young adults. They recently conducted a survey revealing that a significant number of clients are tourists from interstate or overseas. Most clients are once-only hirers who have no knowledge of local waters and weather conditions.

As part of their business planning, the company identified the following risks to the new business offerings:

People who are not strong swimmers, especially children, drowning.

Houseboats getting lost and/or driven on to sandbars.

Clients finding the houseboats difficult to control, resulting in damage to the houseboat or land structures.

Clients being sunburned and dehydrated on hot, sunny days.

Using the information provided, describe the goals, objectives and targets that Nautilus Boat Hire should include in their risk management plan. These are the critical success factors relevant to the safety of the new operation.

8. How can the relevant parties be encouraged to support risk management policies and procedures? What skills might be used when garnering support and with whom should you communicate the risk management intentions?

9. Why is it important to communicate with the relevant parties about the risk management process and to invite participation in the identification of risks and development or risk controls?

10. Why should employees be invited to participate in risk management consultations?

11. List 12 aspects of risk that might contribute to new research processes.

12. What is the danger of attempting to manage risks without properly researching them?

13. A number of tools can be used to collect risk related information and data ready for analysis. List at least eight.

14. Describe a tool or procedure that can assist with risk identification and assessment.

15. How does plotting business risks on a risk matrix address the likelihood of risks occurring?16.List four questions that might be asked when assessing and prioritising risks.

17. How does categorising risk help assess the impacts or consequences of risks?

18. A number of different risk treatments will be applied depending on the industry in which an organisation operates and the organisation's structure.

What is a risk treatment is and how would you select the most appropriate?

19. Why are risk management plans necessary?

20. Risk management plans should be accompanied by action plans. What information is contained in an action plan?

21. List six methods that could be used to communicate risk management processes to the relevant parties.

22. Why should risk management data and plans be documented and appropriately stored?

23. Why should the implementation of plans be monitored and what sorts of things might come under scrutiny?

24. Who should be involved in evaluation of the process that was followed to identify and mange risks and what is evaluation of the process intended to achieve?