Reference no: EM133079392

BSBRSK501 Manage risk

Assessment Task 1: Written Questions

Provide answers to all of the questions below:

Question 1. Outline the key purpose of risk management standards. Include an example of a risk management standard in your answer.

Question 2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.

Question 3. Outline the requirement under WHS legislation to manage risks.

Question 4. Outline the factors that must be taken into account in determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011.

Question 5. Outline the purpose of risk management policies and procedures in the workplace.

Question 6. List three examples of the impact of risks for a workplace if risks are not identified or actioned.

Question 7. Outlinestep by step procedures that companies can use for analysing risks.

Question 8. Outline three sources of information that a company could use to gather information on potential risks.

Question 9. Outline three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process.

Question 10. Outline four options that a company could take to control risks.

Question 11. Explain fourprocedures that a company could use to minimise risk. 

Assessment Task 2: Risk management project

Task summary
This assessment task requires the student, in the role of Operations Manager of NatureCare Products, to develop a risk management briefing report associated with the proposed business expansion. The student will then prepare for a meeting with their team by researching risks, as well as potential risk treatment options pertaining to the NatureCare Products business expansion project.
Following this, the student will meet with their team to brainstorm risks and develop a risk management plan, which includes an action plan to implement identified risk treatments.
This task will be completed in the simulated work environment at Alpha Institute.

Required
• Computer with Microsoft Office and internet access
• Access to publications about risk management standards
• Risk Management Policy and Procedures
• Risk Briefing Report Template
• Risk Management Plan Template
• Space for a meeting, with a whiteboard, if possible.
• Roleplay participants

Instruction: Carefully read the following:

You are the Operations Manager of a medium-sized Australian company, NatureCare Products, based in Brisbane. The company commenced business in 1996, and manufactures eco-friendly, high quality beauty skin care products.

The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging.

The company sells its products in health food shops across Australia, as well as online through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of their customers are professional women aged 25 to 55.

NatureCare Products' strategic priorities focus on business diversification and growth. They aim to increase their market share by 10%, and to expand the existing product range to attract more customers.

At a recent board meeting, the two company shareholders and the CEO discussed options for expanding the business, including establishing a chain of retail outlets. The idea is to initially set up a retail outlet in central Sydney, Brisbane and Melbourne.

The CEO has asked you to investigate this, undertaking a risk analysis on establishing a chain of retail outlets. The CEO and shareholders are keen to get the business expansion started as soon as possible so need to get your risk management plan in place immediately.

Currently the company employs the following staff: Accounts Manager, Marketing Manager, Marketing Assistant, Sales Manager, four customer service representatives, Office Manager and Administration Assistant, Operations Manager, as well as the CEO and two shareholders as indicated above.

The company currently has a Risk Management Policy and Procedures in place that incorporates the AS/NZS ISO31000:2009 Risk Management Principles and Guidelines.

Complete the following activities:
1. Develop a risk briefing report.
Review the case study information provided to you to determine the scope of the risk management process required, as well as the company's risk management policy and procedures and information on risk management standards.
Use the Risk Briefing Report Template to guide your work.

Your report should include the following:
• Introduction, including the scope of the risk management process, any risks that may apply to the scope, and objectives and critical success factors for the area included in the scope
• Give also an outline of the risk management process as per the organisation's policy and procedure, as well as how the organisation's process aligns with the risk management standards as identified in the link provided to you.
• A PESTLE analysis identifying the key factors that impact on the environment in which NatureCare Products operates and their relevance to the risk management process.
• You are also required to Identify at least five risks identified with the expansion, and at least onepotential risk treatment option for each of the risks you identify.
• Identification of internal and external stakeholders with whom you will need to consult to identify potential risks, as well as issues they are likely to raise as part of the risk management process.
• An analysis of the strengths and weaknesses of the company's existing retail approach namely, online and through health food shops.
• Analysis of critical success factors, goals or objectives for the business expansion project.

2. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should provide a brief overview of the risk management project, introduce and summarise the contents of the attachment, and seektheir feedback and approval to move forward with the project.

Attach your risk briefing report to the email.

Your assessor will send you an email in the role of the CEO, providing you with feedback and approval to proceed.

3. Send an email to your team (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should invite them to participate in a meeting to brainstorm risks associated with the company's proposed expansion.

Your email should briefly explain the purpose of the meeting and advise the date and time for the meeting (your assessor will advise you the date, time and also provide you the email addresses of the two students who will be in your team).

The meeting is to run for approximately 30 minutes.
4. Conduct team meeting
After giving a short introduction, present to your team the risks that you have identified, as well as the treatment measures you have selected. Refer to your Risk Briefing Report and share your ideas, encouraging the meeting attendees to share theirs.
Steer this discussion into a brainstorming session.
Take paper and pen with you, or use a whiteboard, to jot down ideas as they are given.

At the meeting, you are required to:
• Clearly explain the risk management process as per the organisation's policy and procedure.
• Discuss the risks you have identifiedand potential risk treatments
• Seek ideas from the team about risks involved in the business expansion, as well as treatment measures.
• Agree on the most important risks that should be included in the risk management plan, as well as suitable risk treatments. At least five must be identified.

During the meeting, you will need to demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding

Close the meeting by thanking the participants for attending.

5. Develop a Risk Management Plan
The final part of the assessment task requires you to develop the risk management plan using the risk management plan template.
Use the Risk Management Plan Template to guide your work.

Your risk management plan should include:
• The risks you have identified based on your research and brainstorming session. You must include at least five risks.
• An assessment of the likelihood of the risk occurring, as well as the severity of the risk should it occur.
• Identification of at least one suitable treatment measures for each of the five risks Priority rating (high, medium or low) to show the order in which risks must be treated.
• A risk action plan that sets out for each risk including:
o Risk description
o Impact of risk
o Recommended actions
o Resource requirements
o Timelines
o Responsibilities
o Monitoring processes
6. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

The email text should include the following:
• Summary of the purpose of the Risk Management Plan
• An outline of the risks most likely to occur in relation to the business expansion project.
• Why you believe the identified treatment strategies for each of the risks will be effective in ensuring risks are minimised or do not occur.

Attach your risk management plan to the email.

Assessment Task 3: Risk implementation project

Task summary
This assessment task requires you to implement a control measure from the risk management plan, as well as monitor and report on actions arising.

Instruction: Carefully read the following information:

Assume that one of the risks that you identified in your risk management plan was the inability to attract sufficiently qualified and knowledgeable staff to manage the new retail stores and that the risk treatment identified is to invest in the training and development of existing staff to fulfil this role, at least in the short term.

It has been identified that at least two of the existing customer service representatives are interested in taking on this new role. Neither of the two customer service representatives have managerial skills nor knowledge, but they both have excellent company and product knowledge, as well as customer service skills.

Complete the following activities:

1. Write a report on staff training options
Review the case study information and then research a range of potential training options for the customer service representatives, including both on and off the job options. Identify at least three suitable options.

Then develop a short report outlining your recommended option/s for the training, including a rationale for each recommendation.
Include the details of each recommended training option, including a summary of the training to be provided and outcomes, location, costs and duration as applicable.

As a guide, your staff training report should be 1 to 2 pages long.

2. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment, and seektheir feedback and approval to move forward with the project.

Attach your staff training report to the email.

The CEO will send you an email providing comments and approval to proceed with the training course that they select from your report.
3. Send an email to the staff members who will undergo training (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the training that they will participate in. Provide all the necessary details of the training for the staff member.

4. Write a training evaluation report.
Assume that the two staff members have completed their training, and a survey has been sent to them. Review and analyse the completed surveys in Training Survey Results, and write another short (half a page) report to the CEO.

Your report should comment on the effectiveness of the training undertaken by the staff members to date and your recommendations for any further actions.

Note that the measure of success of this initiative was identified to be that the staff will have successfully completed training and feel able to step into the new roles. You should therefore also comment on the effectiveness of the measure in this regard.

5. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment.

Attach your training evaluation report to the email.

Assume that it is one year later, and the retail stores are now established in Brisbane, Sydney and Melbourne. Each store employs a Manager, 2 full-time retail assistants and several casual staff.

Due to the increase in the number of staff, Recruitment, Selection and Induction Policy and Procedures have been put in place. However, other human resources systems, such as performance management, have not yet been put in place.

Both of the original customer service officers who trained up to be managers have left the company. In addition, a further two managers were employed and have also left. Reasons cited by staff for leaving are as follows:
I was given initial training but I felt I needed ongoing professional development to do my job well, which I didn't get.
The pay wasn't enough for the job. I was employed as a customer service officer and only got a small pay rise to take on the manager job.
Too little pay for too much work.
Not enough guidance from senior management about the expectations of the job.

6. Monitor risk control measures
Based on the above information, write a short report for the CEO, outlining the situation and identifying at least two further risk control measures, which you believe should be put in place.

7. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and include the text of your risk control measures report that you completed in the previous activity.

Assessment Task 4: Risk management process evaluation report

Task summary
In this assessment task, you are required to answer a number of questions in order to evaluate the risk management process that you completed in the last two assessment tasks.
You are also required to set up logical folders and store all the documents that you have created for this assessment task.

Instructions

Complete the following activities:

1. Develop a risk management evaluation report
This assessment task requires you to evaluate and report on the risk management process that you have completed in the previous two assessment tasks.
Review all of the following questions and prepare a short report of approximately 1 - 2 pages that addresses each question.

A. Evaluate the overall risk management process.
• Was it easy or difficult to identify risks?
• Was staff input (at the meeting) helpful?
• How confident are you that all the risks have been identified?

B. Consider whether the process indicated in the NatureCare Products' current Risk Management Policy and Procedures is sufficient to guide the risk management process used for the business expansion project.Explain why or why not.

C. Explain whether the principles of risk management in the NatureCare Products risk management policy and procedure consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance.

D. What changes would you recommend to the risk management process.

2. Take a screen shot of your folder and files.
You are required to demonstrate that you can file all of your records in a logical structure.

Ensure that you have an overall folder for your work, as well as sub folders if necessary.

All of the documents you have submitted for this unit should be correctly named and filed, as set out on page 4 of this document.

The screen shot should show all the folders, sub-folders and documents.

3. Send an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachments.

Attach your risk management evaluation report and screen shot to the email.

Attachment:- Manage risk.zip