Reference no: EM132889767
BSBRSK401 Identify Risk And Apply Risk Management Processes
1. Explain what is meant by risk management
2. Risks can be identified in many different contexts depending on the work situation, local industry and regions. List three (3) contexts where risks may need to be managed in the workplace:
3. Complete the following sentence.
Your risk management treatments will need to be ___ and ___ .
4. Give three (3) risk identification tools:
5. Explain the difference between an internal risk and an external risk:
6. Explain the difference between an internal risk and an external risk:
7. Identified risks do not have to be documented, just noticing them is enough.
8. Explain the definition of a stakeholder, and who that may include.
9. Explain how you would consult relevant stakeholders.
10. List five (5) relevant stakeholders who may need to be consulted when analysing and documenting risks:
11. Once risks have been identified they need to be categorised to determine their level of risk. List the five (5) levels that you can rate the likelihood of a risk eventuating:
12. Explain why it is important to prioritise and determine the level of risk.
13. True or false. Circle the correct answer.
An overall risk rating is determined by multiplying impact by likelihood.
14. Give five (5) main treatment strategies in how to approach and handle risks.
15. Complete the following sentence. Controls are the __________________, __________________ and __________________ used to treat, or manage, risks.
16. List some of the strengths and weaknesses of choosing your control measure types.
17. Explain the risk audit method when monitoring risks.
18. Multiple choice; Circle the correct answer.
Explain what you would do if you identify a risk that could have an impact beyond your own work responsibilities and area of operation?
a) Continue working as you normally would
b) Call the emergency service
c) Refer the risks to others as per policies and procedures
d) Try to reduce the risk yourself
19. Explain how you would ensure that you are detecting as many risks as possible.
20. Give three (3) examples of the smaller organisation golden rules.
21. True or false? Circle the correct answer.
You mustn't ensure all relevant areas of your organisation or business are aware of the risks that may impact them.
22. Complete the following sentence.
A risk treatment __________________ is a document defining how risk__________________ and __________________ are to be implemented to treat particular risks or risk events.
23. Multiple choice; Circle the correct answer.
At the completion of your pro¬ject or business activity you will want to see all of your risks closed in the risk register. Each risk must meet one of the following criteria to be closed:
a) The risk was successfully prevented from occurring
b) The risk did not occur
c) The risk occurred and was treated
d) All of the above
24. Explain why it is important to monitor and review your risk treatments for the lifecycle of the project, and once they are complete.
25. Explain a simple yet effective way of how you would review risk treatments.
26. True or false? Circle the correct answer.
The person given responsibility for the risk treatment is also usually responsible for the treatment monitoring and review. This person should not be responsible for communicating the results of the review to the concerned stakeholders and other areas that could benefit from this knowledge.
27. Explain two (2) steps to provide assistance to auditing risks in your own area of operation, and explain how you would achieve this.
28. Give three (3) primary purposes of monitoring and review.
29. Give five (5) questions you could ask yourself to complete the risk management review.
30. Describe how you would comprehend documents and texts of varying complexity to extract and analyse relevant information.
31. Explain how you would use specific, industry related terminology and logical organisational structure in the workplace documents that identify and analyse risk and report management process outcomes.
32. How would you participate effectively in interactions with stakeholders by using questioning and listening to elicit opinions and clarify understanding?
33. Explain how you would use numerical tools to assess risk and use numerical data to review plans
34. a) Why is it necessary to comply with organisational and legislative requirements?
b) Describe how would you take responsibility for identification and management of risk within your own work context and refer matters to others as required?
35. How would you select appropriate communication protocols and conventions when conferring with others to establish risk management requirements?
Attachment:- Risk Management Processes.rar