Reference no: EM132751822 , Length: word count:2000

FNSRSK602 Determine And Manage Risk Exposure Strategies - Mentor Education

ACTIVITY 1
For this assessment, you will need to perform the following task. This task will need to be completed and submitted in a professional, word processed, format, and must be 1000 words minimum in length.
1. Your task is to develop a risk management strategy for your financial service or one that you would like to work for. To do this you will need to:
a. Analyse the risk factors for financial investment and insurance products in that service
b. Determine the appropriate risk exposure management strategies
c. Communicate these strategies to relevant staff and intermediaries
d. Personally manage the risk assessment strategies
2. This assessment is aimed at setting a strategy for portfolio managers, including what types of business will be targeted and not targeted.
3. In your strategy you will need to consider the following before you develop the risk management strategy:
a. All relevant legislation, standards, regulatory guidelines and industry sector compliance requirements. For example:
i. Insurance Act 1873
ii. Insurance contracts Act 1984
iii. Corporations Act 2001
iv. The Australian Banking Association Code of Practice
v. ASICS finance related consumer protection regulations and licensing regulations and restrictions for financial services providers
vi. Com Law - for all other Finance Related Legislation
vii. Financial Transaction Reports Act 1988 (Cwlth)
viii. Anti-Money Laundering and counter-Terrorism Financing Act 2006 (Cwlth) (AML/CTF Act)
ix. Credit Act 1985 (Cwlth) and Consumer Credit (Victoria) Act 1995
x. Cheques Act
xi. Financial Services Reform Act
xii. Superannuation Industry (Supervision) Act
xiii. Australian Prudential Regulation Authority Act 1998
xiv. Australian Securities and Investments Commission Act 2001
xv. Financial Management and Accountability Act 1997
xvi. Financial Sector (Shareholding) Act 1998
xvii. National Credit Act
xviii. Payment Systems and Netting Act 1998
xix. Australian Corporations Act 2004
xx. Australian Taxation Act
b. Organisational policy, procedures, guidelines and authorities related to risk management (you may need to determine the performance targets of the organisations capacity to assess and accept risk)
i. Performance targets may be related to:
1. Compliance with legislation and regulations
2. Consistency of the application of risk assessments
3. Compliance with organisational policies and procedures
4. Risk mitigation figures
5. Levels of risk that are undertaken by the organisation
6. Percentages of risk undertaken
7. Strategy application for risk management
c. Relevant risks, including the high and low hazard financial and legislative risk areas. (you will need to access the Australian risk management standards to complete this section)
i. Areas that are considered to be low risk will have been assessed to have:
1. Minimal risk exposure
2. Be compliant with current market conditions
3. Within the organisations accepted level of exposure
ii. As high hazard risk areas are those that may result in:
1. Breaches in compliance
2. Financial loss
3. Loss of market sector
4. Loss of other resources
5. Damage to public relations
6. A range of other high risks
d. Actuarial and financial principles and processes related to risk exposure strategies
e. Relevant industry hazards
i. Within the financial industry there are a range of different industry hazards and specific risk exposures that may be related to a range of business activities including:
1. Financial
2. Business continuity
3. External
4. Internal
5. Marketplace
f. Relevant risk exposures and an evaluation of those risks and hazards (you will need to identify your organisation's business risk elements and control risk elements)
i. Risks that products and services may cause may include:
1. Financial
2. Inability to recoup monies spent
3. Organisational image
4. Public relations
5. Compliance issues
g. Determine compliance factors and requirements
h. Develop appropriate risk mitigation strategies
i. Establish the risk assessment criteria
4. To perform these tasks you will need to identify and collate all up-to-date information in a form that is suitable for analysis and then begin a review on this information.
5. You will need to consider the known exposure factors and evaluate the risk acceptability factors within the context of mitigating capabilities and organisational requirements.
6. Once you have done this you will need to:
a. Develop risk acceptance and rejection criteria
i. Risk acceptance and rejection criteria will be based on:
1. Level of Risk: The potential of a negative outcome occurring.
2. Magnitude: The word magnitude in relation to financial risk speaks to the size and extent of the financial risk to the organisation.
3. Volatility: The word volatility in relation to financial risk speaks to the level of uncertainty and amount of likelihood to change and by how much the risk is likely to change.
ii. It is essential to ensure that a range of strict terms and conditions are created for the risk acceptance of risk factors that are deemed to be high risk and these may include:
1. Strict risk assessment procedures
2. Obtaining legal advice
3. Parameters of risk acceptance
4. Variables that are acceptable
5. Variables that are not acceptable
6. Approvals processes
7. Information collection processes
8. Compliance procedures
9. Mapping of legislative and regulatory requirements
10. Careful design of contingency plans
11. Roles and responsibilities
12. Accountability practices
13. Percentages and variants of risk
14. Practices for diversifying risk
b. Identify high and low hazard financial and legislative risk areas
c. Develop appropriate risk mitigation strategies which may include:
i. Policies and procedures change
ii. Change management strategies
iii. Implementation of contingency plans
iv. Altering actions to make up for damages causes by risks
7. It will then be necessary to document a clear outline of the risk acceptance strategy including:
a. Purpose of the risk acceptance strategy
b. Guidelines of the strategy
c. Purpose of risk acceptance criteria
d. Management structure of the framework
e. Related policies
f. Related action plans
g. Related procedures
h. Information related to how the risk acceptance strategy will be made accountable
i. Resources
j. Templates
k. Reporting structure
l. Recording structure
m. Learning and development opportunities
n. Review and monitoring structure
8. Then you will need to get feedback on and finalised the risk acceptance criteria. If you are not in a workplace you will need to ask your trainer/assessor to give you feedback on your work.
9. To complete this assessment you will require access to the following:
a. Office equipment, technology, software and consumables
b. Relevant legislation, regulations and codes of practice
c. Relevant Australian standards relating to risk management
d. Organisational and industry risk management documentation

ACTIVITY 2 CHECKLIST
For this assessment you will need to use the risk management strategy you have developed and think about how you would implement it.
1. Now it is time to develop an implementation plan. Your will need to include:
a. Management of the implementation strategy
b. Monitoring methods
c. Evaluation methods
2. In this strategy you will need to plan for the implementation which means deciding on a few things. To help you do this you should develop a work breakdown structure (WBS). Your work breakdown structure should include:
a. Project management requirements
b. Assessing Project Risk
c. Resources management
d. Performance Management and tracking
e. Project financial management
f. Resource Acquisition
g. Budgets and financial management
h. Project schedule and timeline
i. Continual improvement management for the project life cycle
3. You will need to identify the resources your need for this task in the above section so make sure you identify all of them. These resources may include:
a. Human Resources: This encompasses the skills, experience and knowledge as well as the time that they put in, the business owners time will be calculated in this category as well.
b. Financial: Shares, Cash, and any other financial resources
c. Technological: these are the processes and systems or physical technological items and equipment such as specially designed software and information management systems.
d. Physical: this encompasses all tangible physical assets such as equipment, supplies, buildings and office space.
e. Reputation: this includes the perceptions of the organisation and can be measured by marketing and public relations budgets that may need to be up kept in order to maintain this.
4. Then you will need to develop procedures for staff members outlining the information and requirements for implementing the strategy. These procedures/action plans may include:
a. Financial plans
b. Promotional strategies
c. Resource requirements
d. Risk management issues and strategies
e. Specific actions, initiatives and tasks to be undertaken
f. Staffing/responsibility requirements and arrangements
g. Time lines
h. Communication strategy
5. The next step is to write a presentation for staff members. This may include:
a. Presentation book
b. PPT slides
c. Handouts
6. In a short report you will need to outline how you would monitor and evaluate the implementation if the risk management strategy in your workplace. This will include meetings and reviews and should indicate timelines for these meetings and reviews. These meetings should incorporate gathering of feedback so a feedback form should be developed now for this.
Once you have completed this assessment you will need to collate all the information you have developed and submit it to your assessor. Please ensure you go through both written activity 1 and 2 again to ensure you have completed all aspects of this assessment.

RESEARCH TASK
The following questions may be answered verbally with your assessor or you may write down your answers. Please discuss this with your assessor before you commence this task to ascertain if you are to complete this section. Your assessor can be contacted via their email address provided to you on enrolment or via [email protected].

Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.

Your assessor will take down dot points as a minimum if you choose to answer them verbally.
Answer the following questions either verbally with your assessor or in writing.

To complete this task, you are to research the risk issues, management and tolerance and options for risk management and answer the following questions.

1. What will risk acceptance and rejection criteria be based on?
2. What are the eleven principles of risk management?
3. What is actuarial analysis?
4. What tools can be used to measure benchmarks or performance targets? List eight
5. There are a large range of potential business risk elements that may impact on an organisation. List eight
6. List and describe four sources of information that you might use when collating accurate, reliable and up-to-date information.
7. Identify the relevant legislation and discuss the key pieces of it relating to one of the following:
a. Insurance contracts
b. Privacy
c. Consumer protection
d. Corporations law
8. What is "mitigating capabilities"? Give one example
9. What organisational factors impact on organisational requirements within an organisation in relation to risk acceptability factors? Briefly describe each
10. What organisational information needs to be assessed in order to determine the risk acceptance requirements of an organisation?
11. Risk acceptability factors vary according to what?
12. What are governance structures, and what might they include?
13. What terms and conditions are required for the risk acceptance of high risk factors? List five
14. When documenting the outline of the risk assessment strategy, what will it be necessary to include?
15. What methods might you use to collect feedback?
16. What is a WBS, and what is it used for?
17. Briefly describe the five main categories of resources.
18. Action plans should include all of the relevant information required to set out and achieve a goal. What information should be included on an action plan?
19. Outline the process for developing an effective communication plan.
20. Why is it necessary to monitor a risk acceptance strategy?
21. What is the purpose of evaluating a risk assessment strategy?
22. What results will need to be documented in relation to reviews and evaluations processes?

BSBWOR501 Manage Personal Work Priorities And Professional Development

1. PROJECT
Instructions

For this assessment you are to complete the following tasks to demonstrate your ability to manage work priorities and professional development. You are required to complete all project tasks and submit them with this assessment.

Before attempting this assessment review your learning materials for this unit and the videos provided.

For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format.

1. Professional and Personal Planning

Task 1
1. Your task is to develop your own plan to meet at least four goals of your job role including the following:
a. Establish your personal work goals/career objectives in relation to your position description
b. Set the plan and for each goal discuss how you will meet your work priorities
c. Discuss how you will develop and maintain your professional competence
2. To establish and set your goals you could use the following template or alternatively you can create your own. You may want to use a diary (either paper or electronic) to enter your goals for work.

Task 2
1. You are to then complete a personal development plan for your development in relation to your job role. The "Personal Development Plan Template" below will assist you with this task or you can create your own. There is an example of a completed personal development plan provided for you.
2. Both completed templates must be submitted as part of your assessment for this unit.

Task 3

Instructions

For this task you must research each of the following topics and complete a report on your findings.

Your report should be structured so each topic is presented in a separate section of the report. You should include images and other illustrations of the concepts where possible. Please ensure that all images and other sources of information that you have included and referred to are referenced appropriately using APA Version 6.

There is no word limit for this report.

What you will need to complete this task

• Research materials such as books, internet, magazines, workplace documentation etc.
• Access to legislative and regulatory documentation relevant to own state or territory.
• Organisational policies and procedures
You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.

2. Report

The topics are:
1. Principles and techniques involved in the management and organisation of:
a. performance measurement
b. personal behaviour, self-awareness and personality traits identification
c. a personal development plan
d. personal goal setting
e. Time
2. Outline your organisation's policies, plans and procedures relating to work priorities and professional development.
3. Types of learning style/s and how they relate to the individual
4. How you plan to use business technology to organise and prioritise work tasks and commitments
5. How you plan to measure and maintain personal work performance
6. Methods you are planning to use to assess competency against competency standards
7. Methods of seeking feedback.
8. Strategies for maintaining an appropriate work-life balance to manage personal health and stress.
9. Strategies for participation in any networks you participate in, or networks you are planning on participating in.
10. Reflect on the new skills that you have planned to develop, and the strategies you have highlighted to do so and what you will need to do to ensure that you reach your objectives in both life and your career.

SHORT ANSWER QUESTIONS
1. Discuss three ways to be a good role model.
2. Discuss the PDCA cycle.
3. What is the intention of reviewing personal progress and performance?
4. Discuss five ways of prioritising your workload at work.
5. What ways can you use technology to efficiently and effectively to manage your work priorities and commitments?
6. Discuss at least three ways you can strike a good work-life balance.
7. Where can you find information about further training or professional development options in your workplace?
8. How can you accept negative feedback gracefully?
9. What are the benefits of a Personal development plan to your working life?
10. Complete the following quiz to discover your preferred learning style 

Section I. Visual Learning Style

3_____ Follow written directions better than oral directions.
5_____ Like to write things down or take notes for visual review.
5_____ Am skilful and enjoy developing and making graphs and charts.
5_____ Can understand and follow directions on maps.
3_____ Can better understand a news story by reading it than by listening to it on the radio.
3_____ Feel the best way to remember is to picture it in your head.
1_____ Grip objects in your hands during learning periods.
5_____ Obtain information on an interesting subject by reading related materials.

Section II. Auditory Learning Style

1_____ Can remember more about a subject through listening than reading.
3_____ Require explanations of graphs, diagrams, or visual directions.
5_____ Can tell if sounds match when presented with pairs of sounds.
3_____ Do better at academic subjects by listening to tapes and lectures.
1_____ Learn to spell better by repeating the letters out loud than by writing the word on
paper.
3_____ Would rather listen to a good lecture or speech than read about the same material
in a book.
5_____ Prefer listening to the news on the radio than reading about it in the newspaper.
3_____ Follow oral directions better than written ones.

Section III. Kinaesthetic Learning Style

1_____ Bear down extremely hard when writing.
5_____ Enjoy working with tools or working on models.
5_____ Remember best by writing things down several times.
5_____ Play with coins or keys in pockets.
3_____ Chew gum, snack or smoke during study time.
3_____ Do a lot of gesturing, am well coordinated.
5_____ Am good at working and solving jigsaw puzzles and mazes.
1_____ Feel very comfortable touching others, hugging, handshaking, etc.

SHORT ANSWER QUESTIONS

1 Discuss three ways to be a good role model.
2 Discuss the PDCA cycle.
3 What is the intention of reviewing personal progress and performance?
4 Discuss five ways of prioritising your workload at work.
5 What ways can you use technology to efficiently and effectively to manage your work priorities and commitments?
6 Discuss at least three ways you can strike a good work-life balance.
7 Where can you find information about further training or professional development options in your workplace?
8 How can you accept negative feedback gracefully?
9 What are the benefits of a Personal development plan to your working life?
10 Complete the following quiz to discover your preferred learning style.

Attachment:- Determine And Manage Risk Exposure Strategies.rar