Reference no: EM133047762

BSBRSK501 MANAGE RISKS

A Project that requires the preparation of a risk management plan for a real or fictitious department or company to show evidence that the context of the organization can be understood and risks can be identified, analyzed and treated effectively.

The table below present the risk management plan for 10 identified risks:

1.3 Analysing Risks 

Refer to the criteria for analysing risks. Then proceed as follows:

1. Define a rating by impact criteria (3 ratings or 5 ratings....  You choose)  + describe
2. Define a rating by likelihood criteria ( x ratings) + describe the ratings
3. Decide about a matrix to combine the two criteria and end up with different levels of risks e.g  4x3 matrix; 5x5 matrix......... - for 3 or 4 or 5 levels of risk ( You choose)
4. Decide about the risk tolerance for the organization and show this in your matrix.
5. Construct an impact-likelihood table 

1.4 Treatment 

• For each risk identified, decide on the treatment option (accept, share, mitigate, avoid) and mention different possible countermeasures (as per the treatment option) to address the identified risks
• Select the preferred option(s) and justify on the basis of costs and benefits.
• Allocate responsibilities & assign a "due date" where appropriate.
• You can now present an enhanced version of the table you presented in the previous section so that you end up having a risk register.

1.5 Monitoring/Reviewing 

• Devise some appropriate performance standards to assess the effectiveness of the treatments (performance standards can be task-oriented or results-oriented)

Decide about a monitoring frequency - weekly/monthly/quarterly /yearly basis (justify).