Reference no: EM133186006

BSBRSK501 Manage Risk

Task 1 Questions

Question 1 Write definitions for the following risk management terminology.

Risk Matrix

Risk Treatment

Scenario analysis

Scope

Stakeholders

SWOT Analysis

SMART Goals

Question 2 Comment on the following saying in relation to the risk management policies and practices of an organisation.

"Organisations that fail to plan, plan to fail".

Question 3 How is Risk defined according to the Australian Standard ISO 31000:2009 and what standard did it replace?

Question 4 What is the purpose of the standard AS/NZS ISO 31000:2009 for Risk Management?

Question 5 List TEN (10) key aspects of business operations that may be affected by the provisions of relevant legislation and regulations from all levels of government.

Question 6 What does duty of care refer to and how does it apply in the workplace?

Question 7 Why is it necessary to have a working knowledge of the legislation involved in business?

Question 8 List and describe the key legislative and regulatory frameworks that you are required to have knowledge of within an organisation in relation to risk management.

Question 9 Why is it advantageous to consider stakeholders throughout the risk management design process?

Question 10 Create a response as to how each of the following factors can influence and impact an organisations risk profile.

Political

Economic

Social

Legal

Technological

Policy

Question 11 Undertake a SWOT Analysis for the current risk management practices of an organisation with which you are familiar.
SWOT Analysis for:
Core Functions:

Question 12 Summarise your SWOT findings from Question 9. Consider the following and include in your response:
- Are the current arrangements adequate?
- Why / Why not?
- What steps do you recommend be taken and why

Question 13 "Getting people on board and keeping them engaged is a key part of managing risk"

Outline the importance of seeking support for risk management plans and processes

Question 14 Create a checklist outlining the qualities required for a risk management champion.

Question 15 Outline the dangers of attempting to manage risks without researching them

Question 16 List TEN (10) factors that should be included when researching any given risk.

Question 17 Describe FIVE (5) common methods of researching risks. Use examples where appropriate.

Question 18 List the SEVEN (7) key tools and techniques that can be used when undertaking the risk audit process

Question 19 Create a Flowchart for a problem or issue with which you are familiar. Use the appropriate flowchart symbols. Your flowchart can run either horizontally or vertically.

Question 20 Using the following scenario, create a Check sheet that could be used to record data.

You are counting the number of defects on a production line that is turning out gadgets. There are 3 main types of defects that are seen which are:
- Misshapen gadgets
- Undersize gadgets
- Oversize gadgets

You will need to collect the data for 3, 12-hour shifts but need to be able to separate the data for each of the shifts.

Using the following scenario, create a Check sheet that could be used to record data.

Question 21 Outline the benefits of plotting Business Risks on a risk matrix?

Question 22 Describe some of the typical problems that could be encountered when trying to determine priority of risks

Question 23 What does the ALARP acronym stand for?

Question 24 What does the term ALARP mean? Give an example to illustrate your understanding.

Question 25 For each of the following risk treatment strategies, provide an example of how each one could be managed.

A. Avoid the risk

B. Reduce the risk

C. Share the risk

D. Retain the risk

Question 26 Outline the elements that should be included in a risk recovery plan.

Question 27 Describe the 3 key components of a solid risk recovery plan

Question 28 Who should be involved in the design and development of risk recovery plans for a project? Why?

Question 29 List at least FIVE (5) areas of risk for which an organisation can develop a contingency plan for.

Question 30 Using the following template, create an Action Plan to show how you would implement a risk management strategy for a written Evacuation Procedure.

Risk 1: Evacuation procedure written
Action to be taken By Whom By when (Date) Resources KPI's

Question 31 Based on Standards Australia (2001) guidelines, list the criteria for an efficient documentation storage system

Question 32 Outline the reasons why risk management documentation needs to be in order and appropriately stored.

Question 33 Discuss the importance of an action plan and suggest at least THREE (3) ways this plan can be monitored once it has moved into its implementation phase.

Question 34 List the monitoring factors that should be included in a risk management plan

Question 35 Based on the review scope and frequency triangle below, identify what each of the 3 levels represents and provide 2 examples of activities that could be performed at each level.

Question 36 Outlines the advantages and disadvantages of employing external contractors to conduct risk audits.

Advantages

Disadvantages