Reference no: EM132909606 , Length: word count:3000

BSBRSK501 Manage Risk

Question 1 What are the key elements of a risk management process, briefly explain each one, and discuss the importance of having a risk management process

Question 2 All businesses are regulated by government legislation, Identify the three legislative and regulatory requirements that must be monitored and complied with in Australia and explain each one.

Question 3 Outline the organisational policies, procedures and processes for risk management at Bounce Fitness

Task 2:

General instructions

Read through the following questions and all the additional information about Bounce Fitness and then complete all the tasks.

This Task requires you to develop a risk management plan for Bounce Fitness.

Select a risk that could be posed by the Bounce Fitness Corporate Marketing Plan. The final risk management plan must be in an appropriate format. Populate the risk management plan template provided, answering the below questions. You can find the template under "Additional resources" on Canvas.

- Review the processes, procedures, and requirements for undertaking risk management and discuss. Identify and explain how the AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines could be used as part of the plan.

- Determine the scope for this risk management project.

- Identify the internal and external stakeholders, and the possible issues that they may have.

- Review the political, economic, social, legal, technological, and policy contexts in relation to managing risk for this risk.

- Review the strengths and weaknesses of Bounce fitness existing arrangements

- Create a list of critical success factors, goals, and objectives in the area included in the scope.

- Discuss who you will request for support and how you will do this.

- With whom will you communicate and invite to participate in this risk management process? How will you achieve this?

- How will you invite relevant parties to assist in the identification of risks?

- What are the risks that may apply to scope?

- What tools and techniques did you use to generate the list of risks that apply to the scope and with whom did you consult regarding this?

- How did you assess likelihood of risk occurring? How did you assess impact or consequence if risks occur?

- How did you evaluate and prioritise risks for treatment?

- How did you determine and select the most appropriate options for treating the risks that you have chosen to work with? Identify which insurer and insurance policies you could engage and purchase and explain how they could assist with any risk minimisation.

- Include a copy of your action plan for implementing the risk treatment.
The action plan must include:
- What actions are required?
- Who is taking responsibility?
- Timelines
- Monitoring processes.

- How will you communicate the risk management processes to relevant parties? Who are the relevant parties?

- How will you ensure all documentation is in order and appropriately stored?

- How will you implement and monitor the action plan?

- How will you evaluate the risk management process?

Attachment:- Tasks.rar