Reference no: EM132325328

Objectives

Discover how to establish risk context

Know how to identify risk

Learn how to analyse risk

Understand how to select and implement treatments

Gain skills and knowledge required for this unit

1. Establish risk context

1.1 Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards

1.2 Determine scope for risk management process

1.3 Identify internal and external stakeholders and their issues

1.4 Review political, economic, social, legal, technological and policy context

1.5 Review strengths and weaknesses of existing arrangements

1.6 Document critical success factors, goals or objectives for area included in scope

1.7 Obtain support for risk management activities

1.8 Communicate with relevant parties about the risk management process and invite participation

Learning Task 2

1. Demonstrate your understanding of the scope of a risk management plan by reflecting on the level of risk in your organisation (or organisation that you know). When identifying the scope of risk, what area(s) do you need to consider? Consider:

The organisation as a whole

The internal environment

The external environment

WHS

Corporate governance

2. Spend time with your trainer discussing the variances in your answers. What differences are there? Do you feel that the internal environment will impact on these variances? Why? Why not?

3. Using the information that you have gathered, outline the scope of the risk assessment by briefly outlining:

What areas should be covered?

What should be covered within a specified time period?

What resources are needed?

Will you need the expertise of external specialists; if so, who?

What records need to be kept and how?

How much analysis do you need to complete the assessment safely?

The environment that the risk assessment operates in and how it will impact on the way in which the risk assessment is performed.

What needs to be evaluated and why?

Use the space below to add information if you require more space. Make sure that you have sufficient information, as it will be used to answer the rest of the learning activities.

Learning Task 3

1. Briefly outline a project or activity that you are, or have been, involved in.

2. Using the project or activity described above, define who your stakeholder are. Are they internal or external to the organisation? What variables may impact on their decisions? What decisions may they assist in that will impact on the Risk Management Plan? The variables must have an impact on the decisions that they are making.

3. Discuss your answers with a team member/your trainer/class.

Learning Task 4

Using the project you briefly outlined in Learning Task 3, identify what information your manager may ask you to gather in the following areas, to assist in making informed decisions about risk for the project/activity.

Economic

Social

Political/Legal

Technology

Policy context.

Learning Task 6

1. Outline how your organisation has developed their procedures in regards to the five critical success factors below (or how an organisation may develop their procedures). If your organisation has no procedure in place, write N/A. Write what procedures they should put in place if there are none. Where there are procedures in place, identify a way in which procedures can be improved.

Organisational culture

Organisational structure

Trust

Management support

Communication.

Learning Task 7

(Note that the aim of this assessment is for you to demonstrate that you understand the research and consultation process of a risk. You also need to identify tools and techniques that you believe are appropriate for the research you are undertaking. You can use your own work environment to be more specific in answering these questions, or you can be generic in your answers.) This means that you can use your work environment to answer these questions.

Your organisation is considering expanding into a foreign market.

Answer the following questions:

1. Who do you believe the relevant personnel are with regards to expansion into a foreign market? Why?

2. What research methods could you use to determine the risks involved in using and implementing an expansion into a foreign market?

3. What tools and techniques would you recommend to determine ways to minimise any possible risk? Why would you use these tools and techniques?

4. Demonstrate your understanding of the research process by using the space below and drawing a flow chart to demonstrate the steps that you have just completed in this Learning Task. Review and discuss with your team or teacher.

Learning Task 8

Create your own risk matrix using impact and likelihood scales that you have defined yourself.

Create both the final matrix and tables showing how you have categorised and defined impact and likelihood of occurrence.

You may use the tables and matrix in sections 3.1-3.3 for reference.

Learning Task 9

Gather into small groups for this task.

Identify a potential risk relating to your industry that you would rate as unlikely on a probability scale.

Explain to your group the risk you have identified and which risk treatment approach you would take. Justify your answer.

Learning Task 10

1. What risk management processes are communicated to you?

2. Do you believe that this information is appropriate or should you receive more or less information? Why? Why not?

Learning Task 11

1. What is the importance of making sure that your documentation is completed and processed correctly?

Learning Task 13

1. How is risk evaluated in your organisation (or an organisation that you have known or worked for)?

2. Do you believe that it is evaluated sufficiently? Why? Why not?

Attachment:- Learning Task.rar