BSBOPS504 Assessment Tasks for Managing Business Risk

Content s Introduction 3 Assessment Task 1: Knowledge questions 4 Assessment Task 1: Checklist 8 Assessment Task 2: Project 9 Assessment Task 2: Checklist 16 Final results record Error! Bookmark not defined. BSBOPS504 | Manage business Risk | Student Assessment Tasks I V2.0 | May 22 Macquarie Education Group Australia Pty Ltd t/a MEGA Education | RTO Code 91305 | CRICOS Code 02657J 2

Introductio n The assessment tasks for BSBOPS504 Manage business risk are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course. Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide . The Student User Guide provides important information for you relating to completing assessment successfully. Assessment for this unit BSBOPS504 Manage business risk describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting. For you to be assessed as competent, you must successfully complete two assessment tasks:  Assessment Task 1: Knowledge questions – You must answer all questions correctly.  Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio. BSBOPS504 | Manage business Risk | Student Assessment Tasks I V2.0 | May 22 Macquarie Education Group Australia Pty Ltd t/a MEGA Education | RTO Code 91305 | CRICOS Code 02657J 3

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Assessment Task 1: Knowledge questions Information for students Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:  review the advice to students regarding answering knowledge questions in the Business Works Student User Guide  comply with the due date for assessment which your assessor will provide  adhere with your RTO’s submission guidelines  answer all questions completely and correctly  submit work which is original and, where necessary, properly referenced  submit a completed cover sheet with your work  avoid sharing your answers with other students. i Assessment information Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide . Refer to the appendix for information on:  where this task should be completed  the maximum time allowed for completing this assessment task  whether or not this task is open-book. Note : You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Questions Provide answers to all of the questions below: Provide answers to all of the questions below: 1. Explain the risk management process. You may answer using a labelled diagram or in words (or both) and must include:  a definition of risk management.  a list or illustration of the steps in a risk management process.  a description of what each step involves. Risk management is a collection of integrated activities focused on guiding and regulating a company in the face of probable risks in any form. It includes the preparation and exploitation of human and physical assets in order to limit or mitigate the effects of potential hazards. The following is a list of the stages in a risk management process, each of which is followed by a short explanation: original proposal To begin, it is necessary to determine the processes that will be used for risk management and how those processes will be carried out. The aforementioned items consist of defining the duties, participants, permits, paperwork, cost, frequency, organizational structure, and technological components. Identifying potential dangers Identifying concerns is the first step in doing a risk assessment of an organization. The objective is to provide relevant information to stakeholders so that they may develop suitable risk mitigation measures. Analysis on a qualitative level The process of choosing risks for evaluation or future action by analyzing and combining their chances of occurrence and likely effects on the selected hazards. Quantitative investigation: The statistical technique takes into account not only the overall effect of known particular dangers but also other kinds of uncertainty. If information indicating the magnitude of the observable impact is available, it is possible to accomplish this goal. Risk mitigation strategy

After a diagnosis has been made of the risks and their associated sources in a certain order, the appropriate response to the risk should be identified. These reactions might vary widely depending on the kind of risk and the effect it has on the project or the enterprise. Deployment of risk response strategies In this stage of the process, the measures should be evaluated via the creation of a comprehensive plan for crisis management. This strategy should include predetermined timelines and budgets. Surveillance of dangers The dangers have to be monitored constantly. Monitoring is the process of evaluating and investigating the overall dangers that are present in an organization. Additionally, at this level, the effectiveness of various risk management techniques is investigated and evaluated. 2. Describe a current risk management standard. In your answer:  name the standard.  explain the purpose of the standard.  list key elements of the standard. Businesses are helped with risk analysis and assessments by the ISO 31000 standard, which provides comprehensive concepts and guidelines. According to this standard, good risk management improves the possibility of reaching objectives and promotes operational performance and productivity. Components of this standard include a set of guidelines, concepts, and frameworks, as well as a procedure for managing risk. 3. Complete the table below to describe the types of business risk. Type of risk Description Example Key responsibility (at least two people) Strate gic risk It has to do with the potential dangers that the organization could face as a result of poor choices made by management. When a company's value drastically reduces in a relatively short period of time, the presence of strategic risk is made abundantly clear, since it is one of the most important factors in determining the profitability of a business. Value on the market that has decreased Managers Directors Complianc e risk The term "compliance risk" refers to the possibility that a business might face legal repercussions, financial Behavior that is both dishonest and unlawful Managers Directors

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

penalties, or even suffer bodily harm as a direct result of failing to conduct its operations in accordance with industry laws and regulations, policies, or the best practices that are advocated by industry experts. Finan cial risk A corporation is said to be subject to financial risk when it is impossible to predict whether or not it will be able to generate sufficient sales to pay its expenditures and make a profit. Utilizing financial leverage and maintaining control of overall debt are both essential components of an effective risk management plan for a firm. Concerns about an organization's ability to meet its existing obligations despite the existence of potential financial risks. Financial manager Directors Operatio nal risk It is a term that depicts the dangers and unpredictability that a firm encounters while carrying out its everyday operations and systems. These dangers and unpredictability are known as operational risk. The human component has a large amount of control over the operational risk. Errors or breakdowns in the process that may be attributed to human or technological blunders respectively. Operational manager Directors

4. Complete the table to explain three different tools and techniques that may be used to identify risk. The first row has been completed as an example for you to follow. Technique/tool Description Brainstorming A group discussion to produce as many ideas or solutions to problems in a pre-determined amount of time. In the course of a certain length of time, a group debate generates a large number of ideas or potential solutions to issues. In order to officially speak to stakeholders about the risks that have already happened and have been recognized in each area or sector that is included in the process, which is one way to formally identify the primary risks that are involved in the process. A Risk Register is a table or text that is part of the historical data, will be used in future projects after the one that is now being worked on is finished, and will be updated according to a periodic schedule for the whole of the project's life cycle. The table that assists in understanding and identifying the risk's possibility and effect in an easier manner, hence establishing the risk level. 5. Explain four options that a company could use to take to control risks. Avoidance is one of the easiest and most effective techniques to reduce risk; all you have to do is cease doing anything that might be detrimental to the operations of your company or its reputation. In order to choose this alternative, one must first do an analysis and, in most cases, establish a list of potential implications. The term "reduction" refers to the process of carrying out the actions that are necessary in order to lessen the likelihood of an occurrence occurring. It is necessary to compare the potential investment returns of a risk-reducing strategy against the costs associated with putting the plan into action. After reaching the conclusion that the value of risk reduction is greater than the potential value of an event, the next step is to evaluate whether or not it is beneficial to pursue the opportunity. Transference is the process through which one risk is passed on to another party. Putting money towards the purchase of company insurance, for instance, would be a sensible investment. It acknowledges the fact that events may occur at any time while also assuring that the business will be prepared to deal with the consequences of risks. Acceptance is a coping mechanism that involves coming to terms with the consequences of an event. This option is typically chosen by those who believe that the expense of risk transference or reduction is either disproportionate to the potential benefit or unneeded in certain circumstances. Despite this, it almost always has some repercussions, such as derived risks or a diminished awareness of the most effective way to deal with the circumstance. 6. Explain how legislation and its related regulatory requirements relate to risk management. In your answer:  identify two different legislative and regulatory requirements that may apply to risk management.  for each legislative requirement, explain how it relates to risk management.

 provide one example of how regulations support one of the legislation. The Fair Work Act 2009 is utilized to ensure that workers' rights are respected when taken into account for risk identification and risk management. One example of this is the maximum weekly working time stipulated at 38 hours, which guarantees that companies manage their human resources in such a way as to avoid unnecessary risks by squandering the maximum working time. Another example is the maximum daily working time stipulated at eight hours, which guarantees that employees are not required to work more than eight hours per day. The Work Health and Safety Act of 2011 establishes criteria for how businesses should act with regard to the occupational health and safety of their employees, customers, and other stakeholders. These requirements apply to firms of all sizes. It is feasible, for instance, to ensure safety against the danger of fires and falls by using this law, comprehending its requirements, and translating them into efficient policies and processes. 7. Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management. A company's policies and processes for risk management should have the overarching goal of ensuring that its employees are working in a safe environment, in accordance with the most recent laws that pertain to the topic. Certain professions always include some degree of danger; nonetheless, it is the responsibility of every company to establish policies and procedures for risk management in order to ensure that the amount of danger posed to employees is kept to an absolute minimum.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

8. Complete the table below to summarise how three policies and procedures relate to risk management. Policy/procedure Description Record keeping policy and procedure Norms are the procedures and norms that an organization has to follow in order to appropriately manage documents, beginning with the collecting of documents and continuing through their processing until the papers are either recorded or destroyed. These papers contain risk management and risk policies and procedures, which may have a set updating time. Additionally, these documents include a comprehensive research history with the purpose of making it simpler to identify new hazards. WHS policy and procedure This document, which is mostly based on the Workplace Health and Safety Act (WHS Act), guarantees that critical security and law enforcement protections are being implemented inside the firm. As systems are enhanced to address recognized risks, correct procedures may be modified to reflect those changes. Confidentiality policy/procedure A policy that has the quality of keeping sensitive information from being disclosed in an unintended manner when it is implemented properly. In accordance with the requirements outlined in the Privacy Act, the organization is obligated to maintain the confidentiality of the personal information of both its workers and its clients. Legal issues and a shift in the brand's posture might arise when there is a threat of the disclosure of sensitive information or the breach of personally identifiable information.

Assessment Task 1: Checklist Student’s name: Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully? Comments Yes No Question 1 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Task outcome:  Satisfactor y  Not satisfactory Assessor signature: Assessor name: Date:

Assessment Task 2: Project Information for students In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio. You will need access to:  your learning resources and other information for reference  Project Portfolio template  Simulation Pack (if you need a case study). Ensure that you:  review the advice to students regarding responding to written tasks in the Business Works Student User Guide  comply with the due date for assessment which your assessor will provide  adhere with your RTO’s submission guidelines  answer all questions completely and correctly  submit work which is original and, where necessary, properly referenced  submit a completed cover sheet with your work  avoid sharing your answers with other students. i Assessment information Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide . Refer to the appendix for information on:  where this task should be completed  how your assessment should be submitted. Note : You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Activities Complete the following activities: 1. Carefully read the following: 2. Preparation. Make sure you are familiar with the organisation you are basing this assessment on and have read through the necessary background information. For the case study business, this is all of the documents included in the Simulation Pack . If it’s your own business or a business where you are working or are familiar with, have your business or case study approved by your assessor. Choose an appropriate risk management process or project and complete Page 4 of your Project Portfolio for this unit. Read through the requirements of Section 1, 2 and 3 of your Project Portfolio . This project requires you to lead one business risk process or project for an organisation or work area. As part of the assessment, you will maintain relevant organisational documentation as you:  choose a risk management process or project to work on  establish the scope of the risk management process or project  analyse information from a range of sources to establish the internal and external context of your risk management process or project  consult and communicate with stakeholders to identify, assess, treat and prioritise risks  develop and implement an action plan to treat the risks  monitor and evaluate the risk management process and action plan. Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, we are giving you the choice to base this project on your own business, one you work in or a familiar with, or you can use the case study provided. This will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way to your own situation! It is important that you are able to access enough information for your chosen business in order to be able to do your assessment. As a minimum this should include workplace documentation relating to risk management (e.g., risk management policy and procedures). You will also need data to monitor and evaluate risk management process and related action plan. You will be collecting evidence for this unit in a Project Portfolio . The steps you need to take are outlined below.

3. Establish the risk context. Determine the scope of your chosen risk management process/project and evaluate organisational requirements and standards for managing risk. Also determine the legal requirements of your risk management process/project. list resources available to address risk and establish objectives and critical success factors of the risk management process/project Identify stakeholders who will be part of the risk management process and explain how they will contribute. i Answer questions 1 to 7 in your Project Portfolio. 4. Communicate risk management processes to stakeholders. Communicate with at least two stakeholders to:  explain the risk management process/project  invite stakeholders to help identify and assess risk. i This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to organisational policy and procedures. If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders. For the case study, refer to the internal communication policy and procedures for further guidance. i Answer question 8 in your Project Portfolio. 5. Analyse the business environment. Analyse the external environment of the risk management process/project and establish the strengths and weaknesses within your business that have the potential to create or impact risk. Complete Section 1 of your Project Portfolio . Steps 3 to 5 form part of Section 1.

i Answer questions 9 and 10 in your Project Portfolio. Make sure you have answered all questions in Section 1. Submit to your assessor for review. You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 1 of the Project Portfolio and make sure you attach these when you submit this section. You will use the work done in this section of the Project Portfolio Section 1 to consult with stakeholders to assess and address risk. 6. Meet with stakeholders to discuss risks. First, plan to discuss the risks with invited stakeholders. i Answer question 1 in your Project Portfolio. Make sure you are ready to use the tool/technique and risk scale identified in your planning. Meet with at least two of the stakeholders you identified as part of Section 1 of your Project Portfolio . At your meeting:  use an appropriate tool/technique to collaborate and identify at least three risks within the scope of your risk management process/project to focus on  establish at least two potential outcomes for each risk  assess each risk using the scale you identified in your planning  discuss treatment options for each risk  negotiate to prioritise the risks using the method identified in your planning. As part of your meeting, you are required to:  negotiate with the stakeholders (have a respectful discussion where mutually agreed outcomes are agreed on and you include your rationale for your point of view )  use questioning and listening techniques to elicit opinions and confirm/clarify your understanding (such as asking open ended questions, avoiding rhetorical questions, allowing others a chance to present their views without interrupting, waiting an appropriate amount of time before Complete Section 2 of your Project Portfolio . Steps 6 to 7 form part of Section 2 .

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

responding and rephrasing what others say to clarify your understanding)

 select appropriate conventions and protocols when communicating (such as a handshake, business-like greeting, and introducing all meeting participants). i This meeting should take 20 minutes. This meeting may take place with actual people who work for/are associated with your chosen business. Alternatively, classmates or your assessor may play the role of one or more team members. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio . 7. Analyse the risks identified at the meeting. Summarise three risks identified at the meeting and do research to find out more about them. Use digital technology to document risk (e.g. a risk register using MS Excel). i Answer questions 2 to 5 of your Project Portfolio . Make sure you have answered all questions in Section 2 . Submit to your assessor for review. You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 2 of the Project Portfolio and make sure you attach these when you submit this section. 8. Develop and implement an action plan for one risk. Complete an action plan for one of the risks and its related risk treatment. i Answer question 1 in your Project Portfolio. Communicate the action plan to relevant stakeholders. i This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to your organisational policy and procedures and the instructions in the Project Portfolio. Complete Section 3 of your Project Portfolio . Steps 8 to form part of Section 3 .

If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders. For the case study, refer to the internal communication policy and procedures for further guidance. Use verbal communication to communicate the action plan (e.g. either via telephone call, video conference or face-to-face meeting). This should take 5 minutes. Classmates or your assessor may play the role of the stakeholders. Role-plays can either be viewed in person by your assessor or you may video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio . Complete question 2 in your Project Portfolio. Follow organisational policy and procedures to implement one step of your action plan (e.g., do research, request quote). i If you are using the case study business, assume that one step in your action plan is to request quotes for RPA systems for invoice capturing. This may for example be through a chat functionality on a website or drafting an email to a sales representative of an AI business. Maintain your risk management documentation to indicate completion of the step (e.g., mark a step in your action plan as completed). i If your organisation’s policy and procedures do not specify how to maintain risk documentation, assume that action plans must be updated to show completion of each action/process or task (as per the Simulation Pack Internal communication policy and Procedure ). Answer question 3 in your Project Portfolio. 9. Monitor and evaluate the risk management processes. i Assume a period has passed. If you are basing this on your own business, make sure you have data available to monitor and evaluate the risk management process/project and its associated action plan. If you are basing this on the case study, information is provided in the Simulation Pack . Monitor and evaluate the action plan and risk management process/project and write a report on the outcomes of the evaluation.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

i Answer questions 4 and 5 in your Project Portfolio . 10. Submit your completed Project Portfolio . Make sure you have completed all sections of your Project Portfolio , answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Remember to submit all necessary attachments as indicated.

Assessment Task 2: Checklist Student’s name: Did the student: Completed successfully? Comments Yes No Complete the assessment in a role that allows them to lead the risk management process for an organisation or work area? Determine the scope of their chosen risk management process/project, including:  what is included in the risk management process or project  work areas involved in the process  any risks excluded from the risk management process? Evaluate organisational requirements and standards for managing risk, including:  policies and procedures that provide input on risk management approaches  processes that must be followed? Determine the legal requirements of their risk management process/project, including:  an explanation of legislation that should be adhered to  regulations that apply  potential for new laws to the introduced or existing ones amended or rescinded  risk management standards that guide the risk management activities of the business?

List resources available to address risk, including templates that support risk management, budget allocation, human resources, and any other required resources? Establish two objectives and three critical success factors of the risk management process/project? Identify stakeholders who will be part of the risk management process, determine how each stakeholder will provide input to the risk management process, explain the influence each stakeholder has on risk management decisions and identify potential issues in the event a risk occurs? Communicating with at least two stakeholders to explain the risk management process/project and invite stakeholders to help identify and assess risk? Analyse the external environment of the risk management process/project (political, economic, social, technological and policy) and establish the strengths and weaknesses within the business that have the potential to create or impact risk? Plan a meeting with stakeholders including:  a tool or technique to facilitate group discussion  method and scale to assess the likelihood and severity of the risks  how risks will be prioritised  what will be negotiated and how it will be negotiated  listening and questioning techniques to seek the opinion of others and clarify understanding?

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Meet with at least two stakeholders to:  use an appropriate tool/technique to collaborate and identify at least three risks within the scope of their risk management process/project to focus on  establish at least two potential outcomes for each risk  assess each risk using an appropriate scale  discuss treatment options for each risk  negotiate to prioritise the risks using an appropriate the method? Summarise the risks identified at the meeting including:  the type of risk  who is responsible for the risk  potential outcomes should the risk eventuate  treatment alternatives  priorities? Assess the likelihood and impact/severity of each risk to calculate a combined value for likelihood and severity? Research each of the identified risks to learn more about the risk and any related risk treatment options and then list options available to treat the risks? Use digital technology to document and calculate the risks (including the risk, potential outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of each treatment action)?

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Complete an action plan for one of the risk treatments in the risk register and communicate the action plan to relevant parties? Implement the action plan according to organisational policies and procedures and maintain risk management documentation? Monitor and evaluate the action plan and risk management process/project and write a report on the outcomes of the evaluation? Demonstrate effective oral communication and teamwork skills, including:  listening and questioning techniques to clarify/confirm that they understand the views of others correctly  negotiating with stakeholders  selecting and using appropriate communication conventions and protocols? Task outcome:  Satisfacto ry  Not satisfactory Assessor signature: Assessor name: Date:

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

BSBOPS504 Student Assessment Tasks OK

Related Documents