Manage Business Risk: Knowledge Assessment for BSBOPS504

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment ASSESSMENT COVER SHEET – ASSESSMENT 1 KNOWLEDGE ASSESSMENT Instructions to the learner Print this coversheet and complete it by filling in all the required information and affixing your signature in the space provided. Your signature must be hand-signed. Scan the completed cover sheet and submit it along with your evidence submissions. Use the filename: BSBOPS504 Assessment 1- Knowledge Assessment Cover Sheet. UNIT CODE: BSBOPS504 UNIT NAME: Manage business risk FIRST AND SURNAME: PHONE: EMAIL: CIRCLE THE SUBMISSION Submission 1 Submission 2 Please read the Learner Declaration below and if you agree to the terms of the declaration, sign and date in the space provided. Information relating to assessments:  Students are required to keep a copy of each assessment submitted to Assessor.  When resubmitting an assessment, attach the previous assessment. By submitting this work, I declare that:  I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment Learner, and choose to be assessed at this time.  I am aware that there is a limit to the number of submissions (2) that I can make for each assessment, and I am submitting all documents required to complete this assessment.  I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process.  This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of a qualification or statement of attainment. Name: Signature: Date: Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 1

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment ASSESSMENT 1 - KNOWLEDGE ASSESSMENT You must answer ALL questions satisfactorily to achieve a satisfactory outcome for this Assessment. All questions must be completed independently by you/ learner. Please refer to the following guidelines for further instructions. Written Answer Guidelines  The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.  Note that the following guidance is the minimum level of response required. Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long. Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long. Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long. Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgment. Generally, you are expected to write a response one or two paragraphs long. Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long. Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long. Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 2

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long. Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List – when a question asks you to list something, this means that you are asked to briefly state information in a list format. Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long. Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long. Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 3

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BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment Answer the following questions. 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. Definition: List or illustrate the steps in a risk management process: Description of what each step involves: Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 4

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment 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. Standard: Purpose of the standard: Key elements of the standard: Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 5

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment 3. Complete the table below to describe the types of business risk. Type of risk Description Example Key responsibility (at least two people) Strategic risk Compliance risk Financial risk Operational risk 4. Complete the table to explain three different tools and techniques that may be used to identify risks to scope risk management processes. 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. Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 6

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BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment Technique/tool Description 5. Explain four options that a company could use to control risks. Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 7

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment 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. Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 8

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment 7. Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management. 8. Complete the table below to summarise how three policies and procedures relate to risk management. Policy/procedure Description Record keeping policy and procedure WHS policy and procedure Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 9

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BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment Policy/procedure Description Confidentiality policy/procedure 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:  Satisfactory  Not satisfactory Assessor signature: Assessor name: Date: Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 10

BSBOPS504 Manage Business Risk Assessment 1 – Knowledge Assessment Level 7, 251 Adelaide Terrace, Perth 6000 WA, Australia | Phone: (08) 9221 1261 | Level 3, 38 Currie Street Adelaide, SA| Phone: (08) 7200 3422 | www.kcbt.edu.au | info@kcbt.edu.au Current Version: V2 Current Version Date: July 2022 Next Review: July 2023 PAGE NO: 11

BSBOPS504 - Assessment 1 V2

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