BSBOPS504 Student Assessment Tasks

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Nov 24, 2024

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Educating for Excellence Assessment Submission Sheet Course SIT60122 Advanced Diploma of Travel and Tourism Management Unit Code BSBOPS504 Unit Name M anage business risk Assessor Name Student Name Student ID Date Due Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date. Student Declaration ● I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. ● I have read the Plagiarism Policy and Assessment Appeal and Reassessment Policy in the Student Handbook and I understand all the rules and guidelines for undertaking assessments. ● I understand that by typing my full name in the student field this is equivalent to a hand-written signature. ● I give permission for my assessment material to be used for continuous improvement purposes. Student Signature Date Submitted Assessor Use Only Assessment Items Result Task 1 Case Study S NS Task 2 Role Play S NS Final Result for this unit C NYC Page 1 of 15 Australian Ideal College Registered as Australian Ideal College Pty Ltd RTO No.: 91679 | CRICOS Provider Code: 03053G Sydney Campus: Levels 7 & 8, 75 King Street, Sydney NSW 2000 Australia Adelaide Campus: Level 3, 21-23 Rundle Mall, Adelaide SA 5000 Australia Hobart Campus: GRD, 116 Murray Street, Hobart TAS 7000 Australia T: +61 2 92622968(Sydney)|+61 8 8123 5780(Adelaide)|+61 3 6231 2141(Hobart) AIC_ BSBOPS504_V1.0

BSBWRT301 Write simple documents Trainer Guide Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Signature Signatur e Date Assessor’s Final Comments Introduction

BSBWRT301 Write simple documents Trainer Guide 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. 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. 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: ● 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. Questions Provide answers to all of the questions below:

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BSBWRT301 Write simple documents Trainer Guide 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. Please enter your answer here. The risk management process is known as the basis of a course of action and it has five basic steps. The first step is identifying risks, followed by risk analysis, then the risk is prioritized, a certain solution is put into action, then lastly, the risk is observed. In terms of manual systems, each step requires massive documentation and management. Step 1: Risk Identification First and foremost, it is a requirement to identify the risks in the operating environment to which the business is exposed to. It is important to identify these and some examples are environmental, market, legal, and regulatory risks, among others. Step 2: Risk Analysis Upon the identification of a risk, one must put it into analysis and determine is scope. It is also vital to understand how the risk and different factors in the organization are related. Furthermore, by determining how many business functions are affected by the risk, one can assess how severe and serious the risk is. Step 3: Risk Evaluation and Ranking It is a must that risks are ranked according to priority. A risk is ranked low when it causes a small inconvenience, while it is rated as high when it has a potential to cause massive loss. This ranking is important since there are varying risk management solutions in line with how severe a risk is. Through this method, it makes it possible for an organization to fully view how much they are exposed to the risk. Step 4: Risk Treatment Coordinating with experts on specific fields which encompasses the risk is vital since every risk must be contained or even eliminated as much as possible. Step 5: Risk Review and Monitoring Some risks, such as market and environmental risks, need constant monitoring since not all risks can be eliminated. These are always present so in order to minimize their impact, they must be constantly reviewed and monitored.

BSBWRT301 Write simple documents Trainer Guide 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. The former Australian and New Zealand risk management standard known as AS/NZS 4360: 2004 was replaced in November 2009 by AS/NZS ISO 31000: 2009. The new standard, containing principles and general guidelines, serves as the basis for Fund Member agencies when they develop risk management frameworks and programs. In addition, such is supported by the: • International Standard ISO/IEC 31010:2009–Risk Management; • IEC/FDIS 31010 Risk Management–Risk Assessment Techniques; and • ISO Guide 73:2009–Risk Management–Vocabulary. These standards have been created to guide those who perform risk management processes. Such provides universal and uniform methods, as well as best practices, on how to deal with certain risks and others.

BSBWRT301 Write simple documents Trainer Guide The key elements of risk management outlined in the ISO 31000 standard includes: Risk identification : Determining the factors which could hinder the achievement of objectives. Risk analysis: Upon the identification of the risk, its sources and causes are determined; to identify the residual risk’s level, its probabilities and consequences are studied - provided with the existing control methods. Risk evaluation : To determine if the residual risk is tolerable or not, the risk analysis results and the risk criteria are compared. Risk treatment : In order to achieve a net increase in benefit, both the positive/negative magnitude and tendency of occurrence of consequences are changed. Establishing the context : This activity (not included in earlier descriptions related to risk management processes) includes the definition of the scope for the risk management process, the definition of the objectives of the organization, and the establishment of the criteria for risk evaluation. Monitoring and review : This encompasses, (1) determination of deviations from the risk management plan, (2) provided with the organization’s internal and external context, checking if the risk management framework, policy, and plan are still suitable for the given situation, (3) risk reporting, (4) the developments related to the risk management plan and how its policies are being adhered to, and (5) reviewing whether the framework for risk management is effective or not. Communication and consultation : This activity provides explanation on the rationale for particular options for risk treatment as well as decisions associated with it. It also helps one to understand the specific concerns and interests of stakeholders, and it is also used to determine if the risk management process has the right elements in its focus. 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 These kind of risks are in line with the organization or business’ strategy which can happen at any moment. These kind of risks are in line with the organization or business’ strategy which can happen at any moment. CEO Board of directors Managing director Owner Complianc e risk Such risks include the necessity to comply to the Following protocols which are established in the Head of operations Head of safety Managers/supervisors

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BSBWRT301 Write simple documents Trainer Guide Type of risk Description Example Key responsibility (at least two people) government or regulatory bodies’ established rules. advent of the COVID-19 pandemic and having a COVID-safe plan which is in line with all requirements. Financial risk A risk like such have an influence over a business’ financial health which may be in terms of financial position, cash flow, liquidity, among others. Clients exceed the agreed due date of payment or are paying in installments. Head of operations Managers/supervisors Operational risk These kind of risks are related to the systems and processes of a business or organization. Goals are not accomplished due to machinery malfunction. Head of operations Managers/supervisors 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. Delphi Technique This technique involves the anonymous consultation of experts wherein they are sent a list of needed data. Their responses are then compiled, then re-sent to them for further analysis until an agreement is made. Risk Data Quality Assessment Information is compiled after the identification of risks. After such, the project manager is tasked to find the precision of the data needing examination in order to complete the qualitative analysis of such risks. For every risk, in terms of the Data Quality Assessment, a project manager is tasked to identify the following: • How well the the risk in understood • Available information • The information’s solidity and quality • The information’s integrity

BSBWRT301 Write simple documents Trainer Guide 5. Explain four options that a company could use to take to control risks. Accept Risk Individuals, specifically stakeholders for this matter, who are responsible for a risk can opt to accept the risk. An example is when a project is of strategic importance, one may accept the risk that it may fail. In terms of risk management, it may have an approval process should a risk be accepted. Mitigate Risk Should there be inevitable risks or those which have a high chance of failing, there must be a set of actions which are performed to reduce it to a level which is acceptable. An example of this is in order to reduce the failure of a specific project, the organization chooses to put a top performing project management team on the job. After mitigation, the risks that remain will now be considered as residual risks but even such are still controlled (eliminated, mitigated, accepted, or transferred). Eliminate Risk There are some risks which may be completely eliminated, and usually, in order to do this, the activity where the risk comes from is terminated. For instance, selling an investment with various risks will completely eliminate all the risks associated with it. Transfer Risk Some risks may also be placed on the shoulders of another individual or organization and an example of this is getting a fire insurance which transfers the risk of property damage caused by fire. 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. In any possible risk management process, there are some requirements which must be considered since these are put in place by some stakeholders, especially where there are risks to human life or the environment. For every risk management process, stakeholders include regulatory bodies and legislators. In addition, to make sure that there is no one harmed or put in danger due to the activities of certain organizations and individuals, there are laws established so that they may have a minimum standard of care. Violating such laws may impose imprisonment and/or fines on someone.

BSBWRT301 Write simple documents Trainer Guide In terms of the local government, they too have a set of guidelines. Councils have the power to control things which have an impact in the community which are not covered by broader legislation - such includes restrictions/requirements having a relation to planning, construction, traffic management, and community events/activities. For instance, legislation imposes that you must manage risks but the council adds another requirement wherein you must provide evidence that you have managed to mitigate such risks before. After proving such, they will provide you with permit, if necessary. Not following so may result in financial penalties or whatever is applicable and established. Examples of regulatory and legislative requirements: • legislation responsible for - Emergencies and calamities - Occupational safety and health - The environment - The opportunity for fair employment - Privacy • local government requirements responsible for - Planning for land utilization - Permits for building and planning - Business permits - Interaction of the community - Limits for noise - Management of traffic flow - Utilization of community facilities and permits • Standards for safety • Procedures for operation • Procedures in the case of an emergency • Procedures for management The preconditioning for the associated will be determined during the establishment of the crisis hazard in the board setting. Such stage will also showcase the partner associations’ prerequisites. Furthermore, through progressing meetings, the necessities of partner associations will be explained. It is a requirement that all workers, providers, representatives, and customers should understand and adhere to every prerequisite since failure to follow such will result in injuries/demise or a partner association pulling out the assistance which they have provided. 7. Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management.

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BSBWRT301 Write simple documents Trainer Guide The risk management policy’s purpose is to set a guideline on how organizations or individuals should manage risks in order to support the accomplishment of corporate objectives, ensure the safety of staff and business assets, and secure financial sustainability. On the other hand, the procedure supports the policy and it states the steps needed to be taken should a risk occur. 8. Complete the table below to summarise how three policies and procedures relate to risk management. Policy/procedure Description Record keeping policy and procedure Eliminates the risk of data loss as well as breach of private data WHS policy and procedure Aids the company in providing an environment which is safe for employees and devoid of risks Confidentiality policy/procedure Provides security to sensitive data from being spread without warrant or known by unauthorized individuals

BSBWRT301 Write simple documents Trainer Guide 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: ● 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. Activities Complete the following activities: 1. Carefully read the following: 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

BSBWRT301 Write simple documents Trainer Guide 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 need to communicate with people who are involved with the risk management process. Your communication may be either directly with actual staff members or fellow students/your assessor can play the roles of relevant people/parties. Communication can be in any appropriate format (e.g. face to face, video conference, email) as long as it meets the requirements outlined in the Project Portfolio. You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below. 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 . 3. Establish the risk context

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BSBWRT301 Write simple documents Trainer Guide Complete Section 1 of your Project Portfolio. To do this, you need to: ● determine the scope of your chosen risk management process/project ● evaluate organisational requirements and standards for managing risk ● determine the legal requirements of your risk management process/project ● list resources available to address risk ● establish objectives and critical success factors of the risk management process/project ● identify stakeholders who will be part of the risk management process. ● communicate with at least two stakeholders to: o explain the risk management process/project o invite stakeholders to help identify and assess risk. Continue completing Section 1 of your Project Portfolio. To do this, you need to ● analyse the external environment of the risk management process/project. ● establish the strengths and weaknesses within your business that have the potential to create or impact risk. 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 Portfolio to consult with stakeholders to assess and address risk. In preparation, read through step 4 and Section 2 of your Project Portfolio and complete the first question (plan to discuss risks with invited stakeholders). 4. Identify and analyse risk Make sure you are ready to use the tool/technique and risk scale identified at the end of step 3 prior to this meeting. Meet with at least two of the stakeholders you identified as part of Section 1 of your Project Portfolio .

BSBWRT301 Write simple documents Trainer Guide Consult with stakeholders to: ● use an appropriate tool/technique to identify at least three risks within the scope of your risk management process/project. ● establish at least two potential outcomes for each risk. ● assess risk using an appropriate scale. ● discuss treatment options for each risk. ● prioritise risks. This meeting should take 20 minutes. As part of your consultation, you are required to negotiate and use questioning and listening techniques to elicit opinions and confirm/clarify your understanding. You will be assessed on this. 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. Continue completing Section 2 of your Project Portfolio. To do this, you need to: ● summarise the outcomes of the meeting and assess likelihood and impact/severity of the risk. ● research the risks to find out more about them. ● use digital technology to document risk (e.g. a risk register using MS Excel). 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. You will use the work done in this section of the Portfolio to consult with stakeholders to create an action plan for one of your risks and then monitor and evaluate the plan and your risk management process/project. 5. Implement and monitor risk treatment i

BSBWRT301 Write simple documents Trainer Guide Complete Section 3 of your Project Portfolio . To do this, you need to: ● complete an action plan for one of the risk treatments in the risk register ● communicate the action plan to relevant stakeholders. Continue completing Section 3 of your Project Portfolio . To do this, you need to: ● follow organisational policy and procedures to implement the action plan (e.g. (e.g. notify HR, schedule resources, recording of telephone conversation, save risk register using appropriate naming conventions etc.). Assume a period of time 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. Continue completing Section 3 of your Project Portfolio . To do this, you need to: ● monitor and evaluate the action plan and risk management process/project ● write a report on the outcomes of the evaluation. Make sure you have answered all questions in Section 3. You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 3 of the Project Portfolio and make sure you attach these upon submission. 6. 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. Please enter your answer here i

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BSBOPS504 Student Assessment Tasks

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