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BSBRSK501 Manage Risk- Develop a Risk Management Plan

BSBRSK501 Manage Risk- Develop a Risk Management Plan


Assessment Task 2 requires you to develop a Risk Management Plan.

You are required build upon the Risk Review in Assessment Task 1 to identify and analyse risks and develop a risk management plan, including:

•             Risk Identification

•             Risk Analysis

•             Risk Evaluation

•             Risk Treatment Action Plan

•             Monitor and Review Plan.

By submission of this plan and report your Assessor will confirm the plan can be implemented and reviewed in Assessment Task 3.

Students can use policy and procedures and templates from their workplace or the simulated environment Superior Implements (SIM Co.).

Materials to be supplied from Superior Implement (SIM Co.) intranet:

•             Risk Management Policy

•             Risk Management Plan

•             Internal Audit Report

•             Project Review

•             Stakeholder Communication plan.

Work, Health and Safety:

Students should conduct a risk assessment for any work environment and activity including:

•             ergonomic and safe work station

•             professional interactions with stakeholders

•             internet safety and security of information.

Assessment Criteria:

To achieve a satisfactory result, your Assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:

•             Risk identification and analysis

•             Risk management planning

•             Stakeholder consultation and communication

•             Monitoring and reviewing processes

•             Documentation development and maintenance.

Instructions to Assessor

The student is required to develop a risk management plan for the activities identified in Assessment Task 1.

If the student did not have a current workplace and/or opportunity to develop and implement the risk management plan they were to negotiate a scenario with yourself as the Assessor which will meet the requirements of the assessment. This activity will then require the establishment of fellow students within the unit plus yourself as “stakeholders” in the scenario and for the implementation of the risk treatments, to enable the student to complete the tasks.

Use the Marking Criteria provided to assess the student’s Risk Management Plan. Provide feedback to the student on the appropriateness of the plan, the risk analysis activities, the treatments/actions plans and the monitoring process. If the evidence doesn’t meet the Marking Criteria or provide the student the appropriate opportunities to implement and monitor the Risk Management Plan in Assessment 3 require the student to modify their activity and resubmit as their second attempt. If the activity does allow for the Risk Management Plan to be implemented and monitored and meets all Marking Criteria provide constructive feedback the student can use to modify their plan in Assessment Task 3.

Materials To Be Supplied From Superior Implement (SIM Co.) Intranet:

  • Risk Management Policy
  • Risk Management Plan
  • Internal Audit Report
  • Project Review
  • Stakeholder Communication plan.


You will assume the role of the Risk Manager for a particular workplace activity.

For the activity negotiated in Assessment Task 1, you need to develop a report for your Manager (Assessor) to address the following concepts:

  1. Modify the Risk Review establishing the scope and context based on assessor feedback to Assessment Task 1.
  2. Conduct and document the Risk Identification - comprehensive list of potential risk sources from your assumptions, constraints, and SWOT analysis in order to determine the actual risks.
  3. Conduct and document the Risk Analysis including root cause analysis.
  4. Conduct and document the Risk Evaluation – Likelihood, Consequence and Priority.
  5. Develop and document the Risk Treatments – Options, Critical Incident Responses and Risk Treatment Action Plan.
  6. Develop the Monitoring and Review plan and associated templates or tools required to collect information, how will the risk treatment option will be monitored and reviewed, such as:

    Continuous monitoring

    Line management review

    Internal or external audit

    Project review

    Stakeholder / organization feedback.

  7. Develop the Risk Management Plan and collate all of the above into a portfolio to submit to your Assessor.

To assist you in this process you can refer to the Risk Management policy and use the Risk Management Plan template available from Superior Implements intranet and complete Parts 3 and 7 for this task. Other organisational planning documents and templates that are available on intranet can also be used.

Submission Details:

Submit the report and accompanying documents in a portfolio, ensuring that your portfolio:

  • Is titled ‘Risk Analysis and Management Plan’
  • Is in order, with attachments on the back of your report
  • Includes communication and monitoring templates
  • Is professionally formatted accordingly to organizational policies and procedures including:
  • File structure and naming convention
  • Footer, header and version control
  • Spelling, grammar and proof reading/editing
  • is submitted as required by the submission instructions.

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