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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 to 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.

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:

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.

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.

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 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.

 

5.  Explain four options a company could use to control risks.

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.

7.  Explain the purpose of workplace risk management policies and procedures as they relate to risk management.

8.  Complete the table below to summarise how three risk management policies and procedures are related.

Policy/procedure	Description
Record keeping policy and procedure
WHS policy and procedure
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:

 

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 the following:

• 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 to 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.

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 the following:

• 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.

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 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

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:
  • explain the risk management process/project
  • 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.

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 your assessor does not view this session in person, 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 the 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 ensure 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

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, record telephone conversations, save risk register using appropriate naming conventions etc.).

Assume a period of time has passed.

If you are basing this on your own business, ensure you have data available to monitor and evaluate the risk management process/project and its associated action plan.

The simulation pack provides information if you are basing this on the case study.

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.

Assessment Task 2: Checklist

Student’s name:
Did the student:	Completed successfully?		Comments
	Yes	No
Establish the risk context by: Determining the scope of their chosen risk management process/project. Evaluating organisational requirements and standards for managing risk. Determining the legal requirements of their risk management process/project. Listing resources available to address risk. Establishing objectives and critical success factors of the risk management process/project. Identifying stakeholders who will be part of the risk management process and communicating with at least two stakeholders to: Explain the risk management process/project. Invite stakeholders to help identify and assess risk. Analysing the external environment of the risk management process/project (political, economic, social, technological and policy). Establishing the strengths and weaknesses within the business that has the potential to create or impact risk.
Identify and analyse risk by: Consulting with stakeholders to: Use an appropriate tool/technique to identify at least three risks within the scope of the 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. Summarising the outcomes of the meeting Assessing the likelihood and impact/severity of the risk. Researching the risks to find out more about them. Documenting risk using digital technology (e.g risk register).
Implement and monitor risk treatment by: Completing an action plan for one of the risk treatments in the risk register. communicating the action plan to relevant stakeholders. implement the action plan. monitor and evaluate the action plan and risk management process/project. write a report on the outcomes of the evaluation.

Demonstrate effective oral communication skills, including: Uses listening and questioning techniques to confirm that you understand the views of others correctly. Negotiate with stakeholders about risk management processes and outcomes.
Task outcome:	¨  Satisfactory			¨  Not satisfactory
Assessor signature:
Assessor name:
Date: