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BSBRSK501 Manage Risk Case Study Assessment Solution
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Assessment Task 2 – Risk Identification and Analysis
In this assessment you are to analyse, evaluate and prioritise risks, and determine options for treatment. You are also required to develop an action plan for treatment of risks, and communicate it to relevant parties. The Assessment Task is due on the date specified by your assessor
Using the information gathered in Assessment Task 1 and Appendix 1 provided with this assessment, examine the likelihood and consequences of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information, you are required to develop an action plan for implementing risk treatment and communicate the risk management plan to relevant parties.
- Using the information gathered in Assessment Task 1 and Appendix 1 provided with this assessment, develop Risk analysis report for your manager (assessor) with the headings as described below:
- Risk identification: List the identified risk. Explain the process you used to identify risks and assess likelihood, consequence, priority.
- Likelihood – For each risk, assess the likelihood of the risk occurring.
- Consequence – For each risk, assess the impact/ consequence of the risk occurring.
- Priorities – Use a risk calculation table to assist in prioritising the risks.
- Options for treating risks– For each prioritised risk, outline at least two suitable options for treating the risk. Explain which option is most effective / feasible for the organization.
- Risk management plan- Develop a risk management plan by completing the table included in this task.
- Communicate the plan to your organization by submitting your report to your manager (your assessor) for internal distribution.
- When submitting the report, you need to ensure that your report is titled ‘Risk analysis and mgt plan your initial to assist the organization to properly store and retrieve the report
- Answer the following questions:
- According to “AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines” please write the principles of risk management.
- For each of the legislation, describe the intent of each and how it could impact on the process of managing risk.
- Privacy law
- WHS regulations
Case Study Appendix 1
The board has reviewed the previous report you developed, and has requested further information for several of the identified risks, including options for reducing the risk levels. These are as follows.
- Banking risk – theft of cash left on premises.
- Manager’s travel risk – physical injury.
- By-law Compliance risk – reputation/brand loss and fines.
Time lines to consider are based on risk priority levels and include the following.
- Pre-settlement – date of legal transfer of the business.
- Opening week – first week of company operations.
- Within 3 months – after the opening week.
- Within 6 months – after the opening week.
Responsibilities for actions include the following.
- Financial, insurance and banking issues – financial controller.
- Legal issues – Goldsmith Partners.
- Expenditure >$5,000 – MacVille board.
- New policy – CEO with MacVille board.
- On-site management, training – store manager.
- Changes to MacVille cafe Queensland operations – CEO.
- External audits – CEO with MacVille board.
Develop a report for the board that examines these risks and describes ways that each can be treated, and forward a copy of your report to your manager to table at the next board meeting.
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Further case study information
You revise your notes from the meeting with James Mansfield and identify the following points:
- In the context of MacVille’s investment here $4,000 would be considered to be of minor consequence if it were burgled from the closed premises overnight.
Meeting with Ron Langford
You revise your notes from the meeting with Ron Langford and identify the following points.
- He also said that the Council water patrols meant that it is likely that stores not complying with the by-law would be discovered.
Senior management team meeting
You go back over your notes compiled with the senior management team and note the following.
- Further feedback from Paula included that the water compliance risk was one where significant time and resources would be required and the board would view it having moderate consequences for MacVille’s cafes in Queensland. She also indicated that the board views any potential risk that could result in the death of an employee as having a catastrophic consequence.
Looking at the hierarchy of control the senior management team were able to give you some good brainstorming ideas to pursue. These include the following.
- Installing native plants to cut down water use.
- Making it a company policy to bank every day and eliminate the need to carry overnight.
- Install a teleconferencing system.
- Install a water tank and reduce dependence on council water.
- Change banks to the nearer one to avoid the long walk.
- Install dual flush toilets.
- Insure overnight cash holdings.
- Finish management meetings at 3:00pm.
- Introduce new processes on water use and conservation.
- Change assistant management times to the morning.
- Write new policy and procedures for water use in Toowoomba.
- Install a water usage graph in the staff room.
- Give the manager an excusal letter allowing them to leave any meeting at no later then 3:00pm every day.
- Replace the dishwasher with a 5–6 stat (WELS) rating.
- Have Goldsmith Partners apply for time to ‘make good’.