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BSBRSK501 Manage risk Assessments Case Study Help

Assessment activity 1

Establishing the risk context

Your trainer or assessor may require you to complete this assessment activity and will provide you with instructions as to how to present your responses. They may adjust the assessment activity depending on the circumstances of your training program.

The following table maps the assessment activity for this chapter against the performance criteria of Element 1 in BSBRSK501B Manage risk.

Part Element Performance criteria
A 1 1.1, 1.2, 1.3, 1.5, 1.6, 1.7, 1.8
B 1 1.2, 1.4

 

Part A

  1. What is the significance of reviewing the existing risk management processes, procedures and requirements at the commencement of this process?
  2. Explain why it is essential the scope of your risk management is clearly identified.
  1. What specific types of documentation should be reviewed during the ‘establishing risk context’stage of the risk management process?
  1. Reword the following into a goal (or two) for your risk management process: ‘We are conducting risk management at this time to assure our shareholders and investors maintain confidence that the board is comfortable with its current risk exposure’.
  2. Why is it important to gain support for risk management activities within your organisation?
  1. Document the following information as you prepare to develop a risk management plan for your organisation, unit or area:
  2. a) the scope of your risk management process
  1. b) the internal and external stakeholders, their priority ranking and their issues
  1. c) the  political,  economic,  social,  legal,  technological  and  policy  context  for  your  risk management strategy
  2. d) the goals and objectives for the areas in your scope
  1. e) the critical success factors for the areas in your scope f)      how you will communicate with all parties.

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Part B

Read the case study, then answer the questions that follow.

Case study

In 2008, XYZ Corp, a clothing retail company from NSW, launched into the Queensland and Victorian markets simultaneously. The company had conducted its own risk management process, which was minimal: a one-time process with very limited scope that included only the financial aspects of competition and was not evaluated. The company continued to struggle against competition and local government issues in Victoria, that led to the stores closing and XYZ  Corp  withdrawing  from  the  market  in  that  state.  The  case  highlights  a  lack  of understanding of the risk context faced in Victoria, but may have also been a case of over- exuberance on behalf of the management where perhaps the risks of moving into two markets simultaneously were too great when combined.

  1. What steps in the process should have highlighted to senior management that there may be higher risks in the Victorian market?
  2. Explain what senior management could have done or set in place at the outset to ensure a better understanding of the risks in both markets.

Assessment activity 2

Identifying risks

Your trainer or assessor may require you to complete this assessment activity and will provide you with instructions as to how to present your responses. They may adjust the assessment activity depending on the circumstances of your training program.

The following table maps the assessment activity for this chapter against the performance criteria of Element 2 in BSBRSK501B Manage risk.

Part Element Performance criteria
A 2 2.1, 2.2, 2.3
B 2 2.1, 2.2

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Part A

  1. Explain why it’s essential all stakeholders are involved in identifying risks.
  1. List five research methods that may be used in determining operating risks relevant to a small car- tyre retailer, and describe what general type of information may be retrieved or gained from these methods.
  2. What advantages are there to using a scenario analysis to identify risks?
  1. File the practice tasks you have completed that provide evidence you have established:
  1. a) the people you will speak to and what they can offer b)   the methods used to research the risks
  2. c) methods used to generate a final list of risks
  1. d) a final list of risks in consultation with relevant parties.

Part B

Read the case study, then answer the questions that follow.

Case study

Emergency Management Queensland (EMQ) fire service personnel have conducted a risk assessment for fire risks at a Western Brisbane distribution centre that is adjacent to chemical plants and virgin bushland on two sides. The process is handed to new staff as an exercise to help their learning and understanding of the assessor’s roles.

The scope of the assessment is to determine health and safety risks to workers within the distribution centre should a bushfire come through the area.

From the information provided:

  1. What personnel should the EMQ staff invite to participate in the risk identification and research process?
  2. What research methods could be applied?
  1. What appropriate methods could be used to ensure all possible risks have been identified?

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 Assessment activity 3

Analysing risks

Your trainer or assessor may require you to complete this assessment activity and will provide you with instructions as to how to present your responses. They may adjust the assessment activity depending on the circumstances of your training program.

The following table maps the assessment activity for this chapter against the performance criteria of Element 3 in BSBRSK501B Manage risk.

Part Element Performance criteria
A 3 3.1, 3.2, 3.3
B 3 3.1, 3.2, 3.3

 

Part A

The following is a list of risks that may commonly face a business enterprise.

  • Product malfunction causing injury to a consumer
  • Worker injured on-the-job from tripping on loose carpet square
  • Interest rate rise increases repayment costs on business borrowings
  • One of your product component suppliers goes into receivership
  • Staff fraud due to possible software loopholes/backdoors

Complete the following three tasks using appropriate matrices.

  1. a) Apply a risk rating scale to the likelihood of the risks listed above occurring (A–E; extremely likely to rare).
  2. b) Assign a consequence or level of impact value (1–5; insignificant to catastrophic/outstanding) to each of the risk
  3. c) What overall risk priority would you assign these risks for treatment (high, medium, low)?

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Part B

Read the case study, then answer the questions that follow.

Case study

In analysing risk at General Motors (GM) for the upcoming 2007 model range (in late 2005), risk management specialists had become somewhat blasé about the American automobile buyer. SUV-type trucks and pick-ups remained big-sellers, as did inefficient fuel guzzling V8 sedans and sports cars. The likelihood of sales lost to hybrid and fuel-efficient vehicles (even though these had just been released to the market and were already making an impact) was assessed as very low, as were the consequences of these lost sales. This was exacerbated by the lack of appreciation of the looming financial trouble.

  1. Knowing now that GM suffered massive losses as a result of badly misjudging the mood of the US consumer and the impact of the global financial crisis, what basic rule of thumb for assessment of consequence should GM have applied in this case?
  2. With rising oil prices, falling confidence in the finance markets and raised environmental concerns among the general public, what likelihood and consequence would you assign to this situation, and what resultant overall risk priority would you generate?

Assessment activity 4

Selecting and implementing risk treatments

Your trainer or assessor may require you to complete this assessment activity and will provide you with instructions as to how to present your responses. They may adjust the assessment activity depending on the circumstances of your training program.

The following table maps the assessment activity for this chapter against the performance criteria of Element 4 in BSBRSK501B Manage risk.

Part Element Performance criteria
A 4 4.1, 4.2, 4.3, 4.4, 4.5, 4.6
B 4 4.1

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Part A

  1. What risk control options might you select for the following risks. a)   Increased competition
  2. b) Decline in demand for the organisation’s services.
  1. c) Expenditure exceeds budget forecast
  1. d) IT system doesn’t meet company requirements
  1. e) High staff turnover
  1. Research what type(s) of risk reduction or sharing strategies may be applied or are available if you are looking to address the risk of litigation from the actions or inactions of you or your staff.
  2. Name  four  business  areas  for  which  there  may  be  a  legal  requirement  to  retain  or  destroy documentation. Give examples.
  3. List the information you would include in your risk management action plan and explain the purpose of this information.
  4. Explain the role a manager plays in monitoring and evaluating their risk management action plan and storing the information.
  5. In one or two sentences, describe why you need to maintain communication with stakeholders and/or participants throughout the risk management process.
  6. What difficulties do you think might arise when implementing the plan? Provide solutions to the difficulties you have identified.

Part B

Read the case study, then answer the questions that follow.

Case study

The company

Poly Make Pty Ltd is a medium sized (250+ staff), publicly listed NSW-based plastic forming company that makes components for the automotive industry. They are well established in their Castlereagh HQ, and have just finished upgrading to a new warehouse and forming machinery that will allow them to take on extra capacity.

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The situation

The Board of PolyMake Pty Ltd has approached several large boat builders with the intention of expanding into marine plastics, a relatively mature sector (particularly in Sydney). The approaches were well received, with some reservations regarding the company’s experience in the salty, full UV-exposure of the marine environment. PolyMake is well financed (underwritten) but is carrying some debt (around the sector average) and has minimal cash reserves. There is a quality leadership team in place, but together they have little experience with marine plastics.

The risks

The risk management team at PolyMake Pty Ltd conducted a risk assessment and found several areas of risk that could affect their move into the new market. These include:

  1. 1. Technology risk – although they have upgraded their plant, is it suited to marine plastics?
  2. 2. Product risk – will the products from the new player be embraced by the market?
  3. 3. Financial risk – with minimal reserves and some debt from the upgrades, if they are unable to produce a competitive product quickly they may face financial difficultie
  4. 4. Reputation risk – what effect will the move to diversify have on their brand?
  5. 5. Commercial/market risk – the most obvious risk, moving into a saturated market, how will they perform?
  6. 6. Management risk – does management have sufficient experience to be able to adjust should the marine sector reject their new product?
  1. Research the different types of risk treatments available to the business to provide risk coverage for the identified risks.
  2. Determine which risk treatment would best suit each risk, with a brief explanation (one or two sentences) justifying your decision.
  3. Prepare this as a written report outlining the options and suggesting an implementation plan (including time line) to the CEO of Poly Make Pty Ltd.

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Final assessment

BSBRSK501B Manage risk

Your trainer or assessor may require you to complete this assessment activity and will provide you with instructions as to how to present your responses. They may adjust the assessment activity depending on the circumstances of your training program.

The following table maps this final assessment activity against the elements and performance criteria of BSBRSK501B Manage risk.

Part Element Performance criteria
A 1, 2, 3, 4 All
B 1, 2, 3, 4 All

Detailed mapping of this learner guide against the methods of assessment, the elements, the performance criteria and required skills and knowledge is available in the Aspire Trainer’s and assessor’s guide for this unit.

The following activity forms part of your assessment of competence. You may also need to provide various workplace documents or third-party reports. Your trainer will give you guidance in this area.

Part A

The following skills have been identified as required for this unit of competency:

  • communication and literacy skills to consult and negotiate, to prepare communications about risk management, and to encourage stakeholder involvement
  • organisational and management skills to plan and implement risk management processes
  • problem-solving and innovation skills to find practical ways to manage identified risks.

You need to demonstrate your ability to apply these skills in your work. The following list provides some strategies you might use to demonstrate your competence in these required skill areas:

  • responding to direct questions
  • providing portfolios of evidence and third-party workplace reports of your on-the-job performance by the candidate
  • being observed participating in presentations and meetings
  • responding to oral or written questioning to assess knowledge of risk management policies and procedures
  • documenting critical success factors, and goals or objectives for area
  • prioritising risks for treatment
  • providing examples of action plans for implementing risk treatment
  • providing examples of documentation communicating risk management processes to relevant parties.

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Part B

Conduct the research for, then prepare an outline of a risk assessment project in your organisation or business unit or area within your organisation. You can use material you have already developed during this learner guide. You are encouraged to work in teams (of between two and four people) to gather required information. However, your final report product must be your own.

Your risk management plan should be presented in a report format and must include the following information.

Risk management plan

Background

  1. The sector your organisation operates in (for example, construction or mining), and in what capacity (for example, specialised equipment leasing or contract catering).
  2. The process to be undertaken, referencing the standard, and citing the seven main elements of the risk management process as identified in the AS/NZS ISO 31000:2009.

Context

  1. Areas of legislation, codes of practice and national standards which are applicable to the conduct of risk management with your organisation. Explain how the following will be applied.
  • duty of care
  • company law
  • contract law
  • environmental law
  • freedom of information
  • industrial relations law
  • privacy and confidentiality
  • legislation relevant to organisation’s operations
  • legislation relevant to operation as a business entity
  • access and equity to risk management processes and resources for people with a disability.
  1. The organisation policies or procedures your organisation has that may provide guidance to the risk management process.
  2. Whether there is a current risk management action plan in place.
  1. A context review for the current operational context of your division or business unit.

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Identification and analysis

  1. The broad risk areas that have been identified, with a proposed scope.
  1. The risks that have been identified with a rating for likelihood and consequence and a priority for each risk.
  2. A detailed list of stakeholders and participants.
  1. Options identified for treating the risks.
  1. Methods selected for managing the risks, including specific insurance policies you will use where appropriate.
  2. How you will communicate the process.

Plan

  1. A plan for implementation including a proposed review/evaluation schedule.
  1. How the information will be stored.

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