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FNSRSK502 Assess Risks Assessment Guide with Question and Answers

FNSRSK502 Assess Risks Assessment Guide

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FNSRSK502 Assess Risks Assessment Details:

  • Of Words: 3000
  • Citation/Referencing Style: TAFE Australia



This activity is comprised of a number of written questions and tasks where you will be required to demonstrate essential knowledge required to effectively assess risks.


You will need to research information to assist with your responses for these tasks.

What you will need to complete this task

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation relevant to own state or territory.

You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.

You are required to provide information about the following points. You must prepare a written response to each point and also complete the tasks, which can be supported by example documentation as required. Ensure material is referenced appropriately.

Also Read: FIN 201 Principles of Business

Suggested Word limit

To complete this activity, you are required to submit written responses for each question of

Long Answer 8 typed lines = 100 words, or10 lines of handwritten text =  of a A4 page or 1 A4 page for tasks as required.
  1. Australian Standards for Risk Management.

Develop a flier, appropriate to include in the induction package of a new employee, which identifies and explains the key features and the purpose of the Australian standards for risk management.


  1. Residual Risk Levels and Risk Appetite Levels for the Industry.

Outline the information that would be required for someone to identify residual risk levels and to check the risk appetite levels for the industry.


  1. Key Risk Management Terminology.

Develop a resource identifying and defining at least 15 of the key terms related to risk management.


  1. Organisational Policy, Procedures and Operational Guidelines Relating to Risk Assessment.

Develop a resource that would be suitable to provide to new employees in your organisation which outlines the key policies, procedures and operational guidelines of the organisation, relating to risk assessment.

Third-Party Report Activity

The following task must be conducted in in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the risk management field of work and include access to:

  • Office equipment, technology, software and consumables.
  • Relevant legislation, regulations and codes of practice.
  • Relevant Australian standards relating to risk management.

For this task you are to complete the following steps to develop risk evaluation criteria and conduct an effective analysis of financial and legislative risk situations.

For this activity you will need to perform the criteria listed below in a workplace or simulated environment.

Your supervisor or manager must complete the Third-Party Activity Checklist.

You must submit the completed and signed checklist with your other assessment tasks.

Complete the following steps to develop the risk evaluation criteria:

  1. Following the Australian risk management standards, research and identify the financial and legislative risks in the organisational processes and procedures.
  2. Develop the appropriate risk evaluation criteria, including any tolerance levels that apply to the risk.
  3. Identify the relevant stakeholders, both internal and external, and seek out their views on the risks and the evaluation criteria.

Perform the following steps to assess the current exposure to the organisation:

  1. Identify the appropriate risk assessment tools, and apply them to establish the probability of risk.
  2. Identify and evaluate the potential severity and/or impact or consequence of the risk for the organisation.
  3. Using evaluation criteria, identify the mitigating effect of any existing controls and assess the exposure to risk.
  4. At this stage of the process, liaise and communicate with the stakeholders to provide them with the relevant information, and obtain their input, as pertinent.

Compare the exposure with the guidelines by completing the following:

  1. Research to identify the relevant guidelines for both the industry and the organisation, and compare the risk exposure levels with these guidelines
  2. Compare the identified exposure levels with industry and statutory obligations, identifying and reporting unacceptable residual risks.
  3. At this stage of the process, liaise and communicate with the stakeholders to provide them with the relevant information, and obtain their input, as appropriate.

Perform the following steps to prepare a probability assessment:

  1. Using appropriate measurement criteria, analyse the specific issues.
  2. Prepare a risk map that, in consistent manner, ranks and summarises the threats and risk issues.
  3. Liaise and communicate with the stakeholders to provide them with the relevant information, and obtain their input.
  4. Develop recommendations to mitigate the financial and legislative risk situations.

After you have completed the above steps, you will need to sit down with your assessor and discuss each of the following points as they relate to risk exposure:

  1. The key features and purpose of the Australian standards for risk management.
  2. The risk management principles and practices considered and applied throughout the task.
  3. Briefly outline the key policies and procedures of the organisation, as well as the operational guidelines relating to risk assessment.
  4. Explain the role of internal and external stakeholders relevant to risk.

You will need to provide your assessor with each of the following documents at the completion of your practical activity:

  • The risk evaluation criteria
  • Feedback from stakeholders
  • Risk management tools
  • A comparison risk exposure levels to industry and statutory obligations
  • An analysis of the specific issues
  • Recommendations to mitigate the risks
  • Risk map


Short Answer Questions


Answer the questions below by writing in the space provided. If you require more space, use a blank sheet of paper. Alternatively, you may like to use Microsoft Word and print out your answers to each question.

What you will need

  • Research materials such as books, internet, magazines, workplace documentation etc.
  • Access to legislative and regulatory documentation
  • Your Learner Guide for this unit of competence

Suggested Word limit

Short Answer Responses 4 typed lines = 50 words, or5 lines of handwritten text per question


1.  List 4 methods that could be used in the workplace to identify risks in organisational processes and procedures.

2.  What will you need to do when you are setting out to select the most appropriate risk evaluation criteria?

3.  What are risk tolerance levels?

4.  What are 3 risk assessment tools that are appropriate to apply and use to establish probability of risk?

5.  What types of analysis might you conduct to identify the potential severity and/or impact or consequence of risk? List at least 4.

6.  Explain the 4 mitigating effects that existing controls can have.

7.  What information will you need to use to assess the exposure to risk?

8.  What are 4 examples of industry relevant guidelines relating to risk exposure?

9.  Identify the range of factors that organisational guidelines to risk exposure are commonly based on.

10.  Briefly explain how to research and determine risk exposure levels in the financial services industry.

11.  Why is it important to identify and report unacceptable residual risks?

12.  What are the types of specific issues in the financial services area that may need to be analysed using measurement criteria? List at least 6.

13.  Outline the range of measurement criteria that may apply to organisations within the financial services industry.

14.  What is a risk map?

15.  Why is it important for risk maps to rank and summarise threats and risk issues in consistent manner?

16.  Briefly explain the role of stakeholders, both internal and external, relevant to risk.

17.  What method should be used to seek out the views of internal and external stakeholders?

18.  Why is it important to provide the stakeholders with information at each stage of the assessing of the organisation’s exposure to risks?

19.  Outline the key principles and practices of risk management.



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