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1.1.    Review organizational processes, procedures and requirement for undertaking risk management in accordance with current risk management standards

1.2.    Determine scope for risk management process

1.3.    Identify internal and external stakeholders and their issues

1.4.    Review political, economic, social, legal, and technological and policy context

1.5.    Review strengths and weaknesses of existing arrangements

1.6.    Document critical success factors, goals or objectives for area included in scope

1.7.    Obtain support for risk management activities

1.8.    Communicate with relevant parties about the risk management process and invite participation

Q1. In a short paragraph for each, explain the meaning of these terms:

  1.  Risk
  2.  Risk management
  3.  Risk appetite
  4. Risk capacity

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Q2. Organizational processes, procedures and requirements for undertaking risk management assessments and managing risk should be periodically reviewed. Why?

Q3. Scenario you work for Australia Wide Taxation Solutions, a company of 1,500 employees offering taxation service across the country. The company is divided into five divisions: personal taxation, small business taxation, corporate service, personal wealth creation and corporate asset management. It is highly regulated industry and there are many laws that must be adhered to. You have been asked to undertake a risk management process for the entire organization. How will you identify the risk management scope? What advantages, difficulties and challenges does a scope of this size pose? How else might you approach the management of risk at Australia Wide Taxations Solutions?

Q4. Why is it necessary to consider stakeholders’ issues throughout the risk management process design?

Q5. Comment on the influence/ impact each of the following factors has on an organization’s risk profile: – Political –  Economic – Social – Legal –  Technological – Policy

Q6. Conduct a SWOT analysis for the current risk management practices of an organization with which you are familiar

Q7. Plans must be supported. Who should support them and why is this support necessary?

Q8. Create your own checklist for the qualities of a risk management champion.

Q9. Scenario Nautilus Boat Hire is a small business which is family owned and operated. It is located in a marina at a time of a major river and has been operating for five years. The business is based on: Hire of eight aluminum runabouts (tinniest) to youth groups, anglers and tourists e. Hire of two deep-sea vessels to serious anglers and scuba divers f. Hire of fishing gear g.  Sale of bait and scuba tank refills Nautilus Boat Hire is researching whether to expand the business offerings to include hire of three houseboats to families and groups of young adults. A survey they recently conducted revealed that a significant number of clients are tourists from interstate or overseas. Most clients are once-only hires who have no knowledge of local waters and weather conditions. As part of their business planning, the company identified the following risks to the new business offerings:-  People who are not strong swimmers, especially children, drowning – Houseboat clients getting lost and/ or stuck on sandbanks – Clients finding the houseboats very difficult to control in high winds, resulting in damage to the houseboat and/or land structure – Client being sunburned and dehydrated on hot, sunny days – Clients making a lot of noise when moored and residents complaining using the information that you have been provided, determine the goals, objectives and critical success factors that Nautilus Boat Hire would include in their risk management plan. 

Q10. Scenario You have been asked to oversee the management of risk for your team/ department at work, where an expansion process is currently being mooted. Identify the key stakeholders with whom you will communicate. For each of them describe:- Their interests – The primary and secondary communication methods that you will use with them –  The key message appropriate to them –  The contribution that you can expect from them stakeholder group interests communication key messages expected methods contributions .

Q11. What is the danger of attempting to manage risk without properly researching them?

Q12. List at least eight factors that should be included in the research of any given risk.

Q13. Fill the information in given flow chart showing the various steps involved in the following process. Use flow chart symbols. Your flow chart can horizontally or vertically. Process name: Determining the best way home. Background information: There are several routes that Kane can take to get from his office to home. His choice of which way to go is influenced by the amount of congestion, the time of day and the weather. If the weather is clear, it is before 5 pm and, after checking the road reports, his primary route is not congested, Kane goes that way. If the road report says the traffic is bad, he takes alternative Route B. If the weather is bad or if the weather is fine but it is past 5pm, Kane knows his primary route will be congested so he automatically takes alternative Route A home.

Q14. Using the flow chart you prepared, identify the risks that Kane faces.

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Q15. Choose a problem/ issue you wish to investigate further. Write the causes and effects for that issue.

Q16. Describe some common methods of researching risk. Give an example of when each would be suitable to use.

Q17. Scenario Security ‘R’ Us is a small security provision service company operating in an older part of the western suburbs. Security ‘R’ Us have recently moved to new work premises due to expansion in their business. The activities carried out by Security ‘R’ Us include, providing:- Security guards at banks, hospitals and the local university –    Armed guards for valuables, transport escorts – Security patrols to many industrial premises and schools in the greater metropolitan area With the move came the need for modification to the new workplace. The building had been constructed some 90 years ago. The asbestos register indicated that there are significant amounts of asbestos still in suit. In considering how to best manage the refurbishment project the managing director is workforce using a contract maintenance team to make modifications to the building, which requires removing two walls and part of the floor. Works will be carried out during normal working hours, with approximately half of the workforce including guards, administrative staff and the management team likely to be exposed to significant dusts that will be created during the works from drilling, sawing, manual dusting and sweeping. Identify the people at Security ‘R’ Us who should be consulted or involved in identifying the risks involved in the relocation and the reasons for their involvement. Suggest appropriate mechanisms for their involvement. Person or groups to be consulted reasons for consulting involvement mechanism.

Q18. Scenario Create a check sheet that could be used to record data in the scenario:

You are counting the number of defects on a production line that is turning out gadgets. There are three main types of defects that are seen, these are: misshapen gadgets, undersized gadgets and oversize gadgets. You will collect data for three, 12- hour shifts, but need to be able to separate the data for each of the shifts.

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