Risk Management

Part 1
1. Why would an organisation wish to review organisational processes,
procedures & requirements for undertaking risk management? (3 marks)
2. When applying a risk management process, list 3 examples of scope that
the process may be limited to. (4 marks)
3. In your own words summaries the Risk Management guidelines. (4 marks)
4. How would you ensure that your risk management processes take into account the following
legislation, codes of practice and national standards: (2 marks each)
a. Duty of care
b. Company law
c. Contract law
d. Environmental law
e. Freedom of information
f. Industrial relations law
g. Privacy and confidentiality
h. Competition and Consumer Law
i. Disability law
5. Why is it important to gain support for risk management activities? What methods can you
use to get this support? (2 marks)
6. How would you communicate with relevant parties about the risk management process?
Relevant parties may include staff, internal and external stakeholders, senior management,
specific teams or technical experts. (3 marks)
7. How would you encourage such parties to assist in the identification of risks? (2 marks)
Part 2: Action Plan for Implementing Risk Treatment
Prepare a risk management plan for a business of your choice in accordance with the Australian and
New Zealand Risk Management Standard (AS/NZS ISO 31000:2009 Risk Management –
Principles and Guidelines
1. Details of your business – type of business, size and number of employees. (3 marks)
2. Identify all internal stakeholders. What might their concerns be in regards to risk
management? (5 marks)
3. Identify all external stakeholders. What might their concerns be in regards to risk
management? (5 marks)
4. Review your organisation’s risks in the context of: (3 marks each)
a. Political
b. Economic
c. Social
d. Technological e. Legal
f. Environmental
5. What are the strengths and weaknesses of the businesses existing risk management
practices? (4 marks)
6. Outline the following in regards to your risk management plan: (2 marks each)
a. Success factors
b. Goals and objectives
7. What tools will or techniques will your business utilise to research risks? (3 marks)
8. Using the risk assessment matrix analyse the following:
a. The likelihood of the risk occurring (1 mark)
b. The impact or consequence if the risk occurs (2 marks)
9. Evaluate and prioritise the risks for treatment (3 marks)
10. Select two risks and determine the most appropriate options for treating these risks. (8 marks)
11. Develop an action plan for dealing with one of these risks. Include:
a. What actions are required using the hierarchy of control (2 marks)
b. Who is taking responsibility (1 mark)
c. Time lines (2 marks)
d. Monitoring processes (2 marks)
e. Communication to relevant parties (1 mark)
12. Outline the documentation required for your risk management plan. (2 marks)
13. Outline how you will implement and monitor your plan. (5 marks)
14. How will you evaluate the success of your risk management process? (2 marks)
15. Provide details of insurance available to your business including companies that provide it. (5

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