Assessment Task 1
FORMATIVE ASSESSMENT
Sessional Training Activities
SUBMISSION DETAILS
STUDENT NAME
STUDENT ID GROUP NO.
DATE OF
SUBMISSION PLACE OF
ASSESSMENT
Assessment summary
This assessment is a formative assessment during training for you to do at the end of each training session in order to test your skills and knowledge application ongoing basis related to the unit BSBRSK501 Manage risk and its elements and performance criteria.
Assessment description
This assessment requires the learner to complete each activity with applicable solutions related to managing risk at a workplace after each training criterion.
Performance objective
To test your ability to perform tasks ongoing basis after completion of each criterion of the workbook including foundation skills required to risk management process for a workplace.
Formative Assessment Instructions
1. Read through the activity very carefully after training is complete for a criterion.
2. When instructed to do so, provide solutions to the activity.
3. You can use workbook and any other sources of information during this formative assessment.
4. Address the activities and their terminologies in your solutions.
5. You are allowed an applicable time limits during training to complete the activity after completion of each criterion of the workbook.
6. The written solutions should be completed using clear English.
7. The assessment task is due on the time and date specified by your trainer/assessor.
8. Any variations to this arrangement must be approved in writing by your trainer/assessor.
9. See specifications below for details.
10. Based on your handwriting, if you find the space is not enough, please write on a separate sheet and attach at the back of this paper and refer to the activity number.
Specifications to submit (details of items for submission)
You must provide written solutions to all the activities using a pen or word-processed document as instructed by your assessor.
Your assessor will be looking for:
Your demonstrated performance to complete the tasks outlined using following foundation skills:
Skill Description
Reading • Comprehends a variety of relatively complex texts
• Gathers, interprets and analyses textual information from a range of sources to identify relevant information
Writing • Develops textual material and organises content in a manner that effectively documents risk management analysis and assessment priorities and processes
Oral
Communication • Participates in interactions with stakeholders using questioning and listening to elicit opinions, and to confirm and clarify understanding
Numeracy • Uses numerical tools to assess risk and uses numerical data to review plans
Navigate the world of work • Refers to organisational processes, procedures and requirements when making decisions about risk management
Interact with others • Establishes and uses appropriate conventions and protocols when communicating with stakeholders about risk management
• Consults and negotiates with stakeholders about risk management processes and outcomes
Get the work done • Sequences and schedules a range of routine and complex activities, monitors implementation, evaluates processes and manages relevant communication
• Systematically analyses information to decide on appropriate risk management treatments
• Uses digital technologies and systems to access information, document plans and communicate with others
ACTIVITIES
Provide written solutions to the following 16 activities using the space provided. Some activities may require your oral communication, navigate the world of work, interaction with others and get the work done. Perform those tasks as guided by your trainer.
Activity 1
1. In a short sentence for each, explain the meaning of these terms
a. Risk
b. Risk management
c. Risk capacity
d. Risk appetite
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2. Why should risk management policies and procedures be periodically reviewed? (100 words)
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Activity 2 - Scenario
You work for Australia wide taxation solutions – a company of 1500 employees offering taxation services in different cities across the country. The company offers five services. Personal taxation, small business taxation, corporate services, personal wealth creation and corporate asset management.
It is working in a highly regulated and legislated industry.
You have been asked to work with the team conducting a risk assessment for the entire organization.
How will you identify the risk management scope – what things do you need to look at? What challenges does a scope of this size pose and how would you approach the risk assessment process? (350- 400 words)
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Activity 3
Who are an organizations stakeholder and why should they and their issues be identified? (300 – 350 words)
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Activity 4
When considering organizational risk, it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence impact each of those factors has on organizations risk profile – the risk scope and context (300-400words)
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Why is it necessary to review existing risk management arrangements and standards?
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Activity 6 Scenario:
Nautilus Boat Hire is small family owned and operated business. It operates from a marina at the mouth of a major river and has been operating for five years.
The business is based on:
• Hire of eight aluminium runabouts (tinnies) to youth groups, anglers and tourists
• Hire two deep-sea vessels to serious anglers and scuba diver
• Hire of fishing gear
• Sales of bait and scuba tank refills
The business is considering an expansion that will include purchase of their houseboats for hire to families and group of young adults.
They recently conducted a survey revealing that a significant number of clients are tourist from interstate or overseas. Most clients are once-only hirer who has no knowledge of local water and weather conditions.
As part of their business planning, the company identified the following risk to the new business offerings:
1. People who are not strong swimmer, especially children, drowning
2. Houseboats getting lost and/or driven on to sandbars
3. Clients finding the houseboats difficult to control-resulting in damage to the houseboat and/or land structures when, for example, mooring
4. Clients being sunburned and dehydrated in, sunny days
Using the information provided describe the goals, objectives and target that Nautilus Boat Hire should include in their risk management plan. These are the critical success factors to the safety of the new operation. (A total of 250-300 words)
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Activity 7
How can support for risk management policies and procedures be encouraged? What skills might be used when garnering support and with whom should you communicate the risk management intentions? (200-250 words)
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Activity 8
1. The organization for which you work is planning an extension to the premises and an increase in staff numbers with a view to expanding into new markets. You have been asked to conduct research that will identify any risk or contingency requirements for the department that you head. What parties might be invites to assist with the risk identification and what contribution could they make? (150 – 170 words)
2. Why should employees be invited to participate in risk management consultation? (150 – 170 words)
3. What is the danger of attempting to manage risks without properly researching them? (30 – 40 words)
4. List 12 aspect of risk that might contribute to new research process.
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Activity 9
1. Several tools can be used to collect risk related information and data ready for analysis. List eight.
2. From the list select two methods. Explain what they are and how they work. (Approx. 200 words each)
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Activity 10
1. Plotting business risks on a risk matrix is recommended. What are the benefits of doing this? (80 – 100 words)
2. List four questions that might be asked when assessing and prioritizing risk.
3. How does categorizing risk help? List four benefits of categorizing risk.
4. List six factors that might contribute to financial risk
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Activity 11
1. A number of different risk treatments will be applied depending on the industry in which an organization operates its structure and the risks it faces. Explain what risk treatment is and the categories of risk treatment options that could be applied. (130 – 150 words)
2. Under what circumstances might it be appropriate to accept risks, without applying controls? (70 – 80 words)
3. Insurance is valuable and necessary, but why is it not a real risk control? (70 – 80 words)
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Activity 12
1. Why are risk management plans necessary? (220 – 250 words)
2. Risk management plans should be accompanied by action plan. What information is contained in an action plan? (50 – 60 words)
3. The organization for which you work has recently leased premises. The furniture and equipment has been in and the staff are due to start working there 3 days from now. As a basic risk precaution it is necessary to develop a suitable building evacuation procedure and you have been asked to oversee the process. There were evacuation posters at the old building but these will, of course, no longer be suitable. Using the template, create an action plan to show how you would proceed.
Risk Management strategy: Develop and document a task evaluation strategy. Make posters and place them where they can be seen by employees and any site visitors.
Action to be taken Responsibilities person/s Start/ end
dates Resources Costs Completion
Activity 13
1. List six methods that could be used to communicate risk management plans to relevant parties.
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2. The senior accountant at Abacus accounting, a small accountancy firm has their laptop stolen from an interstate restaurant where they were conducting a dinner meeting with clients. The laptop contains nearly four weeks of data that has not been backed up to the main server. This is a significant loss. In addition the accountant is now without use of a laptop and still has much client work to conduct.
The firm recognizes that the use of laptops by accounting staff is critical as is the information the laptops contain.
Abacus accounting decides to develop a risk management plan that will mitigate or minimize such losses in the future.
Amongst other things the plan contains details of
• Protocols for safeguarding laptops whilst travelling
• Protocols for backing up data
• Procedures for updating the asset register with laptop warranty and insurance details
• Procedures for reporting the loss of the laptop and how to
• Practice to follow in order to expedite replacement
- To whom should the plan be communicated and what communication procedures would be effective? (100 – 120 words)
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Activity 14
Why should risk management data and plans be documented and appropriately stored?
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Activity 15
It is important to monitor and evaluate an action plan once it has moved into its implementation phase. How does monitoring and evaluation help and what sorts of things might come under scrutiny? (200 words)
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Activity 16
1. Explain who should be involved in the evaluation of risk management treatments. (30 – 40 words)
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2. Sometimes external auditors can be called in to evaluate risk management plans and strategies. What are three advantages of using external auditors?
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------End of Formative Assessment--------
LEARNER DECLARATION
I declare that:
1. This submission is of my own work and does not involve plagiarism or cheating.
2. This submission is based on my own research and all sources used by me have been referenced.
3. This piece of work has not previously been submitted for assessment in this or any other subject.
4. I understand plagiarism and collusion obligation as outlined in the institute’s assessment policy.
5. I acknowledge that I have kept copies of all my assessment work being submitted to resubmit a second copy in case of any misplacement or damage to my work.
Student Signature ……………………….................................... Date ………………………..............
THE FOLLOWING SECTION IS FOR ASSESSOR USE ONLY
ASSESSOR DECLARATION
I confirm that the learner has satisfactorily and consistently performed the skills and tasks associated with the formative assessment ongoing basis during training that includes the unit elements and performance criteria. I have observed performance evidence and knowledge evidence over a given period, multiple assessment conditions and on multiple occasions.
The learner performance using foundation skills in activities during training has been found satisfactory in workplace/training environment requirements and procedures in formative assessment that relate to BSBRSK501 Unit of Competency.
ASSESSMENT OUTCOME: ? SATISFACTORY ? NOT SATISFACTORY
Assessor Signature ……………………….................................... Date ………………………..............
Feedback to learner (If any).