Plan a meeting with stakeholders including…

Student name:
Student ID number:
Qualification name:
Unit name:
Assessor name:

Final Assessment Results

Task Type Result
Satisfactory Unsatisfactory Did not submit
Assessment Task 1 Knowledge questions ¨ S ¨ U ¨ DNS
Assessment Task 2 Project Portfolio ¨ S ¨ U ¨ DNS
Overall unit results ¨ C ¨ NYC

Feedback:
My performance in this unit has been discussed and explained to me.
I would like to appeal this assessment decision.
Student signature: ____________________________________ Date: ___________
I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
Assessor signature: ______________________________ Date: _______________

STUDENT
ASSESSMENT TASKS

 

Manage business risk
BSBOPS504

Student assessment agreement
Make sure you read through the assessments in your student assessment booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.

Have you read the assessment requirements for this unit? ¨ Yes ¨ No
Do you understand the requirements of the assessments for this unit? ¨ Yes ¨ No
Do you agree to the way in which you are being assessed ¨ Yes ¨ No
Do you have any specific needs that should be considered ¨ Yes ¨ No
If so, explain these in the space below.

 

Do you understand your rights to reassessment? ¨ Yes ¨ No
Do you understand your right to appeal the decisions made in an assessment? ¨ Yes ¨ No
Student name
Student ID number
Student signature
Date
Assessor name
Assessor signature
Date

 

Introduction

The assessment tasks for BSBOPS504 Manage business risk are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.
Assessment for this unit
BSBOPS504 Manage business risk describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.
For you to be assessed as competent, you must successfully complete two assessment tasks:

  • Assessment Task 1: Knowledge questions – You must answer all questions correctly.
  • Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio.

Cover Sheet-Assessment Task 1: Knowledge questions
Student declaration
To be filled out and submitted with assessment responses
¨ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
¨ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
¨ I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name
Student ID number
Student signature
Date

Assessor declaration
¨ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name
Assessor signature
Date
Assessment outcome ¨ S ¨ NS ¨ DNS Resubmission ¨ Y ¨ N

Feedback:
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.

Student signature
Date
Assessment Task 1: Knowledge questions

Information for students
Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:

  • review the advice to students regarding answering knowledge questions in the Business Works Student User Guide
  • comply with the due date for assessment which your assessor will provide
  • adhere with your RTO’s submission guidelines
  • answer all questions completely and correctly
  • submit work which is original and, where necessary, properly referenced
  • submit a completed cover sheet with your work
  • avoid sharing your answers with other students.
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Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

  • where this task should be completed
  • the maximum time allowed for completing this assessment task
  • whether or not this task is open book.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Questions
Provide answers to all of the questions below:
Provide answers to all of the questions below:

  1. Explain the risk management process. You may answer using a labelled diagram or in words (or both) and must include:
  • a definition of risk management.
  • a list or illustration of the steps in a risk management process.
  • a description of what each step involves.
  1. Describe a current risk management standard. In your answer:
  • name the standard.
  • explain the purpose of the standard.
  • list key elements of the standard.
  1. Complete the table below to describe the types of business risk.
Type of risk Description Example Key responsibility
(at least two people)
Strategic risk
Compliance risk
Financial risk
Operational risk

 

  1. Complete the table to explain three different tools and techniques that may be used to identify risk. The first row has been completed as an example for you to follow.
Technique/tool Description
Brainstorming A group discussion to produce as many ideas or solutions to problems in a pre-determined amount of time.
  1. Explain four options that a company could use to take to control risks.
  2. Explain how legislation and its related regulatory requirements relate to risk management. In your answer:
  • identify two different legislative and regulatory requirements that may apply to risk management.
  • for each legislative requirement, explain how it relates to risk management.
  • provide one example of how regulations support one of the legislations.
  1. Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management.

 

  1. Complete the table below to summarise how three policies and procedures relate to risk management.
Policy/procedure Description
Record keeping policy and procedure
WHS policy and procedure
Confidentiality policy/procedure

Assessment Task 1: Checklist

Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully? Comments
Yes No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Task outcome:
  • Satisfactory
  • Not satisfactory
Assessor signature:
Assessor name:
Date:

Cover Sheet- Assessment Task 2: Project Portfolio
Student declaration
To be filled out and submitted with assessment responses
¨ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
¨ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
¨ I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name
Student ID number
Student signature
Date

Assessor declaration
¨ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name
Assessor signature
Date
Assessment outcome ¨ S ¨ NS ¨ DNS Resubmission ¨ Y ¨ N

Feedback:
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.

Student signature
Date

 

Assessment Task 2: Project

Information for students
In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.
You will need access to:

  • your learning resources and other information for reference
  • Project Portfolio template
  • Simulation Pack (if you need a case study).

Ensure that you:

  • review the advice to students regarding responding to written tasks in the Business Works Student User Guide
  • comply with the due date for assessment which your assessor will provide
  • adhere with your RTO’s submission guidelines
  • answer all questions completely and correctly
  • submit work which is original and, where necessary, properly referenced
  • submit a completed cover sheet with your work
  • avoid sharing your answers with other students.
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Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

  • where this task should be completed
  • how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Activities
Complete the following activities:

  1. Carefully read the following:
This project requires you to lead one business risk process or project for an organisation or work area. As part of the assessment, you will maintain relevant organisational documentation as you:

  • choose a risk management process or project to work on
  • establish the scope of the risk management process or project
  • analyse information from a range of sources to establish the internal and external context of your risk management process or project
  • consult and communicate with stakeholders to identify, assess, treat and prioritise risks
  • develop and implement an action plan to treat the risks
  • monitor and evaluate the risk management process and action plan.
Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, we are giving you the choice to base this project on your own business, one you work in or a familiar with, or you can use the case study provided. This will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way to your own situation!
It is important that you are able to access enough information for your chosen business in order to be able to do your assessment. As a minimum this should include workplace documentation relating to risk management (e.g., risk management policy and procedures). You will also need data to monitor and evaluate risk management process and related action plan.
You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.
  1. Preparation.
Make sure you are familiar with the organisation you are basing this assessment on and have read through the necessary background information. For the case study business, this is all of the documents included in the Simulation Pack. If it’s your own business or a business where you are working or are familiar with, have your business or case study approved by your assessor.
Choose an appropriate risk management process or project and complete Page 4 of your Project Portfolio for this unit.
Read through the requirements of Section 1, 2 and 3 of your Project Portfolio.
Complete Section 1 of your Project Portfolio. Steps 3 to 5 form part of Section 1.
  1. Establish the risk context.
Determine the scope of your chosen risk management process/project and
evaluate organisational requirements and standards for managing risk.
Also determine the legal requirements of your risk management process/project. list resources available to address risk and establish objectives and critical success factors of the risk management process/project
Identify stakeholders who will be part of the risk management process and explain how they will contribute.
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Answer questions 1 to 7 in your Project Portfolio.
  1. Communicate risk management processes to stakeholders.
Communicate with at least two stakeholders to:

  • explain the risk management process/project
  • invite stakeholders to help identify and assess risk.
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This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to organisational policy and procedures.
If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.
For the case study, refer to the internal communication policy and procedures for further guidance.
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Answer question 8 in your Project Portfolio.
  1. Analyse the business environment.
Analyse the external environment of the risk management process/project and establish the strengths and weaknesses within your business that have the potential to create or impact risk.
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Answer questions 9 and 10 in your Project Portfolio.
Make sure you have answered all questions in Section 1. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 1 of the Project Portfolio and make sure you attach these when you submit this section.
You will use the work done in this section of the Project Portfolio Section 1 to consult with stakeholders to assess and address risk.
Complete Section 2 of your Project Portfolio. Steps 6 to 7 form part of Section 2.
  1. Meet with stakeholders to discuss risks.
First, plan to discuss the risks with invited stakeholders.
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Answer question 1 in your Project Portfolio.
Make sure you are ready to use the tool/technique and risk scale identified in your planning.
Meet with at least two of the stakeholders you identified as part of Section 1 of your Project Portfolio.
At your meeting:

  • use an appropriate tool/technique to collaborate and identify at least three risks within the scope of your risk management process/project to focus on
  • establish at least two potential outcomes for each risk
  • assess each risk using the scale you identified in your planning
  • discuss treatment options for each risk
  • negotiate to prioritise the risks using the method identified in your planning.

As part of your meeting, you are required to:

  • negotiate with the stakeholders (have a respectful discussion where mutually agreed outcomes are agreed on and you include your rationale for your point of view)
  • use questioning and listening techniques to elicit opinions and confirm/clarify your understanding (such as asking open ended questions, avoiding rhetorical questions, allowing others a chance to present their views without interrupting, waiting an appropriate amount of time before responding and rephrasing what others say to clarify your understanding)
  • select appropriate conventions and protocols when communicating (such as handshake, business-like greeting, and introducing all meeting participants).
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This meeting should take 20 minutes.
This meeting may take place with actual people who work for/are associated with your chosen business. Alternatively, classmates or your assessor may play the role of one or more team members. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.
  1. Analyse the risks identified at the meeting.
Summarise three risks identified at the meeting and do research to find out more about them. Use digital technology to document risk (e.g. a risk register using MS Excel).
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Answer questions 2 to 5 of your Project Portfolio.
Make sure you have answered all questions in Section 2. Submit to your assessor for review.
You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 2 of the Project Portfolio and make sure you attach these when you submit this section.
Complete Section 3 of your Project Portfolio. Steps 8 to form part of Section 3.
  1. Develop and implement an action plan for one risk.
Complete an action plan for one of the risks and its related risk treatment.
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Answer question 1 in your Project Portfolio.
Communicate the action plan to relevant stakeholders.
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This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to your organisational policy and procedures and the instructions in the Project Portfolio.
If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.
For the case study, refer to the internal communication policy and procedures for further guidance. Use verbal communication to communicate the action plan (e.g. either via telephone call, video conference or face-to-face meeting). This should take 5 minutes. Classmates or your assessor may play the role of the stakeholders.
Role-plays can either be viewed in person by your assessor or you may video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.
Complete question 2 in your Project Portfolio.
Follow organisational policy and procedures to implement one step of your action plan (e.g., do research, request quote).
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If you are using the case study business, assume that one step in your action plan is to request quotes for RPA systems for invoice capturing. This may for example be through a chat functionality on a website or drafting an email to a sales representative of an AI business.
Maintain your risk management documentation to indicate completion of the step (e.g., mark a step in your action plan as completed).
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If your organisation’s policy and procedures do not specify how to maintain risk documentation, assume that action plans must be updated to show completion of each action/process or task (as per the Simulation Pack Internal communication policy and Procedure).
Answer question 3 in your Project Portfolio.
  1. Monitor and evaluate the risk management processes.
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Assume a period has passed.
If you are basing this on your own business, make sure you have data available to monitor and evaluate the risk management process/project and its associated action plan.
If you are basing this on the case study, information is provided in the Simulation Pack.
Monitor and evaluate the action plan and risk management process/project and write a report on the outcomes of the evaluation.
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Answer questions 4 and 5 in your Project Portfolio.
  1. Submit your completed Project Portfolio.
Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Remember to submit all necessary attachments as indicated.

Project Portfolio Activities

Student name:
Assessor:
Date:
Business this assessment is based on:
Risk management project/process:
Documentation reviewed as preparation:

 

Section 1: Establish risk context

1.Provide a brief overview of the business or organisation you are basing your portfolio on.
1.1 What is he name of the business or organisation?
1.2 What is the main focus of the business?
1.3 What role will you assume as you investigate risk for your chosen risk management process/project?
Note: This role should include the responsibility to lead risk management processes for the organisation or a work area.
2. Determine the scope of your chosen risk management process/project.
2.1 What does your chosen risk management process/project include?
2.2 Which departments or work areas are involved in the process?
2.3 Are there any risks the business will not manage (for example, staff retention)?
3. Evaluate organisational requirements and standards for managing risk.
3.1 Which organisational policies and procedures provide input on how you approach your chosen risk management process or project e.g. Risk management, Record keeping etc.?
3.2 Are there any processes you need to follow?
3.3 Attach policies and procedures to this section of your portfolio.
4. What are the legal requirements associated with your chosen risk management process or project?
4.1 Explain the legislation you need to comply with.
4.2 Do any regulations apply?
4.3 Is there the potential for new laws to be introduced or existing ones to be amended or rescinded?
4.4 Which risk management standard/s are used or guide the risk management activities of the business?
5. List the resources available for you to use as you plan, implement and monitor risk.
5.1 Are template documents available to support your risk management process/project?
5.2Do you have budget allocation or restrictions for the risk management process/project?
5.3 Which employees are available to assist you?
5.6 What other resources are required?
6. Establish objectives and critical success factors for your risk management process or project.
6.1 List two objectives.
6.2 List three critical success factors for the risk management process or project.
7. Identify stakeholders who will be part of the risk management process.
7.1 Who is able to shed light on or assist with risk identification, risk analysis and/or risk control?
7.2 Who is likely to be impacted by an adverse risk event?
7.3 How will each stakeholder provide input to the risk management process (such as identifying possible risks, helping describe their impact and suggesting ways to prevent or mitigate risks)?
7.4 What influence does each stakeholder have on risk management decisions?
7.5 What are the possible issues each stakeholder may have if a risk event occurs (for example, employees will still want to be paid, customers may still need your products or services and banks will still need to be paid for loans etc)?
8. Communicate with relevant stakeholders.
8.1 Who will you communicate to (at least two stakeholders) regarding:

  1. Explanation of the risk management process or project?
  2. Invitation to assist in risk identification.

8.2 How will you consult with each stakeholder?
8.3 If not already viewed in person by your assessor, attach proof (e.g. draft email, telephone conversation recording, video of meeting etc.) of your explanation of the risk management process/project to the stakeholders.
8.4 If not already viewed in person by your assessor, attach proof of your invitation to stakeholders to assist in the identification of risks (e.g. draft email, telephone conversation recording, video of meeting etc.).
Note: If suitable, 8.3 and 8.4 can be completed as one communication.
9. Analyse the external environment of your risk management process/project.
Note: You may choose to perform any external environmental analysis (e.g. PESTLE analysis) to answer this question instead of the questions below.
9.1 What is the political situation like (e.g. unrest, government support of small business, government policies)?
9.2 What is the current and predicted economic situation (e.g. state of local and other applicable economies, interest rates, exchange rates, employment rates etc.)?
9.3 Are there any social considerations (e.g. changing values, beliefs, attitudes and habits)?
9.4 How are technological advances affecting the business (e.g. internet, RPA, risk control)?
What are competitors doing?

  1. Establish the strengths and weaknesses within your business that have the potential to create or impact risk.

Note: You may choose to use any relevant analysis tool (e.g. SWOT analysis) to answer instead of the questions below.
10.1 Are the current risk management policy/procedures complete and comprehensive?
10.2 What is the state or condition of business’ resources relevant to your risk management process or project?
10.3 How effective are existing communication mechanisms between management and the workforce?
10.4 How loyal are staff?
10.5 What is the size and quality of the customer data base?
10.6 What is the business’ ability to fund or raise funding?
10.7 What is the business’ cashflow situation?
10.8 Are supplier relationships strong and reliable?

Attach: Policies and procedures ?
Communication to explain risk management process to stakeholders (if relevant) ?
Communication to invite stakeholders to identify risks (if relevant) ?

 

Section 2: Identify and analyse risk

1.Plan to discuss risks with invited stakeholders (identified in Section 1).
1.1 Choose a tool or technique to facilitate the group discussion to identify risks within the scope of the risk management process
Note: At the meeting, you will collaboratively choose three risks to focus on as a group.
1.2 List what will be discussed (e.g. identify risks, assess risks, risk treatments, priorities etc.)
1.3 What method and scale will you use to assess the likelihood and severity of the risks?
1.4 What will guide how you prioritise risk (e.g. risk matrix)?
1.5 What are you prepared to negotiate?
1.6 How will you negotiate?
1.7 Explain questioning and listening techniques you will use to seek the opinion of others and clarify your understanding of what others say.
2. Summarise risks.

  1. Summarise at least three risks identified at the meeting that apply to the scope of your risk management process or project. For each risk:
    1. Identify which type of risk it is.
    2. Identify who may be responsible for the risk.
    3. List at least two potential outcomes should the risk eventuate.
    4. What treatment alternatives were discussed?
    5. How do the stakeholders want to prioritise the risks?

2.2 If not already viewed in person by your assessor, attach proof of your stakeholder meeting (e.g. video of meeting etc.).
3. Complete the table below to assess the identified risks (use an appropriate scale and stakeholder input) to calculate a combined value for the risk’s likelihood and severity.
Note, you may enter relevant information into the table below, or use any other appropriate format. If you use another format (e.g. MS Excel spreadsheet), attach proof to this section of your portfolio.

Risk Potential outcome Student’s role Stakeholder 2 Stakeholder 3 Combined value (e.g. average)
Likelihood Severity Likelihood Severity Likelihood Severity Likelihood Severity

4. Research risks
4.1 Research each of the identified risks to learn more about the risk and any related risk treatment options (e.g. speak to stakeholders, do an internet search, review best practice examples, check policies and procedures, view past incidents, research technology solutions etc.).
Note: You must access at least two different sources of information.
4.2 Summarise the research done for each identified risk.
4.3 List the options available to you to treat your identified risks.
4.4 Attach proof of your research to this section of your portfolio.
5. Use digital technology to document and calculate risk (e.g. a risk register). Include the risk, potential outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of each treatment action.
Note: Risk is calculated (likelihood)x(impact).

Attach: Proof of your research (2 sources) ?
Stakeholder meeting ?
Risk assessment (likelihood and impact) if you did not use the table provided ?
Digital risk documentation e.g. risk register ?

 

Section 3: Implement and monitor risk treatment
  1. Complete the action plan below for ONE of your selected risk treatments (in your Risk register in Section 2).

Note: If your business already has an action plan template or other specific documentation requirements, use them instead and attach your work to this section of the portfolio.

Risk:
Action:
Desired outcome:
Overall person responsible:
Step: Person responsible: Timeframe: Resources: Performance measure: Outcome requirements: Done?

2. Communicate the action plan to relevant parties (each person responsible for a step in the action plan).
2.1 To whom will you communicate?
2.2 How will you communicate (e.g. face-to-face discussion, email)?
Note: If you are basing this assessment on the case study business, you are required to communicate verbally.
2.3 Unless already viewed in person by your assessor, attach proof of your communication to this section of the portfolio (e.g. email with attachment, project schedule, video of team meeting etc.).
3. Implement your action plan and maintain documentation.
3.1 Which step will you implement?
Note: If you are using the case study, assume that one step in your action plan is to request quotes for RPA systems for invoice capturing.
3.2 What are the organisational policy and procedure requirements to implement your chosen step in the action plan (e.g. how many quotes are you required to obtain, should a research report be written etc.)?
3.3 Attach proof of implementation to this section of your portfolio (e.g. request for quotes, research conducted and written into a research report etc.).
3.4 Describe how you maintained the documentation to indicate completion of the step (e.g. marked the action plan as “done”). If this step cannot be completed in the Project Portfolio, attach proof.
4. Monitor your risk management process or project.
4.1 What data is available?
4.2 Have any new risks emerged?
4.3 Have any incidents been recorded?
4.41 Have you (or other stakeholders) received or provided feedback?
5. Evaluate your risk management process or project.
5.1 Are you identified risks still relevant?
5.2 Have your risk treatments been successful?
5.3 Are there any new risks?
5.4 How satisfied are stakeholders with your action taken to manage risks?
5.5 Are your selected treatment options still in line with best practice?
5.6 Is any other risk treatment necessary?
5.7 Write a report on the outcomes of the evaluation and attach it to this section of your portfolio. In you report, include:

  • a summary of the risk process/project and associated risks and risk treatments
  • a summary of the progress of the action plan
  • a summary of new risks
  • a summary of risks no longer valid
  • any additional risk treatments required.

 

Attach: Action plan (if relevant) ?
Proof of communicating action plan ?
Proof of action plan step implementation ?
Proof of how you maintained documentation (if relevant) ?
Evaluation report ?

Section: 4 Role Play
For this part of assessment, you need to cover assessment requirements and task performance criteria of roleplay or presentation activities of project portfolio questions.
Assessment Task 2: Checklist

Student’s name:
Did the student: Completed successfully? Comments
Yes No
Complete the assessment in a role that allows them to lead the risk management process for an organisation or work area?
Determine the scope of their chosen risk management process/project, including:

  • what is included in the risk management process or project
  • work areas involved in the process
  • any risks excluded from the risk management process?
Evaluate organisational requirements and standards for managing risk, including:

  • policies and procedures that provide input on risk management approaches
  • processes that must be followed?
Determine the legal requirements of their risk management process/project, including:

  • an explanation of legislation that should be adhered to
  • regulations that apply
  • potential for new laws to the introduced or existing ones amended or rescinded
  • risk management standards that guide the risk management activities of the business?
List resources available to address risk, including templates that support risk management, budget allocation, human resources, and any other required resources?
Establish two objectives and three critical success factors of the risk management process/project?
Identify stakeholders who will be part of the risk management process, determine how each stakeholder will provide input to the risk management process, explain the influence each stakeholder has on risk management decisions and identify potential issues in the event a risk occurs?
Communicating with at least two stakeholders to explain the risk management process/project and invite stakeholders to help identify and assess risk?
Analyse the external environment of the risk management process/project (political, economic, social, technological and policy) and establish the strengths and weaknesses within the business that have the potential to create or impact risk?
Plan a meeting with stakeholders including:

  • a tool or technique to facilitate group discussion
  • method and scale to assess the likelihood and severity of the risks
  • how risks will be prioritised
  • what will be negotiated and how it will be negotiated
  • listening and questioning techniques to seek the opinion of others and clarify understanding?
Meet with at least two stakeholders to:

  • use an appropriate tool/technique to collaborate and identify at least three risks within the scope of their risk management process/project to focus on
  • establish at least two potential outcomes for each risk
  • assess each risk using an appropriate scale
  • discuss treatment options for each risk
  • negotiate to prioritise the risks using an appropriate the method?
Summarise the risks identified at the meeting including:

  • the type of risk
  • who is responsible for the risk
  • potential outcomes should the risk eventuate
  • treatment alternatives
  • priorities?
Assess the likelihood and impact/severity of each risk to calculate a combined value for likelihood and severity?
Research each of the identified risks to learn more about the risk and any related risk treatment options and then list options available to treat the risks?
Use digital technology to document and calculate the risks (including the risk, potential outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of each treatment action)?

 

Complete an action plan for one of the risk treatments in the risk register and communicate the action plan to relevant parties?
Implement the action plan according to organisational policies and procedures and maintain risk management documentation?
Monitor and evaluate the action plan and risk management process/project and write a report on the outcomes of the evaluation?
Demonstrate effective oral communication and teamwork skills, including:

  • listening and questioning techniques to clarify/confirm that they understand the views of others correctly
  • negotiating with stakeholders
  • selecting and using appropriate communication conventions and protocols?
Task outcome:
  • Satisfactory
  • Not satisfactory
Assessor signature:
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Date:

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