BSBRSK501 - Assessment Tasks Workbook

o ASSESSMENT SUMMARY / COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists are to be attached to this cover sheet before
placing on the students file.
Student results are not to be entered onto the Student Management Database unless all relevant
paperwork is completed and attached to this form.
Student Name:
Student ID No: Completion Date:
Unit Code: BSBRSK501
Unit Title: Manage Risk
Result Reassessment
Please attach the following documentation to this form S = Satisfactory
NS = Not Satisfactory
S = Satisfactory
NS = Not Satisfactory
NA = Not Assessed NA = Not Assessed
Assessment Task 1  Project S | NS | NA S | NS | NA
Assessment Task 2  Report S | NS | NA S | NS | NA
 Written questions and

Assessment Task 3 S | NS | NA S | NS | NA
answers
Final Assessment Result for this unit C / NYC
Assessor Comments and Feedback to student:

__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
Student Declaration: I declare that this assessment is my own Assessor Declaration: I declare that I have conducted a fair,
work based on personal study and research and not plagiarised or valid, reliable and flexible assessment with this student. I have
copied from another student’s work or source. provided appropriate feedback and advised the student of their result.
I am also aware of my appeal rights.
Name: ____________________________ Name: ____________________________

Signature: ____________________________ Signature: ____________________________
Date: ____/_____/_____ Date: ____/_____/_____
Administrative use only
Entered onto Student Management Database  ________________

Date Initials
Choice Academic College Page 1 of 43

RTO 41177 | CRICOS 03625F
June 2018 version: 1.0
Assessment Task 1 BSBRSK501 Manage risk
Project: Develop a risk management plan

Submission details
The assessment task is due on the date specified by your assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below
for details.
Performance objective
The candidate will demonstrate the skills and knowledge required to manage risks in a
range of contexts across an organisation or for a specific business unit or area in any
industry setting.
Assessment description
This assessment consists of developing a risk management plan for an organisation of
your choice (as discussed with your assessor) or using your college as your business. You
are required to develop a risk management plan, evaluate risks and prepare an action
plan to mitigate the risks.
Procedure
In this assessment task you are required to complete the following:
(a) Prepare risk management plan
(b) Evaluate risks
(c) Prepare action plans
The details are outline below in the specifications.
Specifications
You are required to develop a risk management plan for a company of your choice, or for
an area of the Registered Training Organisation in which you are studying. Your risk
management plan must include:
- a detailed stakeholder analysis;
- explanation of the risk context;
- critical success factors;
- identified and analysed risks;
- treatments for prioritised risk;
- details of the monitoring arrangements; and

- an evaluation of the risk managements plan efficiency in treating risks

- all required forms for implementation within a workplace (to be developed by
you)
Your evaluation of risks must include
- considering the likelihood of the risk occurring
- considering the impact of the risk
- determining which risks are most significant and are therefore priorities for
treatment
Your action plans should include
- what actions are required
- time lines
- who is taking responsibility
- monitoring processes
Your risks may include those relating to:

- commercial relationships
- human behaviour
- economic circumstances and scenarios
- individual activities
- legislation
- management activities and controls
- natural events
- political circumstances
- technology
To perform this task, you will be required to arrange a time to speak with your supervisor
(real, or ole-played by your assessor), and interview them about the business. However, it
is important that you are prepared before this appointment. Do your research. Find out
what the business does, how it operates, and investigate the industry as a whole. Your
supervisor will only respond to questions you ask.
Your assessor will be looking for your ability to:

● analyse information from a range of sources to identify the scope and context of the
risk management process including:
 stakeholder analysis
 political, economic, social, legal, technological and policy context
 current arrangements
 objectives and critical success factors for the area included in scope
 risks that may apply to scope
● consult and communicate with relevant stakeholders to identify and assess risks,
determine appropriate risk treatment actions and priorities and explain the risk
management processes
● develop and implement an action plan to treat risks
● monitor and evaluate the action plan and risk management process
● maintain documentation.

Your answers for task 1:
BSBRSK501 Manage risk
Answers for task 1:

i. Executive summary
ii. This is a report that would reflect upon the different risk factors that are associated with
expanding MacVille Cafe to the new Toowoomba store. The risk factors have been
identified after several meetings with the current manager of the shop. The report
includes an email to the stakeholders as well, and also an excerpt from the meeting with
the CEO.
iii. As per the instructions of the CEO, the new manager went to the new Toowoomba store
to gather some information about the operations and management of the existing
Hurley’s cafe from the current manager of the store, James Mansfield, and the landlord
of the premise, Ron Langford. It is understood that expanding and establishing a new
shop needs to be planned meticulously, and this needs careful assessment of the entire
scenario and properly gathering information. This report is has been made as per the
CEO’s specifications that would try to give you a proper knowledge about the current
functioning of the cafe and the assessment of all the risk factors that are associated with
the expansion.
iv. MacVille knows that risk management is an integral part of proper goods management.
The company tries to assess, evaluate and manage its risk factors, so that they can
provide the best services to their customers. In this report, risks are identified so that
those risks can be dealt with in a correct and efficient manner.
Effectiveness of the MacVille Risk Management Framework
The risk management framework tries to cover a number of important elements that help the
company to operate efficiently and provide the customers with the best services possible. An array of
operational, financial, commercial and strategic risks are identified and tried to be dealt with in this
framework.
MacVille has a very clearly defined risk management framework and the following are incorporated
within it, so that most of the obstacles t6hat may arise can be identified easily and solved.
● Policies and procedures: these are to control the internal functionings of the company and to
ensure that the shops run smoothly. These include policies on Human Resources (which
include policies on harassment in the workplace and staff policy for travel, parental leave
policy etc.), Financial prospects and Corporate Governance.

● Monthly reporting: The senior management team regularly hold meetings so that no
problems go unnoticed by the authorities and prompt and effective measurements can be
taken. The Board is given proper and detailed reports on these meetings so that they are
kept up to date with the problems and the solutions as well.
● Business planning and budgeting: The Board of Directors make proper budgeting plans and
decide on the business strategies that would best serve the company’s purposes and take
the company to the desired goals.
● Risk management review: The Financial, Audit and Risk Management Committee (FARM)
reports to the Board on internal controls. This committee is assigned with the task of paying
special attention to risk management. These reports are given to the CEO of the company
and the CEO reports directly to the Board of Directors. The committee also oversees the
internal and external audits; and this puts the committee in the perfect position to make
advices to the Board on how to effectively control the internal management as well as
advices on how to formulate the best strategies for running the business efficiently.
● External audits: MacVille takes the issue of financial management very seriously and makes
sure that the company is periodically audited by external agencies or audit firms so that no
discrepancies are found in the monetary functioning of the company. These audit reports are
sent to all the senior managers and the CEO and the Board of Directors.
This framework ensures that the company can operate without any glitches and even if any problems
do arise, the company can handle those situations and come up with the perfect solutions. These
company principle have been all taken into account while reviewing the new store at Toowoomba
and trying to identify all the risks that the company may come across.
The scope of risk management and role as the new manager of the Toowoomba store
The currently existing Hurley’s cafe is being taken over by MacVille and the company is trying to
gather information on the different aspects where risk may arise, so that MacVille can effectively
battle those and ensure a good running of business. The company already has a basic outline on
where it may face risks and problems while operating, and this outline will be governing the analysis
of the new store functions.
MacVille, primarily, thinks that it has risk factors associated with organisational, financial,
governance and project management. Multiple things and topics are included in this general
guideline which normally cover most of the potential problems.
As the newly appointed manager of this new store, meetings were scheduled with the current
manager of Hurley’s Cafe and the landlord of the premise. The new manager has been assigned with

the task of identifying the risks that may arise from this expansion and report to the CEO so that
further steps can be taken accordingly.
Upon meeting with the current manager of the store, James Mansfield, some points were identified
and notes were taken accordingly.
One of the biggest problems that was noticed was the distance between brisbane and Toowoomba.
The time that it takes to drive from the Brisbane to the new store would make the weekly managers’
meeting somewhat of a problem. New manager has to be trained properly so that he/she can
execute the responsibilities perfectly. The distance may pose as a serious issue, but it can also be
solved with good time management skills. The climb up to the store is blocked by trucks, which make
the approach somewhat of a problem. Since the distance is a problem, delivering fresh food items
would also become one of the bigger concerns for MacVille. This problem can be resolved reasonably
enough as the current store has infrastructure to bake fresh products within 30 minutes. This would
also render company-branded supplies to lag. The current establishment does not have any written
down contracts between the employees and Mr. Hurley. This has to be revised immediately as
MacVille is a much bigger chain and a proper contract must be made, else this may prove to be a
problem in the future. The store has to have a good flow of water supplies. The store currently uses
about 41,500 litres of water every week and this amount must be kept on being supplied. MacVille
may even need to upgrade the system to a dual-flush one, which would cost the company about
$7,500.
One of the major problems that were noticed during the meeting was the issue of cash handling. The
store does not have any safe for keeping cash and MacVille has to make sure that the cash register
is revamped. James said that there is a 50% chance of theft in the store. This is just one more
aspect that would only prompt MacVille to invest on making a proper cash registry system. The
furniture of the store also has to be replaced.
The store currently has no established process for treating injuries that may happen from work.
MacVille would be sure to make contracts that would include treatment of injuries.
SWOT
The new shop’s biggest strength is its location. It is set on the crossing of two main streets. This
would massively help to attract attention. The area is well connected by public transportation - this
would enable customers from far away to easily reach the shop without much hassle. The store
currently has moderate infrastructure which would prove helpful to MacVille while overhauling the
existing set-up.

The weakness that is faced by the store is the obstacles that are posed by the trucks. But
investigations can help to solve this with relative ease.
According to the landlord of the premise, Ron Langford, more shops can be opened in the
surrounding areas. He also explained that the population of the area is on the rise, and this would
ensure MacVille with a lot of customers and good profits. He further mentioned that a by-law would
be implemented from the next month by the government, which would allow cafes to expand their
footpaths and put more tables.
Two major threats have been identified which may concern the company. Firstly, the is a local law
that excessive water usage would result in a $50,000 fine, which is going to be backed up by the
government soon. MacVille has to pay close attention to this, and even has to upgrade the system if
necessary in order to minimize water usage. Another issue is the growing competition in the area.
Ron said there are many multinational cafe chains are trying to set up cafes in the city. This means
MacVille has to price their products very competitively.
These are the different risks that involve setting up the new store at Toowoomba which were
identified. To make sure the company operates like its other shops, these must be addressed as
soon as possible.
PEST
Political The new legislations that are being talked about

by the government would both help MacVille as
well as make operations somewhat of a
problem regarding the water issues
Economical Since the current store already has a basic

infrastructure, this would help MacVille to curb
a lot in terms of spending to upgrade
Social The existence of Hurley’s ensure that all the

regular customers would be wanting to come
back at the same place of their choice even
after the change. Retaining the customers
would easy, more or less

Technological MacVille has to invest considerably into

upgrading the water supply systems so that
extra fines do not have to be paid
Email to the stakeholders of the company
An email is being sent to the stakeholders, which would give them the proper idea pertaining to the
problems that have been identified and the possible solutions, so that they would have clear ideas
about the whole situation.
To,
The stakeholders of MacVille Ltd.
Sub: Explaining the different stakes at work
Dear Sir/Madam,
This mail is to inform you that Macville is establishing a new store at Toowoomba and the process
has identified some issues and problems regarding the running of the company in the area, the
solutions have also been chalked out. You are kindly requested to contact the management of
MacVille so that you could be given the proper detailed idea about the whole situation, so that you
can assess the situation yourself as well and assist the company with insights and advices that
would help us to serve you better.
Thanking you,
The Manager
MacVille Cafe, Toowoomba Shop

Points from the meeting with the CEO
After the issues had been identified, the new manager attended a meeting with the CEO of the
company. The key points of the meeting are given below:
● Key problems have been identified

● The problems have been explained to the CEO and they have been accepted
● Steps to deal with these problems have already been started to be planned
● The CEO has given full authority to the new manager to resolve the issues
● Further investigations are sanctioned and the manager is instructed to go on with original
plans to expand the new shop
Table of the stakeholders
Stakeholders Internal/external Role in process Stake in process
Workers Internal Ensuring smooth Retaining job and keep

everyday operations earning
while dealing with
customers
Manager Internal Managing the store so Making sure the

that every aspect of company profits the
the store runs properly most from this store
CEO Internal Overseeing the Helping MacVille to

process of expansion expand and reach its
potential
Suppliers External Keep supplying the Retain macVille as one

new store with the of their biggest
ingredients and the purchasers
materials

Customers External Coming to the shop Keep getting the best

and helping the food and services for
company to make that price
sales
Shareholders Internal Retain the shares of Profit more from the

the company shares as the price of
each unit would
increase with the
gradual development
of the company
Investors External Invest to the Expecting maximum

expansion of the returns from the
company investments
Conclusions
a. The new shop has some issues that have been identified. These problems are being tried to deal
with. The CEO has been notified and a report has been sent to the Board of Directors too. The
next courses of actions are being
Meeting Minutes
Title of production: Improve and development risk
Date of meeting: 15.07.2019
Time of meeting: 09.00 am.
Present: Everyone in the production
Action Item Time

Introduction 09.00 am.

Discussion about risks 09.30 am.

1. Lack of procedures and policy
2. Lack of procedures for injury
3. Too much water usage
4. Too much cash on premises
5. Lack of skills and training for staff
Solution 11.00 am.

1. Set up new system
2. Training
Conclusion 13.00 am.

1. Education and training
2. Written policy and procedures
3. Opening store earlier

Facilitator Guide BSBRSK501
Assessment Task 1: Develop a risk management plan
Candidate’s name Phone no.
Assessor’s name Phone no.
Assessment site
Assessment date/s Time/s
Assessor notes
 Where relating to a business, a student must have access to the companies’ policies and
procedures, and develop an understanding of the business process
 Where you are relating this assessment to the Training Organisation, you are to be available
for the student to interview / question as required. When being questioned by the student,
be sure to only answer the questions asked, and not lead the student. This is important as
the student needs to demonstrate their ability to control the interview, and extract relevant
information as required for the task.
 If using the RTO as a base for this assessment, you must ensure the student has access to:
 RTO policy and procedures
 Appropriate staff (relevant to risk focus)
 Background information on RTO and requirement for compliance
 Scope of training and current fees and charges
 The student does not need access to company finances, nor anything relating to costs /
expenses incurred by the RTO
 RTO based risks may include, but are not limited to:
 Human Behaviour - Changes in staff, loss of knowledge and experience within company,
heavy reliance on particular staff members, etc.
 Financial - Relying on one client for a large proportion of income, too much debt,
overpaying accounts, etc.
 Legal - legislative changes impacting overseas students, Government funding, RTO
ownership, being sued from customers, etc.
 Political - Overseas operations where governments of that country makes political
decisions that will prove to have adverse effects on the organisations profit / goals
 Social - Customer demand for product, increasing demand for different qualifications,
reduce demand for formal training, increased competition, etc.
 Technology - corruption or loss of student data, hardware and software failure, viruses
and malicious attacks, human error relating to data processing or data disposal
 Policy - Changes to legislation or direction in relation to Government funding, international
students, etc.

 When role-playing the supervisor, it is important that you allow the student to run the
meeting. Only answer or provide information relating to questions asked.
Assessment task 1 – Assessor checklist

This checklist is to be used when assessing the students in this task. This checklist is to be
completed for each student. Please refer to separate mapping document for specific details
relating to alignment of this task to the unit requirements.
In undertaking this assessment, did the student Satisfactory
Undertake a stakeholder analysis (including talking with  Yes  No

supervisor or other stakeholders)
Review the organizational requirements relating to risk  Yes  No
management
Identify the risk including:
 organisational context in terms of financial risks  Yes  No
 organisational context in terms of legal affect  Yes  No
 organisational context in terms of political affect  Yes  No
 organisational context in terms of social affect  Yes  No
 organisational context in terms of technology  Yes  No
 organisational context in terms of policy context  Yes  No
 potential risk events  Yes  No
Evaluate the risk including:
 likelihood of the event (almost certain, likely, moderate,  Yes  No
unlikely, rare, etc.)
 consequences / impact of the event (trivial, minor,  Yes  No
moderate, substantial, intolerable, etc.)
 Use of a risk register  Yes  No
Identify the risk strategies including:
 Risk avoidance  Yes  No
 Risk control  Yes  No
 Risk financing  Yes  No
 Risk transfer  Yes  No
Allocate responsibility  Yes  No
Determine the critical success factors  Yes  No
Identify appropriate risk treatment  Yes  No
Outline the details for monitoring the risk  Yes  No

Provide an evaluation of their risk management plan  Yes  No

Develop action plans for identified risks including:
 what actions are required  Yes  No
 who is taking responsibility  Yes  No
 time lines  Yes  No
 monitoring processes  Yes  No
Develop forms that identify:
 Risk Category  Yes  No
 Impact of Risk  Yes  No
 Risk severity  Yes  No
 Risk Frequency  Yes  No
 Risk Rating  Yes  No
 Risk Control  Yes  No
 Responsible Person  Yes  No
 Date for review  Yes  No
 Yes  No
Develop an implementation process for this plan
 Yes  No
Communicate the plans clearly and concisely
 Yes  No
Present plan in a logical and concise format
 Yes  No
Risk plan is efficient in its dealing with potential risks
 Yes  No
Stake holder analysis attached
 Yes  No
Risk plan written clearly and logically
 Yes  No
Risk aligns with AS/NZ 4360
 Yes  No
Risk plan attached

Comments/feedback to candidate
Outcome: Successful Unsuccessful
Assessor name:
Assessor signature:

Perform a risk assessment

Submission details
Submit this document with any required evidence attached. See specifications below
for details.
The candidate will demonstrate the skills and knowledge required to manage risks in a range of
contexts across an organisation or for a specific business unit or area in any industry setting.
This assessment is continuation from Assessment Task 1. In this task, using the risk management
process developed in Assessment Task 1, you are to perform a Risk Assessment in a business area
for an organisation of your choice. For example, you may use a department within your college.
Procedure
You should use the forms developed in Assessment 1 for this task, and submit them to your
assessor as part of your review
Specifications
As part of this task, you are to record:
● who was involved in the assessment
● the processes you undertook
● any issues you came across and how your dealt with them
● your findings from the risk assessment
● analyse information from a range of sources to identify the scope and context of the risk
management process including:

● consult and communicate with relevant stakeholders to identify and assess risks, determine
appropriate risk treatment actions and priorities and explain the risk management processes

Assessment Task 2 BSBRSK501 Manage
risk
Answers for task 2:
Risk analysis Report

Performance indicators Likelihood
a. .Banking risk Theft of cash left on premises – moderate.

b. Manager’s travel risk. Physical injury.- catastrophic
c. By -law Compliance risk. Reputation/ brand loss and fines – likely.
Consequence
a. Banking risk. Theft of cash left on premises – minor.

b. Manager’s travel risk. Physical injury - catastrophic
c. By-law Compliance risk. Reputation/brand loss and fines – moderate.
d. Banking risk. Theft of cash left on premises – moderate.
e. Travel risk. Physical injury
f. By-law Compliance risk. Reputation/brand loss and high fines
Options include following
a. Banking risk – theft of cash left on premises.

i. Change banks to a closer.
ii. Install a safe.
iii. Take out insurance for cash on premises.
Manager’s travel risk – physical injury.
i. Allow for overnight stay in Brisbane.

ii. Allow manager to fly instead of drive.
iii. Finish the managers meeting early.
Iv. Allow the Toowoomba to use video conferencing.
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Assessment Task 2 BSBRSK501 Manage
risk
By-law compliance risk – reputation/brand loss and fines.
i. Install a water tank for store use and change to native plants.
ii. Introduce water saving devices – dual flush toilet, 5-6 star rated (WELS) dishwasher.
iii. Change work practices – wash fruit and vegetables in still water, only run dishwasher
when full, select economy cycle if only a light wash required.
MONITORING REPORT
a. Banking risk – theft of cash left on premises – initially rated as moderate.
i. Insurance on ‘cash on premises’.
ii. Open an account with closest bank.
iii. Policy and procedure requirement to bank daily.
b. Manager’s travel risk – physical injury – initially rated as extreme.
i. Management meetings to finish 3:00pm.
ii. Install teleconferencing.
iii. Management training shift to morning half day sessions.
c. By-law Compliance risk – reputation/brand loss and fines – initially rated as high.
i. Apply for time to ‘make good’.
ii. Policy and procedures to change work practices.
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Your answers for task 2
III. Install water saving devices such as native plants, tank, dual flush toilet
systems, 5-6 star (WELS) dishwasher.
Implementation should include:
a. Banking risk – theft of cash left on premises.
i. The financial controller had taken out $5,000 the insurance cover on cash held on premises
overnight from the opening week as planned.
ii. The company bank account was opened about 4 weeks opening at
the bank two shops down the street.
iii. The training on daily banking has been successfully completed.
b. Manager’s travel risk – physical injury – initially rated as extreme.
i. The weekly management meetings are finishing close to 3:00pm.
ii. The assistant management training has been shifted to the mornings allowing the
manager to leave before 1:00PM.
c. By-law Compliance risk – reputation/brand loss and fines – initially rated as high.
I .An external audit was completed and presented to the board 6 months after settlement.
ii. The board and CEO included a new policy regarding compliance with the Toowoomba by-
law on water conservation.
iii. The plants have been changed to natives.
Iv .The dual flush toilets are ordered and in stock.
v. The 5 star rated (WELS) dishwasher was installed.
vi. The application to make-good by Goldsmith Partners on behalf of MacVille, was accepted by
the Toowoomba City Council.
vii. There has been one internal audit arranged by the store.

viii. Viii .A water tank had been built in to the courtyard.
ix. There is a weekly water usage monitor in the staff room

Outcomes : statement of current risk and reasons.
a. Banking risk – theft of cash left on premises – initially rated as moderate now low due to
insignificant consequence (insurance cover) and ‘unlikely’ likelihood because cash rarely
kept on the premises.
b. Manager’s travel risk – physical injury – initially rated as extreme still high. Likelihood
reduced to rare with the change in time travelled.
c. Evaluation.
By-law Compliance risk – reputation/brand loss and fines – initially rated as high now
moderate due to unlikely likelihood with the installed water saving devices and processes.
a. Banking risk – theft of cash left on premises – initially rated as moderate reduced to low.
Could be made more effective by 100% compliance with the daily banking directive and
removal of expensive insurance on overnight cash on premises.
b. Manager’s travel risk – physical injury - initially rated as extreme and reduced to high
because of the continued travel. Introduction of teleconferencing would reduce this risk to nil.
CEO should provide an excusal letter to ensure the manager leaves at the appropriate time.
By-law Compliance risk – reputation/brand loss and fines - initially rated as high and reduced to
moderate but could be reduced again to low by having Brisbane plumbers install the tank and the
dual – f flush toilets in the next 14 days. Monitor should be constantly updated to keep staff
motivated and a procedure should be written. More internal audits are required.

Facilitator Guide BSBRSK501_ _Task 2
Assessment Task 2: Perform a risk assessment
Assessment site
Assessor notes
 In the event that the student does not demonstrate competency in the previous task, the
assessor is to make any amendments required to enable the submission to be used in this
task.
 Where relating to a business, a student must have access to the company’s policies and
procedures, and develop an understanding of the business process
 Where you are relating this assessment to the Training Organisation, you are to be available
for the student to interview / question as required. When being questioned by the student,
be sure to only answer the questions asked, and not lead the student. This is important as
the student needs to demonstrate their ability to control the interview, and extract relevant
information as required for the task.
 If using the RTO as a base for this assessment, you must ensure the student has access to:
 RTO policy and procedures
 Appropriate staff (relevant to risk focus)
 Background information on RTO and requirement for compliance
 Scope of training and current fees and charges
 The student does not need access to company finances, nor anything relating to costs /
expenses incurred by the RTO
 The assessor should also include at least 2 risk issues for the student to identify and develop
appropriate contingencies for. This should be on top of any risks identified within the original
assessment.
 A sample Risk Management Plan that includes Risk Assessment Tools is provided with this
unit, and should be used as a benchmark for student expectations. It should not be given to
the students, as it is an assessors’ resource. (Students should be given examples of risk
management plans as part of their training.)

Assessment task 2 – Assessor checklist

This checklist is to be used when assessing the students in this task. This checklist is to be
completed for each student. Please refer to separate mapping document for specific details
relating to alignment of this task to the unit requirements.
Identify and customize the forms and appropriate as appropriate  Yes  No

Include all risks (and not exclude risks deemed minor)  Yes  No
Include who might be harmed (groups – not individual names)  Yes  No
Consider the possible causes and impacts of each individual risk  Yes  No
Identify and record the risk appropriately  Yes  No
Analyse the identified risk by:
 Assessing likelihood of risks occurring  Yes  No
 Assessing impact or consequence if risks occur  Yes  No
 Calculate the risk  Yes  No
 Evaluate and prioritise risks for treatment  Yes  No
Determine an appropriate risk treatment such as
 Eliminating the risk by ceasing the hazardous component  Yes  No
or activity
 Substitute a less harmful alternative hazardous substance  Yes  No
or process
 Isolate the hazard at source using engineering means (e.g.  Yes  No
– enclosure)
 Mitigate or reduce exposure to the hazard (e.g. – reducing  Yes  No
time or dose of exposure)
 Use PPE where required  Yes  No
Select appropriate and cost-effective risk controls  Yes  No
Outline the details for monitoring the risk  Yes  No
Record all elements accurately and clearly  Yes  No
Student communicated with others during this process to help in  Yes  No
identifying risks
Record all elements accurately and clearly  Yes  No
Completed Risk Assessment Attached  Yes  No

Assessor name:
Assessor signature:

Your answers for task 3 BSBRSK501 Manage risk
Written questions and answers

Submission details
Submit this document with any required evidence attached. See specifications below for details.
The candidate will demonstrate the skills and knowledge required to research, develop and present
a marketing plan for an organisation of their choice
In this assessment task, you are required to provide answers to the questions asked. You may use
additional documents as required.
Procedure
1. Read and understand the questions clearly.
2. Provide answers to the questions asked.
3. Give examples from your own experience as far as possible.
4. Submit all documents required in the specifications below to your assessor. Ensure you keep a
copy of all work submitted for your records.
Specifications
You must:
● meet with your assessor to clarify any confusion
● provide answers to all the questions
● submit your notes and any additional documents.
● If you utilise material from published authors make certain that you cite and reference
appropriately. If you do not know how to reference discuss this with your assessor. Plagiarism
is unacceptable.

● analyse information from a range of sources to identify the scope and context of the risk
management process including:

● consult and communicate with relevant stakeholders to identify and assess risks, determine
appropriate risk treatment actions and priorities and explain the risk management processes

Answer the following questions:

You are required to answer the questions given below. You may either use the space being provided
for your answers or attach separate answer sheets as required.
1. Define the term RISK, using a suitable example.
Risk is a term finance used to describe the uncertainty that a future event with a
favorable outcome will occur. All business decisions and opportunities are based on
this concept that future performance and returns are uncertain and rely on many
uncontrollable variables.
For example, a production manager has to decide whether it will be worth investing
company funds into a new machine that will increase production and require less direct
labor. There is a certain amount of risk with this decision because there is no certainty
that the machine will operate the way it’s supposed to. Future sales could dry up and
leave the machine idle because there’s no demand for the product. It could also put a
strain on the cash flow of the company.
All of these factors contribute to the risk of purchasing this new asset. Managers have
to use financial ratios to help analyze the expected rate of return and see if it is worth
taking the risk on the new purchase.
2. Define the term RISK MANAGEMENT:
Risk management is the process of identifying, assessing and controlling threats to an

organization's capital and earnings. These threats, or risks, could stem from a wide
variety of sources, including financial uncertainty, legal liabilities, strategic
management errors, accidents and natural disasters. IT security threats and data-
related risks, and the risk management strategies to alleviate them, have become a top
priority for digitized companies. As a result, a risk management plan increasingly
includes companies' processes for identifying and controlling threats to its digital
assets, including proprietary corporate data, a customer's personally identifiable
information and intellectual property.

3. What are the 10 principles of risk management (the 10 P’s)?

 Policy
 Planning
 Product
 Process
 Premises
 People
 Protection
 Procedures
 Purchasing
 performance
4. Outline 3 different ways you can alert people to potential hazards and risks in the
workplace.
 We identify hazards is by history. We gain information from past events and

know what has harmed someone in the past and usually develop standards
and regulations around such learning. Unfortunately we often learn by trial and
error.
 We learn to identify hazards is by standards, legislation and regulation however,
these two are primarily historical in nature.
 we identify hazards is by understanding human judgment and decision making,
this provides a basis with which to better imagine the ways humans will behave
and make decisions in an activity or in engagement with an object.

5. When determining the level of risk within an organisation, where would you gather
your information from?
National Guidance Notes

The National Occupational Health and Safety Commission (NOHSC) develop Guidance
Notes which provide practical advice and guidelines for controlling hazards and risks. A
list of some of the applicable Guidance Notes is included in Appendix 3.
6. Outline a strategy that you could implement to interest people / employees the
companies risk management process. Be sure to detail how you would maintain
the currency of information provided
There are two main types of standards applicable to occupational, health, safety and
welfare. These are: - National Standards produced by the National Occupational Health
and Safety Commission (NOHSC). These standards usually deal with workplace
hazards. A list of some of the applicable National Standards is included in Appendix 2
(Section 10.2) and Australian or Australian and New Zealand Standards produced by
Standards Australia in consultation with overseas standards bodies’ and Australian
working parties. These standards provide technical and design guidance information.
Standards are only enforceable by law if they are specifically included in State Acts and
or Regulations. Employee duty of care In addition to the responsibilities placed on
employers under OHS legislation, employees also have specific responsibilities.
Employers should be aware of and understand these responsibilities that include: •
taking reasonable care for the health and safety of people who are at the employee’s
place of work and who may be affected by the employee’s acts or omissions at work. •
co-operating with his or her employer or other person so far as is necessary to enable
compliance with any requirement under the legislation that is imposed in the interests
of health, safety and welfare.• not, intentionally or recklessly, interfere with or misuse
anything provided in the interests of health, safety and welfare under occupational
health and safety legislation.

7. Outline a strategy that could be used to ensure participatory arrangements are

established and maintained with employees and their representatives within a
small business. Be sure to include how you would document this process and
make the information available to all employees to ensure you meet legislative
requirements.
Duty of Care
Under the NSW Occupational Health and Safety Act, all employers owe a duty of care to
all people at the workplace including those people who are not employees. This duty
encompasses the welfare of employees. Duty of care requires everything reasonably
practicable to be done to protect the health and safety of people at a workplace.
8. Outline the process you would use to ensure that any issues raised through
participative arrangements and consultations are dealt with and resolved promptly
and effectively?

9. You are to detail how you would identify an intervention point for expert risk
management advice. Be sure to provide examples of when you would seek expert
advice, and who you would contact to receive such advice.
 Spot the hazard
 Risk identification
 Access the risk
 Risk control
 Documenting the process
 Monitoring and reviewing
10. Outline the Hierarchy of Control, explaining how it affects your suggested control
measures.
Hierarchy of hazard control is a system used in industry to minimize or eliminate

exposure to hazards. It is a widely accepted system promoted by numerous safety
organizations. This concept is taught to managers in industry, to be promoted as
standard practice in the workplace. the hazard controls in the hierarchy are, in order of
decreasing effectiveness:
 Elimination
 Substitution
 Risk Transfer
 Engineering controls
 Administrative controls
 Personal protective equipment

11. Describe AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines
 ISO 31000:2009 can be used by any public, private or community enterprise,
association, group or individual. Therefore, ISO 31000:2009 is not specific to
any industry or sector.
 ISO 31000:2009 can be applied throughout the life of an organization, and to a
wide range of activities, including strategies and decisions, operations,
processes, functions, projects, products, services and assets.
 ISO 31000:2009 can be applied to any type of risk, whatever its nature,
whether having positive or negative consequences.
 Although ISO 31000:2009 provides generic guidelines, it is not intended to
promote uniformity of risk management across organizations. The design and
implementation of risk management plans and frameworks will need to take
into account the varying needs of a specific organization, its particular
objectives, context, structure, operations, processes, functions, projects,
products, services, or assets and specific practices employed.
 It is intended that ISO 31000:2009 be utilized to harmonize risk management
processes in existing and future standards. It provides a common approach in
support of standards dealing with specific risks and/or sectors, and does not
replace those standards.
 ISO 31000:2009 is not intended for the purpose of certification.
12. Describe the documentation retention policy that applies to risk management
paperwork.

A document retention policy is simply a company's procedures for the preservation and
non-preservation of information. This includes traditional records and documents, as
well as documents or information stored in electronic or other formats, including e-mail,
text messages and information stored on mobile devices – think Smart-phones, iPads
and lap-top computers. Retention policies address the life cycle of a business' records
on all computer devices from their creation, through storage and destruction. Our ever-
changing mobile-data driven business models require a record retention policy that
recognizes and meets these changes.
13. What information should you include in your risk management action plan?
The risk management plan should include identifying risks upfront, analyzing
how risks will affect a project, potential risk planning, and monitoring risk.

14. Describe the steps you would take when implementing a risk management action

plan.
 Define what value your organization will gain from plan
 Research and understand different standards and frameworks
 Inventory what your organization is already doing

 Seek support and help
 Keep it simple
 Start small
 Report on progress
15. Describe the steps you would take when monitoring your risk management action
plan.
 Identifying the Risk and Creating a Risk Register

 Analyzing and Evaluating Risks
 Identifying Risk Triggers
 Brainstorming for Solution Ideas
 Creating a Plan
 Monitoring and Reviewing Risks
16. Describe the steps you would take when evaluating your risk management action

plan.
Step 1: Identify the Risk

Step 2: Analyze the risk
Step 3: Evaluate or Rank the Risk
Step 4: Treat the Risk
Step 5: Monitor and Review the risk
17. What are the 5 main risk types that face businesses

 Competitive risk
 Economic risk
 Operational risk
 Legal risk
 Compliance risk
18. Following from the previous question, you are to provide an example of a risk and a
risk management strategy for each risk type.

Risk management
Risk Type Example Risk
strategy
Competitive New rival Mitigation
compliance New rules acceptance
Interest rate rise on your

Economical Transfer of risk
loan

Operational Breakdown Transfer of risk
Legal New rules and regulation acceptance

Facilitator Guide BSBRSK501 _ _Task 3
Assessment Task 3: Written questions and answers
Assessment site
Outcomes
Satisfactory
Did the candidate: Yes No
Answer all the questions?
Provide examples as and when necessary?
Submit all the documents as required?
Complete assessment within agreed deadline?
Performance indicators
Satisfactory
Did the candidate answer the following questions? Yes No
1. Define the term RISK, using a suitable example.
2. Define the term RISK MANAGEMENT:
3. What are the 10 principles of risk management (the 10 P’s)?
4. Outline 3 different ways you can alert people to potential hazards

and risks in the workplace.
5. When determining the level of risk within an organisation, where

would you gather your information from?

Satisfactory
Did the candidate answer the following questions? Yes No
6. Outline a strategy that you could implement to interest people /

employees the companies risk management process. Be sure to
detail how you would maintain the currency of information provided
7. Outline a strategy that could be used to ensure participatory

arrangements are established and maintained with employees and
their representatives within a small business. Be sure to include
how you would document this process and make the information
available to all employees to ensure you meet legislative
requirements.
8. Outline the process you would use to ensure that any issues raised
through participative arrangements and consultations are dealt
with and resolved promptly and effectively?
9. You are to detail how you would identify an intervention point for
expert risk management advice. Be sure to provide examples of
when you would seek expert advice, and who you would contact to
receive such advice.
10. Outline the Hierarchy of Control, explaining how it affects your

suggested control measures.
11. Describe AS/NZS ISO 31000:2009 Risk Management - Principles

and Guidelines
12. Describe the documentation retention policy that applies to risk

management paperwork.
13. What information should you include in your risk management

action plan?
14. Describe the steps you would take when implementing a risk
management action plan.
15. Describe the steps you would take when monitoring your risk
16. Describe the steps you would take when evaluating your risk
17. What are the 5 main risk types that face businesses
18. Following from the previous question, you are to provide an

example of a risk and a risk management strategy for each risk
type.

Assessor name:
Assessor signature:

Unit Feedback BSBRSK501 Manage risk
Please help us to improve our services to you. We would appreciate your honest feedback on
the training provided for this unit.
Thinking about your experience while participating in the training for this unit, please read the
following statements and tick one response only.
Trainer
name
Date Site
started
Learner name
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classes.
The methods of presentation were engaging and effective.    
There is a good balance between theory and practice.    
Your trainer provided opportunities for you to ask questions and    
participate during class.
You had access to individual assistance.    
Assessment tasks required you to demonstrate what you learned.    
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The unit resources were useful and easy to understand.    
The facilities and online resources if needed for this unit were    
adequate.
The knowledge and skills you have learned will assist you in your    
career.
You are satisfied with the quality of this training.    
If you ticked “Disagree” for any questions above, could you please provide an explanation?
What did you find most challenging about studying this unit? Please specify.
Do you have any suggestions on how we could improve this unit
Thank you for your feedback


BSBRSK501 - Assessment Tasks Workbook

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o ASSESSMENT SUMMARY / COVER SHEET

Student ID No: Completion Date:

Unit Code: BSBRSK501

Unit Title: Manage Risk

Assessment Task 1  Project S | NS | NA S | NS | NA

Assessment Task 2  Report S | NS | NA S | NS | NA

 Written questions and

Final Assessment Result for this unit C / NYC

Assessor Comments and Feedback to student:

I am also aware of my appeal rights.

Name: ____________________________ Name: ____________________________

Administrative use only

Entered onto Student Management Database  ________________

Choice Academic College Page 1 of 43

Project: Develop a risk management plan

The details are outline below in the specifications.

Choice Academic College Page 2 of 43

- an evaluation of the risk managements plan efficiency in treating risks

Your risks may include those relating to:

Your assessor will be looking for your ability to:

Choice Academic College Page 3 of 43

Answers for task 1:

Effectiveness of the MacVille Risk Management Framework

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Choice Academic College Page 5 of 43

Choice Academic College Page 6 of 43

Political The new legislations that are being talked about

Economical Since the current store already has a basic

Social The existence of Hurley’s ensure that all the

Choice Academic College Page 7 of 43

Technological MacVille has to invest considerably into

Email to the stakeholders of the company

The stakeholders of MacVille Ltd.

Sub: Explaining the different stakes at work

MacVille Cafe, Toowoomba Shop

Choice Academic College Page 8 of 43

Points from the meeting with the CEO

● Key problems have been identified

Table of the stakeholders

Stakeholders Internal/external Role in process Stake in process

Workers Internal Ensuring smooth Retaining job and keep

Manager Internal Managing the store so Making sure the

CEO Internal Overseeing the Helping MacVille to

Suppliers External Keep supplying the Retain macVille as one

Choice Academic College Page 9 of 43

Customers External Coming to the shop Keep getting the best

Shareholders Internal Retain the shares of Profit more from the

Investors External Invest to the Expecting maximum

Title of production: Improve and development risk

Date of meeting: 15.07.2019

Time of meeting: 09.00 am.

Present: Everyone in the production

Action Item Time

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Discussion about risks 09.30 am.

Solution 11.00 am.

Conclusion 13.00 am.

Choice Academic College Page 11 of 43

Assessment Task 1: Develop a risk management plan

Candidate’s name Phone no.

Assessor’s name Phone no.

Assessment date/s Time/s

Choice Academic College Page 12 of 43

Name: Name: