BSBRSK501 – Manage Risk - Saridis

Activity 1
Start by allocating the task to one person (ideally someone with a particularly good grasp of
what your organisation is about, as well as some background knowledge about risk
management), or set up a sub-committee.
Whoever is in charge (committee or individual), you need to ensure that this is a whole-of-
organisation process so start spreading the word by holding a brainstorming session and
explaining what you're setting out to do in your newsletters and bulletins. More about this is
discussed in the help sheets dealing with other aspects of the risk management process.
Questions you need to ask as part of the process of establishing a risk management context
for your organisation can be broken down into two areas: the organisation context and the
strategic context

Steps
1. Define the scope or the risk assessment process
2. Define strategic and organizational context
3. Identify stakeholders and objectives
4. Determine the evaluation criteria

Activity 2

1. When, where, why, and how are risks likely to occur in this business
2. Are the risks internal, external or random?
3. Who might be involved or effected if this occurs?

Assessment BSBRSK501 – Manage risk

Question 1:
SWOT is an acronym for; Strengths, Weaknesses, Opportunities, and Threats. So in order to
classify factors under these four categories you need to ask several SWOT analysis
questions. These are:
 What are the strengths of this control measure?
 What are the weaknesses of this control measure?
 What are the opportunities provided by using this control measure?
 What are the threats involved in using this control measure?

Question 2:
 Stakeholders
BSBRSK501 – Manage Risk - Saridis

o Company staff and employees

o Owners stockholders and investors
o Customers and customers of your customers
o Suppliers and other companies
o Your community at large
o Beneficiaries of company profits

Question 3:
In a hotel, a risk action plan for escape routes when there is an emergency such as a fire
have been created. The team that was involved in making the risk action plan was the
engineer, the builder who built the hotel, the architect who has the plans of the hotel and
then trained staff members who are to lead the others out of the emergency.

Question 4:
 Identify the hazard
 Identify the risk
 Assess the risk
 Control the risk
 Document
 Monitor and review

Question 5:
The term stakeholders typically refer to the people who have an interest or share in the
project. In the case of risk management we can include anyone and everyone whose lives
and businesses can be negatively impacted by the risks or actions of the business.

Question 6:
 Inspections
 Consultations
 Testing
 Collection and evaluation of materials

Question 7:
 Identify risks
 The level of risks
 Your planned strategy
BSBRSK501 – Manage Risk - Saridis

 The time frame for implementing your strategy

 The resources required
 The individuals responsible for ensuring the strategy is implemented

Question 8:
In storing OHS information, it is important to remember that information is being stored so
that it can be used. You need to remember why is the information being stored, who will
want to use it, when and how often will they want to access the information, what protections
are required, what links or other factors need to be considered for the data to be meaningful,
what technology is available, what are the skills of the people in using the technology and on
following questions.

Question 9:
Likelihood + Consequence = Risk Score

Question 10:
The best way is through a brainstorming session with the people such as stakeholders,
technical advisors, OHS specialists etc.

Question 11:
Risk analysis involves:
 An estimate of the likelihood of each risk arising. This might be done initially on a
simple scale from rare to almost certain, or numerical assessments of probability
might be made
 An estimate of the consequences of each risk. This might be done initially on a
simple scale from negligible to severe, or quantitative measurements of impacts
might be used

Question 12:
 Establish the context
 Identify the risk
 Analyse and evaluate the risks
 Treat risks
 Monitor and review