Bsbrsk501 manage risk

BSBRSK501 Assessment Task 3 1 | P a g e Updated: Feb 2016 V 1.0

BSBRSK501 Manage Risk

Assessment 3

BSBRSK501 Assessment Task 3 2 | P a g e Updated: Feb 2016 V 1.0

BSBRSK501 Manage Risk

Assessment: 3 - Research and Questioning

Submission details

The Assessment Task is due on the date specified by your trainer. Any variations to

this arrangement must be approved in writing by your trainer.

Students will use their online study time to prepare for answers to the following questions and submit both hardcopies and softcopies of the answers.

See instructions below for details.

Instructions:

 To be prepared on an individual basis.

 Assessment will only be accepted if they have an assignment cover sheet on them signed by the student.

 Students must provide detailed answer for every question along with relevant examples.

 There is no word limit, but answer for every question should be reasonable in size, preferably ½ a page.

 The Trainer/Assessor may also ask from these questions and the students must adequately explain them according to their submitted answers.

 The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality and to verify the authenticity

BSBRSK501 Assessment Task 3 3 | P a g e Updated: Feb 2016 V 1.0

Please answer all the questions: 1. What is Risk Management process? Explain from an organisational point of view 2. What is important about managing Risk from the same Organisational point of view? 3. Discuss in short sentences, how scopes can be defined in the risk management process as mentioned in questions 1 & 2? 4. Is Risk is a known factor in every business organisation? Discuss. 5. What strategies can you put in place to minimize organisational risks? And what methods of risk management can be used to implement these strategies? 6. Discuss what should be included in risk management policies for an organisation? 7. What are the key areas for an organisation to identify and manage properly in order to have successful risk management policies and processes? 8. Why is clarity in communicating risk management plans important among stakeholders? 9. Why is it important to have support from all key stakeholders in risk management process and how that can be obtained? 10. Discuss what you understand as Risk management framework.