Bsbrsk501 manage risk assessment task 1

Assessment Task 2 BSBRSK501 Manage risk

Analyse and treat risk
Submission details
Candidate’s name

Sami Ullah

Phone no.

Assessor’s name

Phone no.

Assessment site

Assessment date/s

Time/s

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
For this task you are to analyse the risks you identified in the simulated business scenario to assess the likelihood and consequence of risks, evaluate and prioritise risks, and determine options for treatment. You are also required to develop a risk management action plan for the treatment of risks and communicate it to relevant stakeholders.

Assessment description
For the MacVille Pty Ltd simulated business scenario provided, you are required to assume the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be Manager of a new store. Ash has been tasked with conducting a risk management analysis of this new venture.

There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This project is divided into three assessment tasks as follows:

Assessment Task 1

Risk review report, email to stakeholders and meeting with CEO

Assessment Task 2

Risk analysis report, action plan and risk treatment

Assessment Task 3

Monitoring report

For this task, you are to use the information you gathered in Assessment Task 1, along with the simulated business information provided, to examine the likelihood and consequence of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information you are required to develop a risk management action plan for implementing risk treatment, document the plan as required, and communicate the risk management plan to relevant parties.

Procedure
Part A
1. Review the MacVille simulated business scenario information and documentation provided in the Appendices of this task and in Assessment Task 1.

2. Develop a report for the CEO (your assessor) that includes the following:

a. For each risk (i.e. the four identified in the scenario for this task), assess the likelihood of the risk occurring.

b. For each risk, assess the consequence of the risk occurring.

c. Develop a risk matrix to assist in prioritising the treatment of the identified risks, including numerical values (e.g. risk matrix in the Student Workbook).

d. Once you have prioritised the risks, for each, outline at least two suitable options for treatment.

e. Include an explanation of the process you used to identify risks and assess likelihood, consequence and priority. Also include an explanation of why the options you have suggested for treating the risks are:

i. likely to be effective

ii. feasible for the organisation.

Note: Ensure your report is written in a style appropriate to your stakeholder audience, for example, using appropriate language and including appropriate illustrative material (such as checklists, diagrams or flow charts) and attachments to support your findings and process.

3. Develop an action plan (you may use the Risk Management Action Plan template provided in Appendix 3 of this task) for implementing risk treatment and attach it to your report.

4. Communicate your analysis to the Board of Directors by submitting your risk analysis report, along with your risk management plan, to the CEO (your assessor) for internal distribution.

Part B
1. Implement your risk management treatment of one key risk, such as decreased brand recognition, in accordance with the requirements provided to you by the CEO (your assessor). You will need to discuss and agree with your assessor how to provide evidence of your implementation.

2. Submit the required documents for assessment as per the specifications below. Be sure to keep a copy for your records.

Specifications
You must:

· submit a risk analysis report, including a risk matrix

· submit a completed risk management action plan

· implement one risk treatment and submit evidence as agreed with your assessor.

Your assessor will be looking for evidence of:

· reading skills to gather, review, interpret and analyse text-based business information from a range of sources in order to evaluate risk

· written skills to organise and deliver information to effectively communicate risk management analysis and plan to a range of stakeholders

· numeracy skills to interpret mathematical data when reviewing and analysing scenario business information and evaluating risks and treatment options

· ability to work independently to evaluate risks and make decisions about treatment options

· ability to interact with others using appropriate conventions when communicating to, and consulting with, stakeholders

· ability to sequence and schedule activities and manage communication

· ability to analyse relevant information to identify and evaluate treatment options

· ability to use familiar digital technology to access information, document findings and communicate them to stakeholders.