BSBRSK501 MANAGE RISK

Written Assessment Task

BSBRSK501 MANAGE RISK

Student Name:

ATTACHMENT A

PART THREE Tasks – Risk Management Action Plan

1. The elements and components of a risk management action plan.

ELEMENTS	COMPONENTS

1. Explain the purpose of each of the elements of a risk management action plan. Identify five (5) strategies to implement this action plan

PURPOSE	LIST 5 STRATEGIES TO IMPLEMENT

1. Management of the risks (consider: your knowledge of risk identification, risk assessment, assess the likelihood or risks occurring, assess the impact or consequences of risks occur and then evaluate and prioritise risks for treatment/control.

Physical inspections

Identify the areas, activities, equipment, etc. that would require physical inspections to identify risks at. How often would each of these need to be inspected?

Physical inspection item	Frequency

Identify the key risks in your organisation including the name, description, cause/s, and consequences.

Risk	Name	Description	Cause/s	Consequence

Risk analysis

Complete this document using the risk matrix to determine the likelihood, consequence, and level of risk.  

Risk	Likelihood	Consequence	Level of risk

Risk evaluation

Undertake the risk evaluation of these risks that require further treatments and the priority for risk treatment.

Risk	Level of risk	Treatment Y/N	Priority

The risk criteria

Determine the risk criteria for use in a risk assessment to determine and select the most appropriate options for controls. Consider how you describe and measure the following:

Likelihood
Consequences
Level of risk

Risk Treatment

From the high priority risks identified in previous activities consider the treatment options.

Risk treatment considerations
Discuss the most appropriate options for treating this risk.

1. Outline how you would determine and select the most appropriate options for training.

Determine and select appropriate options for training.

1. Outline how you would consult, communicate and invite participation with relevant stakeholders to identify and assess risk, determine appropriate risk treatment actions and priorities and explain the risk management processes.

Communication Plans

Identify the methods of communication, consult and invite participation with relevant each stakeholder.

Stakeholder	Method to communicate	Objective	Frequency

Overcoming barriers to communication

Think of a project you are working on at your workplace. Identify any barriers that may impair communication and consultation (e.g. language, technical knowledge) and determine how these will be overcome.

Barriers	How these will be overcome

1. Risk Management Plan

Develop a management plan for ONE of your identified risks. This plan must include:
Identify the risk/ the priority of that risk Activities/actions to be taken Responsibilities Resources Implementation strategies Timeframes

7. How would you record and maintain this risk management documentation?

Identify the records and documents that could be used to assist in risk identification and what area of risk they might assist with.

Records and documents	Area of risk

Identify documentation used by your organisation to record the success or failure of risk management plans.

How are these documentation maintained

1. Outline how you would monitor and evaluate the action and risk management process.

Outline how you would monitor and evaluate rthe action and risk management process.