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BSBRSK501 | Manage risk | Management

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BSBRSK501 Manage risk Management:

Knowledge Task
In this task, in order to be competent, you will be required to answer all the questions provided below in as much detail as possible. BSBRSK501 Manage risk Management. This task has 5 parts with multiple questions in each part and students need to answer all of them. There are no elective parts or questions. Satisfactory completion of the knowledge task will ensure that the students have the underpinning knowledge to proceed to the performance task.

Part a – General Knowledge
1. Outline the purpose and key elements of current risk management standards 
2  Outline the legislative and regulatory context of the organisation in relation to risk management
3. Outline organisational policies, procedures and processes for risk management.

Part b – Establish risk context
Describe how you can: 

1. Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
2. Determine scope for risk management process
3. Identify internal and external stakeholders and their issues
4. Review political, economic, social, legal, technological and policy context 
5. Review strengths and weaknesses of existing arrangements
6. Document critical success factors, goals or objectives for area included in scope
7. Obtain support for risk management activities
8. Communicate with relevant parties about the risk management process and invite participation

BSBRSK501 Manage risk Management



Part c – Identify risks
Describe in detail how you can:  

1. Invite relevant parties to assist in the identification of risks
2. Research risks that may apply to scope
3. Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties

Part d – Analyse risks
Describe how you can: 

1. Assess likelihood of risks occurring
2. Assess impact or consequence if risks occur
3. Evaluate and prioritise risks for treatment

Part e – Select and implement treatments
Describe in detail how you can: 
 
1. Determine and select most appropriate options for treating risks
2. Develop an action plan for implementing risk treatment
3. Communicate risk management processes to relevant parties
4. Ensure all documentation is in order and appropriately stored
5. Implement and monitor action plan
6. Evaluate risk management process

Performance Task 

In this task, in order to be competent, you will be required to perform all parts in a simulated work environment, observed by your trainer/assessor. 

The marking guide at the end of this task will be used as an observation checklist from your trainer. When performing the parts there must be evidence that the student has the ability to: 
1. Analyse information from a range of sources to identify the scope and context of the risk management process including:
   a) stakeholder analysis
   b) political, economic, social, legal, technological and policy context 
   c) current arrangements
   d) objectives and critical success factors for the area included in scope
   e) risks that may apply to scope
2. Consult and communicate with relevant stakeholders to identify and assess risks, determine appropriate risk treatment actions and priorities and explain the risk management processes
3. Develop and implement an action plan to treat risks
4. Monitor and evaluate the action plan and risk management process
5. Maintain documentation. 

Part b – Establish risk context
1. Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
2. Determine scope for risk management process
3. Identify internal and external stakeholders and their issues
4. Review political, economic, social, legal, technological and policy context 
5. Review strengths and weaknesses of existing arrangements
6. Document critical success factors, goals or objectives for area included in scope
7. Obtain support for risk management activities
8. Communicate with relevant parties about the risk management process and invite participation

Part c – Identify risks
1. Invite relevant parties to assist in the identification of risks
2. Research risks that may apply to scope
3. Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties

Part d – Analyse risks
1. Assess likelihood of risks occurring
2. Assess impact or consequence if risks occur
3. Evaluate and prioritise risks for treatment

Part e – Select and implement treatments

1. Determine and select most appropriate options for treating risks
2. Develop an action plan for implementing risk treatment
3. Communicate risk management processes to relevant parties
4. Ensure all documentation is in order and appropriately stored
5. Implement and monitor action plan
6. Evaluate risk management process