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BSBRSK501 Manage Risk

Question

Answered

Question:

Q1: Read the case study below and respond to questions.

Context: Mario of A-Four Printing in Melbourne, Australia is planning to start a new branch in regional Victoria. His risk assessment manager, Sarah is a qualified ISO 9001 auditor and has worked with the Australian Government on a number of similar projects. Mario has asked Sarah to perform due diligence and detailed risk analysis and management of the business before suggesting a new branch in regional Victoria.

Sarah knows the importance of reviewing organisational processes and procedures before undertaking risk analysis and management according to the current risk management standards to establish risk context and scope. Considering the set requirements, Sarah has reviewed some options and shortlisted a few areas with better connectivity to public transport, good infrastructure and skilled workforce.

As Sarah, Risk Assessment Manager at A-Four Printing, answer the following questions.

What steps must you take to establish the risk management context? Identify five (5) steps based upon the above-mentioned case study.

Q2: A well-established scope for risk management process is essential before establishing the risk management context.

What should be included in a well-established risk management process scope?

Q3: Identify any five (5) internal and any five (5) external stakeholders who can help you in identifying risks related to opening a new office branch?

Q4: Answer the following questions:

a.Why must an organisation review political, economic, social, technological, legal and environmental policy context before establishing the risk management context and risk management plan?

b.What are the benefits of reviewing these factors?

Q5: Read the case study below.

Big business is attractive, with huge profits for some. However, there's something to be said about small business as well, with lower risk and the potential for creativity. Mario of A-Four Printing in Melbourne found success in his business by pursuing customers with both large and small orders. A-Four started out catering only to large orders and the shop sat idle in between orders.

Through effective scheduling and transparent pricing, they were able to fill in idle times with smaller orders. A-Four found profit in a market segment that other local screen printers were not eager to fill. Specialists believe this was a smart strategic move, allowing A-Four to spread out risk in their business and offer customised products. Some company employees were upset though, because of the adjustments required for the small orders, pointing out that this may affect the large orders, and moving forward may hurt the company's productivity.

Using the case study as an example, why is it important to review and evaluate strengths and weaknesses of existing arrangements in an organisation?

Q6: Why must you document critical success factors, goals or objectives for the areas included in the scope of the risk management process?

Q7: As a risk manager, how would you gain support for risk management activities from the employees in your organisation? 

Q8: Answer the following questions:

  1. Mention any three (3) relevant parties you may approach for participation in risk management processes?
  2. Why should you communicate with relevant parties about the risk management process and invite them for participation?
  3. What are the benefits of communicating with interested parties and inviting participation regarding the risk management processes?

Q9: Documenting the context provides an overview of the organisation, its objectives and specific criteria for business success, the objectives and scope of the risk assessment activity and a set of key elements for structuring the risk identification activity.

Q10: Read the case study below and answer the questions:

For any business, the safety of its employees and customers is a major concern.

However, complying with workplace health and safety regulations and completing detailed risk assessments was, in the past, a daunting administrative burden for many organisations.

  1. What is the major concern/risk for any company, how severe can the impact be and how likely can it occur? Write your answer in 50-100 words.
  2. How effective do you think companies are in managing their major risk concerns by utilising the one stop online service? Write your answer in 50-100 words
  3. In the context of both small and large organisations, what do you think are the major challenges in complying with health and safety regulations?
  4. What are the major attributes any online service like one stop solutions should have to effectively serve the potential customers?
  5. What do you think are the major risks that any small business has to face in everyday life?
  6. “There is no reason why any organisation, large or small, can’t follow this online procedure” Up to what extent do you agree with this comment made by manager and why?

Q11: Timely and appropriate communication with stakeholders is critical in order for the emergency risk management process to flow smoothly.

Q12: What parties might you invite to assist you in the identification of risks in an organisation? Mention any five (5).

Q13: What are the strategies or processes you may use to research risks that may apply to scope? Identify five (5) and provide an explanation for each.

Q14: Identify three (3) methods/techniques/approaches you may use, in consultation with relevant parties, to generate a list of risks that apply to the scope?

Q15: What is effective consultation when conducting risk identification in an organisation?

Q16: Complete the below "Coordinating stakeholders’ communication plan".

  • The key stakeholders with whom they would communicate
  • The responsibilities of the group

Q17: Why is assessing risks in relation to a workplace health and safety management plan important, taking into account their likelihood and consequences?

Q18: The objective of risk analysis is to produce outputs that can be used to evaluate the nature and distribution of risk and to develop appropriate strategies to manage the risk.

Support the statement and address the below criteria:

  • Assess impact or consequence if risks occur
  • Evaluate and prioritise risks for treatment

Q19: Explain the identification, selection, evaluation and implementation treatment options available to an organisation for risk management.

  • Determine and select the most appropriate options for treating risks
  • Develop an action plan for implementing risk treatment
  • Communicate risk management processes to relevant parties
  • Ensure all documentation is in order including legislative, regulatory and legal issues and risks
  • Implement and monitor action plan
  • Evaluate risk management processes

Q20: Why should stakeholders and relevant parties be identified and contacted before implementing actions identified for risk management?

Q21: Explain the seven (7) principles that summarise the key features of stakeholder management.

Q22: Risk management requires preparing and maintaining a number of documents for identification, analysis and management of risks.

What is the importance of preparing and safely storing the documentation in the event of any legal problems?

Q23: What is a PESTLE Analysis and what are five (5) advantages and five (5) disadvantages of conducting PESTLE Analysis?

Q24: Read the case study below.

The companies reacted in different ways, and ultimately, Ericsson did not do well, quitting the mobile phone business and allowing Nokia to win over the European market. While Ericsson had tied up all of its key components in a single source and planned to wait out the problem with the fire, Nokia worked to snatch up spare chips from other plants and suppliers, as well as re-engineer some of their phones to adapt to different chips from new suppliers. It's not hard to imagine what happened after that. Nokia kept trucking along, while Ericsson suffered from months of lost production and sales, allowing the market to be dominated by Nokia. This incident and fallout are a classic lesson in supply chain risk management.

Identify the risks involved and strategies which are used or could be used to manage them.

Q25: Read the following case study.

Hairdressing has always been an important part of Erik Lander's life. Back in the mid-seventies, his parents opened a small hairdressing business in Melbourne. Today, the salon remains a family business.

Running a busy unisex salon with ten employees, however, involves much more than cutting, styling or colouring hair.

There are key safety issues to consider too. Hairdressing products can carry risks of eye or skin irritation for both staff and customers. And even something as commonplace as shampooing carries risks for everyone in the salon.

Discuss the process you would complete if asked to evaluate if the salon owner has implemented sufficient risk management processes?

Q26: What are scope risks?

Q27: Identify eight (8) you can identify scope risks provide an explanation for each on how they can be used.

Q28: Answer the following questions:

a.What is the hierarchy of control and why is it used?

b.Identify and explain the five (5) hazard controls in the hierarchy?

Q29: How do action plans for managing risk assist in the implementation and evaluation of risk treatments?

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