Lonsdale Institute PTY LTD

Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

BSBRSK501 Manage risk

Assessment
Assessment # 2 Activity Due Date
Type

Assessment Conditions

This is an assessment that may be worked on in study time and as homework.

Assessment presentation should be completed in a manner that is appropriate to professional business reporting.
All sections and requirements of the assessment task must be included.
Feedback may be sought prior to submission.
Where necessary include forms, pictures, charts etc. may be added as attachments

Student Details

Student Name: Student ID:

Re-submissions

If you receive NYC for your assessment you must make the necessary adjustments and re-submit. Please rename
your file with RESUB1 /RESUB2 etc. It is important to do this to distinguish between the old file and the new one with
the adjustments

Declaration of Authenticity

The above named student, confirm that by submitting, or causing the attached assignment/s to be submitted, to
Lonsdale Institute Pty Ltd, I have not plagiarised any other person’s work in this assignment and except where
appropriately acknowledged, this assignment is my own work, has been expressed in my own words, and has not
previously been submitted for assessment. I do understand and accept the consequences of academic misconduct
according to Lonsdale’s Policies and Procedures.

Assessment Task

ACTIVITY 1

Explain the following terms: (Minimum 40 words for each)

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

 Risk
Risk implies future uncertainty about deviation from expected earnings or expected
outcome. Risk measures the uncertainty that an investor is willing to take to realize a
gain from an investment. Risks are of different types and originate from different
situations. We have liquidity risk, sovereign risk, insurance risk, business risk, default
risk, etc. Various risks originate due to the uncertainty arising out of various factors that
influence an investment or a situation.

 Risk Assessment

A systematic process of evaluate the potential risks that may be involved in a project
activity or undertaking. A risk assessment is about identifying sensible measures to
control the risks in your workplace. We are probably already taking steps to protect your
employees, but risk assessment will help to decide whether you have covered all you
need to.

 Risk management
Risk management is the process of identifying, assessing and controlling threats to an
organization's capital and earnings. These threats, or risks, could stem from a wide
variety of sources, including financial uncertainty, legal liabilities, strategic management
errors, etc…. As a result, a risk management plan increasingly includes companies'
processes for identifying and controlling threats to its digital assets, including proprietary
corporate data, a customer's personally identifiable information and intellectual property.

 Risk Appetite

Risk appetite is the amount of risk an organization is willing to tolerate while

implementing a project. Different organizations will have different risk appetites. This
depends on the industry, their strategic objectives, and the type of projects carried out.
Organizations with a high-risk appetite are prepared to take on more risks, provided the
return is substantial. Organizations with a low risk appetite will try to avoid high
probability and high impact risks.

 Risk Capacity

Risk capacity refers to the maximum amount of risk that an organization is

able to tolerate. Risk capacity should be set in the beginning of the risk
management process; it will be used during the risk analysis and drive the
choice of appropriate risk responses.

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

 Risk Control

Risk control is a step in the hazard management process. It involves finding a way to
neutralize or reduce an identified risk. In many cases, a controlled risk is still a
potential threat to employees, but the dangers associate with it have been
significantly reduced.

Risk Treatment

Risk Treatment is the process of selecting and implementing of measures to modify risk.
Risk treatment is mandatorily a part of an effective risk management plan. The plan
here means how you respond to the reported potential risks. It details on strategies on
how to deal with the various risks - low or high, acceptable or unacceptable. The plan
also outlines the role and responsibilities of the team members.

 Contingency Planning
A contingency plan is a course of action designed to help an organization respond
effectively to a significant future event or situation that may or may not happen. A
contingency plan is sometimes referred to as "Plan B," because it can be also used as
an alternative for action if expected results fail to materialize. Contingency planning is a
component of

ACTIVITY 2

Consider Lonsdale Institute of educations risk profile –

a) Complete the PESTLE analysis

b) Comment on the influence/impact each of the following factors has on it:

PESTLE Analysis for Lonsdale Institute

b) Comment on the influence/impact

a) PESTLE analysis each of the following factors has on
Lonsdale

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

Political factors: If changes are going to happen in curriculum

in a short lead time, then students will have
Changes to curriculum with short lead times issues with the payment of tuition fees. Also
they have to manage their time (working
time- studying time).

Economic factors:

Students allowed to work 20 hours a week as

Every student can afford the tuition fees a result many students cannot afford the fees

Social factors:

Lonsdale institute is known as a “student visa There are institutes that are more
educational institute” so in my perspective is recognizable the Lonsdale and they offer
better to improve their reputation more diplomas

Technical / technological factors:

Technology can be faulty and there will
Lack of consistent communication between always be glitches communicating via
educational system and student limited on mail and text
emails and text messages sometimes

Legal factors:
In order to get all the knowledge from an
compulsory attendance institute you must attend all classes

Environmental factors:

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

ACTIVITY 3

Conduct a SWOT analysis for Lonsdale Institute of Education.

STRENGTHS WEAKNESSES

 Small size classrooms

 Individual help  Limited number of offering Diplomas
 Accepts majority of students  Lack of mass advertising
 Flexible time classrooms  Small institute
 Located in CBD  Lack of professors

OPPORTUNITIES THREATS
 Changing advertising techniques  Competitors
 Expand offering Diplomas  Tuition fees
 Sponsorship  Better education institutes
 Renovation  Old building
 Prices

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
 Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk
EXTERNAL

What are the risks you have identified and how would you treat them? (Minimum 4)

RISK TREATMENT
Reputation Provide better advertising
Competitors Lower tuition fees
Education Increase number of professors
Information technology Buy newer technology for students

ACTIVITY 4

What is the danger of attempting to manage risks without researching them? (Minimum
40 words)

The danger of attempting to manage risks without proper research is not knowing the
full effect of the risk. Not investigate the risk may have the consequence that we
don’t know that risk, scope and how to manage it. The risk must be fully
researched in order that it can be understood, its potential impact assessed and
the most appropriate strategy to manage it identified

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

ACTIVITY 5

Risk Management is an integral part of any planning process. (Minimum 40 words per
question)

a) What sorts of things should risk recovery plans encompass?

Crisis or emergency management planning- Emergency planning introduces methods

for identifying and assessing hazards and vulnerabilities that require a crisis
management and emergency response plan. They address decision authorities,
identifying an Emergency Incident Manager and design at ed back-up, specific
protocols for dealing with scenarios most likely to occur crisis situations, coordination
with security and business recovery elements, and notification/communication
mechanisms.

Business continuity planning– it is the process of creating systems of prevention

and recovery to deal with potential threats to a company.

Contingency planning= Plan “B”. It is a course of action designed to help an

organization respond effectively to a significant future event or situation that may or
may not happen.

b) Describe the 3 components of a solid risk recovery plan.

-Crisis or emergency management planning

An emergency management plan is a course of action developed to mitigate the
damage of potential events that could endanger an organization's ability to function.
Such a plan should include measures that provide for the safety of personnel and, if
possible, property and facilities. It should also include provisions to assess the
severity of an incident and implement steps to eliminate the problem.

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TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F
Lonsdale Institute PTY LTD
Assessment Task
BSB50215 Diploma of Business
BSBRSK501 Manage risk

-Business continuity planning.

A business continuity plan should contain all of the information you need to get your
business running again after an incident or crisis.

The size and complexity of your business continuity plan will depend on your business.
It will typically include the following sections:

 an introduction, with distribution list, executive summary, objectives and glossary

 a risk management plan with business impact analysis
 an incident response plan, with plan activation, incident response team,
communications and contact list
 recovery plans
 test evaluate and update schedule.

-Contingency planning
Contingency planning aims to prepare an organization to respond well to an
emergency and its potential humanitarian impact. Developing a contingency plan
involves making decisions in advance about the management of human and
financial resources, coordination and communications procedures, and being aware
of a range of technical and logistical responses. Such planning is a management
tool, involving all sectors, which can help ensure timely and effective provision of
humanitarian aid to those most in need when a disaster occurs. Time spent in
contingency planning equals time saved when a disaster occurs. Effective
contingency planning should lead to timely and effective disaster-relief operations.

TA102 FO Assessment Task Page 8 of 8

TA102 PP Assessment Management (SNR1.8-1.12) (ESOS 14.2) V2 2018-02
Lonsdale Institute Pty Ltd
Provider ID 21915 CRICOS Code 02836F