BSBRSK501 Assessment Tasks Workbook

o ASSESSMENT SUMMARY / COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists are to be attached to this cover sheet before
placing on the students file.
Student results are not to be entered onto the Student Management Database unless all relevant
paperwork is completed and attached to this form.
Student Name:
Student ID No: Completion Date:
Unit Code: BSBRSK501
Unit Title: Manage Risk
Result Reassessment
Please attach the following documentation to this form S = Satisfactory
NS = Not Satisfactory
S = Satisfactory
NS = Not Satisfactory
NA = Not Assessed NA = Not Assessed
Assessment Task 1 r Project S | NS | NA S | NS | NA
Assessment Task 2 r Report S | NS | NA S | NS | NA
r Written questions and

Assessment Task 3 S | NS | NA S | NS | NA
answers
Final Assessment Result for this unit C / NYC
Assessor Comments and Feedback to student:

__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
Student Declaration: I declare that this assessment is my own Assessor Declaration: I declare that I have conducted a fair,
work based on personal study and research and not plagiarised or valid, reliable and flexible assessment with this student. I have
copied from another student’s work or source. provided appropriate feedback and advised the student of their result.
I am also aware of my appeal rights.
Name: ____________________________ Name: ____________________________

Signature: ____________________________ Signature: ____________________________
Date: ____/_____/_____ Date: ____/_____/_____
Entered onto Student Management Database  ________________

Date Initials
Administrative use only
Choice Academic College Page 1 of 47

RTO 41177 | CRICOS 03625F
June 2018 version: 1.0
Assessment Task 1 BSBRSK501 Manage risk
Project: Develop a risk

management plan
Submission details
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
The candidate will demonstrate the skills and knowledge required to
manage risks in a range of contexts across an organisation or for a specific
business unit or area in any industry setting.
Assessment description
This assessment consists of developing a risk management plan for an
organisation of your choice (as discussed with your assessor) or using your
college as your business. You are required to develop a risk management
plan, evaluate risks and prepare an action plan to mitigate the risks.
Procedure
In this assessment task you are required to complete the following:
(a) Prepare risk management plan
(b) Evaluate risks
(c) Prepare action plans
The details are outline below in the specifications.
Specifications
You are required to develop a risk management plan for a company of
your choice, or for an area of the Registered Training Organisation in which
you are studying. Your risk management plan must include:
- a detailed stakeholder analysis;

- explanation of the risk context;

- critical success factors;
- identified and analysed risks;
- treatments for prioritised risk;
- details of the monitoring arrangements; and
- an evaluation of the risk managements plan efficiency in
treating risks
- all required forms for implementation within a workplace (to be
developed by you)
Your evaluation of risks must include
- considering the likelihood of the risk occurring
- considering the impact of the risk
- determining which risks are most significant and are therefore
priorities for treatment
Your action plans should include
- what actions are required
- time lines
- who is taking responsibility
- monitoring processes
Your risks may include those relating to:

- commercial relationships
- human behaviour
- economic circumstances and scenarios
- individual activities
- legislation
- management activities and controls
- natural events
- political circumstances
- technology
To perform this task, you will be required to arrange a time to speak with
your supervisor (real, or ole-played by your assessor), and interview them
about the business. However, it is important that you are prepared before
this appointment. Do your research. Find out what the business does,
how it operates, and investigate the industry as a whole. Your supervisor
will only respond to questions you ask.
Your assessor will be looking for your ability to:

● analyse information from a range of sources to identify the scope and
context of the risk management process including:
 stakeholder analysis
 political, economic, social, legal, technological and policy context
 current arrangements
 objectives and critical success factors for the area included in
scope

 risks that may apply to scope

● consult and communicate with relevant stakeholders to identify and
assess risks, determine appropriate risk treatment actions and
priorities and explain the risk management processes
● develop and implement an action plan to treat risks
● monitor and evaluate the action plan and risk management process
● maintain documentation.

Your answers for task 1:
BSBRSK501 Manage risk
Answers for task 1:

i. Executive summary
ii. This is a report that would reflect upon the different risk factors that are
associated with expanding MacVille Cafe to the new Toowoomba store.
The risk factors have been identified after several meetings with the
current manager of the shop. The report includes an email to the
stakeholders as well, and also an excerpt from the meeting with the CEO.
iii. As per the instructions of the CEO, the new manager went to the new
Toowoomba store to gather some information about the operations and
management of the existing Hurley’s cafe from the current manager of
the store, James Mansfield, and the landlord of the premise, Ron Langford.
It is understood that expanding and establishing a new shop needs to be
planned meticulously, and this needs careful assessment of the entire
scenario and properly gathering information. This report is has been made
as per the CEO’s specifications that would try to give you a proper
knowledge about the current functioning of the cafe and the assessment
of all the risk factors that are associated with the expansion.
iv. MacVille knows that risk management is an integral part of proper goods
management. The company tries to assess, evaluate and manage its risk
factors, so that they can provide the best services to their customers. In
this report, risks are identified so that those risks can be dealt with in a
correct and efficient manner.
Effectiveness of the MacVille Risk Management Framework
The risk management framework tries to cover a number of important elements

that help the company to operate efficiently and provide the customers with the
best services possible. An array of operational, financial, commercial and strategic
risks are identified and tried to be dealt with in this framework.
MacVille has a very clearly defined risk management framework and the following
are incorporated within it, so that most of the obstacles t6hat may arise can be
identified easily and solved.

● Policies and procedures: these are to control the internal functionings of

the company and to ensure that the shops run smoothly. These include
policies on Human Resources (which include policies on harassment in the
workplace and staff policy for travel, parental leave policy etc.), Financial
prospects and Corporate Governance.
● Monthly reporting: The senior management team regularly hold meetings
so that no problems go unnoticed by the authorities and prompt and effective
measurements can be taken. The Board is given proper and detailed reports
on these meetings so that they are kept up to date with the problems and the
solutions as well.
● Business planning and budgeting: The Board of Directors make proper
budgeting plans and decide on the business strategies that would best serve
the company’s purposes and take the company to the desired goals.
● Risk management review: The Financial, Audit and Risk Management
Committee (FARM) reports to the Board on internal controls. This committee
is assigned with the task of paying special attention to risk management.
These reports are given to the CEO of the company and the CEO reports
directly to the Board of Directors. The committee also oversees the internal
and external audits; and this puts the committee in the perfect position to
make advices to the Board on how to effectively control the internal
management as well as advices on how to formulate the best strategies for
running the business efficiently.
● External audits: MacVille takes the issue of financial management very
seriously and makes sure that the company is periodically audited by
external agencies or audit firms so that no discrepancies are found in the
monetary functioning of the company. These audit reports are sent to all the
senior managers and the CEO and the Board of Directors.
This framework ensures that the company can operate without any glitches and
even if any problems do arise, the company can handle those situations and come
up with the perfect solutions. These company principle have been all taken into
account while reviewing the new store at Toowoomba and trying to identify all the
risks that the company may come across.

The scope of risk management and role as the new manager of the
Toowoomba store
The currently existing Hurley’s cafe is being taken over by MacVille and the
company is trying to gather information on the different aspects where risk may
arise, so that MacVille can effectively battle those and ensure a good running of
business. The company already has a basic outline on where it may face risks and
problems while operating, and this outline will be governing the analysis of the new
store functions.
MacVille, primarily, thinks that it has risk factors associated with organisational,
financial, governance and project management. Multiple things and topics are
included in this general guideline which normally cover most of the potential
problems.
As the newly appointed manager of this new store, meetings were scheduled with
the current manager of Hurley’s Cafe and the landlord of the premise. The new
manager has been assigned with the task of identifying the risks that may arise
from this expansion and report to the CEO so that further steps can be taken
accordingly.
Upon meeting with the current manager of the store, James Mansfield, some points
were identified and notes were taken accordingly.
One of the biggest problems that was noticed was the distance between brisbane
and Toowoomba. The time that it takes to drive from the Brisbane to the new store
would make the weekly managers’ meeting somewhat of a problem. New manager
has to be trained properly so that he/she can execute the responsibilities perfectly.
The distance may pose as a serious issue, but it can also be solved with good time
management skills. The climb up to the store is blocked by trucks, which make the
approach somewhat of a problem. Since the distance is a problem, delivering fresh
food items would also become one of the bigger concerns for MacVille. This problem
can be resolved reasonably enough as the current store has infrastructure to bake
fresh products within 30 minutes. This would also render company-branded supplies
to lag. The current establishment does not have any written down contracts
between the employees and Mr. Hurley. This has to be revised immediately as
MacVille is a much bigger chain and a proper contract must be made, else this may
prove to be a problem in the future. The store has to have a good flow of water

supplies. The store currently uses about 41,500 litres of water every week and this
amount must be kept on being supplied. MacVille may even need to upgrade the
system to a dual-flush one, which would cost the company about $7,500.
One of the major problems that were noticed during the meeting was the issue of
cash handling. The store does not have any safe for keeping cash and MacVille has
to make sure that the cash register is revamped. James said that there is a 50%
chance of theft in the store. This is just one more aspect that would only prompt
MacVille to invest on making a proper cash registry system. The furniture of the
store also has to be replaced.
The store currently has no established process for treating injuries that may happen
from work. MacVille would be sure to make contracts that would include treatment
of injuries.
SWOT
The new shop’s biggest strength is its location. It is set on the crossing of two main
streets. This would massively help to attract attention. The area is well connected
by public transportation - this would enable customers from far away to easily reach
the shop without much hassle. The store currently has moderate infrastructure
which would prove helpful to MacVille while overhauling the existing set-up.
The weakness that is faced by the store is the obstacles that are posed by the
trucks. But investigations can help to solve this with relative ease.
According to the landlord of the premise, Ron Langford, more shops can be opened
in the surrounding areas. He also explained that the population of the area is on the
rise, and this would ensure MacVille with a lot of customers and good profits. He
further mentioned that a by-law would be implemented from the next month by the
government, which would allow cafes to expand their footpaths and put more
tables.
Two major threats have been identified which may concern the company. Firstly,
the is a local law that excessive water usage would result in a $50,000 fine, which is
going to be backed up by the government soon. MacVille has to pay close attention
to this, and even has to upgrade the system if necessary in order to minimize water
usage. Another issue is the growing competition in the area. Ron said there are

many multinational cafe chains are trying to set up cafes in the city. This means
MacVille has to price their products very competitively.
These are the different risks that involve setting up the new store at Toowoomba
which were identified. To make sure the company operates like its other shops,
these must be addressed as soon as possible.
PEST
Political The new legislations that are being

talked about by the government would
both help MacVille as well as make
operations somewhat of a problem
regarding the water issues
Economical Since the current store already has a

basic infrastructure, this would help
MacVille to curb a lot in terms of
spending to upgrade
Social The existence of Hurley’s ensure that all

the regular customers would be wanting
to come back at the same place of their
choice even after the change. Retaining
the customers would easy, more or less
Technological MacVille has to invest considerably into

upgrading the water supply systems so
that extra fines do not have to be paid

Email to the stakeholders of the company
An email is being sent to the stakeholders, which would give them the proper idea
pertaining to the problems that have been identified and the possible solutions, so
that they would have clear ideas about the whole situation.
To,
The stakeholders of MacVille Ltd.
Sub: Explaining the different stakes at work
Dear Sir/Madam,
This mail is to inform you that Macville is establishing a new store at Toowoomba
and the process has identified some issues and problems regarding the running of
the company in the area, the solutions have also been chalked out. You are kindly
requested to contact the management of MacVille so that you could be given the
proper detailed idea about the whole situation, so that you can assess the
situation yourself as well and assist the company with insights and advices that
would help us to serve you better.
Thanking you,
The Manager
MacVille Cafe, Toowoomba Shop
Points from the meeting with the CEO
After the issues had been identified, the new manager attended a meeting with the
CEO of the company. The key points of the meeting are given below:
● Key problems have been identified

● The problems have been explained to the CEO and they have been accepted

● Steps to deal with these problems have already been started to be planned
● The CEO has given full authority to the new manager to resolve the issues
● Further investigations are sanctioned and the manager is instructed to go on
with original plans to expand the new shop
Table of the stakeholders
Stakeholders Internal/external Role in process Stake in process
Workers Internal Ensuring smooth Retaining job and

everyday keep earning
operations while
dealing with
customers
Manager Internal Managing the Making sure the

store so that every company profits
aspect of the store the most from this
runs properly store
CEO Internal Overseeing the Helping MacVille to

process of expand and reach
expansion its potential
Suppliers External Keep supplying the Retain macVille as

new store with the one of their
ingredients and biggest purchasers
the materials
Customers External Coming to the Keep getting the

shop and helping best food and
the company to services for that
make sales price

Shareholders Internal Retain the shares Profit more from

of the company the shares as the
price of each unit
would increase
with the gradual
development of
the company
Investors External Invest to the Expecting

expansion of the maximum returns
company from the
investments
Conclusions
a. The new shop has some issues that have been identified. These problems are
being tried to deal with. The CEO has been notified and a report has been sent to
the Board of Directors too. The next courses of actions are being
Meeting Minutes
Title of production: Improve and development risk
Date of meeting: 15.07.2019
Time of meeting: 09.00 am.
Present: Everyone in the production
Action Item Time

Introduction 09.00 am.
Discussion about risks 09.30 am.

1. Lack of procedures and policy
2. Lack of procedures for injury
3. Too much water usage
4. Too much cash on premises

5. Lack of skills and training for staff
Solution 11.00 am.

1. Set up new system
2. Training
Conclusion 13.00 am.

1. Education and training
2. Written policy and procedures
3. Opening store earlier

Facilitator Guide BSBRSK501
Assessment Task 1: Develop a risk

management plan
Candidate’s Phone
name no.
Assessor’s Phone
name no.
Assessment site
Assessment
Time/s
date/s
Assessor notes
 Where relating to a business, a student must have access to the companies’
policies and procedures, and develop an understanding of the business
process
 Where you are relating this assessment to the Training Organisation, you are
to be available for the student to interview / question as required. When
being questioned by the student, be sure to only answer the questions asked,
and not lead the student. This is important as the student needs to
demonstrate their ability to control the interview, and extract relevant
information as required for the task.
 If using the RTO as a base for this assessment, you must ensure the student
has access to:
 RTO policy and procedures
 Appropriate staff (relevant to risk focus)
 Background information on RTO and requirement for compliance
 Scope of training and current fees and charges
 The student does not need access to company finances, nor anything
relating to costs / expenses incurred by the RTO
 RTO based risks may include, but are not limited to:
 Human Behaviour - Changes in staff, loss of knowledge and experience
within company, heavy reliance on particular staff members, etc.
 Financial - Relying on one client for a large proportion of income, too
much debt, overpaying accounts, etc.
 Legal - legislative changes impacting overseas students, Government
funding, RTO ownership, being sued from customers, etc.
Choice Academic College

Page 14 of 47
 Political - Overseas operations where governments of that country makes

political decisions that will prove to have adverse effects on the
organisations profit / goals
 Social - Customer demand for product, increasing demand for different
qualifications, reduce demand for formal training, increased competition,
etc.
 Technology - corruption or loss of student data, hardware and software
failure, viruses and malicious attacks, human error relating to data
processing or data disposal
 Policy - Changes to legislation or direction in relation to Government
funding, international students, etc.
 When role-playing the supervisor, it is important that you allow the student to
run the meeting. Only answer or provide information relating to questions
asked.
Assessment task 1 – Assessor checklist

This checklist is to be used when assessing the students in this task. This
checklist is to be completed for each student. Please refer to separate mapping
document for specific details relating to alignment of this task to the unit
requirements.
In undertaking this assessment, did the student Satisfactory
Undertake a stakeholder analysis (including talking  Yes  No

with supervisor or other stakeholders)
Review the organizational requirements relating to risk  Yes  No
management
Identify the risk including:
 organisational context in terms of financial risks  Yes  No
 organisational context in terms of legal affect  Yes  No
 organisational context in terms of political affect  Yes  No
 organisational context in terms of social affect  Yes  No
 organisational context in terms of technology  Yes  No
 organisational context in terms of policy context  Yes  No
 potential risk events  Yes  No

Evaluate the risk including:
 likelihood of the event (almost certain, likely,  Yes  No
moderate, unlikely, rare, etc.)
 consequences / impact of the event (trivial,  Yes  No
minor, moderate, substantial, intolerable, etc.)
 Use of a risk register  Yes  No

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Identify the risk strategies including:
 Risk avoidance  Yes  No
 Risk control  Yes  No
 Risk financing  Yes  No
 Risk transfer  Yes  No
Allocate responsibility  Yes  No
Determine the critical success factors  Yes  No
Identify appropriate risk treatment  Yes  No
Outline the details for monitoring the risk  Yes  No
Provide an evaluation of their risk management plan  Yes  No

Develop action plans for identified risks including:
 what actions are required  Yes  No
 who is taking responsibility  Yes  No
 time lines  Yes  No
 monitoring processes  Yes  No

Develop forms that identify:
 Risk Category  Yes  No
 Impact of Risk  Yes  No
 Risk severity  Yes  No
 Risk Frequency  Yes  No
 Risk Rating  Yes  No
 Risk Control  Yes  No
 Responsible Person  Yes  No
 Date for review  Yes  No

 Yes  No
Develop an implementation process for this plan
 Yes  No
Communicate the plans clearly and concisely
 Yes  No
Present plan in a logical and concise format
 Yes  No
Risk plan is efficient in its dealing with potential risks
 Yes  No
Stake holder analysis attached

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 Yes  No
Risk plan written clearly and logically
 Yes  No
Risk aligns with AS/NZ 4360
 Yes  No
Risk plan attached
Comments/feedback to candidate
Outcome: Successful Unsuccessful

Assessor name:
Assessor
signature:

Page 17 of 47
Assessment Task 2
Perform a risk assessment

Submission details
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.
The candidate will demonstrate the skills and knowledge required to manage risks
in a range of contexts across an organisation or for a specific business unit or area
in any industry setting.
This assessment is continuation from Assessment Task 1. In this task, using the risk
management process developed in Assessment Task 1, you are to perform a Risk
Assessment in a business area for an organisation of your choice. For example, you
may use a department within your college.
Procedure
You should use the forms developed in Assessment 1 for this task, and submit them
to your assessor as part of your review
Specifications
As part of this task, you are to record:
● who was involved in the assessment
● the processes you undertook
● any issues you came across and how your dealt with them
● your findings from the risk assessment
● analyse information from a range of sources to identify the scope and context
of the risk management process including:

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Assessment Task 2
 objectives and critical success factors for the area included in scope
● consult and communicate with relevant stakeholders to identify and assess
risks, determine appropriate risk treatment actions and priorities and explain
the risk management processes

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Assessment Task 2
Answers for task 2:
Risk analysis Report

Performance indicators Likelihood
a. .Banking risk Theft of cash left on premises – moderate.

b. Manager’s travel risk. Physical injury.- catastrophic
c. By -law Compliance risk. Reputation/ brand loss and fines – likely.
Consequence
a. Banking risk. Theft of cash left on premises – minor.

b. Manager’s travel risk. Physical injury - catastrophic
c. By-law Compliance risk. Reputation/brand loss and fines – moderate.
d. Banking risk. Theft of cash left on premises – moderate.
e. Travel risk. Physical injury
f. By-law Compliance risk. Reputation/brand loss and high fines
Options include following
a. Banking risk – theft of cash left on premises.

i. Change banks to a closer.
ii. Install a safe.
iii. Take out insurance for cash on premises.
Manager’s travel risk – physical injury.
i. Allow for overnight stay in Brisbane.

ii. Allow manager to fly instead of drive.
iii. Finish the managers meeting early.
Iv. Allow the Toowoomba to use video conferencing.

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Assessment Task 2
By-law compliance risk – reputation/brand loss and fines.
i. Install a water tank for store use and change to native plants.
ii. Introduce water saving devices – dual flush toilet, 5-6 star rated (WELS)
dishwasher.
iii. Change work practices – wash fruit and vegetables in still water, only run
dishwasher when full, select economy cycle if only a light wash required.
MONITORING REPORT
a. Banking risk – theft of cash left on premises – initially rated as moderate.
i. Insurance on ‘cash on premises’.
ii. Open an account with closest bank.
iii. Policy and procedure requirement to bank daily.
b. Manager’s travel risk – physical injury – initially rated as extreme.
i. Management meetings to finish 3:00pm.
ii. Install teleconferencing.
iii. Management training shift to morning half day sessions.
c. By-law Compliance risk – reputation/brand loss and fines – initially

rated as high.
i. Apply for time to ‘make good’.
ii. Policy and procedures to change work practices.

Page 21 of 47
Your answers for task 2
III.Install water saving devices such as native plants, tank, dual

flush toilet systems, 5-6 star (WELS) dishwasher.
Implementation should include:
a. Banking risk – theft of cash left on premises.
i. The financial controller had taken out $5,000 the insurance cover on cash
held on premises overnight from the opening week as planned.
ii. The company bank account was opened about 4 weeks

opening at the bank two shops down the street.
iii. The training on daily banking has been successfully completed.
b. Manager’s travel risk – physical injury – initially rated as extreme.
i. The weekly management meetings are finishing close to 3:00pm.
ii. The assistant management training has been shifted to the

mornings allowing the manager to leave before 1:00PM.
c. By-law Compliance risk – reputation/brand loss and fines – initially rated

as high.
I .An external audit was completed and presented to the board 6 months after
settlement.
ii. The board and CEO included a new policy regarding compliance with the
Toowoomba by-law on water conservation.
iii. The plants have been changed to natives.
Iv .The dual flush toilets are ordered and in stock.
v. The 5 star rated (WELS) dishwasher was installed.
vi. The application to make-good by Goldsmith Partners on behalf of MacVille,

was accepted by the Toowoomba City Council.

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vii. There has been one internal audit arranged by the store.
viii. Viii .A water tank had been built in to the courtyard.
ix. There is a weekly water usage monitor in the staff room

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Outcomes : statement of current risk and reasons.
a. Banking risk – theft of cash left on premises – initially rated as moderate

now low due to insignificant consequence (insurance cover) and ‘unlikely’
likelihood because cash rarely kept on the premises.
b. Manager’s travel risk – physical injury – initially rated as extreme still

high. Likelihood reduced to rare with the change in time travelled.
c. Evaluation.
By-law Compliance risk – reputation/brand loss and fines – initially rated as

high now moderate due to unlikely likelihood with the installed water saving
devices and processes.
a. Banking risk – theft of cash left on premises – initially rated as

moderate reduced to low. Could be made more effective by 100% compliance
with the daily banking directive and removal of expensive insurance on
overnight cash on premises.
b. Manager’s travel risk – physical injury - initially rated as extreme and

reduced to high because of the continued travel. Introduction of tele-
conferencing would reduce this risk to nil. CEO should provide an excusal letter
to ensure the manager leaves at the appropriate time.
By-law Compliance risk – reputation/brand loss and fines - initially rated as high
and reduced to moderate but could be reduced again to low by having Brisbane
plumbers install the tank and the dual – f flush toilets in the next 14 days. Monitor
should be constantly updated to keep staff motivated and a procedure should be
written. More internal audits are required.

Page 24 of 47
Facilitator Guide BSBRSK501_ _Task 2
Assessment Task 2: Perform a risk

assessment
Candidate’s Phone
name no.
Assessor’s Phone
name no.
Assessment site
Assessment
Time/s
date/s
Assessor notes
 In the event that the student does not demonstrate competency in the
previous task, the assessor is to make any amendments required to enable
the submission to be used in this task.
 Where relating to a business, a student must have access to the company’s
policies and procedures, and develop an understanding of the business
process
 Where you are relating this assessment to the Training Organisation, you are
to be available for the student to interview / question as required. When
being questioned by the student, be sure to only answer the questions asked,
and not lead the student. This is important as the student needs to
demonstrate their ability to control the interview, and extract relevant
information as required for the task.
 If using the RTO as a base for this assessment, you must ensure the student
has access to:
 RTO policy and procedures
 Appropriate staff (relevant to risk focus)
 Background information on RTO and requirement for compliance
 Scope of training and current fees and charges
 The student does not need access to company finances, nor anything
relating to costs / expenses incurred by the RTO
 The assessor should also include at least 2 risk issues for the student to
identify and develop appropriate contingencies for. This should be on top of
any risks identified within the original assessment.
 A sample Risk Management Plan that includes Risk Assessment Tools is
provided with this unit, and should be used as a benchmark for student
expectations. It should not be given to the students, as it is an assessors’

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resource. (Students should be given examples of risk management plans as

part of their training.)
Assessment task 2 – Assessor checklist

This checklist is to be used when assessing the students in this task. This
checklist is to be completed for each student. Please refer to separate mapping
document for specific details relating to alignment of this task to the unit
requirements.
Identify and customize the forms and appropriate as  Yes  No

appropriate
Include all risks (and not exclude risks deemed minor)  Yes  No
Include who might be harmed (groups – not individual  Yes  No
names)
Consider the possible causes and impacts of each  Yes  No
individual risk
Identify and record the risk appropriately  Yes  No
Analyse the identified risk by:
 Assessing likelihood of risks occurring  Yes  No
 Assessing impact or consequence if risks occur  Yes  No
 Calculate the risk  Yes  No
 Evaluate and prioritise risks for treatment  Yes  No

Determine an appropriate risk treatment such as
 Eliminating the risk by ceasing the hazardous  Yes  No
component or activity
 Substitute a less harmful alternative hazardous  Yes  No
substance or process
 Isolate the hazard at source using engineering  Yes  No
means (e.g. – enclosure)
 Mitigate or reduce exposure to the hazard (e.g. –  Yes  No
reducing time or dose of exposure)
 Use PPE where required  Yes  No
Select appropriate and cost-effective risk controls  Yes  No
Outline the details for monitoring the risk  Yes  No
Record all elements accurately and clearly  Yes  No

Student communicated with others during this process  Yes  No
to help in identifying risks

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Record all elements accurately and clearly  Yes  No
Completed Risk Assessment Attached  Yes  No

Assessor name:
Assessor
signature:

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Written questions and answers

Submission details
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.
The candidate will demonstrate the skills and knowledge required to research,
develop and present a marketing plan for an organisation of their choice
In this assessment task, you are required to provide answers to the questions
asked. You may use additional documents as required.
Procedure
1. Read and understand the questions clearly.
2. Provide answers to the questions asked.
3. Give examples from your own experience as far as possible.
4. Submit all documents required in the specifications below to your assessor.
Ensure you keep a copy of all work submitted for your records.
Specifications
You must:
● meet with your assessor to clarify any confusion
● provide answers to all the questions
● submit your notes and any additional documents.
● If you utilise material from published authors make certain that you cite and
reference appropriately. If you do not know how to reference discuss this with
your assessor. Plagiarism is unacceptable.

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● analyse information from a range of sources to identify the scope and context
of the risk management process including:
 objectives and critical success factors for the area included in scope
● consult and communicate with relevant stakeholders to identify and assess
risks, determine appropriate risk treatment actions and priorities and explain
the risk management processes

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Answer the following questions:

You are required to answer the questions given below. You may either use the
space being provided for your answers or attach separate answer sheets as
required.
1. Define the term RISK, using a suitable example.
Risk is a term finance used to describe the uncertainty that a future

event with a favorable outcome will occur. All business decisions and
opportunities are based on this concept that future performance
and returns are uncertain and rely on many uncontrollable variables.
For example, a production manager has to decide whether it will be
worth investing company funds into a new machine that will increase
production and require less direct labor. There is a certain amount of risk
with this decision because there is no certainty that the machine will
operate the way it’s supposed to. Future sales could dry up and leave
the machine idle because there’s no demand for the product. It could
also put a strain on the cash flow of the company.
All of these factors contribute to the risk of purchasing this new asset.
Managers have to use financial ratios to help analyze the expected rate
of return and see if it is worth taking the risk on the new purchase.
2. Define the term RISK MANAGEMENT:

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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, accidents and
natural disasters. IT security threats and data-related risks, and the risk
management strategies to alleviate them, have become a top priority
for digitized companies. 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.
3. What are the 10 principles of risk management (the 10 P’s)?

 Policy
 Planning
 Product
 Process
 Premises
 People
 Protection
 Procedures
 Purchasing
 performance
4. Outline 3 different ways you can alert people to potential hazards and
risks in the workplace.

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 We identify hazards is by history. We gain information from past

events and know what has harmed someone in the past and
usually develop standards and regulations around such learning.
Unfortunately we often learn by trial and error.
 We learn to identify hazards is by standards, legislation and
regulation however, these two are primarily historical in nature.
 we identify hazards is by understanding human judgment and
decision making, this provides a basis with which to better
imagine the ways humans will behave and make decisions in an
activity or in engagement with an object.
5. When determining the level of risk within an organisation, where

would you gather your information from?
National Guidance Notes

The National Occupational Health and Safety Commission (NOHSC)
develop Guidance Notes which provide practical advice and guidelines
for controlling hazards and risks. A list of some of the applicable
Guidance Notes is included in Appendix 3.
6. Outline a strategy that you could implement to interest people /

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employees the companies risk management process. Be sure to

detail how you would maintain the currency of information provided
There are two main types of standards applicable to occupational,

health, safety and welfare. These are: - National Standards produced by
the National Occupational Health and Safety Commission (NOHSC).
These standards usually deal with workplace hazards. A list of some of
the applicable National Standards is included in Appendix 2 (Section
10.2) and Australian or Australian and New Zealand Standards produced
by Standards Australia in consultation with overseas standards bodies’
and Australian working parties. These standards provide technical and
design guidance information. Standards are only enforceable by law if
they are specifically included in State Acts and or Regulations. Employee
duty of care In addition to the responsibilities placed on employers under
OHS legislation, employees also have specific responsibilities. Employers
should be aware of and understand these responsibilities that include: •
taking reasonable care for the health and safety of people who are at the
employee’s place of work and who may be affected by the employee’s
acts or omissions at work. • co-operating with his or her employer or
other person so far as is necessary to enable compliance with any
requirement under the legislation that is imposed in the interests of
health, safety and welfare.• not, intentionally or recklessly, interfere with
or misuse anything provided in the interests of health, safety and
welfare under occupational health and safety legislation.
7. Outline a strategy that could be used to ensure participatory

arrangements are established and maintained with employees and
their representatives within a small business. Be sure to include how
you would document this process and make the information available
to all employees to ensure you meet legislative requirements.
Duty of Care
Under the NSW Occupational Health and Safety Act, all employers owe a
duty of care to all people at the workplace including those people who
are not employees. This duty encompasses the welfare of employees.
Duty of care requires everything reasonably practicable to be done to
protect the health and safety of people at a workplace.
8. Outline the process you would use to ensure that any issues raised

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through participative arrangements and consultations are dealt with

and resolved promptly and effectively?
9. You are to detail how you would identify an intervention point for
expert risk management advice. Be sure to provide examples of
when you would seek expert advice, and who you would contact to
receive such advice.

Page 35 of 47
 Spot the hazard
 Risk identification
 Access the risk
 Risk control
 Documenting the process
 Monitoring and reviewing
10.Outline the Hierarchy of Control, explaining how it affects your

suggested control measures.
Hierarchy of hazard control is a system used in industry to minimize or

eliminate exposure to hazards. It is a widely accepted system promoted
by numerous safety organizations. This concept is taught to managers in
industry, to be promoted as standard practice in the workplace. the
hazard controls in the hierarchy are, in order of decreasing
effectiveness:
 Elimination
 Substitution
 Risk Transfer
 Engineering controls
 Administrative controls
 Personal protective equipment
11.Describe AS/NZS ISO 31000:2009 Risk Management - Principles and

Guidelines
 ISO 31000:2009 can be used by any public, private or community

enterprise, association, group or individual. Therefore, ISO

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31000:2009 is not specific to any industry or sector.

 ISO 31000:2009 can be applied throughout the life of an
organization, and to a wide range of activities, including strategies
and decisions, operations, processes, functions, projects,
products, services and assets.
 ISO 31000:2009 can be applied to any type of risk, whatever its
nature, whether having positive or negative consequences.
 Although ISO 31000:2009 provides generic guidelines, it is not
intended to promote uniformity of risk management across
organizations. The design and implementation of risk
management plans and frameworks will need to take into account
the varying needs of a specific organization, its particular
objectives, context, structure, operations, processes, functions,
projects, products, services, or assets and specific practices
employed.
 It is intended that ISO 31000:2009 be utilized to harmonize risk
management processes in existing and future standards. It
provides a common approach in support of standards dealing with
specific risks and/or sectors, and does not replace those
standards.
 ISO 31000:2009 is not intended for the purpose of certification.
12.Describe the documentation retention policy that applies to risk

management paperwork.

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A document retention policy is simply a company's procedures for the

preservation and non-preservation of information. This includes
traditional records and documents, as well as documents or information
stored in electronic or other formats, including e-mail, text messages
and information stored on mobile devices – think Smart-phones, iPads
and lap-top computers. Retention policies address the life cycle of a
business' records on all computer devices from their creation, through
storage and destruction. Our ever-changing mobile-data driven business
models require a record retention policy that recognizes and meets
these changes.
13.What information should you include in your risk management action

plan?
The risk management plan should include identifying risks upfront,

analyzing how risks will affect a project, potential risk planning, and
monitoring risk.

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14.Describe the steps you would take when implementing a risk

management action plan.
 Define what value your organization will gain from

plan
 Research and understand different standards and

frameworks
 Inventory what your organization is already doing

 Seek support and help
 Keep it simple
 Start small
 Report on progress
15.Describe the steps you would take when monitoring your risk

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 Identifying the Risk and Creating a Risk Register

 Analyzing and Evaluating Risks
 Identifying Risk Triggers
 Brainstorming for Solution Ideas
 Creating a Plan
 Monitoring and Reviewing Risks
16.Describe the steps you would take when evaluating your risk
Step 1: Identify the Risk

Step 2: Analyze the risk
Step 3: Evaluate or Rank the Risk
Step 4: Treat the Risk
Step 5: Monitor and Review the risk
17.What are the 5 main risk types that face businesses

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 Competitive risk
 Economic risk
 Operational risk
 Legal risk
 Compliance risk
18.Following from the previous question, you are to provide an example

of a risk and a risk management strategy for each risk type.

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Risk management
Risk Type Example Risk
strategy
Competitive New rival Mitigation
compliance New rules acceptance
Interest rate rise on

Economical Transfer of risk
your loan

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Operational Breakdown Transfer of risk
New rules and

Legal acceptance
regulation

Page 43 of 47
Facilitator Guide BSBRSK501 _ _Task 3
Assessment Task 3: Written questions and

answers
Candidate’s Phone
name no.
Assessor’s Phone
name no.
Assessment site
Assessment
Time/s
date/s
Outcomes
Satisfacto
ry
Did the candidate: Yes No
Answer all the questions?
Provide examples as and when necessary?
Submit all the documents as required?
Complete assessment within agreed deadline?
Performance indicators
Satisfacto
ry
Did the candidate answer the following questions? Yes No
1. Define the term RISK, using a suitable example.
2. Define the term RISK MANAGEMENT:

Page 44 of 47
Satisfacto
ry
3. What are the 10 principles of risk management (the 10

P’s)?
4. Outline 3 different ways you can alert people to

potential hazards and risks in the workplace.
5. When determining the level of risk within an

organisation, where would you gather your information
from?
6. Outline a strategy that you could implement to interest

people / employees the companies risk management
process. Be sure to detail how you would maintain the
currency of information provided
7. Outline a strategy that could be used to ensure

participatory arrangements are established and
maintained with employees and their representatives
within a small business. Be sure to include how you
would document this process and make the information
available to all employees to ensure you meet
legislative requirements.
8. Outline the process you would use to ensure that any

issues raised through participative arrangements and
consultations are dealt with and resolved promptly and
effectively?
9. You are to detail how you would identify an intervention

point for expert risk management advice. Be sure to
provide examples of when you would seek expert
advice, and who you would contact to receive such
advice.
10.Outline the Hierarchy of Control, explaining how it

affects your suggested control measures.
11.Describe AS/NZS ISO 31000:2009 Risk Management -

Principles and Guidelines
12.Describe the documentation retention policy that

applies to risk management paperwork.
13.What information should you include in your risk

management action plan?

Page 45 of 47
Satisfacto
ry
14.Describe the steps you would take when implementing

a risk management action plan.
15.Describe the steps you would take when monitoring

your risk management action plan.
16.Describe the steps you would take when evaluating

your risk management action plan.
17.What are the 5 main risk types that face businesses
18.Following from the previous question, you are to

provide an example of a risk and a risk management
strategy for each risk type.

Assessor name:
Assessor
signature:

Page 46 of 47
Unit Feedback
Please help us to improve our services to you. We would appreciate your honest feedback
on the training provided for this unit.
Thinking about your experience while participating in the training for this unit, please read
the following statements and tick one response only.
Trainer
name
Date Site
started
Learner
name
Disagre Unsur Agree Not
e e applicable
You were provided with clear information regarding accessing    

classes.
The methods of presentation were engaging and effective.    
There is a good balance between theory and practice.    
Your trainer provided opportunities for you to ask questions    
and participate during class.
You had access to individual assistance.    
Assessment tasks required you to demonstrate what you    
learned.
I received useful feedback on my assessments.    
The unit resources were useful and easy to understand.    
The facilities and online resources if needed for this unit were    
adequate.
The knowledge and skills you have learned will assist you in    
your career.
You are satisfied with the quality of this training.    
If you ticked “Disagree” for any questions above, could you please provide an explanation?
What did you find most challenging about studying this unit? Please specify.
Do you have any suggestions on how we could improve this unit
Thank you for your feedback

Page 47 of 47

BSBRSK501 Assessment Tasks Workbook

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o ASSESSMENT SUMMARY / COVER SHEET

Student ID No: Completion Date:

Unit Code: BSBRSK501

Unit Title: Manage Risk

Assessment Task 1 r Project S | NS | NA S | NS | NA

Assessment Task 2 r Report S | NS | NA S | NS | NA

r Written questions and

Final Assessment Result for this unit C / NYC

Assessor Comments and Feedback to student:

I am also aware of my appeal rights.

Name: ____________________________ Name: ____________________________

Entered onto Student Management Database  ________________

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Project: Develop a risk

The details are outline below in the specifications.

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- explanation of the risk context;

Your risks may include those relating to:

Your assessor will be looking for your ability to:

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 risks that may apply to scope

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Answers for task 1:

Effectiveness of the MacVille Risk Management Framework

The risk management framework tries to cover a number of important elements

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● Policies and procedures: these are to control the internal functionings of

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Political The new legislations that are being

Economical Since the current store already has a

Social The existence of Hurley’s ensure that all

Technological MacVille has to invest considerably into

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Email to the stakeholders of the company

The stakeholders of MacVille Ltd.

Sub: Explaining the different stakes at work

MacVille Cafe, Toowoomba Shop

Points from the meeting with the CEO

● Key problems have been identified

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Table of the stakeholders

Stakeholders Internal/external Role in process Stake in process

Workers Internal Ensuring smooth Retaining job and

Manager Internal Managing the Making sure the

CEO Internal Overseeing the Helping MacVille to

Suppliers External Keep supplying the Retain macVille as

Customers External Coming to the Keep getting the

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Shareholders Internal Retain the shares Profit more from

Investors External Invest to the Expecting

Action Item Time

Discussion about risks 09.30 am.

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5. Lack of skills and training for staff

Solution 11.00 am.

Conclusion 13.00 am.

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Assessment Task 1: Develop a risk

Choice Academic College

 Political - Overseas operations where governments of that country makes

Assessment task 1 – Assessor checklist

Name: Name: