Risk management

BSBRSK501 Manage risk

Practical

You will be assessed in a real situation on the job. It must be a safe environment with access to:

1. relevant legislation, regulations, standards and codes
2. relevant workplace documentation and resources
3. case studies and, where possible, real situations
4. interaction with others.

You need to show that you have:

1. Analysed information from a range of sources to identify the scope and context of the risk management process including:
1. stakeholder analysis
2. political, economic, social, legal, technological and policy context
3. current arrangements
4. objectives and critical success factors for the area included in scope
2. Identified risks that may apply to scope
3. Consulted and communicated with relevant stakeholders to identify and assess risks, determine appropriate risk treatment actions and priorities and explain the risk management processes
4. Developed and implemented a plan to treat risks
5. Monitored and evaluated your plan and your risk management process
6. Maintained documentation.

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Interview/assignment questions

1. Outline the purpose and key elements of current risk management standards.
2. What risks do you need to manage to maintain compliance with the law?
3. What laws affect risk management in your organization?
4. What are your organization’s policies, procedures and processes for risk management?

 

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