BSBOPS504 Manage Business Risk Assignment Sample

Assessment Submission Sheet

Course

CHC52015 Diploma of Community Services

Unit Code

BSBOPS504

Unit Name

Manage business risk

Assessor Name

Student Name

Student ID

Date Due

Please read and sign this assessment coversheet and submit it together with your assessment to your Assessor by the due date.

Student Declaration

· I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.

· I have read the Plagiarism Policy and Assessment Appeal and Reassessment Policy in the Student Handbook and I understand all the rules and guidelines for undertaking assessments.

· I understand that by typing my full name in the student field this is equivalent to a hand-written signature.

· I give permission for my assessment material to be used for continuous improvement purposes.

Student Signature

Date Submitted

Assessor Use Only

Assessment Items

Result

Task 1

Case Study

S

NS

Task 2

Role Play 

S

NS

Final Result for this unit

C

NYC

Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.

Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback

Signature

Signature

Date

Introduction

Assessment Task 1: Knowledge questions

Strategic risk

Strategic risk is a part of the risk management process that maintained financial risks and any business-related risks that help to improve the nature care company turnover (Singh & Singh, 2019).

 Strategic risks examples- Governance risk, financial risk, and, operational risk.

 Strategic risk is maintained by the company CEO and board of the company, their main work is to control any financial risk and governance risks. And project manager of the company maintained strategic risk to control any employee issues.

Compliance risk

Compliance risk is a part of the risk management process that helps to control any threat to the financial, or organization. It controls any violations of laws and regulations.

 Compliance risk is any theft-related issues, money-related issues, and illegal issues.

 The CCO of the company maintained the compliance risk, the main purpose of this was to control any legal and technical issues. The risk manager is the second person who helps to control project-related issues.

Financial risk

Financial risk is a process to control any financial issues in the company that invests in businesses.

Credit risk and any operational issues are the main part of the financial risk.

 The financial risk manager is responsible for the financial issues of the company and helps to control any cost or money-related issues. The investment manager of the company is also responsible for the financial risk.

Operational risk

Operational risk is a process to control any employee issues and disrupted any internal process.

Employee errors and systems or process errors are examples of operational risk.

 The senior management team is responsible to control operational risk which helps to control any system or products related issues. And the project manager is maintained operational risk.

Brainstorming

A group discussion to produce as many ideas or solutions to problems in a pre-determined amount of time.

 Checklist

 A checklist helps to guide step by step process to ensure any check-related issues are solved at the right time.

 Flowchart

 A flowchart is used to guide an organization because all steps are needed for all the project employees in the company.

Standards

 Standards are the main technique of the risk management process, which help to improve an organization.

SWOT analysis

 It can help an organization ensure opportunities.

Data Gathering

 Data gathering helps to find perfect data for the company.

Record keeping policy and procedure

 This record describes the company regarding records such as creating products, stores and access, and others.

WHS policy and procedure

This Work Health and Safety Risk management help to control all the government rules.

Confidentiality policy/procedure

 This procedure helps to protect organizations' and every individual's privacy.

This project requires you to lead one business risk process or project for an organisation or work area. As part of the assessment, you will maintain relevant organisational documentation as you:

· choose a risk management process or project to work on

· establish the scope of the risk management process or project

· analyse information from a range of sources to establish the internal and external context of your risk management process or project

· consult and communicate with stakeholders to identify, assess, treat and prioritise risks

· develop and implement an action plan to treat the risks

· monitor and evaluate the risk management process and action plan.

Vocational education and training is all about gaining and developing practical skills that are industry relevant and that can help you to succeed in your chosen career. For this reason, we are giving you the choice to base this project on your own business, one you work in or a familiar with, or you can use the case study provided. This will mean that you are applying your knowledge and skills in a relevant, practical and meaningful way to your own situation!

It is important that you are able to access enough information for your chosen business in order to be able to do your assessment. As a minimum this should include workplace documentation relating to risk management (e.g., risk management policy and procedures). You will also need data to monitor and evaluate risk management process and related action plan.

You will need to communicate with people who are involved with the risk management process. Your communication may be either directly with actual staff members or fellow students/your assessor can play the roles of relevant people/parties. Communication can be in any appropriate format (e.g. face to face, video conference, email) as long as it meets the requirements outlined in the Project Portfolio.

You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

Make sure you are familiar with the organisation you are basing this assessment on and have read through the necessary background information. For the case study business, this is all of the documents included in the Simulation Pack. If it’s your own business or a business where you are working or are familiar with, have your business or case study approved by your assessor.

Choose an appropriate risk management process or project and complete Page 4 of your Project Portfolio for this unit.

Read through the requirements of Section 1, 2 and 3 of your Project Portfolio.

Complete Section 1 of your Project Portfolio. To do this, you need to:

· determine the scope of your chosen risk management process/project

· evaluate organisational requirements and standards for managing risk

· determine the legal requirements of your risk management process/project

· list resources available to address risk

· establish objectives and critical success factors of the risk management process/project

· identify stakeholders who will be part of the risk management process.

· communicate with at least two stakeholders to:

o explain the risk management process/project

o invite stakeholders to help identify and assess risk.

Continue completing Section 1 of your Project Portfolio. To do this, you need to

· analyse the external environment of the risk management process/project.

· establish the strengths and weaknesses within your business that have the potential to create or impact risk.

Make sure you have answered all questions in Section 1. Submit to your assessor for review.

You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 1 of the Project Portfolio and make sure you attach these when you submit this section. 

You will use the work done in this section of the Portfolio to consult with stakeholders to assess and address risk.

In preparation, read through step 4 and Section 2 of your Project Portfolio and complete the first question (plan to discuss risks with invited stakeholders).

Make sure you are ready to use the tool/technique and risk scale identified at the end of step 3 prior to this meeting.

Meet with at least two of the stakeholders you identified as part of Section 1 of your Project Portfolio.

Consult with stakeholders to:

· use an appropriate tool/technique to identify at least three risks within the scope of your risk management process/project.

· establish at least two potential outcomes for each risk.

· assess risk using an appropriate scale.

· discuss treatment options for each risk.

· prioritise risks.

This meeting should take 20 minutes.

As part of your consultation, you are required to negotiate and use questioning and listening techniques to elicit opinions and confirm/clarify your understanding. You will be assessed on this.

This meeting may take place with actual people who work for/are associated with your chosen business. Alternatively, classmates or your assessor may play the role of one or more team members. This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated. If this session is not viewed in person by your assessor, you will attach proof of the meeting to Section 2 of your Project Portfolio.

Continue completing Section 2 of your Project Portfolio. To do this, you need to:

· summarise the outcomes of the meeting and assess likelihood and impact/severity of the risk.

· research the risks to find out more about them.

· use digital technology to document risk (e.g. a risk register using MS Excel).

Make sure you have answered all questions in Section 2. Submit to your assessor for review.

You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 2 of the Project Portfolio and make sure you attach these when you submit this section. 

You will use the work done in this section of the Portfolio to consult with stakeholders to create an action plan for one of your risks and then monitor and evaluate the plan and your risk management process/project.

Complete Section 3 of your Project Portfolio. To do this, you need to:

· complete an action plan for one of the risk treatments in the risk register

· communicate the action plan to relevant stakeholders.

Continue completing Section 3 of your Project Portfolio. To do this, you need to:

· follow organisational policy and procedures to implement the action plan (e.g. (e.g. notify HR, schedule resources, recording of telephone conversation, save risk register using appropriate naming conventions etc.).

Assume a period of time has passed.

If you are basing this on your own business, make sure you have data available to monitor and evaluate the risk management process/project and its associated action plan.

If you are basing this on the case study, information is provided in the simulation pack.

Continue completing Section 3 of your Project Portfolio. To do this, you need to:

· monitor and evaluate the action plan and risk management process/project

· write a report on the outcomes of the evaluation.

Make sure you have answered all questions in Section 3. You are also required to attach certain documents as part of your evidence – review the documents you need to attach as outlined in Section 3 of the Project Portfolio and make sure you attach these upon submission. 

Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary. Remember to submit all necessary attachments as indicated.

Chosen risk

Likelihood of the risk

Impact of the risk

Action plan

Monitory theft from the outlet of the company. This can lead to huge amount of monitory loss of the company that can even lead to lay off of employees or even closure of the outlets.

Medium

High

Implementation of cameras in the area where all money of the store is stored and any kind of transaction between consumers and employees takes place. Additionally, a supervisor need to be appointed in the workplace to through scrutiny of the process.