Manage business risk

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STUDENT
ASSESSMENT TASKS

MANAGE BUSINESS RISK

BSBOPS504

 

First published 2021

RTO Works
www.rtoworks.com.au

[email protected]

0452 157 557

© 2021 RTO Works

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Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training Package.

 

 

 

 

 

 

 

 

 

 

  Introduction

The assessment tasks for BSBOPS504 Manage business risk are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.

Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.

Assessment for this unit

BSBOPS504 Manage business risk describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.

For you to be assessed as competent, you must successfully complete two assessment tasks:

Assessment Task 1: Knowledge questions – You must answer all questions correctly.

Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio.

 

 

  Assessment Task 1: Knowledge questions

Information for students

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:

review the advice to students regarding answering knowledge questions in the Business Works Student User Guide

comply with the due date for assessment which your assessor will provide

adhere with your RTO’s submission guidelines

answer all questions completely and correctly

submit work which is original and, where necessary, properly referenced

submit a completed cover sheet with your work

avoid sharing your answers with other students.

 

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Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

where this task should be completed

the maximum time allowed for completing this assessment task

whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

 

Questions

Provide answers to all of the questions below:

Explain the risk management process. You may answer using a labelled diagram or in words (or both) and must include:

a definition of risk management.

a list or illustration of the steps in a risk management process.

a description of what each step involves.

Describe a current risk management standard. In your answer:

name the standard.

explain the purpose of the standard.

list key elements of the standard.

Complete the table below to describe the types of business risk.

Type of risk Description Example Key responsibility

(at least two people)

Strategic risk
Compliance risk
Financial risk
Operational risk

 

Complete the table to explain three different tools and techniques that may be used to identify risk. The first row has been completed as an example for you to follow.

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

Explain four options that a company could use to take to control risks.

Explain how legislation and its related regulatory requirements relate to risk management. In your answer:

identify two different legislative and regulatory requirements that may apply to risk management.

for each legislative requirement, explain how it relates to risk management.

provide one example of how regulations support one of the legislation.

Explain the purpose of risk management policies and procedures in the workplace as they relate to risk management.

Complete the table below to summarise how three policies and procedures relate to risk management.

Policy/procedure Description
Record keeping policy and procedure
WHS policy and procedure
Confidentiality policy/procedure

 

Assessment Task 1: Checklist

Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? Completed successfully? Comments
Yes No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Task outcome:

Satisfactory

Not satisfactory

Assessor signature:
Assessor name:
Date:

 

 

  Assessment Task 2: Project

Information for students

In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.

You will need access to:

your learning resources and other information for reference

Project Portfolio template

Simulation Pack (if you need a case study).

Ensure that you:

review the advice to students regarding responding to written tasks in the Business Works Student User Guide

comply with the due date for assessment which your assessor will provide

adhere with your RTO’s submission guidelines

answer all questions completely and correctly

submit work which is original and, where necessary, properly referenced

submit a completed cover sheet with your work

avoid sharing your answers with other students.

 

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Assessment information
Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

where this task should be completed

how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

 

Activities

Complete the following activities:

Carefully read the following:

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

Preparation

  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.

Establish the risk context

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:

explain the risk management process/project

invite stakeholders to help identify and assess risk.

This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to organisational policy and procedures.

If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.

For the case study, refer to the internal communication policy and procedures for further guidance.

 

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.

 

Identify and analyse risk

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

plan to discuss risks with invited stakeholders.

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Make sure you are ready to use the tool/technique identified in your planning and the risk scale identified at the end of step 3.
 

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.

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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.

 

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.

Implement and monitor risk treatment

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.

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This communication can take place in any appropriate format (e.g. draft email, telephone conversation recording, video of meeting etc.) as long as it adheres to your organisational policy and procedures and the instructions in the Project Portfolio.

If you are basing this assessment on your own business, and your organisation’s policies require oral communication, you may interact with actual people who work for the business, or your assessor or classmates may play the role of the stakeholders.

For the case study, refer to the internal communication policy and procedures for further guidance. Use verbal communication to communicate the action plan (e.g. either via telephone call, video conference or face-to-face meeting). This should take 5 minutes. Classmates or your assessor may play the role of the stakeholders.

Role-plays can either be viewed in person by your assessor or you may video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you 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

 

follow organisational policy and procedures to implement one step of your action plan (e.g. do research, request quote).

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If you are using the case study business, assume that one step in your action plan is to request quotes for RPA systems for invoice capturing. This may for example be through a chat functionality on a website, or drafting an email to a sales representative of an AI business.
 

maintain your risk management documentation to indicate completion of the step (e.g. mark a step in your action plan as completed).

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If your organisation’s policy and procedures do not specify how to maintain risk documentation, assume that action plans must be updated to show completion of each action/process or task (as per the Simulation Pack Internal communication policy and Procedure).
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.

 

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.

Submit your completed Project Portfolio

  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.

 

 

Assessment Task 2: Checklist

Student’s name:
Did the student: Completed successfully? Comments
Yes No
Establish the risk context by:

determining the scope of their chosen risk management process/project

evaluating organisational requirements and standards for managing risk

determining the legal requirements of their risk management process/project

listing resources available to address risk

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

identifying stakeholders who will be part of the risk management process

communicating with at least two stakeholders to:

explain the risk management process/project

invite stakeholders to help identify and assess risk

analysing the external environment of the risk management process/project (political, economic, social, technological and policy)

establishing the strengths and weaknesses within the business that have the potential to create or impact risk?

Identify and analyse risk by:

Consulting with stakeholders to:

use an appropriate tool/technique to identify at least three risks within the scope of the 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

summarising the outcomes of the meeting

assessing likelihood and impact/severity of the risk

researching the risks to find out more about them

documenting risk using digital technology (e.g., risk register)?

Implement and monitor risk treatment by:

completing an action plan for one of the risk treatments in the risk register

communicating the action plan to relevant stakeholders

implement the action plan

maintain risk management documentation

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

write a report on the outcomes of the evaluation?

Demonstrate effective oral communication skills, including:

Uses listening and questioning techniques to confirm that you understand the views of others correctly

Negotiate with stakeholders about risk management process and outcomes?

Task outcome:

Satisfactory

Not satisfactory

Assessor signature:
Assessor name:
Date:

 

 

  Final results record

 

Student name:
Assessor name:
Date

Final assessment results

Task Type

Result

Satisfactory Unsatisfactory Did not submit
Assessment Task 1 Knowledge questions

S

U

DNS

Assessment Task 2 Project

S

U

DNS

Overall unit results

C

NYC

Feedback

 

 

 

My performance in this unit has been discussed and explained to me.

I would like to appeal this assessment decision.

 

Student signature: Date:

 

 

I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

 

Assessor signature: Date: