LA024401, Assessment 1, BSBRSK501 Ed 5 1 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 BSBRSK501: Assessment 1 What you have to do For...

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LA024401, Assessment 1, BSBRSK501 Ed 5 1 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 BSBRSK501: Assessment 1 What you have to do For this assignment, you will need to prepare a risk management plan for your organisation or for some other organisation from which you can obtain relevant information. Hint: Choose a small/medium sized business. Build a risk management plan for a small business such as a sole trader – a flower shop, homewares, bakery, or electrician rather than attempting to dissect a large Bank, McDonalds, a multinational insurance company, Bunnings or Woolworths. Task Task 1 Establishing the context – Your organisation will consider both internal and external factors when identifying and managing risks associated with the achievement of strategic and operational objectives. a) Provide an introduction and an overview of your organisation, include the goals or objectives. 2 LA024401, Assessment 1, BSBRSK501 Ed 5 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Stakeholder Stakeholder Role (internal or external stakeholder) Stakeholder’s issues or concerns/ priorities e.g. Describe the stakeholder group or the title such as CEO Define are they internal stakeholders or external stakeholders, define what role this group has with the organisation e.g. What influences this stakeholder - a Finance Director’s priority may be to increase profit margin by decreasing expenses Political Technology e.g. Discuss how a change in government may affect specific factors e.g. IT issues Economic Environmental factors e.g. Drop in Australian Dollar outline what this will affect e.g. weather what impact does this have Social issues Legislation e.g. trends, culture, customer needs e.g. name 3 laws the organisation must abide by for operating their business Competitors / Suppliers or customers Any other factors b) Identify internal and external stakeholders for your organisation and their issues/concerns or priorities; provide your responses in the stakeholder analysis table. c) Review external factors in the environment; complete the following table listing political, economic, social, legal, technological and competitor/supplier factors that may affect your organisation. LA024401, Assessment 1, BSBRSK501 Ed 5 3 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Task 2 Risk assessment – Research the overall processes of risk management within your organisation, risk identification, risk analysis and risk evaluation of existing practices and procedures. a) Describe the existing organisational processes, procedures and requirements for undertaking risk management for your organisation. b) Discuss if existing practices are in accordance with the Australian Risk Management standards and processes. c) Describe how risk management processes are communicated to stakeholders, what consultation and communication activities are conducted as part of the ongoing planning and management of risks in your organisation. 4 LA024401, Assessment 1, BSBRSK501 Ed 5 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Task 3 Risk identification – Identify risk sources, areas of impacts, events, causes and possible consequences to form a comprehensive list of risks based on those events that might create, enhance, prevent, degrade, accelerate or delay the achievement of objectives. a) List the existing tools, techniques, systems, forms or processes within the organisation to identify or monitor risks. b) Describe how the relevant stakeholders will be involved in the processes to identify risks. c) Conduct a SWOT analysis of your organisation to identify risk factors, ensure that a wide range of risks are identified from different business functions. List your factors in the following SWOT table. Strengths Weaknesses e.g. Brand reputation, reliable staff e.g. Bureaucratic style of management Opportunities Threats e.g. New product launch, expansion e.g. Competitors LA024401, Assessment 1, BSBRSK501 Ed 5 5 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Task 4 Risk analysis – Consider the range of causes, sources of risk, consequences and likelihood to produce a risk rating. The rating can then be used to determine further management by the organisation. Place all your responses in the Task 4 Risk Analysis Register (on the following page). a) List 10 risks into the RISK column with a brief description to represent each risk. (The 10 risks must be risks identified in the SWOT analysis table and must represent risks from a range of departments/functions from your organisation). b) Risk Reference. Create your own risk reference as a unique identifier code for each risk e.g. a marketing risk may be given the risk reference code of MARK001, Warehouse risk may be WARE001. c) Analyse each risk, briefly note what can happen if the risk occurs in the EVENT column d) Analyse each risk, briefly note how it can happen in the CAUSE column e) Evaluate each risk, briefly note what are the long term level of impact if the risk occurs CONSEQUENCES column f) Assess the current risk management strategies for each risk and determine if the current control strategies are either Adequate (A), Moderate (M) or Inadequate (I). g) Refer to the risk matrix tool positioned on the page after the risk analysis register table. The risk matrix is required for analysing the types of risks for your organisation. The risk matrix is required to define the current risk level for each risk by considering the likelihood against the consequence. Determine the Likelihood level (or the probability of each risk occurring). (The likelihood rating for risk occurring requires the assessment of the potential frequency of occurrence without reference to management controls or mitigating). h) Define the Consequences level, assess the potential people, financial, reputation, compliance or business process/system impact. i) Determine the Level of risk from mapping the likelihood and consequence on the risk matrix. Task 5 Risk evaluation – The level of risk identified during the risk analysis can be ranked and prioritised according to a consistent overall ranking and rating system. Continue to place your responses in the Risk Analysis Register. Re-sequence all 10 risks in the risk register based on their priority; position the risk with the first priority at the top of the risk analysis register and the second highest risk to be positioned under the first, and so forth. k) Acceptability of the risk, decide if the risk is acceptable (A) or unacceptable (U) l) Treat the risk, will action be required to treat the risk, Yes or No. j) Risk priority. Compare and prioritise the levels of risk for all 10 risks. The risk with the highest level of risk will be ranked as 1, the first priority, the risk with the next highest level of risk, 2 as the second priority and so forth. Define the risk priority for all 10 risks. 6 LA024401, Assessment 1, BSBRSK501 Ed 5 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Task 4 Risk Analysis Register: (Enter the name of your organisation) Function (activity e.g. department): Compiled by: Date: Date of risk review: Reviewed by: Date: Risk Reference (unique identifier code b)) RISK What is the risk? a) EVENT What can happen? c) CAUSE How can it happen? d) CONSEQUENCES What is long term impact if it happens? e) Current control strategies A (Adequate) M (Moderate) I (Inadequate) f) Current risk level analysis Risk priority j) Ac ce pt ab ili ty o f Ri sk A (A cc ep ta bl e) o r U (U na cc ep ta bl e) K) Treat Risk Yes or No l) L ik el ih oo d le ve l g) Co ns eq ue nc es le ve l h ) Le ve l o f r is k i) LA024401, Assessment 1, BSBRSK501 Ed 5 7 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Risk matrix Source NSW Government: Risk management toolkit Viewed 5/2/19. Available at: https://www.treasury.nsw.gov.au/information-public-entities/governance-risk-and-assurance/internal-audit-and-risk- management/risk https://www.treasury.nsw.gov.au/information-public-entities/governance-risk-and-assurance/internal-audit-and-risk-management/risk https://www.treasury.nsw.gov.au/information-public-entities/governance-risk-and-assurance/internal-audit-and-risk-management/risk 8 LA024401, Assessment 1, BSBRSK501 Ed 5 © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW), Archive version 1, April 2019 Task 6 Risk treatment – Select one or more options for the most appropriate actions to modify
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Answer To: LA024401, Assessment 1, BSBRSK501 Ed 5 1 © New South Wales Technical and Further Education...

Moumita answered on Jul 08 2021
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BSBRSK501: Assessment 1
What you have to do
For this assignment, you will need to prepare a risk management plan for your organisation or for some other organisation from which you can obtain relevant information.
Hint: Choose a small/medium sized business. Build a risk management plan for a small business such as a sole trader – a flower shop, homewares, bakery, or electricianrather than attempting to dissect a large Bank, McDonalds, a multinational insurance company, Bunnings or Woolworths.
Task
Task 1
Establishing the context – Your organisation will consider both internal and external factors when identifying and managing risks associated with the achievement of strategic and operational objectives.
a) Provide an introduction and an overview of your organisation, including the goals or objectives.
The success and failure of any business organization largely depend upon the adopted strategies that include financial management, marketing, and
customer's attraction and above all risk management. In the paper, the risk management strategies of Australia based Textile limited Bruck Limited will be illustrated in detail. The organization Bruck Fabrics was incorporated in Wangaratta (North Eastern Victoria, Australia) in the year 1946 (Bruck Textiles, 2020). After many up and downs today Bruck Textiles is one of the medium-scaled textile company that provides high quality of textile solutions, which satisfy the needs of the customers. In this paper, the risk management strategies for Bruck Textile will be prepared.
Goals and Objectives of Bruck Textile
The main goals and the objectives of Bruck Textile are:
· To initiate the globalization of the organization
· To offer the best services to the customers as compared to the other rival companies
· To induce creativity and innovation in their manufactured items
· To understand the needs and the inclinations of the customers and attract their attention
b) Identify internal and external stakeholders for your organisation and their issues/concerns or priorities; provide your responses in the stakeholder analysis table.
    Stakeholder
    Stakeholder Role (internal or external stakeholder)
    Stakeholder’s issues or concerns/ priorities
    e.g. Describe the stakeholder group or the title such as CEO
    Define are they internal stakeholders or external stakeholders, define what role this group has with the organisation
    e.g. What influences this stakeholder - a Finance Director’s priority may be to increase profit margin by decreasing expenses
    
Employees of Bruck Textile
    Internal Stakeholder
    They are the human resources of the organization and are instrumental for the success of the company by offering the best services to the customer's group (Cardwell, Williams & Pyle, 2017).
    Manager/Leaders of Bruck Textile
    Internal Stakeholder
    The managers and the leaders of this organization are responsible for motivating the employees.
    Suppliers
    External Stakeholders
    They are instrumental in searching for durable authentic retailers.
    
Government
    External Stakeholder
    The legal governmental policies like employment laws, tax policies, and legal factors are directly responsible for the success and failure factors of the organization
    
Society
    External Stakeholder
    If the society and the people of the society have good economic ability and are in a harmonious state then it has a positive impact on the organization.
    Customers
    External Stakeholders
    Among all the external stakeholders, the customers are the most significant as, if the customers are satisfied with the products and services of this textile company and then it will ensure the speedy progress of the company.
c) Review external factors in the environment; complete the following table listing political, economic, social, legal, and technological and competitor/supplier factors that may affect your organisation.
    Political
    Technology
    Political factor refers to the change of the governmental policies and these changes have a direct impact on the business. The governmental policies are always supportive towards business in the country and the current GDP of the country is 1.43 Lakh crores USD that have a positive impact on the business sectors of the country (Ward et al., 2016). Thus it is not a risk for the company
    The Information sector of Australia is now very strong as compared to the other nations. However comparatively the functioning of Bruck Textile is still manually controlled and it is a negative impact on the business and the customers yearn for swift and prompt service
    Economic
    Environmental factors
    At present, Australia's economic freedom score is 82.6, which is the 4th freest economy as per 2020. This is highly favorable for the company as the economy of this country is quite stable.
    Despite development, pollution is one of the negative weather conditions in Australia and it hurts the business culture of the country. In this regard, it is imperative of Bruck Textile to make the stores and manufacturing units more spacious and circumscribed with trees and plantations so that the employees and the customers free healthy there.
    Social issues
    Legislation
    Social factor refers to the current culture and the customer's needs of the people of Australia. One thing is important to mention here that customer preferences and inclinations are always changing and never static. Thus, it is a risk factor for the company and the organization is to understand the trend of the market to avoid any negative impact.
    1. The Australian Government company tax rate is 30% and the lower tax rate is 27.5%. Thus, the company needs to adhere to all the taxation policies strictly. Hence this exhibits that the taxation policy of Australia is quite strict and also high as compared to the other countries. Thus if the issue is not adhered properly then it may create impact on the organisational success. .2. The Fair Work Act is the main employment and workplace relations of Australia. If the well beings and job satisfaction issues of the employees are not addressed properly then it may create a negative impact on the success of the organisation.3. Finally to mention the Australian corporation’s law that is administered by the national regulatory authority is quite strict about the legal proceedings that are imperative to be followed by the business organisations. Hence a lack of understanding of such legal issues may lead to a risky impact on the organisation.
    
    
LA024401, Assessment 1, BSBRSK501 Ed 5    
© New South Wales Technical and Further Education Commission, 2019 (TAFE NSW),Archive version 1,April 2019
    LA024401, Assessment 1, BSBRSK501 Ed 5
    © New South Wales Technical and Further Education Commission, 2019 (TAFE NSW),Archive version 1,April 2019
LA024401 Assessment 1 BSBRSK501 Ed 5    
© New South Wales Technical and Further Education Commission, Archive version1,April 2019
Task 2
Risk assessment – Research the overall processes of risk management within your organisation, risk identification, risk analysis and risk evaluation of existing practices and procedures.
a) Describe the existing organisational processes, procedures and requirements for undertaking risk management for your organisation.
At present, the organization has some existing risk management plans that are:
1. The Risk factors are identified first and a probability index is prepared to understand the likelihood of the risk (Baumann, Erber & Gattringer, 2016).
2. After this, all the individual risks are individually assessed to handle each of the risks and separate strategies are set up for each of the risks.
3. Finally monitoring sessions are conducted on how the risk factors are mitigated with the adopted strategies for each of the risks.
b) Discuss if existing practices are in accordance with the Australian Risk Management standards and processes.
The existing strategies are not conforming to the Australian Risk Management standard as it illustrates the risk and the coordinated activities that are required to control an organization regarding all the risk factors.
c) Describe how risk management processes are communicated to stakeholders, what consultation and communication activities are conducted as part of the ongoing planning and management of risks in your organisation.
Risk factors can be mitigated with a consultation with the stakeholder group as if the influences of each stakeholder group can be attained then the risk factors can be mitigated. During the planning session of the risks if communication can be initiated with all the stakeholders of the organization then it would be easier to prepare the strategies.
Task 3
Risk identification – Identify risk sources, areas of impacts, events, causes and possible consequences to forma comprehensive list of risks based on those events that might create, enhance, prevent, degrade, accelerate or delay the achievement of objectives.
At present, strategies are used for the identification and monitoring of the risk that includes (Mutlu and Altuntas, 2019):
Step 1: Identification of the Irks
Step 2: Vulnerability Register is prepared
Step 3: Strategies are framed for each of the risks
Step 4: Efficient human resources process monitoring
Describe how the relevant stakeholders will be involved in the processes to identify risks
    Name of the Stakeholder
    Involvement in Risk identification
    Employees of Bruck Textile
    They can identify risk factors while working.
    Manager/Leaders of Bruck Textile
    They will supervise the activities of the employees to mitigate the risks.
    Suppliers
    They can help to find durable suppliers...
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