no need to do any referencing.Student Assessment Tasks BSBRSK501 Manage risk Wall Street College Pty...

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no need to do any referencing.Student Assessment Tasks BSBRSK501 Manage risk Wall Street College Pty Ltd ABN No: 42 606 344 905   RTO No: 41294 CRICOS Provider No.: 03601F Melbourne: Level 4, 20 Queen St, Melbourne, VIC 3000 Phone: +61 3 9629 4770 Email: admissions@wallstreet.edu.au Hobart: Level 2, 27 Elizabeth St, Hobart, TAS 7000 Phone: +61 3 8648 8556 Email: admissions@wallstreet.edu.au BSBWRT301 Write simple documents 	Student Assessment Tasks 	WSC V1.0 09-2020 (Review 10-2021) RTOWORKS Quality Solutions 	BSBRSK501 Manage risk 	Student Assessment tasks 	2 of 52 © 2020 RTO Works		Page 1 Contents Assessment information	3 Assessment instructions	4 Student assessment agreement	7 Assessment Task 1 Cover Sheet	8 Assessment Task 1: Written questions	9 Assessment Task 1 Instructions as provided to students	11 Assessment Task 1 Checklist	12 Assessment Task 2: Risk management project	13 Assessment Task 2 Instructions as provided to students	15 Assessment Task 2 Checklist	20 Assessment Task 3: Risk treatment implementation project	23 Assessment Task 3 Instructions as provided to students	25 Assessment Task 3 Checklist	29 Assessment Task 4: Risk management process evaluation report	30 Assessment Task 4 Instructions as provided to students	31 Assessment Task 4 Checklist	32 Final results record	33 Assessment information  The assessment tasks for BSBRSK501 Manage risk are included in this Student Assessment Tasks booklet and outlined in the assessment plan below. To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.   Assessment plan 	Assessment Task  	Overview 	Written questions  	You must correctly answer all questions. 	Risk management project 	You must prepare an initial report about risk associated with business expansion for a case study organisation; participate in a roleplay meeting with team members to brainstorm risks; and develop a risk management plan for the case study organisation. 	Risk implementation project 	You must implement and monitor risk treatments for risks identified.  	Risk management process evaluation report 	You must evaluate the risk management process.  Assessment preparation  Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions. When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it and hand it to your assessor, who will countersign it and keep it on file. Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.   Assessment appeals If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.  You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal. Assessment instructions Each assessment task in this booklet consists of the following: Assessment Task Cover Sheet This must be filled out, signed and submitted with your assessment responses. If you are submitting hardcopy, the Assessment Task Cover Sheet should be the first page of each task’s submission. If you are submitting electronically, print out the Assessment Task Cover Sheet, fill it out, sign it and then scan and submit the file. The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback on the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on reassessment opportunities as per your RTO’s reassessment policy. Depending on the task, this may include resubmitting incorrect answers to questions (such as written questions and case studies) resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task redoing a role play after being provided with appropriate feedback about your performance  being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback. Assessment task information This gives you: a summary of the assessment task information on the resources to be used submission requirements resubmission opportunities if required. Assessment task instructions  This includes questions you will need to answer or tasks that you need to complete. Your answers must be typed using software as indicated in the assessment task Instructions. Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer. If you are submitting electronically, give the document a file name that includes the information as indicated in the section called ‘Naming electronic documents’ (see below). Naming electronic documents It is important that you name the documents that you create for this Assessment Task in a logical manner.  Each should include: Course identification code Assessment Task number Document title (if appropriate) Student name Date it was created For example, BSBRSK501 AT2.5 Risk Management Plan Joan Smith 20/10/20. Icons Icons are used in task instructions to indicate three of the common stages within the task. 	 	This icon indicates that you will need to meet with your assessor (and possibly other students) to complete a meeting or role play.  	 	This icon indicates that you will need to communicate via email or send documents to via email. 	 	This icon indicates that you will need to submit an item of evidence. 	 	This icon indicates all other stages during the task, which may include research, developing documents, brainstorming ideas and so on. Additional resources You will be provided with the following resources before you begin each assessment task. Assessment Task 2: · Risk Management Policy and Procedures · Risk Briefing Report Template · Risk Management Plan Template · Team Meeting Minutes Assessment Task 3: · Customer Survey Results Memo · Sales Data Analysis Memo · Staff Survey Results Memo  · Performance Review Results Memo  · Sustainability Report Assessment Task 4: · Risk Management Policy and Procedures Checklist This will be used by your assessor to mark your assessment. Read through this checklist as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses or observing your performance.  Student assessment agreement Make sure you read through the assessments in this booklet before you fill out and sign the agreement below. If there is anything that you are unsure of, consult your assessor prior to signing this agreement. 	Have you read the assessment requirements for this unit? 	  Yes 	  No 	Do you understand the requirements of the assessments for this unit? 	  Yes 	  No 	Do you agree to the way in which you are being assessed 	  Yes 	  No 	Do you have any specific needs that should be considered 	  Yes 	  No 	If so, explain these in the space below. 	 	 	Do you understand your rights to reassessment? 	  Yes 	  No 	Do you understand your right to appeal the decisions made in an assessment? 	  Yes 	  No 	Student name 	 	Student ID number 	 	Student signature 	 	Date 	 	Assessor name 	 	Assessor signature 	 	Date 	 Assessment Task 1 Cover Sheet Student declaration  To be filled out and submitted with assessment responses I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).  I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.  I have correctly referenced all resources and reference texts throughout these assessment tasks.  	Student name 	 	Student ID number 	 	Student signature 	 	Date 	 Assessor declaration 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 name 	 	Assessor signature 	 	Date 	 	Assessment outcome 	S 	NS 	DNS 	Resubmission 	Y 	N Feedback  Student result response My performance in this assessment task has been discussed and explained to me.  I would like to appeal this assessment decision.  	Student signature 	 	Date 	 A copy of this page must be supplied to the office and kept in the student’s file with the evidence.   Assessment Task 1: Written questions  Task summary  This is an open-book test, to be completed in the classroom. A time limit of 1 hour to answer the questions is provided. You need to answer all of the written questions correctly. Your answers must be word processed and sent to the assessor as an email attachment.  Required Access to textbooks and other learning materials. Computer with Microsoft Office and internet access. Timing Your assessor will advise you of the due date of this assessment. Submit Answers to all questions.  Assessment criteria All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.  Resubmission opportunities You will be provided feedback on your performance by the assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.  If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you with written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Reassessment attempt(s) will be arranged at a later time and date.  You have the right to appeal the outcome of assessment decisions if you feel you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Written answer question guidance The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.  Note that the following guidance is the minimum level of response required.  	Analyse: when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.  Compare: when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long. Contrast: when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long. Describe: when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long. Discuss: when

Deblina · Accepted Answer

ASSESSMENT TASK 1
ANSWER 1
The standard of risk management helps to reduce the risk by properly identifying, assessing, and prioritizing risks and providing effective management of risk. The main aim of risk management is to minimize risk and hazards and making workplace a safer place. Eg. If you are buying a vehicle. We know that there would be chances that the car might get into accidents, thus a person should ensure that there is proper insurance for it.
An example of Risk Management Standard is AS/NZS ISO 31000:2009 Principles of Risk Management. 
ANSWER 2
The AS/NZS ISO 31000:2009 is for standardizing the risk management in the existing and future standards. Following are the principles for managing risk:
· Creating and protecting values and objectives
· Integrating plan with properly thought of process
· Properly made decisions
· Identifying the potential issues
· Managing time with systematic and structured approach
· Being aware of the information and using it in effective method
· Taking into account of human and cultural factors
· Making inclusive and transparent decision
· Being responsible and being dynamic for changes
· Helping a firm in the continuous improvement
ANSWER 3
WHS legislation has the requirement that a work place must be risk free. It provisions for safe work by a proper maintenance of machinery, structures and substances. Also, it maintains enough facilities.
Answer 4
· Risk Assessment
· Hazard Identification
· Control of risk
· Review of control measures
ANSWER 5
The main purpose of policies and procedures of risk management is to provide health and safety environment and making sure that every employees feel secured to work. It helps to minimize the risks in the company for all the employees.
ANSWER 6
· Slowing down the work: The unseen risks could make a project proceed in a slower pace. The risk needs to be acknowledged and must have a proper analysis with the relevant plans to act or track them and this consume much of the time.
· Clients dissatisfaction: It will have a high impact in works for clients and the clients don’t want to involve in risks.
· Imbalance of budget: Risk management need a proper budget with plan for proper management. A company must have much expenses to deal with such.
ANSWER 7
For analysing risks, following steps can be taken:
· Hazard Identification
· Hazard Analysis
· Hazard evaluation
· Treating the hazard
· Monitoring and reviewing the hazard.
ANSWER 8
· To identify and categorize threats, company can use PESTLE ( Political, economic, sociological, technological, legal and environmental).
· To collect information from clients and stakeholders, surveys and questionnaires can be used.
· To find accurate information, market research can be done.
ANSWER 9
· Review of documentation
· Strength, weakness, opportunities and Threat analysis
· Techniques of gathering information
ANSWER 10
To control risks, a company can use following options:
· Retention: Reviewing the organization, acknowledging and accepting the risks as these are the costs involved to help control larger risks.
· Avoidance: Avoiding the activities that carries risks is another way of controlling risks.
· Sharing: Benefits concentrating to employees has benefit of sharing risks to allow a firm to pay for the premiums for insurance. As the risk sharing increase, the cost involved for premium decreases.
· Prevention loss and reduction: It is to reduce the loss. Eliminating a loss is a myth; hence it is used to minimize loss. It works to reduce the spread of risk across various activities.
ANSWER 11
The four procedures that a company can take to minimize risks are as below:
· A company must consider a liability for public as well as a liability for a profession.
· A preparation for natural disasters and catastrophes will help a company to minimize loss arising because of such disasters.
· Ensuring employee health will help a company to cover for any risks from employees deteriorating health.
· Installing a CCTV in the company premise helps to secure the company premise.
ASSESSMENT TASK 2
RISK BRIEFING REPORT
NatureCare Products
Risk Briefing Report
Introduction
This particular report documents the risks that are associated with the expansion of retail outlets in Melbourne and Brisbane. It also considers the evaluated and the associated risks that are relevant in this particular context. The aspect of risk in the expansion of the retail outlets of NatureCare products is relevant from the risk management policy and procedures. This was reflected in the information and the guidance of the risk management plan. It also focuses on the relevance of risk management and duly stresses the fact that risk management is a key aspect of the strategic. It is also reflected on the operational planning of the organisation. It is also effective to operate the day-to-day management and decision making in the organisation at every levels of the company.
The risk management policy and procedures of Nature Care Products has focus on key principles that relates to the commitment for implementation of risk management effectively. 
This particular aspect is contemplated with management and minimising risk, incorporating risk management in the planning and decision-making processes of the organisation and implementation of risk management according to the relevant legislative requirements and appropriate risk management standards. The policies have also documented the relevance of training to ensure that the employees are skilled and productive. It also focused on monitoring performances and reviewing progress associated with the risk management prospects in the organisation. Moreover, there exists a range of business risks and the organisation is also exposed to new risks that are related to organisational activities. Relevant risks must be identified and assessed in the initial stages of planning.
Scope
The scope of the risk management processes is to identify the associated risks and assess those risks. It is effective to consider all the risks that are associated with establishing new retail outlets for the company.
PESTLE Analysis
Political Factors 
	Factor
	Risk treatments as applicable
	Stable political climate and there is no immediate change in the Government of the country.
	Effective ways to monitor the political climate and check the ongoing stability of the nation.
	Attitude of the government towards the private Enterprises.
	Monitoring the political climate of the nation and updating with the new initiatives of the government.
	Fiscal policies and the policies related to the initiatives of taxation.
	Assessing the impact of Fiscal policies and other initiatives of taxation.
	Capitalist system that favoured the operation of the private Organisation.
	NA as it has no impact on the system.
Economic Factors 
	Factor
	Risk treatments as applicable
	Exchange rates can influence the imports and the Exports.
	Monitoring the exchange rates and tracking so that it is effective by the organisation to reduce their production cost by impacting cheap imports.
	Strong economy.
	Regular review of the economic data that is relevant for the future growth and the decline in the projections.
	Employment rate
	Reviewing the economic data and assessing the availability of the workforce in the particular nation. 
Technological Factors 
	Factor
	Risk treatments as applicable
	Technological development that is relevant to the product.
	Regularly reviewing the technological updates in order to determine whether the new technology can provide business benefits.
	Technological development in the software. 
	Regularly updating software and train the employees with the same, so as to improve staff effectiveness.
Legal Factors 
	Factor
	Risk treatments as applicable
	Strong consumer law.
	Handling all the consumer feedback efficiently and in a regular basis in order to reduce the likelihood of litigation from the consumers.
	Changes of the legislations and the legal compliances.
	Reviewing all the legislative changes and determining the change of those legal aspects in the business
	Compliance with the legislative issues.
	Revision all the legislation that is important for the business and performs regular checks that ensure all the requirements needed by the company.
Environmental Factors 
	Factor
	Risk treatments as applicable
	Environmental requirements. 
	Regularly reviewing and provisioning the sustainability measures of the company in order to monitor the ongoing actresses and effectively develop new methods for regular improvements.
	Consumer attitudes towards environmentally friendly products.
	Conducting consumer surveys in order to find out consumer wants in relation to the environment friendly products and ensure the aspect of sustainability.
	Environmental legislations
	Checking and remaining updated with the environmental legislation that ensures the business is meeting all the requirements and identify any changes in the associated aspect.
Risks
	Risk
	Treatment
	Inability to find effective physical structure to develop retail outlet for a lease in an appropriate location.
	Establishing contacts with the real estate agents in the particular location in order to get a good physical structure.
	Unable to find appropriate and skilled employees who can align their career objectives with the objectives of the organisation.
	Offering attractive terms and conditions like payments and benefits in order to attract and retain productive employees.
	Competitors can copy the business model.
	Working on the patent and the copyright and continuously developing and implementing innovative business functions.
	Financial loses. 
	Developing and implementing effective budgeting practices in order to avoid the financial loss and business loss.
	Economic Uncertainty. 
	Proper maintenance of the company reserves in order to sustain in adverse economic conditions.
Internal and external stakeholder analysis 
The internal stakeholders are the existing staff who have issues regarding the risk adversities and are reluctant to the change. The relevant internal stakeholders are the employees, Management Staffs and Shareholders.The external stakeholders are customers, suppliers and the government. 
The internal stakeholders and their impact in the risk management process are as follows:

Student Assessment Tasks BSBRSK501 Manage risk Wall Street College Pty Ltd ABN No: XXXXXXXXXX RTO No: 41294 CRICOS Provider No.: 03601F Melbourne: Level 4, 20 Queen St, Melbourne, VIC 3000 Phone:...

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