CANDIDATE RESOURCE WITH SIMULATED ONLINE …

1 IDENTIFY RISK AND APPLY RISK MANAGEMENT PROCESSESCANDIDATE RESOURCE WITH SIMULATED ONLINE BUSINESS ASSESSMENT BSBRSK401 APrecision Group (Australia) Pty Ltd9 Koppen Tce, Cairns, QLD, 4870 Email: Precision Group (Australia) Pty LtdBSBRSK401 AIdentify Risk and Apply Risk Management ProcessesISBN: 978-1-74238-Copyright NoticeNo part of this book may be reproduced in any form or by any means, electronic or mechanical, including photocopying or recording, or by an information retrieval system without written permission from Precision Group (Australia) Pty Ltd. Legal action may be taken against any person who infringes their copyright through unauthorised terms are subject to the conditions prescribed under the Australian Copyright Act for Educational PurposesThe Australian Copyright Act 1968 allows 10% of this book to be copied by any educational institute for educational purposes, provided that the institute (or the body that administers it) has given a remuneration notice to the Copyright Agency Limited (CAL) under the Act.

2 For more information, email or visit for other contact Group has made a great effort to ensure that this material is free from error or omissions. However, you should conduct your own enquiries and seek professional advice before relying on any fact, statement or matter contained in this book. Precision Group (Australia) Pty Ltd is not responsible for any injury, loss or damage as a result of material included or omitted from this material. Information in this course material is current at the time of RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdTable of Contents 2 Legend3 Qualification Pathways4 Qualification Rules5 Introduction7 BSBRSK401A/01 Identify Risks Key Points Identify the context for risk management Identify risks using tools, ensuring all reasonable steps have been taken to identify all risks Document identified risks in accordance with relevant policies.

3 Procedures and legislation15 True or False Quiz17 BSBRSK401A/02 Analyse and Evaluate Risks Key Points Analyse and document risks in consultation with relevant stakeholders Undertake risk categorisation and determine level of risk Document analysis processes and outcomes27 True or False Quiz29 BSBRSK401A/03 Treat Risks Key Points Determine appropriate control measures for risks and assess for strengths and weaknesses Identify control measures for all risks Refer risks relevant to whole of organisation or having an impact beyond own work responsibilities and area of operation to others as per established policies and procedures Choose and implement control measures for own area of operation and/or responsibilities Prepare and implement treatment plans35 True or False Quiz37 BSBRSK401A/04 Monitor and Review Effectiveness of Risk Treatment/s Key Points Regularly review implemented treatment/s against measures of success Use review results to improve the treatment of risks Provide assistance to auditing risk in own area of operation Monitor and review management of risk in own area of operation43 True or False Quiz44 Summary45 Bibliography46 Handout 149 Assessment Pack2 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdLegendThis symbol indicates the beginning of new content.

4 The bold title matches the content of the competency and they will help you to find the section to reference for your assessment activities. Activity: Whenever you see this symbol, there is an activity to carry out which has been designed to help reinforce the learning about the topic and take some symbol is used at the end of a section to indicate the summary key points of the previous symbol is used to indicate an answer to the CANDIDATE s questions or notes to assist the considered risk taking in your grey others will follow you!3 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty Ltd There are always two choices. Two paths to take.

5 One is easy. And its only reward is that it s easy . Source UnknownThis unit of competency is provided to meet the requirements of BSB07 Business Services Training Package although it can be used in a range of different qualifications. The BSB07 Business Services Training Package does not state how a qualification is to be achieved. Rather, Registered Training Organisations are required to use the qualification rules to ensure the needs of the learner and business customer are met. This is to be achieved through the development of effective learning programs delivered in an order that meets the stated needs of nominated Candidates and business Pathways4 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdQualification requirements include core and elective units.

6 The unit mix is determined by specific unit of competency requirements which are stated in the qualification description. Registered Training Organisations then work with learners and business customers to select elective units relevant to the work outcome, local industry requirements and the qualification vocational education qualifications must lead to a work outcome. BSB07 Business Services Training Package qualifications allow for Registered Training Organisations (RTOs) to vary programs to meet: Specific needs of a business or group of businesses. Skill needs of a locality or a particular industry application of business skills. Maximum employability of a group of students or an packaging a qualification elective units are to be selected from an equivalent level qualification unless otherwise Rules You re either part of the solution or part of the problem.

7 Eldridge Cleaver5 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdIntroduction Whether as an individual, or as part of a group, real progress depends on entering whole-heartedly into the process and being motivated to make you a more deeply satisfiedhuman being. Source UnknownThis unit of competency is about being able to identify risk in your workplace and then establishing a plan to enable you to evaluate that risk. It will help you with the skills you need to demonstrate competency for the unit BSBRSK401A Identify Risk and Apply Risk Management Processes. This is one of the units that make up the Certificates in manual is broken up into four distinct sections.

8 They are:1. Identify Risks: First we will examine how to identify risks in your business. Unless you know exactly what risks you are facing, it is impossible to establish ways of overcoming Analyse and Evaluate Risks: Once you have identified the risks you face in your business, you need to look at just how they will impact your business. In this section we will examine the process of analysing and evaluating the risks you Treat Risks: Then we will examine how you set up a plan to treat any risks that you identify in your business. This involves developing plans to overcome or minimise the risks in your Monitor and Review Effectiveness of Risk Treatment/s: Finally we will examine the process of ensuring that the treatment plan for the risks that you have identified is effective and will allow you to manage the risks in your business the conclusion of this training you will be asked to complete an assessment pack for this unit of competency.

9 The information contained in this RESOURCE will assist you to complete this task. On conclusion of this unit of competency you will have demonstrated your ability to identify risks, analyse and evaluate risks, treat risks and monitor and review the effectiveness of treatment of RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty Ltd7 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdKey Points Section 1 Risks must be identified in order for you to assess and treat them. Tools for identifying risk include: task analysis, behaviour analysis, environmental analysis, what-if analysis, fault tree analysis, Accident and incident investigations, Assumptions Analysis, Facilitated Workshops, Brainstorming or SWOT Analysis, Influence Diagrams, Checklists, Decision Trees and Monte Carlo Simulation (or 3-Point Estimation).

10 PART 1: Identify Risks8 CANDIDATE RESOURCE BSBRSK401A Identify Risk and Apply Risk Management Processes Precision Group (Australia) Pty LtdPar t 1: Identify RisksA risk is defined as a situation, problem or activity that would have an impact on the progress of a program, sub-program or project if it were to actually happen. Risk is a natural part of all businesses, and in order for you to manage it effectively it is important that you have a management program in Take Risks As we previously mentioned, a certain amount of risk taking is inevitable if you are to achieve your objectives. Effective management of risk will help with the management of innovation and improve performance by contributing to: Increased certainty and fewer surprises.