BSBRSK501B Manage risk

To demonstrate competence you must correctly answer all questions. Any shortfalls or wrong responses may be followed up by your trainer in verbal, written or practical instance.
If more space is required for any answer you may attach a separate page containing name, assessment date, unit title unit code and the assessment task number and attach this page with the current assessment task before submission or alternatively use the back of each paper with a clear reference to the relevant question(s).
Ensure you check your work before submitting.
Please note, once the assessor has marked your work they will provide you with feedback.
You will be required to complete other relevant assessment tasks for this unit as instructed by your teacher or trainer.

Student Details
Name: _______________________________________________________
Student Number: _________________________ Date: ______________
Questions
Question 1: How can your business use Australia/New Zealand Standard for risk management AS/NZS ISO 31000:2009?
Question 2: Why must you review the existing risk management arrangements before conducting a risk assessment?
Question 3: Give 3 examples of influences of the business that might involve risk?
Question 4: What will a formal risk management framework identify?

Question 5: List 3 possible external stakeholders.
Question 6: List 3 possible internal stakeholders.
Question 7: Name one political item that could influence risk to a business.
Question 8: What do strengths indicate when you are reviewing existing business arrangements?
Question 9: Give 2 examples of weaknesses related to risk management failures.

Question 10: List 3 examples of generic success factors in the risk management process.
Question 11: Expense is one factor in getting support of senior management. Name another.
Question 12: Name 2 groups of people you should communicate with during the risk management process.
Question 13: List 4 records (data or documents) you could use as a basis for risk management activities.
Question 14: List 3 tools or techniques you can use to research risks.
Question 15: What does SWOT stand for?
Question 16: To determine the risk level of something what are the 2 areas you need to rate?
Question 17: What is the difference between consequence and likelihood?
Question 18: Why is prioritising risk important?
Question 19: There are 2 very important aspects of deciding upon risk treatment. What are they?
Question 20: Give an example of how you could ‘share or spread’ a risk.
Question 21: Name 4 things an action plan should cover.
Question 22: Name 3 ways to convey risk management information to others.
Question 23: List 3 types of documents you may need to keep records of as part of the risk identification and assessment process.
Question 24: Why is monitoring the economic climate and potential impacts upon it of particular importance in a TH&E business?
Question 25: Taking a number of risks from a cross-section of strategic and operational risks and analyse their effectiveness tells you what information?
Question 26: Give 7 examples of areas of legislation, codes of practice and national standards that may affect a TH&E business.
Question 27: Give 5 examples of policy documents that may assist in risk management.
Question 28: Give an example of how you could make a ‘reasonable adjustment’ to accommodate a person with a disability in your industry or workplace.
Question 29: Name 5 different types of insurance you may need to help negate business risk.
ENDS OF ASSESSMENT