I’m trying to learn for my Business class and I’m stuck. Can you help?
BSBRSK501 Manage Risk Assessment 1 â€“ Written responses and project PART A Task summary You are required to answer all of the following 11 questions. You need to answer all of the written questions correctly. Please answer the questions using word processing software. Required â€¢ Access to student workbook/other learning materials â€¢ Computer and Microsoft Office â€¢ Access to the internet Assessment criteria All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily. Written answer question guidance The following written questions use a range of â€œinstructional wordsâ€ such as â€œidentifyâ€ or â€œexplainâ€, 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 â€“ 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 â€“ 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 â€“ 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. Discuss â€“ when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long
Describe â€“ 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. Evaluate â€“ when a question asks you to evaluate something, you should put forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long. Examine â€“ when a question asks you to examine something, this is similar to â€œanalyseâ€, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long. Explain â€“ when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify â€“ when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List â€“ when a question asks you to list something, this means that you are asked to briefly state information in a list format. Outline â€“ when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long. Summarise â€“ when a question asks you to summarise something, this means (like â€œoutlineâ€) only giving the main points. Generally, you are expected to write a response a few sentences long
Provide answers to all of the questions below:
1. Discuss the purpose of risk management standards. Include an example of a risk management standard in your answer. 2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.
3. Explain the requirements of WHS legislation in relation to risk management.
4. List the factors that must be taken into account in determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011.
5. Explain the purpose of risk management policies and procedures in the workplace.
6. List three examples of the impact of risks for a workplace if risks are not identified or actioned.
7. Outline a step-by-step procedure that companies can use for analysing risks.
8. Outline three sources of information that a company could use to gather information on potential risks.
9. Describe three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process.
10. Explain four options that a company could take to control risks.
11. Explain four procedures that a company could use to minimise risk.
Task summary This assessment task requires you, in the role of Operations Manager of NatureCare Products, to develop a risk management briefing report associated with the proposed business expansion. You will then prepare for a meeting with their team by researching risks, as well as potential risk treatment options pertaining to the NatureCare Products business expansion project. Following this, you will meet with their team to brainstorm risks and develop a risk management plan, which includes an action plan to implement identified risk treatments. This assessment is to be completed in the simulated work environment in the RTO. Required â€¢ Access to textbooks/other learning materials â€¢ Computer with Microsoft Office â€¢ Access to the Internet to: o research information to inform PESTLE analysis access publications about risk management standards such as: http://broadleaf.com.au/resource-material/iso-3100… â€¢ Risk Briefing Report Template â€¢ Risk Management Policy and Procedures â€¢ Risk Management Plan Template â€¢ Team Meeting Minutes â€¢ Space for a meeting, with a whiteboard, if possible. â€¢ Roleplay participants Timing Your assessor will advise you of the due date of these submissions
Submit â€¢ Risk briefing report. â€¢ Email to team inviting them to a meeting. â€¢ Risk management plan. Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. Re-submission opportunities You will be provided feedback on their 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 written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment 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 that 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.
Carefully read the following:
You are the Operations Manager of a medium-sized Australian company, NatureCare Products, based in Brisbane. The company commenced business in 1996, and manufactures eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain ecofriendly and natural ingredients. There is also an emphasis on eco-friendly packaging. The company makes all its products in a small factory. The company sells its products direct to a chain of health food shops across Australia, as well as online through its own web site. Products ordered online are shipped directly to customers from the factory. Products provided to health food shops are provided to the health food shop distributor who then distributes the products to all its stores. The relationship with the chain of health food shops is a long-standing one (ten years). The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of their customers are professional women aged 25 to 55. NatureCare Products’ strategic priorities focus on business diversification and growth. They aim to increase their market share by 10%, and to expand the existing product range to attract more customers. At a recent board meeting, the two company shareholders and the CEO discussed options for expanding the business, including establishing a chain of retail outlets. The idea is to initially set up one retail outlet in central Sydney, Brisbane and Melbourne. Products will continue to be made in the company’s factory and shipped to the retail outlets. The CEO has asked you to investigate this, undertaking a risk analysis on establishing a chain of retail outlets. The CEO and shareholders are keen to get the business expansion started as soon as possible, so you need to get your risk management plan in place immediately. Currently the company employs the following staff: Accounts Manager, Marketing Manager, Marketing Assistant, Sales Manager, four customer service representatives, Office Manager and Administration Assistant, Operations Manager, as well as the CEO and two shareholders as indicated above. The company currently has a Risk Management Policy and Procedures in place that incorporates the AS/NZS ISO31000:2009 Risk Management Principles and Guidelines.
Complete the following activities:
1. Develop a risk briefing report. Review the case study information provided to you, as well as the company’s risk management policy and procedures to determine the scope of the risk management process required. Use the internet to search for relevant information on risk management standards. You should also review the recent Team Meeting Minutes on the business expansion project to inform your report. Use the Risk Briefing Report Template to guide your work. Your report will be sent to the CEO for initial feedback and then you will meet with your team to brainstorm further risks associated with the business expansion project. Your report should include the following: â€¢ Introduction, including the purpose of the risk analysis â€¢ The scope of the risk management process, any risks that may apply to the scope, and objectives and critical success factors for the area included in the scope â€¢ An outline of the risk management process as per the organisation’s policy and procedures, as well as how the organisation’s process aligns with the risk management standards as identified in the link provided to you. â€¢ A PESTLE analysis identifying the key factors that impact on the environment in which NatureCare Products operates and their relevance to the risk management process. You should also use this analysis to identify important factors that may influence consumer needs and desires as part of analysis of external stakeholders, as well as to inform the key risks you identify below. â€¢ You are also required to identify at least five risks identified with the expansion, and at least one potential risk treatment option for each of the risks you identify. â€¢ Identification and analysis of internal and external stakeholders and the issues they may have that are likely to impact on the risk management process. â€¢ An analysis of the strengths and weaknesses of the company’s existing retail approach namely, online and through health food shops. â€¢ Analysis of critical success factors, goals or objectives for the business expansion project.
2. Send an email to the CEO (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should provide a brief overview of the risk management project, introduce and summarise the contents of the attachment, and seek their feedback and approval to move forward with the project. Attach your risk briefing report to the email. Your assessor will send you an email in the role of the CEO, providing you with feedback and approval to proceed.
3. Send an email to your team (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should invite the team to participate in a meeting to brainstorm risks associated with the company’s proposed expansion. Your email should briefly explain the purpose of the meeting and advise of the date and time for the meeting (your assessor will advise you of the date and time and also provide you with the email addresses of the two students who will be your team). The meeting is to run for approximately 30 minutes.
4. Conduct team meeting After giving a short introduction, present to your team the risks that you have identified, as well as the treatment measures you have selected. Refer to your Risk Briefing Report and share your ideas, encouraging the meeting attendees to share theirs. Steer this discussion into a brainstorming session. Take paper and pen with you, or use a whiteboard, to jot down ideas as they are given. At the meeting, you are required to: â€¢ Clearly explain the risk management process as per the organisation’s policy and procedure. â€¢ Discuss the risks you have identified and potential risk treatments â€¢ Seek ideas from the team about risks involved in the business expansion, as well as treatment measuresâ€¢ Agree on the most important risks that should be included in the risk management plan, as well as suitable risk treatments. At least five must be identified. During the meeting, you will need to demonstrate effective communication skills including: â€¢ Speaking clearly and concisely â€¢ Using non-verbal communication to assist with understanding â€¢ Asking questions to identify required information â€¢ Responding to questions as required â€¢ Using active listening techniques to confirm understanding Close the meeting by thanking the participants for attending.
5. Develop a Risk Management Plan The final part of the assessment task requires you to develop a risk management plan using the Risk Management Plan Template. Your risk management action plan needs to include the following two risks: â€¢ Inefficient resource usage â€¢ Low customer satisfaction with customer service. You will be implementing treatments for these two risks in the following task, so make sure that the treatments you recommend are practical and that you can actually complete them in the simulated business environment within the classroom. Your risk management plan should include: â€¢ The risks you have identified based on your research and brainstorming session. You must include at least four risks of your own, and the two risks that have been provided above. â€¢ An assessment of the likelihood of the risk occurring, as well as the severity of the risk should it occur. â€¢ Identification of at least one suitable treatment measure for each of the six risks. Priority rating (high, medium or low) to show the order in which risks must be treated. â€¢ A risk action plan that sets out for each risk including: o Risk description o Impact of risk o Recommended actions o Resource requirements o Timelines o Responsibilitieso Monitoring processes
6. Send an email to the CEO (your assessor). The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. The email text should include the following: â€¢ Summary of the purpose of the Risk Management Plan â€¢ An outline of the risks most likely to occur in relation to the business expansion project. â€¢ Why you believe the identified treatment strategies for each of the risks will be effective in ensuring risks are minimised or do not occur. Attach your risk management plan to the email.