BSBRSK501 Manage risk KU1.doc

BSBRSK501 Manage R isk  isk  Assessment Task 1 – Assignment Part A 1. Defi Define ne risk risk mana manage geme ment nt.. Exp Expla lain in h! h! the the se"e se"en n ste steps ps f the the risk risk mana manage geme ment nt pr#ess as $tline% in the internatinal Stan%ar% fr risk management &AS'()S 1*000+,00- 1*000+,00- might appl/ in /$r  rle . Step 12 3$tlining 3e#ti"es Outlining objectives is a key step because it sets the foundation for all risk management exercises on a project. It is crucial that project goals are recorded and comprehended by all team members. members. This includes includes identifying identifying project necessities, necessities, and creating an understand understanding ing of the achiev achieveme ement nt criter criteria ia for the projec project. t. Requir Requireme ements nts must must be revie revieed ed and tested tested early early on to guarantee they are practical and understood by all team members. !ase assumptions associated ith the project and key project tenets should also be evaluated. Step , – Risk Management Plan The The moti motive ve behi behind nd the the Risk Risk "ana "anage geme ment nt #lan #lan $R"# $R"#%% is to form formal ali&e i&e the the risk  risk  management process for a project. The R"# is a report that maintains the definition of the selected risk management methodology. methodology. It incorporates the goals of the risk process' the organi&ation, roles and obligations of team members' the tools and strategies to be actuali&ed' deliverables' revie and reporting cycle. Step * – 4%entifi#atin The identi identific ficati ation on of project project risks risks is accomp accomplish lished ed using using an assortm assortment ent of method methodss includ including ing concep conceptua tuali& li&ing ing,, questio questionin ning, g, fishbo fishbone ne outlin outlines, es, and brain brain mappin mapping. g. It should should be comprehensive ith identified risks being given names that are meaningful to everyone involved. It is difficult to evade all risks on any given project( hoever, the key goal of comprehensive risk  identification is to ensure that risks are knon and not a surprise. Step  – E"al$atin Risks Risks must must be evalua evaluated ted object objective ively ly so that that they they can be priori prioriti& ti&ed ed and managed managed effectively. effectively. )valuation techniques include*

+ualitative evaluation  provides a detailed result and enables the relative positioning of  risk issues. This is material to projects of any si&e. +uantitative appraisal  gives a scientific depiction of risk and produces a numerical consequence $risk estimate%. +uantitative appraisal is embraced to address particular issues that merit a thorough investigation. Step 5 – Planning Once risks have been identified, it is critical to develop appropriate mitigation strategies. Risks should be assigned to team members best positioned to manage the issue. )ach person must then prepare an action plan ith commitments and milestone dates.

Step 6 – Management Risk mitigation plans must be continually audited throughout the life of the project. This audit includes ongoing analysis of the current risk profile as ell as identification of a best plan !. Step 7 – 8ee%a#k  -onstructive feedback is an important vehicle for learning from successes and defeats. Throughout the project, this feedback helps ith constant re(assessment of the circumstances concerning risk and enables the team to react to guarantee an effective result. Throughout the life of numerous projects, feedback permits organi&ations to consistently enhance their execution, their  arranging and evaluating, and the risk management process its elf.

. Des#rie h! /$r !rkpla#e r ne !ith !hi#h /$ are familiar applies the fll!ing+ a

D$t/ f #are

take reasonable care for their on health and safety take reasonable care for the health and safety of others ho may affected by their acts or omissions cooperate ith anything the employer does to comply ith O/0 requirements not 1intentionally or recklessly interfere ith or misuse1 anything provided at the orkplace for O/0. The 2ct also specifies that in determining hether a orker failed to take reasonable care, 1regard must be had to hat the employee kne about the relevant circumstances1.  

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En"irnmental la!

It is the responsibility of the employer to ensure that the orking conditions are safe and sound in any ay. The employer also has a variety of responsibilities, inter alia to ensure that the employees receive ork instructions. The employees must participate in the co(operation on safety and health. 3urthermore, they have an obligation to use the protective equipment provided  by the employer.

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Pri"a#/ an% #nfi%entialit/

4orkplace confidentiality can be defined as keeping the employee, customer and client information private. 5sually, it is seen that organi&ations take a number of s teps to ensure that client information remains confidential but hen it comes to employee information, they are not so much concerned. /oever, this thought process needs to be changed and the employers need to understand the importance of confidentiality at ork, only t hen can they expect their staff to treat client and customer information ith care.

% A##ess an% e9$it/ t risk management pr#esses an% res$r#es fr peple !ith a %isailit/

#eople ith disability have the same opportunities as other people to access the services of, and any events organised by, the 6epartment. 

#eople ith disability have the same opportunities as other people to access the  buildings and other facilities of the 6epartment. 

#eople ith disability receive information from the 6epartment in a format that ill enable them to access the information as readily as other people are able to access it. 

#eople ith disability receive the same level and quality of service from the staff of the 6epartment as other people receive from the staff of the 6epartment. 

#eople ith disability have the same opportunities as other people to make complaints to the 6epartment. 

#eople ith disability have the same opportunities as other people to participate in any public consultation by the 6epartment. 

#eople ith disability have the same opportunities as other people to seek employment ith the 6epartment 

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:h/ is it imprtant t gain s$pprt fr risk management a#ti"ities; Explain h! /$ might appra#h this in /$r rganisatin .

It is important to gain support for risk management activities ithin organi&ation because of folloing reasons* 

7eeps organi&ational values and policies ithin circle of current las and policiesof 

state. 

/elps to manage and reduce risk by developing strategies and risk control methods.

/elps in decision making process, finding eakness ithin organi&ation and determining strengths. 

)ffective risk management strategies allo you to identify your project8s strengths, eaknesses, opportunities and threats. !y planning for unexpected events, you can be ready to respond if they arise. To ensure your project8s success, define ho you ill handle potential risks so you can identify, mitigate or avoid problems hen you need to do. 0uccessful project managers recogni&e that risk management is important, because achieving a project8s goals depends on  planning, preparation, results and evaluation that contribute to achieving strategic goals. 9.

:h/ is it imprtant t #mm$ni#ate risk management pr#esses; Prepare a template fr a #mm$ni#atins plan that #$l% e $se% in /$r !rkpla#e .

:ood communication is essential for any effective risk management strategy. "anaging risks involves everyone in your organisation* board;committee, staff, volunteers,  players;clients;members;visitors ( anyone ho comes into contact ith your group. It1s vital therefore that everybody in your organisation understands hat risk management is and hy it is important, and that they are involved in developing and implementing a risk  management strategy.