BSBOPS504 Assessment Templates V2 1022 - Carlos D

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Assessment Templates
BSBOPS504 
Manage business risk
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	Student Name
	 
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Task 2 – Knowledge Questions
What is the purpose, and what are the key process elements, of the current AS/NZS Standard on risk management?
	Purpose
The Standard offers helpful guidance on how businesses should create, put into practice, and enhance their risk management strategies. It is intended to assist firms in more effectively identifying and managing risks, enhancing risk controls, adhering to pertinent legal and regulatory requirements, and enhancing overall operational effectiveness and efficiency. The Standard may be used by organizations as a yardstick to measure how well their own risk management procedures stack up.
	Process elements
1. Consult and communicate
2. Describe the situation
3. Determine the hazards.
4. Examine the dangers.
5. Analyze the dangers.
6. Discuss the dangers
7. Observe and evaluate the dangers.
Outline at least three (3) legislative and regulatory Acts that relate to the risk management context of an organisation.
	· WHS act 2011
· Privacy Act
· Fair work Art
Why is it important to evaluate the processes, procedures and requirements of an organisation before you begin a risk management process? 
	It is feasible to gain a thorough understanding of the company's operations, potential risks, organizational processes in place to manage those risks, and any requirements for developing new risk management procedures by examining its processes, requirements, and procedures.
Why is it necessary to accurately determine the scope for the risk management process? 
	It is crucial to define the scope because doing so clarifies where risk management should be used. It also helps implement any available risk management resources in a targeted and efficient manner, preventing waste and process duplication, and allocating specialist employees when needed.
Identify and explain four (4) types of business risk an organisation may encounter.
	Economic conditions: Hazards that are specifically related to an organization's finances, foreign markets, such as currency value, as well as internal factors like poor transactions that result in bankruptcy or the loss of suppliers and clients.
Legislation: Risks associated with changing laws that might have an impact on how the business operates.
Human nature: Morale risks that affect how effectively a firm performs, as well as issues with global trade or workplace culture.
Business relationships: Hazards associated with establishing direct or indirect business ties with another entities.
When examining existing risk management arrangements in a company, what key areas of an organisation should be assessed for their strengths and weaknesses?
	The organization's goals and tactics for achieving them, as well as its culture, people, technological, and resource capacities.
Why is it important to document critical success factors, goals and objectives for areas included in the scope?
	These elements need to be recorded so that it is simpler to comprehend them and know how to develop them. Once documented, these factors can be controlled better and strategies can be developed to deal with the dangers they pose.
Why is it necessary to analyse existing risk management processes, procedures and requirements before updating a risk management plan?
	In order to assess if the company's existing risk management practices are in line with industry standards and, if necessary, make adjustments, analysis of these aspects is crucial.
List four (4) methods that you could use to communicate risk management processes to stakeholders.
	· Using emails
· Setting video conferences
· Presentations 
· Newsletters
List four (4) stakeholder groups you could ask to help you identify operational risks.
	· Sales: Sales manager
· Marketing: Marketing lead
· Finance: Investor
· Quality assurance manager
List three (3) types of information a manager could use to examine risks that relate to scope.
	Finance: Information about profit and loss.
Budgets for sales and marketing.
Equipment: A thorough understanding of security threats.
List two (2) tools or techniques that managers can use to create and record a list of risks that apply to the scope, in consultation with others.
	Fishbone Diagrams: This method is crucial because it helps to clarify the sources and effects of dangers, allowing attention to be directed toward them.
Brainstorming: With this method, you may create ideas from many angles that are quite beneficial.
The likelihood of a risk occurring is usually expressed along a range. Describe the stages of risk likelihood that are commonly used in this range.
	· Quite likely
Almost always, the situation is most likely to occur.
There is a greater than 75% chance that the danger will materialize.
Within the next six months, there is a danger.
· Likely
Will most likely happen in virtually all situations.
The danger has a likelihood of happening between 50% to 74%.
That will happen within 18 months.
· Possible:
That is possible in certain situations.
The risk's likelihood of happening ranges from 25% to 49%.
Risk will materialize in the next 36 months.
· Unlikely
Unlikely to occur.
The likelihood of the danger happening is under 25%.
The possibility exists within 48 months.
· Extremely unlikely
That is extremely improbable to happen or will only happen under the most fortunate conditions. 
Not likely to happen in the following five years
What is a consequence scale? List the most commonly used consequence rating terms.
	The categorization phrases on this scale, which is used to describe qualify a result, are:
· Insignificant
· Minor
· Moderate
· Higher
· Catastrophic
What is the purpose of a risk assessment matrix? 
	This matrix is designed to make it easier to identify the various risk kinds, their seriousness, and their likelihood of occurring. A real-time perspective of how hazards are evolving is also beneficial. With it, the various risk and effect classesare also specified.
What are some possible ways to treat risks? List five (5).
	Probability
Retain
Avoid
Consequences
Share
What are the key components of a risk treatment action plan? List at least four (4).
	· Classify danger zones. 
· Establish the dangers. 
· Establish risk tolerances. 
· Necessary actions
How could you communicate the objectives of your risk management plan to relevant parties? List at least four (4) appropriate communication methods.
	Newsletters
Direct progress meetings on a regular basis
Presentations
 Informational events
Outline four (4) reasons why organisations need to maintain risk management documentation. 
	For governance 
For audits
Assistance for aspiring risk managers 
Responsibility
How can you ensure sensitive information is stored securely according to organisational policies and procedures? List at least four (4) actions you could take.
	If the storage is digital, the information must be kept private and accessible only to staff who have been given permission by a superior or who have a login and password. This eliminates information leaks and other issues for businesses. If an employee is unsure if he has the authority to study the material, he should approach his manager after consulting the organization's policies and procedures.
Documents are stored digitally using a login and password.
Cloud-based backups of documents Lockable filing cabinets
Safes
Why is it necessary to evaluate the risk management process?
	This is essential because a risk management evaluation enables us to determine which areas needed improvement or where the task was done successfully. In addition, the evaluation enables us to analyze the performance and determine how to enhance the overall approach of the company's procedures.
21 Questions Total
Task 3 – Project: Manage Business Risks at BizOps Enterprises
Part 1, Step 2
Risk Context Report Template
Background
A nationwide retailer that specializes in a variety of unusual things is called BizOps Enterprises. now operates more than 150 telephone, internet, and retail locations around Australia. The company has had issues over the past three months as a result of external variables that have a direct impact on the industry. The occurrences begin with the loss of 5 overseas suppliers that will be fined and their products prohibited owing to their chemical components, which are forbidden in Australia due to their high degree of environmental pollution. Internally, the nation is going through a period of financial unpredictability, and individuals aren't buying as much as they used to.
Company objectives
The first of BizOps' goals is to make the business a market leader with sustainable, premium products. Other, more focused goals include: 
· Train every employee Launch a new line of premium, premium items. 
· Boost sales by 15% while maintaining profit margins of 15%. 
· Reinvest 75% of the profits back into the company for it to keep growing.
Risk policy analysis
Risk management policies: Because BizOps is devoted to risk management procedures, the company's risk management policies and principles include training, reporting, monitoring, and audits. Yet, management must make sure that these risk management concepts are followed and put into practice, while workers are responsible for adhering to and implementing these rules.
Risk management procedures: The fundamental actions in risk management are:
Determine the hazards.
Rank the dangers.
risk management
risk assessment
Monitoring and reporting on risks
These guidelines must be followed by the whole organization. Employees must disclose hazards and take part in risk management training, while management must oversee compliance and disclosure of these.
BizOps Enterprise mission
To expand the BizOps brand and provide consumers with superior and cutting-edge goods and services.
Adjusting to changing customer demands.
Providing prompt, individualized service
A professional and motivated workforce
Offering 'green' and clean goods and services
Critical success factors
Critical success factors ensure the risks are addressed. Refer to business documents for stakeholders and responsible persons. Indicate the key stakeholders you will need to gain support from.
	CSF#
	Critical Success Factors
	Responsible Persons
	CSF1
	Supply chain
	Chang Lin
	CSF2
	Environment
	Chang Lin
	CSF3
	National front
	Sean Bamford
	CSF4
	Customer care
	Sarah Voss
	CSF5
	Internal team environment
	Gina Harris
Add rows as required
Assumptions
By earning back their trust and developing a fresh, lasting connection with them, BizOps must win back its clients. In order to resolve internal employee disagreements, the organization must effectively manage risks. You will also need to seek for suppliers that can provide more environmentally friendly goods from businesses with an ethical commitment to protecting the environment and offering environmentally friendly goods.
Risk scope
Future threats to BizOps include multiple legal battles involving the company's online ordering system, "challenging" websites, and often asked questions about the system's security as well as the delivery of goods. On the other side, the corporation is frequently questioned on social media since it is alleged that it hires suppliers with low corporate morale, secret workplaces, child labor, and risky production techniques. These factors, in addition to the continuous usage of outdated systems throughout the company and the danger of downsizing and budget cuts, are resulting in a morale crisis. The team also highlights the difficulties of long work hours and inadequate education.
Internal facts:
BizOps encounters issues inside like:
Online shopping complaints from customers
mechanisms for timely deliveries
Storage and information systems
Logistics
lack of experience.
budget reductions
working hours
Disagreements between teams
External facts: External issues that influence BizOps include: 
Loss of foreign suppliers as a result of the floods in Asia Uncertainty in the world's finances Possibility of corruption, federal elections, and less consistent laws.
PESTLE Analysis
Organise the challenges of the current situation into a PESTLE analysis. Use the scenario introduction and your notes on the risk scope, above, to help you. Use bullet points to list the issues.
Political
Establishing an estate and transaction tax Changing minimum wage rules and investment losses as a result of the erratic political environment
Economic
Increased unemployment, a declining Australian dollar, low interest rates, price reductions in the commercial sector, and lower consumer spending
Social
Decreased employee morale, social media pressure, online shopping, and laptop-aided design technology
Legal/Policy
WHS legal requirements and product safety legislation updates.
Technological
Increasing numbers of elderly people, legal disputes involving internet purchases, fashion fads, floods in Asia that interrupted manufacturing and delivery, and antiquated infrastructure.
Environmental
Crucial suppliers are criticized, The environment is not respected by important suppliers, floods damage Asian suppliers, and manufacturing practices pollute the ecosystem.
Government legislation, regulations, standards and codes relevant to the current situation
ISO 31000:2009, AS/NZS Risk management, Australian Securities and Investments Commission (ASIC) requirements, Australian Taxation Office rules, certified and workplace agreements, codes of conduct, company law, contract law, corporations' law, employee contracts, environmental issues, and environmental or sustainability legislation, regulations, and codes of conduct relevant to business and organizations Work, health, and safety rules, regulations, and standards of practice. Ethical concepts. Financial legislation. Privacy laws and secrecy.
Greystone College Australia: BSBOPS504 Assessment Marking Guide Version 1.1120
Page 1 of 11Greystone College Australia: BSBOPS504 Assessment Templates Version 2.1022	Page 7 of 11
Part 2: Collaborate and identify risks
Part 2, Step 2
Stakeholder Analysis Template
List at least three (3) internal and three (3) external key stakeholders who should be involved in the risk management process. (Refer to BizOps Management Team and Organisational Charts for internal stakeholders, and consider the influence of external stakeholders)
	Internal or External stakeholder
	Stakeholder name
	Impact
How much does the risk process impact them? 
Low, Medium, high.
	Influence
How much influence do they have over the process?
Low, Medium, high.
	What is important to the stakeholder?
	How could the stakeholder contribute to the process?
	Strategy for engaging the stakeholder
	
Internal
	Fatima Williams
	High
	High
	Accountant
	Oversee and maintain the organization's financial records
	Need to keep yearly benefit
	
Internal
	Liz Hitchens
	High
	Medium
	Marketing lead
	Improve marketing campaign
	Provide examples of what we are looking for.
	
External
	Aziz Singh
	Medium
	High
	Financial Manager
	Make sure there are no irregularities
	Provide an assistant.
	
Internal
	Rose Hargreaves
	Medium
	Medium
	Executive role
	Simplify operations, add staff, and maintain profits
	Provide hiring software that can help to improve results.
Add rows as required
Part 2, Step 4
Risk Register Template
Identify at least five (5) risks and describe the possible consequences and likelihood of each one. Describe existing controls and how adequate these controls are. Reorder the risks in terms of priority, from highest to lowest. Use the scenario background, business objectives, and ‘Identification and Analysis Matrix’ to help you. 
	Ref
	The Risk:
What can happen and how it can happen
	Describe possible consequences (C)
 and likelihood (L) 
	Describe existing controls
	Adequacy
of existing controls
(Good, adequate
or none)
	Consequence (C)
and likelihood (L) ratings
	Level
of
Risk
	Risk
Priority
	
	
	C
	L
	
	
	C
	L
	
	
	R01
	Accounting
	Obligations and accounts.
	Rare
	External firm audits financial and accounting to make sure there is no error.
	Good
	4
	2
	High
	High
	R02
	
Financial
	Good funds management.
	Rare
	External firm audits financial and accounting to make sure there is no error.
	Good
	3
	2
	Medium
	High
	R03
	
Business
	Affects achieved goals
	Possible
	The vice president and his assistant review every step taken by the company
	Adequate
	3
	2
	Medium
	Medium
	R04
	
Marketing
	Affects our growth
	Rare
	Metrics measure platforms that allow us to see how well we are performing.
	Good
	4
	4
	High
	High
	R05
	Customer service
	Affects our ability to maintain clients
	Possible
	Customer success manager ensures CSAT is high
	Adequate
	5
	2
	High
	High
Add rows as required
Part 3: Treat, monitor and review risks
Part 3, Step 1 
Risk Treatment Plan Template
Transfer the risks you identified in the Risk Register from Part 2. Choose possible treatment options. 
	Ref.
	The risk in priority order from Risk Register
	Possible treatment options
Avoid, reduce, transfer or accept the risks.
	Preferred option
	Risk treatment action
	Strengths
	Weaknesses
	Timetable to implement
	How will risk and treatment option be monitored?
	R01.
	Accounting
	Obligations and accounts.
	Obligations and accounts.
	External firm audits financial and accounting to make sure there is no error.
	
External audit service
	No internal audit for the whole process
	15 April 2023 – 26 July 2023
	Creation of internal audit department
	R02.
	
Financial
	Good funds management.
	Good funds management.
	External firm audits financial and accounting to make sure there is no error.
	External audit service
	No internal audit for the whole process
	15 April 2023 – 20 June 2023
	Creation of internal audit department
	R03.
	
Business
	Affects achieved goals
	Affects achieved goals
	Vice president and his assistant review every step taken by the company
	Vice president is very experienced
	No internal audit for the whole process
	15 April 2023 – 03 August 2023
	Internal business development infrastructure department
	R04.
	
Marketing
	Affects our growth
	Affects our growth
	Metrics measure platform that allow us to see how good we are performing.
	
	No internal audit for the whole process
	15 April 2023 – 26 July 2023
	Creation of marketing audit position
	R05
	Customer service
	Affects our ability to maintain clients
	Affects our ability to maintain clients
	Customer success manager ensures CSAT is high
	Great training department
	No QA department for Customer service
	15 April 2023 – 26 July 2023
	Creation of Customer service quality assurance department
Greystone College Australia: BSBOPS504 Assessment Templates Version 2.1022	Page 15 of 43
Part 3, Step 2
Part 3, Step 3
Monitor and Review Plan Template
How will you monitor and review the plan? Complete the table using the risks you identified in Part 2. Consider best practice monitoring and evaluation methods and provide recommendations.
	RISK IDENTIFICATION
	RISK MONITORING AND REVIEW
	Event
	Method
	Progress and Compliance Reporting
	Accounting
	Flowchart
	4 weeks
	Marketing
	Marketing plan
	4 weeks
	Financial
	Improvement on cash flow monitoring
	1 week
	Customer service
	Using surveys to measure customer satisfaction
	1 week
	Business
	SWOT analysis
	4 weeks
Outline of the monitoring and review process:
Monitoring:
Overview of the method for monitoring and reviewing:
Surveillance:
Managers and program administrators of the organization's program must establish a daily monitoring schedule outlining the goals and regulations that need to be followed. With the aid of both quantitative and qualitative resources, the vital or pertinent information must be stored, giving it more clarity. Last but not least, monitoring is crucial to demonstrate the quality of the company's customer service, the timeliness of product delivery, whether more product requests are necessary, and any other information pertaining to business transactions and financial conditions.
Each BizOps manager must make sure that their teams adopt and support coverage.
Evaluation and review:
This evaluation must be centered on monitoring employees' behavior and taking into account their suggestions or efforts; therefore, it must be close to instilling the employee with confidence and motivation so he may express himself. To be able to assess and gauge the strengths that must be created, it is a periodic and methodical procedure that must be documented. On the other hand, it's important to determine the operation's lowest possible cost. There will be help from qualified specialists, both internal and external, acting within the organization in addition to the evaluation, which is closely related to the review.
This task made it possible to see how vital it is to learn more about our workforce, group of employees, and their demands.