ASSESSMENT SUMMARY SHEET This form is to be completed by the assessor and used a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form. Student Name: Student ID No: Final Completion Date: Unit Code: BSBRSK501 Unit Title: Manage Risk Please attach the following documentation to this form Result Assessment Task B Risk Management Plan S / NYS / DNS Final Assessment Result for this unit C / NYC Feedback is given to the student on each Assessment task Yes / No Feedback is given to the student on final outcome of the unit Yes / No Student Declaration I have been assessed in a fair and flexible manner. I understand that the Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. Name: Name: Signature: Signature: Date: Date:  ASSESSMENT TASK B COVER SHEET Details of Assessment Term and Year Term 2, 2017 Assessment Type Project Due Date Class Room Lecture Hall 2, 5 & 6 Student Name: Student ID No: Date: Qualification : BSB50215 Diploma of Business Unit Code: BSBMKG502 Unit Title: Manage Risk Assessor’s Name Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Sydney Metro College’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. Name: Name: Signature: Signature: Date: Date: Student was absent from the feedback session.  Assessment/evidence gathering conditions Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded. Resources required for this Assessment All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint Upon completion, submit the assessment printed copy to your trainer along with assessment coversheet. Refer the notes on eLearning to answer the tasks Any additional material will be provided by Trainer Instructions for Students Please read the following instructions carefully This assessment is to be completed according to the instructions given by your assessor. Students are allowed to take this assessment home. Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. Please refer to the College re-assessment and re-enrolment policy for more information. Procedures and Specifications of the Assessment The candidate must demonstrate the ability, knowledge and skills to manage risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting. The candidate is to write and present a report on the risk management relating to the case study in this assessment. The full report should address the risks and potential risks in the workplace evaluation of all components within the marketing mix and marketing performance. The report is to be presented to the class. The report and the presentation should consider the key characteristics of the product, the promotion methods and each component of the adjusted marketing mix. The report needs to evaluate the contribution made towards the organisation’s marketing objectives, strategies and desired positioning. You must provide: a written report Structure of the report must consist: title of report (concise heading indicating what the report is about) your report is titled ‘Risk review’ your report is in order, with attachments on the back of your report as follows it includes notes from meeting with your manager it includes draft communication your report is submitted as required by your organisation (your training provider). all relevant workplace documentation to support your research (to be attached as appendices where applicable) Your assessor will be looking for a report that: addresses each point of the procedure described above establishes the risks and potential risk within the organisation evaluates each component of risk. Determine scope of risk management processes Candidates must demonstrate their knowledge of:  Outline the purpose and key elements of current risk management standards outline the legislative and regulatory context of the organisation in relation to risk management outline organisational policies, procedures and processes for risk management. Assessment Task B – Risk Management Plan You are required to develop a risk management plan for a company of your choice, or for an area of college in which you are studying. Your risk management plan must include: a detailed stakeholder analysis; use appendix 1 explanation of the risk context; this needs to include both internal and external context. HINT: use a SWOT Analysis critical success factors; identified and analysed risks; Refer to risk matrix as an example (Appendix 2) treatments for prioritised risk; Refer to risk matrix as an example (Appendix 2) details of the monitoring arrangements; (Appendix 3) an evaluation of the risk managements plan efficiency in treating risks which includes: Your evaluation of risks must include: (you can refer to the risk matrix) considering the likelihood of the risk occurring considering the impact of the risk determining which risks are most significant and are therefore priorities for treatment Your action plans should include (refer to Appendix 4) what actions are required who is taking responsibility time lines monitoring processes Your risks may include those relating to: commercial relationships economic circumstances and scenarios human behaviour individual activities legislation management activities and controls natural events political circumstances technology This project should be submitted in the form of a detailed written report of minimum 1500 words.  Risk Management Plan Prepared by  Table of Contents Page Introduction Risk Management (the objective is directed to achieving best practice in balancing the control of risks) Establish the context (internal and external stakeholders and their objectives are defined) 3.0 Identify the risks (this step should identify any risks arising from the operating environment) Treat the risks Conclusion  Introduction 1.0 Risk Management (the objective is directed to achieving best practice in balancing the control of risks) 1.1 Policy Statement 1.2 Risk Management Guidelines  1.3 Glossary of terms (AS.NZS 4360:2004) Control An existing process, policy, device or practice that acts to minimise negative risk or enhance positive opportunities. Control assessment Systematic review of processes to ensure that controls are still effective and appropriate. Event Occurrence of a particular set of circumstances. Frequency A measure of the number of occurrrences per unit of time. Hazard A source of potential harm or a situation with a potential to cause loss. Consequence Outcome or impact of an event. Likelihood A general description of probability or frequency. Loss Any negative consequence or adverse effect, financial or otherwise. Monitor To check, supervise, or record the progress of an activity or system on a regular basis to identify change. Residual risk The remaining level of risk after risk treatment measures have been taken. Risk The chance of something happening that will have an impact upon the Department’s objectives. It is measured in terms of likelihood and consequence. Risk analysis A systematic process to understand the nature of and to deduce the level of risk. Risk criteria Terms of reference by which significance of risk is assessed. Risk evaluation Process of comparing the level of risk agaiinst the risk criteria. Risk identification The process of determining what, where, when,why and how something could happen. Risk management The culture, processes and structures that are directed towards realizing potential opportunities whilst managing adverse effects. Risk management process The systematic application of management policies, procedures and practices to the tasks of communicating, establishing the context, identifying, analysing, evaluating, treating, monitoring and reviewing risk. Risk reduction Actions taken to lessen the likelihood, negative consequence, or both, associated with a risk. Risk retention Acceptance of the burden of loss, or benefit of gain from a particular risk. Risk transfer Shifting the responsibility or burden for loss to another party through legislation, contract, insurance or other means. Risk transfer can also refer to shifting a physical risk or part thereof elsewhere. Risk treatment Process of selection and implementation of measures to modify risk. Stakeholders Those people and organisations who may affect, be affected by, or percieve themselves to be affected by a decision, activity or risk. SWOT analysis Provides an assessment of an organisation’s Strengths, Weaknesses, Opportunities, and Threats to provide a snapshot of the present and a view of what the future may hold. 2.0 Establish the context (internal and external stakeholders and their objectives are defined) 2.1 Strategic and organizational context  2.1.1 Strengths 2.1.2 Weaknesses 2.1.3 Opportunities 2.1.4 Threats 2.2 Risk management context Define project and set objectives Project in time and location  2.3 Stakeholder identification Stakeholders Name Contact person Impact How much does the project impact them? (low, medium, high) Influence How much influence do they have over the project (low, medium, high) What is important to the stakeholder? How can the stakeholder contribute to the project? How can the stakeholder block the project? Strategy for engaging the stakeholder Example: Employees of the company Example: David Smith Example: Medium Example: Medium Example: Maintaining good work conditions for all staff Example: Continuous improvement Example: High turnover of staff Example: Monthly staff meetings   3.0 Identify the risks (this step should identify any risks arising from the operating environment) 3.1 Risk areas Nine key risk areas should be addressed (relate at least 5 risk areas to your organization) when conducting any risk identification process. These areas are: Commercial and legal risks; Economic / Financial risks; Technology risks; Operational risks; Political risks; Management activities / control risks; Human resource risks; Occupational Health & Safety / Environmental / Disability access risks; and Natural events. To reduce the probability of inadvertently missing a potential risk, it is recommended to systematically identify risks under each of the above headings for your activity or project. Some recommended methods for identifying risks include: Audits or physical inspections. Accident / Incident reports. Brainstorming. Decision trees. History. Interview / focus groups. Personal or organisational experience. Scenario analysis. Strengths, weaknesses, opportunities and threats (SWOT) analysis. Survey or questionnaires.  3.2 Identifying and analyzing risk worksheet  Risk No. The Risk What can happen and How it can happen The Consequence from an event happening Description and Adequacy of Existing Controls Likelihood Rating (a) Consequence Rating (b) Overall Risk Level (a+b) Risk Priority  3.3 Assess the risks (the objective of this step is to separate the minor acceptable risks from the major risks) For each risk identified in Step 2 determine the existing controls and analyse the risk in terms of consequence and likelihood in the context of those controls. The analysis should consider the range of potential consequences and how likely they are to occur. Consequence and likelihood are combined to produce an estimated level of risk. Risk Assessment Matrix – Level of Risk Risk areas Consequence No treatment required/ could happen but probably never will Minor treatment required/ could happen but only rarely Need treatment/ could happen occasionally Serious treatment required/ significant high probability could happen Severity of situation required immediate treatment / could happen frequently Extreme risk – detailed action plan required High risk – needs senior management attention Medium risk- specify management responsibility Low risk – manage by routine procedures Insignificant - 1 Minor – 2 Moderate – 3 Major – 4 Catastrophic - 5 Almost certain - 5 6 7 8 9 10 Is expected to occur in most circumstances Likelihood Likely – 4 5 6 7 8 9 Will probably occur Possible – 3 4 5 6 7 8 Might occur at some time in the future Unlikely – 2 3 4 5 6 7 Could occur but doubtful Rare - 1 2 3 4 5 6 May occur but only in exceptional cases 3.4 Assess the risks (The objective of this Step is to separate the minor acceptable risks from the major risks and provide data for the subsequent treatment of those risks). 3.4.1 For each risk identified in Step 2 determine the existing controls and analyse the risk in terms of consequence and likelihood in the context of those controls. The analysis should consider the range of potential consequences and how likely they are to occur. Consequence and likelihood are combined to produce an estimated level of risk. 3.4.2 An evaluation of each risk is now undertaken to determine those risks that are acceptable and those that require further treatment. This step should evaluate the level of risk found with the criteria established in Establish the Context section. Some reasons why a risk may be acceptable include: • The level of risk is so low that specific treatment in not suitable given the available resources. • There is no treatment available. • The costs of treatment outweighs the benefit. • Opportunities presented outweigh the threats to such an extent that the risk is acceptable. 4.0 Treat the risks Risk treatment options include: Avoid the risk by deciding not to proceed with the project or activity. This may only occur within legislative requirements and business agreements. Reduce the likelihood of the occurrence. eg contract conditions, supervision, technical controls, compliance programs, procedure manuals, quality control manuals, training, etc. Reduce the consequence of the occurrence. eg contingency planning, fraud control planning, relocation of an activity or operation, etc. Transfer the risk to another party. eg use of contracts, insurance, partnerships, etc. 4.1 WHS treatment 4.2 Risk transfer  4.4 Monitor and review 4.5 Communicate and consult 4.6 Performance indicators 4.7 Risk treatment and action plan Correlating Ref from Risk worksheet Treatment/Controls to be implemented Risk rating after treatment/ controls Person responsible for implementing treatment/controls Timeframe Date Completed Risk and treatment/controls monitored/reviewed Date completed How * When Conclusion  Assessment Task B Feedback Evaluation Sheet STUDENT’S NAME: ASSESSOR’S NAME : DATE: UNIT NAME: BSBRSK501- Manage Risk Has the learner proven they can: YES NO 1.3 Identify internal and external stakeholders and their issues 1.4 Review political, economic, social, legal, technological and policy context 1.5 Review strengths and weaknesses of existing arrangements 1.8 Communicate with relevant parties about the risk management process and invite participation 2.1 Invite relevant parties to assist in the identification of risks 2.3 Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties 3.1 Assess likelihood of risks occurring 3.2 Assess impact or consequence if risks occur 3.3 Evaluate and prioritise risks for treatment 4.1 Determine and select most appropriate options for treating risks 4.2 Develop an action plan for implementing risk treatment 4.3 Communicate risk management processes to relevant parties 4.4 Ensure all documentation is in order and appropriately stored 4.5 Implement and monitor action plan 4.6 Evaluate risk management process FEEDBACK TO STUDENT: Assessment Outcome Satisfactory Not Yet Satisfactory Re-assessment required Student Signature ____________________________ Date: ______________ STUDENT SIGNATURE Assessor Signature ASSESSOR’S DECLARATION: I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015). ____________________________ Date: ______________ ASSESSOR SIGNATURE APPEAL PROCESS: I would like to appeal the outcome of this assessment. Student’s signature: _______________________ Date: __________________ Page left intentionally blank Assessment Receipt Student Name: Term: 2, 2017 Assessment: Task B Assessors Name: Assessors Signature: Submission Date: Resubmission Date: Assessor’s Signature on Resubmission: Important Notes: This is your evidence that you have handed in your assessment to your trainer. It is your responsibility to keep this document by the end of the term. This Assessment Receipt is not to be considered that the assessment has a positive outcome. Student Declaration Your trainer and assessor is required to discuss the following matters with you. □ Purpose and outcomes of the assessment process □ Relevant unit/s of competency □ Recognition of Prior Learning □ Appeals process □ Confidentiality and security of information □ Special need/ Additional information □ Signing of Student Declaration In signing this form the Student acknowledges that the assessment process has been fully explained by this unit’s Trainer and Assessor Sydney Metro College. This declaration verifies that copies of the Assessment Plan and Unit of Competency have been provided and that the candidate understands and agrees to the assessment process as described. The candidate also confirms that she/he agrees that Sydney metro College has removed the weighting and marking as part of its assessment evaluation. This competency-based training (CBT) assessment is part of Sydney Metro College’s continuous improvement policy and compliance upgrade.