Student manual identify the risk management scope
Risk
Part 1 Page 2
Risk appetite.
Part 1 Page 8
2 Why should risk management policies and procedures be periodically reviewed? (100 words)
Part 1 Page 10
It is working in a highly regulated and legislated industry.
You have been asked to work with the team conducting a risk assessment for the entire organisation.
Subsequently, from identified scenario, the management should continue to look deeper into:
1. The possible source that will determine the scope of the risk such as lack of training.
6. The risk management knowledge and experience of the company senior management.
7. The resources available within the organisation which affect the
likelihood of a comprehensive risk scope.
8. The changes of external factors such as changes in politic, economic,
technologi, social, legislation and environment change. For example,
during financial crisis, businesses proactively extending the risk
management scope to protect all the stakeholders from financial
harm.
and why should they and their issues be identified?part 1 page 20 (300–350 words)
Stakeholders are people who have direct or indirect interest in the outcomes of the organisation’s process, systems, activities, production and delivery of product. The stakeholders of the organisation can be divided into two main group i.e. the internal stakeholders and external stakeholders. The internal stakeholders are those who have direct interest the organisation activities such as the employees, shareholders, directors while the external stakeholders are those who indirect interest in the organisation business activities. This may include customers, suppliers, government and etc.
The two main group of stakeholders have different issues, different way of communication and different risk management treatment. Their issues should be identified because they are the source of information for planning an effective risk management. Hence, it is an advantageous to consider the stakeholder’s issues as it is very useful to the management in setting up, improvement or resolving any problem in the risk management of an organisation. Besides that, it also allows the management to understand the stakeholder’s expectations that will lead to minimising the risk and maximising the business opportunity.
Top of Form
Why is it necessary to review existing risk management arrangements and standards?
Activity 6
hire of two deep-sea vessels to serious anglers and scuba divers
hire of fishing gear
people who are not strong swimmers, especially children, drowning
houseboats getting lost and/or driven on to sandbars
How can support for risk management policies and procedures be encouraged? What skills might be used when garnering support and with whom should you communicate the risk management intentions? (230–250 words)
Activity 8
Activity 9
1 A number of tools can be used to collect risk related information and data ready for analysis. List eight.
3 How does categorising risk help? List four benefits of categorising risk.
4 List six factors that might contribute to financial risk.
Activity 12
1 Why are risk management plans necessary? (220–250 words)
Activity 13
1 List six methods that could be used to communicate risk management plans to relevant parties.
protocols for safeguarding laptops whilst travelling
protocols for backing up data
Activity 14
Why should risk management data and plans be documented and appropriately stored?
Activity 16
Summative assessment 1
Reference is from student manual
Question 2
why it is necessary to have a working knowledge of the legislation involved in business
what legislation or regulations apply to the industry area in which you work or intend to work—list and give a brief description of eight forms of relevant legislation
Outline the reasons why business organisations should develop risk management policies, risk registers and processes for managing risk. (250–300 words)
Summative assessment 2
the prevention of operational discontinuity
the need for new or innovative improvement/ changes in processes or procedures (and the associated risks)
Identify the risk/s.
Analyse the risks.
the plan
research results and tools used in the assessment process and in the plan design
written reports on activities that you have undertaken and that are directly associated with risk management
a portfolio of evidence showing a range of risk management strategies that you were instrumental in developing and implementing
Your assessor will determine how well this documentation meets the assessment requirements and will ask you a series of verbal questions relating to relevant documentation and legislation.
The assessor will document your responses.