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BSBRSK501 Manage Risk Case Study

BSBRSK501 Manage risk


Read through the following case study and, using the information provided, your own research and reflection on your learning within this unit answer the three (3) Tasks that follow. The attached workbook contains useful information and templates for use in your responses. Attach all documents, including any templates used, with your submission.

Case Study

You are employed by Office Supplies to You (OSY), a small business providing office supplies to small and medium-sized businesses within the South-East Queensland market. The business is starting to grow with a staff of two (2) business owners/partners, three (3) Administration staff and Finance Manager, all of whom work in head office, and two (2) sales staff who mostly work remotely. As growth is continuing, the business projection is to employ an additional three (3) staff over the next 12 months, one of whom will join the sales team.

The market trends show that there has been a decline in Industry revenue as paper consumption declines. The Stationery Goods Retailing industry includes companies that retail stationery goods, writing materials, art supplies, ink, pens, pencils, and notebooks. The industry is a very small component of the overall Retail Trade division and is subject to increasing external competitive pressure and threats. For example, an increasing number of alternative retail channels that also sell stationery items, including online retailers, are challenging the industry’s long-term survival, as is the ongoing move towards a digital economy. As a result, the industry has been gradually shrinking. Over the five years through 2016-21, industry revenue is expected to fall by an annualised 1.7% as it continues to contend with external variables.Organisational processes and procedures currently used at OSY were developed by the Partners to meet original requirements and are all paper-based. Because OSY is expanding, risk management needs to be reviewed and updated to ensure the business remains competitive.

To establish risk context, your CEO has asked you to prepare a risk management plan by firstly reviewing current practises and applying a performance management model; also, to consider political, economic, legal, technological and policy context. You will need to seek the assistance of stakeholders in your research of identified risks and generate a list of applicable risks that may apply to scope using relevant techniques and tools. The current administration systems are paper-based, including all HR documentation, customer accounts and financial reporting; there is no formal input by stakeholders. These systems and processes need to be streamlined and improved as the business continues to grow.

Task 1

Answer the following three (3) questions. Templates used must be included in your response:

  1. Explain the strategies you will use in your review of current organisational processes, procedures and requirements in accordance with current risk management standards. Include in your response the resources you would access.
  2. Use the template provided to demonstrate how you determine scope for risk management process and to review current strengths and weaknesses of current arrangements and any relevant policy context.
  3. Explain how you will document critical success factors to accurately reflect on legislation and to ensure compliance with requirements within OSY’s procedures. You may choose to use the Template in your response.

Task 2

Answer the following two (2) questions:

  1. Why is it important to include stakeholders when developing the risk assessment plan and who are the internal and external stakeholders you will invite to participate in the risk identification and research process?
  2. What research methods will you apply for risk management activities?

Task 3

Your stakeholders will assist in the identification of risks and in researching risks that may apply to the scope developed in Task 1. Explain the consultative approach you will use with these stakeholders and use the Template provided to generate a list of risks that apply to the scope.

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