Assessment Task 4 BSBRSK501 Manage risk

Knowledge test
Submission details

Student’s name Siu Wah YIM

Assessor’s name

Date submitted

Performance objective
You are required to demonstrate understanding of a wide range of questions to assess your
underpinning knowledge of the management of risk.

Assessment description
For this task you are required to demonstrate an understanding of standards and legislation
relevant to risk management, and the management of risk across an organisation in a range of
contexts.

Procedure
You are required to:
1. Answer the questions below with full sentences using MS Word. Your completed
answers must be uploaded by the due date.

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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Assessment Task 4 BSBRSK501 Manage risk

Prompt questions

1. What are three ways that research can be conducted for risk-related issues? For each
way, briefly describe how it may be done.

1 Qualitative analysis
may be useful as an initial screening to identify if further analyse of risk is
required, when the analysis is appropriate for decisions, when numerical data
or resources are inadequate.
2 Semi-quantitative analyses
sets values to the risks in order to produce a more expanded ranking scale than
that which is usually achievable from qualitative analyse. These values are not
the predicted realistic figures calculated in quantitative analysis. It is important
that the limitations of this form are recognised and is combined with a formula
or explanation.
3 Quantitative analyse
of risks uses numerical values (as opposed to words)to analyse both the
consequence and likelihood of risk. The quality of this analysis is dependent on
the data from witch it was initially sourced. The outcomes may be expressed in
terms of monetary, technical, or human impact.

2. Fishbone checklists and brainstorming are both tools that can be used in risk
management. Describe each of these and when they would best be used.

Fishbone diagram: Also called a cause and effect diagram. Is a visualization

tool for categorizing the potential causes of a problem in order to identify the
root causes. It’s ideal to use it when there are many possibilities causing a
problem to occur.
Checklists: This risk checklist serves as a thinking tool or discussion prompt
to ensure the team has looked at the project and its environment from all angles
when they sign off on the risk list. Thorough consideration can help you avoid
getting blindsided by foreseeable risks like staffing changes at a critical vendor
or shifting regulatory requirements. It’s ideal when we try to identify the risks
within a specific context, itis important to interrogate the components
Brainstorming: It is solely used for generating ideas; it does not involve
analysis. It is used to generate a variety of ideas in a short time. We can use one
of the following brainstorming techniques: structured brainstorming free-form
brainstorming, or silent brainstorming.

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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Assessment Task 4 BSBRSK501 Manage risk

3. What are the five stages of risk likelihood? Briefly describe each one.

4. List and give an example description for each of the five levels of consequence for
risk.

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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Assessment Task 4 BSBRSK501 Manage risk

5. What needs should be considered when treating risk? List and describe three
treatments that could be considered.

6. What should be included in a risk action plan? Describe the key inclusions and briefly
the type of information included with each inclusion.

7. How does the AS/NZS ISO 31000:2009 Risk management – principles and guidelines
standard assist organisations to reduce risk?

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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Assessment Task 4 BSBRSK501 Manage risk

8. For each of the pieces of legislation listed, describe the intent of each and how it could
impact on the process of managing risk.
a. Privacy law.
b. WHS regulations.
c. Contract law.

9. Name and give an example for three adjustments that can be made in the workplace to
assist a person with a disability.

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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Assessment Task 4 BSBRSK501 Manage risk

10. List two types of insurance an organisation could consider purchasing, and for each
type, describe the risks covered by the insurance and the benefit to the organisation.

© 2012 IBSA MC v.2 2015 / modified by MC Apr 2016 v 3

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