BSBOPS504 Manage Business Risk Student Assessment

BSBOPS504 Manage Business Risk
Student Assessment
1|P a g e BSBOPS504 Manage Business Risk

Assessment Information for students
Throughout your training we are committed to your learning by providing a training and assessment framework that ensures the knowledge gained
through training is translated into practical on the job improvements.
You are going to be assessed for:
 Your skills and knowledge using written and observation activities that apply to the workplace.
 Your ability to apply your learning.
 Your ability to recognise common principles and actively use these on the job.
All of your assessment and training is provided as a positive learning tool. Your assessor will guide your learning and provide feedback on your responses
to the assessment materials until you have been deemed competent in this unit.
How You Will Be Assessed

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured
against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be
concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.
Your Trainer will discuss with you whether your current or past workplaces are suitable to use and a basis for your assessments.
Where you have a workplace that is supportive and resourced the preferred choice is that you will complete the assessment tasks on their workplace
using a similarly sized and similarly complex project. This may provide better assessment outcomes for you. This choice should be negotiated with the
Trainer.
If you do not have a suitable workplace on which to base you assessment, the Trainer / Assessor may create a simulated workplace via a case study or
sets of instructions based on your needs or use a standard pre prepared case study/simulated environment.
Because of variations within organisations and learner access it is permissible to use a combination of workplace and the simulated business to complete
the assessment tasks. Discuss this with your Trainer.
The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to
successfully demonstrate competency at the required standard.
Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to
be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation.
The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is
undertaken to account for special needs and this is called making Reasonable Adjustment.
What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?
Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we
work with you to see how we can get there.
In the case that one or more of your assessments has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in
order for you to resubmit your responses.
What if you disagree on the assessment outcome?

You can appeal against a decision made in regards to your assessment. An appeal should only be made if you have been assessed as ‘Not Yet
Competent’ against a specific unit and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be
able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment
of.
Your trainer will outline the appeals process, which is available to the student. You can request a form to make an appeal and submit it to your trainer,
the course coordinator, or the administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any
additional information you wish to provide may be attached to the appeal form.
What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able
to apply for Recognition of Prior Learning (RPL).

Assessor Responsibilities
Assessors need to be aware of their responsibilities and carry them out appropriately. To do this they need to:
 Ensure that participants are assessed fairly based on the outcome of the language, literacy and numeracy review completed at
enrolment.
 Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor when units and certificates are
complete, to ensure that there is no follow-up required from an administration perspective.
 Ensure that their own qualifications are current.
 When required, request the manager or supervisor to determine that the student is ‘satisfactorily’ demonstrating the requirements for
each unit. ‘Satisfactorily’ means consistently meeting the standard expected from an experienced operator.
 When required, ensure supervisors and students sign off on third party assessment forms or third party report.
 Follow the recommendations from moderation and validation meetings.
How should I format my assessments?

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the student name, unit code
and date. Your assessment needs to be submitted as a hardcopy or electronic copy as requested by your trainer.

How long should my answers be?
Unless otherwise instructed in the assessment instructions, the length of your answers will be guided by the description in each assessment, for example:
Type of Answer Answer Guidelines
Short Answer 4 typed lines = 50 words, or

5 lines of handwritten text
Long Answer 8 typed lines = 100 words, or
1
10 lines of handwritten text = of a foolscap page
3
Brief Report 500 words = 1 page typed report, or
1
50 lines of handwritten text = 1 foolscap handwritten pages
2
Mid Report 1,000 words = 2 page typed report
Long Report 2,000 words = 4 page typed report

How should I reference the sources of information I use in my assessments?

Include a reference list at the end of your work on a separate page. You should reference the sources you have used in your assessments in the Harvard
Style. For example:
Website Name – Page or Document Name, Retrieved insert the date. Webpage link.
For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State

Assessment Guide
The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general
assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of
competency.
Assessment Method Satisfactory Result Non-Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of
assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment
may include the following assessment types.
Questions All questions answered correctly Incorrect answers for one or more questions
Answers address the question in full; referring Answers do not address the question in full.
to appropriate sources from your workbook Does not refer to appropriate or correct
and/or workplace sources.
Third Party Report Supervisor or manager observes work Could not demonstrate consistency. Could not
performance and confirms that you demonstrate the ability to achieve the
consistently meet the standards expected required standard
from an experienced operator
Written Activity The assessor will mark the activity against the Does not follow guidelines/instructions
detailed guidelines/instructions
Attachments if requested are attached Requested supplementary items are not

attached
All requirements of the written activity are Response does not address the requirements
addressed/covered. in full; is missing a response for one or more
areas.
Responses must refer to appropriate sources One or more of the requirements are
from your workbook and/or workplace answered incorrectly.
Does not refer to or utilise appropriate or
correct sources of information
Observation/Demonstration All elements, criteria, knowledge and Could not demonstrate elements, criteria,
performance evidence and critical aspects of knowledge and performance evidence and/or
evidence, are demonstrated at the critical aspects of evidence, at the appropriate
appropriate AQF level AQF level
Case Study All comprehension questions answered Lack of demonstrated comprehension of the
correctly; demonstrating an application of underpinning knowledge (remove) required
knowledge of the topic case study. to complete the case study questions
correctly. One or more questions are
answered incorrectly.
Answers address the question in full; referring Answers do not address the question in full;
to appropriate sources from your workbook do not refer to appropriate sources.
and/or workplace
Practical Activity All tasks in the practical activity must be Tasks have not been completed effectively
competed and evidence of completion must and evidence of completion has not been
be provided to your trainer/assessor. provided.
All tasks have been completed accurately and
evidence provided for each stated task.
Attachments if requested are attached Requested supplementary items are not

attached

ASSESSMENTS
ASSESSMENT TASK 1 –QUESTIONS (KE & PC)
Q1. Which key result areas of a business are risks assessed?
ANSWER:
Despite the fact that there are many participants in the cycle and multiple variables at play,
creating an effective gamble evaluation comes down to three key elements:
 Risk identification
 Risk examination
 Hazard assessment
Q2 List 3 examples of laws which business need to be aware of OR they may risk non-compliance
or fines if they do not follow these laws. (KE)
ANSWER:
1. Business registration
2. Anti-bullying laws
3. Fair trading
Q3. Give an example of a business documents which may be included when managing a business’
risk management strategy. (KE)
ANSWER:
An structured and sound technique of handling risk recognition, assessment, and management
is provided by the gamble the board methodology. It operates in a cycle to continuously
explore and update the evaluation in light of new events or actions taken.
Q4. What is a risk of having or not having company policies and procedures? (KE)
ANSWER:

Risk number 1: Disengaged workers Lack of procedures and technique can cause some problems
with the rest of peoples personnel, even if your first point of reference is loyal to the company and isn't
in risk of departing.
Risk 2 : knowledge gaps.
Risk 3:Salary Bargaining.

Q5. What are some possible business risks associates with the following aspects of a business?
(KE)
Area of a business Possible risk

Finance Risks associated with peoples incomes, such as
clients not paying their requests, include credit
hazard, liquidity and influence risk, uncharted
speculation risk, and other risks.
Workplace health and safety A boisterous workplace, unprofessional conduct
from a coworker, a slipping hazard, or faulty
electrical equipment.
Sales Inadequate Product Knowledge, Profit and Sales
Metrics, Sales and Marketing Alignment, Weak
Sales Performance.
Marketing Erroneously assessing a product, selecting a
deplorable platform to promote to an interest
group, delays in distribution, negative
commentary via online entertainment or polling
sites, employee departures, Changing business
tasks
Human Resources When security flaws and the arrival of private
representative data are programmed,
Employees working longer hours than agreed
upon, receiving pay that is not on par with what
they deserve, and being denied facilities as
required by local legislation.
Management Think about. Focusing on risks and dangers,
purchasing protection, limiting responsibility, and
implementing a quality assurance program
should always be the most crucial steps in
creating a risk management plan.
Legal Types of legal gambling. Certain types of chance
are tolerated in business, while others that relate
to legal issues, such as contracts, substances,
resources, intellectual property, and compliance,
can have detrimental effects on a company.
Political Decisions made by state or federal Illegal intimidation, riots, coups, conflicts at
government which may impact on the business home and abroad, and even actions that could
alter the makeup of the administration.

The Australian economy Economic and political, Business and human
rights, corruption and bribery, corruption and
bribery. Advice on Protective Security, a plan for
doing bad.
The social habits or trends of customers and Financial Risk. The business sectors fluctuate
potential customers and the economy is constantly evolving.
Regulatory Risk. There are numerous rules and
regulations that entrepreneurs must abide by.
Technological changes Consistency, legal violations, information
breaches, client security, reasonableness, and
equity risk reputation. Spoof chatbots, ethical
and legal concerns.
The local environment Waste, consistent replenishment of raw
materials, leaks, accidents, and resources left
unused.
Customers Financial Risk. The business sectors fluctuate,
creating consistency risk, security risk, and
misrepresentation risk as the economy changes
continuously.
Staff Resources, such as fire and flooding, provide a
risk to buildings. safeguarding resources,
dreadful debt, credit checks, checking for
provider or client bankruptcy financial
background.
Contractual arrangements Administrative risks that arise when
peoples company or its customers refuse to
abide with local laws.
Internal company communication methods Input issues, email overload, a general lack of
specialist knowledge, and device chaos.
Q6. What risks may occur in a project scope or in specific goals which the business has decided to
achieve? (KE, 2.2, 2.4)
ANSWER :
Occurs when the underlying project goals aren't clear. It's crucial to keep peoples project guidelines
and boundaries in mind while working with partners.

Q7. What is the purpose of a contingency plan? When is in needed to be used when assessing risk
likelihood and impacts? (KE)
ANSWER:
When the gamble appears, a different line of action is taken. The deal was made to lessen the
potential harm from the wager. Without the plan in place, the entire impact of the wager might greatly
affect the task.
Q8. Which factors would you seek to assess to reduce risks associated with the following: (1.1)
a) Company policies.
Risk management executives help people to make decisions and protect their company from
bad situations. Its helps to learn how to encourage a gamble that the leaders plan to prepare
for and protected company.
b) Company procedures /processes.
Maintaining a business accompanies many kinds of chance. A portion of these potential risks
can obliterate a business, while others can cause serious harm that is exorbitant and tedious to
fix.
Q9 What would the scope of a company risk management strategy include? (1.1)
ANSWER:
The extra deadline for when the Risk Management process will be complete is then specified. It
includes defining the underlying presumptions for the association's internal and external environments
as well as the general goals of the risk management cycle and activities.
Q10. In many small businesses owners/directors do most things in their heads and are continually
thinking about their businesses including how to counter changes and issues with the business
as well as how to better build the business.
a) What is a strength, or what is good about this approach? (1.2)
The strength-based approach takes into account how each person views themselves at
their highest level in order to understand their own value. At that moment, it enables a
person to advance that value and capitalize on their strengths rather than draw attention to
their flaws.
b) What is a weakness, or how can this approach be improved? (1.2)
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Accept the challenge. It's important to have the appropriate frame of mind if someone want
to actually be able to strengthen their weaknesses. Consider it as a test that they are willing
to take on rather than as a task. Accept the exam and participate at the same time.
Q11. In project management, what is a critical success factor and how does it relate to the project
scope? (1.3)
Basic success factors (CSFs), also known as Key Results Areas (KRAs), refer to the tasks that
must be completed to the highest standard in order to meet the goals of the project. While the
venture plan is being carried out, CSFs can be used to prioritize specific tasks.
Q12. What is an example of a collaborative approach to communicate risk management with key
stakeholders within a company? (1.4, 2.1)
ANSWER:
People can check for common problems by consistently performing thier activity, report any problems
with interactive links, and submit them for inquiry. Then they may set up alarms for prospective
threats, react retroactively, and highlight important individuals or partners who need to be notified.
However, stakeholder collaboration is a cycle that involves groups of comparable or unique
stakeholders. exchange viewpoints and search for solutions that go beyond their own conception of
what is imaginable. Collaboration extends beyond individuals who actively or passively participate in a
cycle.

Q13 Review the following risks for a café or restaurant that you know and consider the likelihood,
impact and which you would implement contingency strategies for first? (3.1, 3.2, 3.3)
Circle the best choice Low / Med / High
Write down the contingency which you suggest and rate all 4 risks with 1,2,3,4 against each risk in
terms of addressing the plans to reduce these risks
Risk Likelihood Impact Contingency Priority

Eg Cash going Low / Med / High Low / Med / Install CCTV 1
missing from a High
till
Customers Low / Med / High Low / Med /
slipping over High
on the tile floor
during days of
heavy rain
Getting fined Low / Med / High Low / Med /
for selling out High
of date food
A bad social Low / Med / High Low / Med /
media review High
Q14. Imagine you have workers who are required to work outside in the hot Queensland sun. Under
WHS laws the business must act to reduce the risks. In the case there is a risk of the worker
getting sun burnt. (4.1)
Remember that you should be looking at the following hierarchy of controls.

Which options are there available to you to reduce the risk of your staff getting sun burnt? Create a list
below of 3 potential options and then explain why you decided on the best choice option.
Option 1.
Provide appropriate protective apparel, such as clothing, hats, and sunglasses that cover as
much exposed skin as is reasonable.
Option 2 .
Provide natural or artificial cover for workers.
Option 3.
Change the work schedule to avoid the day's UV peaks.
Which option is best and why?
Option 1 A recent investigation report called the 2017 Skin Health Australia Report Card
(SHARC), which is based on a national populace study of skin wellbeing released by the Skin
and Cancer Foundation, claims that many of those specialists are not being given any sun
protection by their managers because multiple million employees work outdoors and summer is
already in full swing.
Q15. You have just arrived at work. You are the first person to arrive onsite and your business’s front
window has been broken; there is broken glass. What actions will you take to reduce the risks
of injury to others? (4.2)
 Encourage the appropriate attitude when driving.
 Get as much regulated driving practice as is conceivably possible.
 Always keep your seatbelt on.
 Both drug use and underage drinking are forbidden.
 limited journey.
 Avoid driving in the evening.
 Protect it slowly and first.
 Prepare for unfavorable weather conditions

Q16. How do WHS policies or procedures communicate risk management plans to staff? (4.3)
 Ensuring that there is enough signage across the workplace.
 Using recordings and images.
 Holding routine events.
 Requiring appropriate planning.
 Including it in the representative auditing process in some way.
 Don't hesitate to proceed with the budget plan for safety equipment.
Q17. According to the ASQA WHS Policy should you report the death of a person at work? (4.4)
Work_Health_and_Safety_Policy_and_Procedure.pdf (asqa.gov.au)
What processes must be followed in there is a death in this workplace?
The main responsibility of a business is to protect the workplace and to make sure that no one
who works there or visits it is put in danger or hurt while doing their jobs. For instance, the
company must make sure that equipment, hardware, and workstations are maintained in a
secure manner.
The Top 5 Reasons for Fatal Workplace Accidents

 Tumbling down a height.
 Struck by moving items and automobiles.
 Machinery and apparatus.
 Asbestos.
 Additional statistics from the report.
Q18. What actions would be taken to monitor and evaluate risk management processes? (4.5)
ANSWER:
Report any events or activities that alter the scenario of a bet, such as: Modifications to a bet
assessment due to improvements in controls. When the event occurs, a control break and near
to miss should be recorded.

Q19. If you are looking to reduce risks of non-compliance in the hospitality sector, apart from RSA
and food hygiene compliance requirements, which other risks could you be exposed to?
You also need to check with others to ensure your business is compliant. (2.2, 2.3)
ANSWER :
a. Orally informing your supervisor or director about the problem.
b. Informing the risk revealing systems at work of the problem.
c. Bringing up the matter with the security and well-being agent.
d. Informing the board of the problem via your association agent
ASSESSMENT TASK 2 – EXTERNAL RISK ASSESSMENT
Please conduct an external risk assessment on your business using the risk matrix below. You will be
evaluating your business risk against PESTLE external marketing factors and reviewing all areas
where your business may be exposed.
Please consider each risk factor and how it impacts on your business or a business you know.
Please rate the risks and Impacts as Low / Medium / High. Where likelihood and impact are
Medium or higher, please include the contingency plans (3.1, 3.2,3.3, 4.1)
Business External Risk Review

Business Name
Business Sector
Risk Likelihood Impact Contingency Plan
Political Factors
Government Eg. Less people High High This is where the
“Covid” can come to your business needs to
Legislation business make changes

specific to the
business
Stability of laws Medium High Medium Program
management,
planning,
implementation,
testing, and
improvement are
all included.
Restrictions in low Medium Medium Exchange
trade restrictions
include taxes
(charges) on
imports (and
occasionally
exports) as well
as non-levy
barriers to
exchange like
import quotas,
subsidies to
domestic industry,
embargoes on
trade with specific
countries
(typically for
international
reasons), and
licenses to bring
goods into the
economy.
Bureaucracy low Medium Medium Bureaucracy is a
wise strategy for
achieving certain
types of goals. It
can control best
practices and
comfort
employees in jobs

that are quite
monotonous.
Economic Factors
Employment rate High High High Putting money
and time aside.
When the
executives are
aware of the
incident plan in
advance.
Currency High HIgh High How do you
exchange rates manage
exchange rates in
the unlikely event
that something
unexpected
happens? Use
services provided
by banks and
unfamiliar
exchange
brokers, such as
Westpac's guide
on how to reduce
the impact of
trade rates:
Forward
Exchange
Contracts:
Purchase one
money sum and
sell it for another
at a
predetermined
exchange rate at
a later date.
Interest rates High High High Identifies the
worst-case
situations that

could happen to
people's
businesses, their
impact, and
potential
remedies.
Inflation/CPI low Medium Medium
Supply/Demand low Medium Medium Products Pay and
of products Credit Changes in
credit availability
and income levels
can have a big
impact on the
organic market.
Social Factors
Lifestyle Eg People like to High High Examples of
meet their friends behavior,
at a café or bar interaction,
and the laws consumption,
change to reduce labor, movement,
this occurring and and interests that
this impacts on illustrate how a
your business person spends
their time are
included in this.
Buying Habits Medium Medium Medium
Fashions / Trends
Technological Factors
Use of social Low Medium Medium Correspondence.
media a concerted
attempt.
Reviews and
assessments.
Brand
surveillance.
Amusement.

Media Exchange.
Use of QR codes low Medium Medium Give further
information about
the product or
service without
hesitating, and
the information
will arrive quickly
on the client's
device.
Use of POS or low High Medium Finding
computerised information about
processes in your a reachable item
workplace is not difficult. The
capacity of the
POS framework
to save
information about
the financial
condition, stock
status, and sales
status is another
advantage.
Environmental Factors
Weather/climate High Medium Medium Greener product
design may result
from more
realistic
environmental
concerns... more
anchored.
Concerns about
the environment
increase interest
and function as a
catalyst for
participation in
cost-expanding
supportability. At

the same time,
the firm increases
costs in response
to the cost effect,
which lowers
interest.
Air Quality Medium Medium Medium Lessen the
numberof trips
you take in your
vehicle. Lessen
oreliminate
chimney and
wood oven use.
Try not to
consume leaves,
rubbish, and other
materials. Avoid
utilizing internal
combustion yard
and nursery gear
Recycling
Legal Factors
These may depend upon
each business. Please
list a few areas that the
laws may impact on
marketing and revenues
1 privacy law High Medium High collecting and the

obligations. purposes of
collection.
2 Terms and Medium High Medium Contributions,
conditions. including outlining
goals, strategies,
and plans;
deadlines and
expectations; and
schedules for
payments and
spending.
3 Consumer law High Medium Medium who may

and marketing. participate in the
contest and
whether there are
any age or
geographic
limitations; the
contest's
timeframe.
Please also answer the following questions.

Q1. When do businesses usually check these risks? (1.1)
ANSWER:
It is up to you to decide when a survey is significant, but the gamble evaluation is a living
document, and this information needs to be updated as your company's circumstances
change. As a general rule, it is advised that risk assessments be assessed on an annual basis.
Q2. Please write a project scope for when a business should check external marketing risks and
specifically which risks they should check for: (1.1)
ANSWER:
The degree proclamation is a vital piece of the RM plan. It is an arrangement among the task group,
theproject support and key partners. It addresses a typical comprehension of the task for the reason
offacilitating correspondence among the partners and for drawing specialists and lines for the
projectmanager and group. Reasons for the extension proclamation incorporates relating the task to
business targets, anddefining the limits of the venture in a few aspects including approach,
expectations, achievements, andbudget.The second part of your gamble the board plan ought to
incorporate a Risk Identification List; in light of the fact that thetracking of dangers in a gamble
distinguishing proof rundown, is a basic to take a chance with the executives. The gamble
recognizable proof rundown is usedfrom the start of the task and is a wellspring of contribution for the
gamble evaluation action. When the dangers havebeen distinguished, record them in this part as the
gamble ID list.
The following are projects for fostering the risk identification list:
 Using sequential numbers or some type of identifier, number each opportunity.
 Identify the report in which the gamble is relevant. For instance, if someone is working with
Plan A and discovers a gamble, identify Plan A as the associated record.

 Describe the wager in enough detail so that a stranger unfamiliar with the business might
understand its nature and content.

Q3. What the positives and negatives of your scope? (1.2)
ANSWER:
The project scope description has real advantages for any organization starting a new initiative. They
are here right now:
 Determines what the endeavor entails so that all stakeholders are aware of what is involved.
 Assists coworkers in focusing on routine goals.
 Provides smart item guides to chiefs that help in scheduling work, allocating tasks, and setting
the budget.
 Helps with avoiding going above the planned scope, especially for complex projects.
Q4. What are the critical success factors and goals associated with the above scope for external
business risks? (1.3)
ANSWER:
 Increased customer loyalty.

 Excellent service.
 Increased client involvement.
 More fantastic menu items.
 More advanced advertising techniques.
Q5. Who are the stakeholders impacted upon by external marketing factors and how would you
involve them in the risk review? What communication methods will you include? (1.4, 2.1)
ANSWER:
Auxiliary partners, often known as outside partners, are those who are not directly affiliated
with the organisation. These stakeholders will be interested in the associations' activities or
they may occasionally be impacted by the organizations' activities.

Key examples
 State-run organizations.
 gatherings of interest and tension.
 News and media organizations.
 Local Community.
Q6. Research and find other risks, by asking others, which may apply to your scope. (2.2, 2.3)
ANSWER:
a) People might add details to the item that weren't approved.
b) The project team might not be able to discern each expectation, necessitating revisions down
the road.
c) The change control procedure might not be able to manage scope changes.
d) The investigation and comprehension of requirements might not go as planned.
Q7. Please create an action plan from your External Factor risk analysis. Please outline what would
need to be done to implement it and to monitor this process. (4.2, 4.3, 4.4)
Contingency to be implemented By When Person Responsible

Approaches sent out by visual In 2 months HR teams and contracted
architects are made bright and graphic designers.
energetic in order to attract
personnel into graphic
designers reading them.
Planned banners will list the In 2 months IT + HR Team
details of the arrangements,
and personnel will be
coordinated to read them in full
on the internet-based gateway.

Send a broad email requesting In 2 months IT + HR Team
a response confirming that you
have read and understand the
linked policies.

ASSESSMENT TASK 3 – INTERNAL RISK ASSESSMENT
Please conduct an external risk assessment on your business using the risk matrix below. You will be
evaluating your business risk against PESTLE external marketing factors and reviewing all areas
where your business may be exposed.
Please consider each risk factor and how it impacts on your business or a business you know.
Please rate the risks and Impacts as Low / Medium / High. Where likelihood and impact are
Medium or higher, please include the contingency plans (3.1, 3.2,3.3, 4.1)
Business Internal Risk Review

Business Name
Business Sector
Risk Likelihood Impact Contingency Plan
Key Result Areas
Finance
Making sufficient High Medium High Consider the adjacent open
profits doors: up -Making sufficient sales
- selling premium things that
demonstrate a stronger
commitment to the benefit.
Analyzing their purchases and
making reciprocal offers are all
part of strategically pitching.
Ensuring High Medium Medium Putting restrictions on early
sufficient cash payments, refusing to rent,
flow increasing inventory, conducting
consumer credit checks, and
employing high-interest savings
accounts are among more
strategies.
Theft of cash High High High Get into good bookkeeping, track
retail.
Sales
Ensuring sales Medium Medium High Put briefly at the start of each shift
targets are met discussing the goals and progress
of the group.
Ensuring that Medium High Medium Remembering stuff or support for

customers are a website over the phone, in
happy with the person, or via online
products / service entertainment is something to
think about. Offering a variety of
assistance can demonstrate
brand consistency and increase
confidence. Knowing they can
seek assistance can encourage a
consumer to express their
problems.
Marketing
Ensuring Medium High Medium Take care of enough new
sufficient new employees. Keep your audience
customers are in mind. Develop a client-centered
aware and buy mindset. Make the customer
experience unique. Provide top-
notch service.
Ensure that social High Medium High Answer right away.
media / negative
reviews is Answer with care.
monitored and
responded to Respond truthfully.
Keep Kindness in Mind.
Itappropriate.
Provide a customer reaction for

each response.
Shut It Down.
Safety
situation watch High Medium High Contingencie could likewise
protocal includecontingentassets, which
arebenefits(ratherthan
misfortunes)
thataccruetoacompanyorindividual
giventhe goal ofsome
uncertainevent later on.
Emergency Medium High High A model of contingent assets
response would be a wise choice in a claim
or an in heritance.
Critical processes High Medium Medium To protect against wind or fire
damage, property owners may get
insurance.
Information
Programme High Medium High Financial backers protect
management themselves from potential
financial calamities associated
with efficient financial planning.
Implementation Medium High High The money made from the
options approach entirely or
partially makes up for the
investment's losses.
Program High Medium Medium These systems come at a
improvement cost,usually in the form of a
premium, which isan forthright
money installment
Legal/
Governance
Policy High Medium High A business development team is
environment to created to handle the coherence
enable the and recovery plan during a
planning process disruption as well as to foresee
any possible opportunities.
Acess to financial Medium High High Fostering a remote work culture
and other would help stop the spread of the
resources disease and provide employees
with secure access to their
workspaces during a pandemic.
Planning High Medium Medium Organizations would need to
methodology contribute to technology, which
can include giving staff access to
computers and video
conferencing.
Please also answer the following questions.

Q1. When do businesses usually check these internal risks? (1.1)

ANSWER:
Risk identifying evidence should begin as soon as possible in the task when vulnerability and chance
openness are most important. Early risk detection enables risk owners to take action while the risks
are easier to manage. When compared to handling risks and challenges later in the initiative, risk
owners who take early action usually reduce cost.
Q2. Please write a project scope for when a business should check internal operational risks and
specifically which risks they should check for: (1.1)
ANSWER :
The degree of responsibility and authority placed on the undertaking administrator and the task
support represent the two levels of interest that should be taken into account when evaluating risk in
projects. The project director is in charge of delivering the project objectives, so they should be aware
of any risks that might strongly or negatively affect them. Their level of interest is concentrated on
obvious sources of vulnerability inside the work. These sources will likely include particular future
events, circumstances, or conditions that are uncertain to some extent but nevertheless have the
potential to have an impact on the venture. The answer to the project director's question "What are the
risks in my task?" is often kept in a gamble register or similar document. The project support, then
again, is keen on risk at an alternate level. The person in question is less keen on unambiguous
dangers inside the task, and more in the general picture. The inquiry is, "The manner by which unsafe
is my task?" and the response doesn't ordinarily come from a gamble register. Rather than needing to
be familiar with explicit dangers, the undertaking support is worried about the general hazard of the
venture. This addresses their openness with the impacts of vulnerability across the undertaking all in
all.

Q3. What the positives and negatives of your scope? (1.2)
ANSWER:
POSITIVE
 Expands peoples support network.

 Provides protection for advertising projects and individual insurance.
 Increase financial and automatic resources.
 Develops fresh initiative.
 Helps with the administration of individual and hierarchical systems.
 Increases the scope of peoples task.
NEGATIVE
 Takes the place of the other work.

 It's possible to anticipate that someone may use techniques or issues to undercut their
position.
 Expect that all the more remarkable coalition partners will succumb.
 If credit for peoples work is given to the alliance as a whole, they could not receive it.
 The validity of each component may be compromised if the coalition breaks up.
Q4. What are the critical success factors and goals associated with the above scope for internal
operational business risks? (1.3)
ANSWER:
The components of a group of people's business or project that are essential to its success are
known as Basic Success Factors (also known as Key Results Areas, or KRAs). It is crucial to
distinguish and share CSFs throughout the organization to guarantee that their company or
activity remains focused on how development should be produced.
Q5. Who are the stakeholders impacted upon by internal operational factors and how would you
involve them in the risk review? What communication methods will you include? (1.4, 2.1)

ANSWER:
Employees and managers are internal stakeholders who are impacted by authority strategy
and success, which has some bearing on the association's decisions. Owners have a greater
impact on organizational management and shoulder more responsibility than chiefs and
representatives.
Q6. Research and find other risks, by asking others, which may apply to your scope. (2.2, 2.3)
ANSWER:
They answer to owners and are in charge of what representatives have created. Chiefs can have an
impact on a corporation by: Making important decisions for the organization's benefit, which can
determine whether the business is successful.Choosing to hire or fire reps may have an impact on
their productivity and motivation.
Q7. Please create an action plan from your internal operational r risk analysis. Please outline what
would need to be done to implement it and to monitor this process. (4.2, 4.3, 4.4)
Contingency to be implemented By When Person Responsible

policiesto be highlighted in all 2 weeks All line managers
formal / informalstaff meetings
and group catch-us
Line managers to go through 2 weeks All line managers
policies with each staff member
to ensure complete
understanding of the policies
and have them sign
acknowledgement receipt to be
retained on file.
CEO to set final outcomes 3 weeks CEO-Mangaers
where conflice has been
evidenced.

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BSBOPS504 Manage Business Risk

1|P a g e BSBOPS504 Manage Business Risk

You are going to be assessed for:

 Your ability to apply your learning.

How You Will Be Assessed

What if you disagree on the assessment outcome?

What if I believe I am already competent before training?

2|P a g e BSBOPS504 Manage Business Risk

 Ensure that their own qualifications are current.

 Follow the recommendations from moderation and validation meetings.

How should I format my assessments?

3|P a g e BSBOPS504 Manage Business Risk

Type of Answer Answer Guidelines

Short Answer 4 typed lines = 50 words, or

Long Answer 8 typed lines = 100 words, or

Long Report 2,000 words = 4 page typed report

How should I reference the sources of information I use in my assessments?

4|P a g e BSBOPS504 Manage Business Risk

Assessment Method Satisfactory Result Non-Satisfactory Result

Attachments if requested are attached Requested supplementary items are not

Attachments if requested are attached Requested supplementary items are not

5|P a g e BSBOPS504 Manage Business Risk

ASSESSMENT TASK 1 –QUESTIONS (KE & PC)

Q1. Which key result areas of a business are risks assessed?

6|P a g e BSBOPS504 Manage Business Risk

Risk 2 : knowledge gaps.

Risk 3:Salary Bargaining.

7|P a g e BSBOPS504 Manage Business Risk

Area of a business Possible risk

8|P a g e BSBOPS504 Manage Business Risk

9|P a g e BSBOPS504 Manage Business Risk

b) Company procedures /processes.

a) What is a strength, or what is good about this approach? (1.2)

b) What is a weakness, or how can this approach be improved? (1.2)

10 | P a g e BSBOPS504 Manage Business Risk

11 | P a g e BSBOPS504 Manage Business Risk

Circle the best choice Low / Med / High

Risk Likelihood Impact Contingency Priority

Remember that you should be looking at the following hierarchy of controls.

12 | P a g e BSBOPS504 Manage Business Risk

Provide natural or artificial cover for workers.

Change the work schedule to avoid the day's UV peaks.

Which option is best and why?

 Encourage the appropriate attitude when driving.

 Get as much regulated driving practice as is conceivably possible.

 Always keep your seatbelt on.

 Both drug use and underage drinking are forbidden.

 Avoid driving in the evening.

 Protect it slowly and first.

 Prepare for unfavorable weather conditions

13 | P a g e BSBOPS504 Manage Business Risk

 Ensuring that there is enough signage across the workplace.

 Using recordings and images.

 Holding routine events.

 Requiring appropriate planning.

 Including it in the representative auditing process in some way.

What processes must be followed in there is a death in this workplace?

The Top 5 Reasons for Fatal Workplace Accidents

14 | P a g e BSBOPS504 Manage Business Risk

a. Orally informing your supervisor or director about the problem.

b. Informing the risk revealing systems at work of the problem.

c. Bringing up the matter with the security and well-being agent.

d. Informing the board of the problem via your association agent

ASSESSMENT TASK 2 – EXTERNAL RISK ASSESSMENT