ASSESSMENT COVER SHEET

Assessment Details
Qualification Code and Title BSB50420 Diploma of Leadership and Management Block/ Term/ Year
Unit Code and Title BSBOPS504 Manage business risk
Assessment Type A2– Project Re-assessment YES NO
Due Date

Student Details
Student Name Student ID

Instructions to Students: Please read the following instructions carefully.

The purpose of this assessment is to assess your knowledge and skills.
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criteria for activity based assessments by the due date.
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another Assessment.
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 ASSESSMENT 2 – PROJECT
Complete the following activities:

1. Carefully read the following:

This project requires you to lead one business risk process or project for an
organisation or work area. As part of the assessment, you will maintain relevant
organisational documentation as you:

 choose a risk management process or project to work on

 establish the scope of the risk management process or project

 analyse information from a range of sources to establish the internal and

external context of your risk management process or project

 consult and communicate with stakeholders to identify, assess, treat and

prioritise risks

 develop and implement an action plan to treat the risks

 monitor and evaluate the risk management process and action plan.

Vocational education and training is all about gaining and developing practical skills
that are industry relevant and that can help you to succeed in your chosen career.
For this reason, we are giving you the choice to base this project on your own
business, one you work in or a familiar with, or you can use the case study
provided. This will mean that you are applying your knowledge and skills in a
relevant, practical and meaningful way to your own situation!

It is important that you are able to access enough information for your chosen
business in order to be able to do your assessment. As a minimum this should
include workplace documentation relating to risk management (e.g., risk
management policy and procedures). You will also need data to monitor and
evaluate risk management process and related action plan.

You will be collecting evidence for this unit in a Project Portfolio. The steps you
need to take are outlined below.

2. Preparation.

Make sure you are familiar with the organisation you are basing this assessment on
and have read through the necessary background information. For the case study
business, this is all of the documents included in the Simulation Pack. If it’s your
own business or a business where you are working or are familiar with, have your
business or case study approved by your assessor.
Choose an appropriate risk management process or project and complete Page 4
of your Project Portfolio for this unit.
Read through the requirements of Section 1, 2 and 3 of your Project Portfolio.
 Complete Section 1 of your Project Portfolio. Steps 3 to 5 form part of Section 1.

3. Establish the risk context.

Determine the scope of your chosen risk management process/project and

evaluate organisational requirements and standards for managing risk.
Also determine the legal requirements of your risk management process/project. list
resources available to address risk and establish objectives and critical success
factors of the risk management process/project
Identify stakeholders who will be part of the risk management process and explain
how they will contribute.

i Answer questions 1 to 7 in your Project Portfolio.

4. Communicate risk management processes to stakeholders.

Communicate with at least two stakeholders to:

 explain the risk management process/project

 invite stakeholders to help identify and assess risk.

This communication can take place in any appropriate format (e.g. draft email,
i
telephone conversation recording, video of meeting etc.) as long as it adheres to
organisational policy and procedures.
If you are basing this assessment on your own business, and your organisation’s
policies require oral communication, you may interact with actual people who work
for the business, or your assessor or classmates may play the role of the
stakeholders.
For the case study, refer to the internal communication policy and procedures for
further guidance.

i Answer question 8 in your Project Portfolio.

5. Analyse the business environment.

 Analyse the external environment of the risk management process/project and
establish the strengths and weaknesses within your business that have the
potential to create or impact risk.

i Answer questions 9 and 10 in your Project Portfolio.

Make sure you have answered all questions in Section 1. Submit to your assessor
for review.
You are also required to attach certain documents as part of your evidence –
review the documents you need to attach as outlined in Section 1 of the Project
Portfolio and make sure you attach these when you submit this section.
You will use the work done in this section of the Project Portfolio Section 1 to
consult with stakeholders to assess and address risk.

Complete Section 2 of your Project Portfolio. Steps 6 to 7 form part of Section 2.

6. Meet with stakeholders to discuss risks.

First, plan to discuss the risks with invited stakeholders.

Answer question 1 in your Project Portfolio.

i
Make sure you are ready to use the tool/technique and risk scale identified in your
planning.

Meet with at least two of the stakeholders you identified as part of Section 1 of your
Project Portfolio.
At your meeting:

 use an appropriate tool/technique to collaborate and identify at least three

risks within the scope of your risk management process/project to focus on

 establish at least two potential outcomes for each risk

 assess each risk using the scale you identified in your planning

 discuss treatment options for each risk

 negotiate to prioritise the risks using the method identified in your planning.

As part of your meeting, you are required to:

 negotiate with the stakeholders (have a respectful discussion where mutually

agreed outcomes are agreed on and you include your rationale for your point
of view)

 use questioning and listening techniques to elicit opinions and confirm/clarify

your understanding (such as asking open ended questions, avoiding rhetorical
questions, allowing others a chance to present their views without interrupting,
waiting an appropriate amount of time before responding and rephrasing what
others say to clarify your understanding)
  select appropriate conventions and protocols when communicating (such as a
handshake, business-like greeting, and introducing all meeting participants).

This meeting should take 20 minutes.

i
This meeting may take place with actual people who work for/are associated with
your chosen business. Alternatively, classmates or your assessor may play the role
of one or more team members. This can either be viewed in person by your
assessor or you may like to video record the session for your assessor to watch
later. Your assessor can provide you with more details at this step. Make sure you
follow the instructions above and meet the timeframes allocated. If this session is
not viewed in person by your assessor, you will attach proof of the meeting to
Section 2 of your Project Portfolio.

7. Analyse the risks identified at the meeting.

Summarise three risks identified at the meeting and do research to find out more
about them. Use digital technology to document risk (e.g. a risk register using MS
Excel).

i Answer questions 2 to 5 of your Project Portfolio.

Make sure you have answered all questions in Section 2. Submit to your assessor
for review.
You are also required to attach certain documents as part of your evidence –
review the documents you need to attach as outlined in Section 2 of the Project
Portfolio and make sure you attach these when you submit this section.

Complete Section 3 of your Project Portfolio. Steps 8 to form part of Section 3.

8. Develop and implement an action plan for one risk.

Complete an action plan for one of the risks and its related risk treatment.

i Answer question 1 in your Project Portfolio.

Communicate the action plan to relevant stakeholders.

This communication can take place in any appropriate format (e.g. draft email,
i
telephone conversation recording, video of meeting etc.) as long as it adheres to
your organisational policy and procedures and the instructions in the Project
Portfolio.
If you are basing this assessment on your own business, and your organisation’s
policies require oral communication, you may interact with actual people who work
for the business, or your assessor or classmates may play the role of the
 stakeholders.
For the case study, refer to the internal communication policy and procedures for
further guidance. Use verbal communication to communicate the action plan (e.g.
either via telephone call, video conference or face-to-face meeting). This should
take 5 minutes. Classmates or your assessor may play the role of the stakeholders.
Role-plays can either be viewed in person by your assessor or you may video
record the session for your assessor to watch later. Your assessor can provide you
with more details at this step. Make sure you meet the timeframes allocated. If this
session is not viewed in person by your assessor, you will attach proof of the
meeting to Section 2 of your Project Portfolio.
Complete question 2 in your Project Portfolio.

Follow organisational policy and procedures to implement one step of your action
plan (e.g., do research, request quote).

If you are using the case study business, assume that one step in your action plan
i
is to request quotes for RPA systems for invoice capturing. This may for example
be through a chat functionality on a website or drafting an email to a sales
representative of an AI business.

Maintain your risk management documentation to indicate completion of the step

(e.g., mark a step in your action plan as completed).

If your organisation’s policy and procedures do not specify how to maintain risk
i
documentation, assume that action plans must be updated to show completion of
each action/process or task (as per the Simulation Pack Internal communication
policy and Procedure).
Answer question 3 in your Project Portfolio.

9. Monitor and evaluate the risk management processes.

Assume a period has passed.

i
If you are basing this on your own business, make sure you have data available to
monitor and evaluate the risk management process/project and its associated
action plan.
If you are basing this on the case study, information is provided in the Simulation
Pack.

Monitor and evaluate the action plan and risk management process/project and
write a report on the outcomes of the evaluation.

i Answer questions 4 and 5 in your Project Portfolio.

10. Submit your completed Project Portfolio.

 Make sure you have completed all sections of your Project Portfolio, answered all
questions, provided enough detail as indicated and proofread for spelling and
grammar as necessary. Remember to submit all necessary attachments as
indicated.

Answer:

Section 1: Establish risk context

1 Provide a brief overview of the business or organisation you are basing your portfolio on.
1.1 What is the name of the business or organisation?
Answer:
NatureCare Products is an Australian company situated in Brisbane. The company makes
eco-friendly, high-quality cosmetic skin products.

1.2 What is the main focus of the business?

Answer:
The company's principal purpose is to create eco-friendly, high-quality cosmetic face
creams. The company's operational aim is to increase its market share by 20% in six
months by establishing a network of retail stores in downtown Brisbane, Sydney, and
Melbourne.

1.3 What role will you assume as you investigate risk for your chosen risk management
process/project?
Note: This role should include the responsibility to lead risk management processes for the
organisation or a work area.
Answer:
David is the company's Financial Manager, and he is doing hazard research for the risk
control project.

2 Determine the scope of your chosen risk management process/project.

2.1 What does your chosen risk management process/project include?
Answer:
- Recognize: This requires identifying the dangers that the company confronts.
- Analyse: Determine the amount of hazard.
- Use a suitable control
 - Monitor those metrics

2.2 Which departments or work areas are involved in the process?

Answer:
Transactions Manager, Head of Marketing, Marketing Helper, Sales Manager, four call
center employees, Business manager, Administration Helper, Director of operations,
Accounting officer, Payroll supervisor, Finance helper (accounts payable / receivable, etc.),
but also the CEO and two stockholders are all involved in the implementation.

2.3 Are there any risks the business will not manage (for example, staff retention)?
Answer:
Because it is a small company, IT risk would not be treated as a business risk. Instead, the
accounting department will be in charge.

3 Evaluate organisational requirements and standards for managing risk.

3.1 Which organisational policies and procedures provide input on how you approach your
chosen risk management process or project e.g. Risk management, Record keeping etc.?
Answer:
Risk management entails providing risk assessment information and help. NatureCare
Products personnel are covered by this policy.
NatureCare wishes to enhance and simplify communication in order to assist the leadership
and mission aims. As a consequence, we will continue to develop and test new modes of
communication, routes, and technologies to encourage information collaboration among all
personnel. This policy is necessary in order to ensure compliance with relevant law
requirements as well as good standards and principles. NatureCare permission to use the
platforms strictly for business purposes and to abide by all rules and guidelines, including
the Rules of Behaviour.
Collecting Information: The processes for producing, conserving, and accessing
NatureCare's data are outlined in this regulation. Its objective is to ensure that all data is
accurate and secure.

3.2 Are there any processes you need to follow?

Answer:
A basic risk management method involves four stages:

Identifying risks
 Risk assessment
Risk reduction
Monitoring the effectiveness of risk-control measures that have been put in place

3.3 Attach policies and procedures to this section of your portfolio.

4 What are the legal requirements associated with your chosen risk management process or
project?
4.1 Explain the legislation you need to comply with.
Answer:
The company currently has Risk Management Rules and Policies in place that include the
AS/NZS ISO31000:2018 Risk Assessment Standards and Procedures.

4.2 Do any regulations apply?

Answer:
No, there are not any applied regulations

4.3 Is there the potential for new laws to be introduced or existing ones to be amended or
rescinded?
Answer:
No, there are not any new laws to be introduced.

4.4 Which risk management standard/s are used or guide the risk management activities of the
business?
Answer:
The standard for managing risks is ISO 31000 - Risk assessment.

5 List the resources available for you to use as you plan, implement and monitor risk.
5.1 Are template documents available to support your risk management process/project?
Answer:
 Given the limited timeframe for creating retail locations, the CEO has asked all executives
and the management secretary to prioritize any risk assessment applications presented by
the finance manager.

5.2 Do you have budget allocation or restrictions for the risk management process/project?
Answer:
The risk management budget contains $2000 for technology advancement, therefore further
expenditure must be kept to a minimum.

5.3 Which employees are available to assist you?

Answer:
The pay check director and accounting manager are the individuals that can help me.

5.4 What other resources are required?

Answer:
Given the tight timeframe, the CEO has asked other workers to provide all finance team
resources.

6 Establish objectives and critical success factors for your risk management process or project.
6.1 List two objectives.
Answer:
They are as follow:
- Strengthen NatureCare Products' administration and commercial management by
establishing a formal framework for global, strategic, and performance monitoring.
- Enable NatureCare Products to effectively complete its legal and regulatory corporate
finance obligations.

6.2 List three critical success factors for the risk management process or project.

Answer:
Those success factors to manage the risk are as follow:
- Top management assistance
- Staff education
- KPIs should be monitored.
7 Identify stakeholders who will be part of the risk management process.
7.1 Who is able to shed light on or assist with risk identification, risk analysis and/or risk control?
Answer:
Risk identification will be assisted by the Chief Executive Officer, Payment Agent,
Accounting Officer, and Budget Management.

7.2 Who is likely to be impacted by an adverse risk event?

Answer:
Chairman, investors, and all employees are likely to be affected by risk event.

7.3 How will each stakeholder provide input to the risk management process (such as
identifying possible risks, helping describe their impact and suggesting ways to prevent or
mitigate risks)?
Answer:
The whole Organization Process is covered by risk management. It should be managed first
and foremost at the business level as part of NatureCare Products effective leadership and
corporate management practices. The CEO will coordinate and assist the crucial steps of
this process as follows:
- The CEO undertakes an annual risk assessment exercise. This involves analyzing the
risk's significance and likelihood, as well as building and/or revising a personal risk
management strategy for any hazards discovered that exceed NatureCare Products'
specified probable dangers.
- Include a Risk Mitigation Evaluation for all corporate processes wherever feasible.
- Incorporating risk assessment into strategic, tactical, and resource-effective management
practices.
- Ensure that risk management methods are incorporated into the product testing and
development processes at NatureCare Brands.
- Risk assessment instigation methodologies must be thoroughly specified and documented
- ensure consistency in how different parts of NatureCare Products react to a certain danger
- Test existing risk management approaches at equal intervals.

7.4 What influence does each stakeholder have on risk management decisions?
Answer:
They are responsible for a variety of tasks: Danger - Understanding Stakeholders must work
hard to understand the hazards stated. Warning - Danger Stakeholders may be required to
provide specialized information to an organization. Recognizing - Risk stakeholders may
assist in risk determination.
 7.5 What are the possible issues each stakeholder may have if a risk event occurs (for example,
employees will still want to be paid, customers may still need your products or services and
banks will still need to be paid for loans etc)?
Answer:
Failure to handle stakeholder risk correctly may result in a range of challenges, including
conflicts, production delays, and employee turnover. In exceptional cases, it may even result
in fines, a lack of stakeholder acceptance, and missed deadlines. Employees and workers,
on the other hand, will desire to be compensated for their efforts on behalf of the firm. As a
result, they do not consider the company's risk or reward. They just want to be compensated
for their efforts.

8 Communicate with relevant stakeholders.

8.1 Who will you communicate to (at least two stakeholders) regarding:
8.1.1. Explanation of the risk management process or project?
Answer:
They are as follow:
- Plan of action or initiative
- Intranet of NatureCare

8.1.2. Invitation to assist in risk identification.

Answer:
Meetings of the Executive Team
team gatherings

8.2 How will you consult with each stakeholder?

Answer:
I will consult via having conference/meeting with him or will speak with him via E-Mail.

8.3 If not already viewed in person by your assessor, attach proof (e.g. draft email, telephone
conversation recording, video of meeting etc.) of your explanation of the risk management
process/project to the stakeholders.
Answer:
Draft E-mail
 To: The Assessor
From: Samwell Charles
Date: 09/05/2022
Subject: Management of Risk

Dear sir/Madam,
Our risk management strategy, which we will implement, is vital, since risk management is
critical in an organization because a business cannot correctly define its intended result
without it. I hope you will assist me and share your thoughts with me.

Regards,
Samwell

8.4 If not already viewed in person by your assessor, attach proof of your invitation to
stakeholders to assist in the identification of risks (e.g. draft email, telephone conversation
recording, video of meeting etc.).
Note: If suitable, 8.3 and 8.4 can be completed as one communication.

Answer:
Draft E-mail

To: The Assessor

From: Samwell Charles
Date: 09/05/2022
Subject: Management of Risk

Dear sir/Madam,
I'd like to ask you to assist me in assessing the risks associated with our company. I assume
that the general goal of risk assessment is to guarantee that the company only takes
chances that will help it in accomplishing its major objectives while preserving all those other
difficulties from occuring. I think you are willing to help and work with me. Thank you kindly!

Regards,
Samwell

9 Analyse the external environment of your risk management process/project.

 Note: You may choose to perform any external environmental analysis (e.g. PESTLE analysis) to
answer this question instead of the questions below.
9.1 What is the political situation like (e.g. unrest, government support of small business,
government policies)?
Answer:
- Laws for Beauty as well as Skin Creams Could Change
- Global effects and new policies to govern operations or input materials markets

9.2 What is the current and predicted economic situation (e.g. state of local and other applicable
economies, interest rates, exchange rates, employment rates etc.)?
Answer:
- Economic growth
- Employment statistics
- Taxation Policies

9.3 Are there any social considerations (e.g. changing values, beliefs, attitudes and habits)?
Answer:
- lifestyle elements
- redistribution of wealth

9.4 How are technological advances affecting the business (e.g. internet, RPA, risk control)?
Answer:
Advances in communication connectivity and access

9.5 What are competitors doing?

Answer:
They are busy in doing programs for sales, advertising, and promotion.

10 Establish the strengths and weaknesses within your business that have the potential to create or
impact risk.
Note: You may choose to use any relevant analysis tool (e.g. SWOT analysis) to answer instead
of the questions below.
Answer:
Analysis of SWOT:
Strengths:
- The company produces high-quality ecologically friendly products.
- The firm is well-established and has a consistent stream of revenue; it can afford to
spend up to $150,000 in order to expand its operations.

Weakness:
- - The product range is restricted.
- - The company does not produce things for men, babies, or teens.
- - Furthermore, the firm does not provide sun protection cosmetics or lotions in nations
such as Australia, where summer months are quite hot.

Opportunity:
- Looking at recent foreign market study, the marketing director has discovered that there
is still a strong market in Korea.
Threat:
- - Since I became marketing and sales manager, I've seen that there have been new
strong rivals, most notably JURILIQUE and BOTANI, who sell comparable things.
- - According to current data, these businesses are well-developed and financially sound.

10.1 Are the current risk management policy/procedures complete and comprehensive?
Answer:
Yes

10.2 What is the state or condition of business’ resources relevant to your risk management
process or project?
Answer:
They are adequate for doing the threat assessment.

10.3 How effective are existing communication mechanisms between management and the
workforce?
Answer:
 They are quite effective. Employees have the opportunity to question and express their
concerns to administration, and the organization, in turn, is proactive in listening and
responding to their concerns.

10.4 How loyal are staff?

Answer:
The staff are very loyal and honest.

10.5 What is the size and quality of the customer data base?
Answer:
It is fairly large and nicely kept.

10.6 What is the business’ ability to fund or raise funding?

Answer:
They are really active in this region. In this regard, they provide online marketing activities,
monthly fund-raising campaigns, and print brochures.

10.7 What is the business’ cashflow situation?

Answer:
It is incredibly reliable and in an equilibrium condition.

10.8 Are supplier relationships strong and reliable?

Answer:
Yes, all of them are strong and reliable.

Attach: Policies and procedures ☐

Communication to explain risk management process to ☐

stakeholders (if relevant)

Communication to invite stakeholders to identify risks (if

☐
relevant)
 Section 2: Identify and analyse risk

1 Plan to discuss risks with invited stakeholders (identified in Section 1).

1.1 Choose a tool or technique to facilitate the group discussion to identify risks within the scope
of the risk management process
Note: At the meeting, you will collaboratively choose three risks to focus on as a group.
Answer:
I will definitely choose one-to-one meeting.

1.2 List what will be discussed (e.g. identify risks, assess risks, risk treatments, priorities etc.)
Answer:
- - Assess Risk: Recognizing risk necessitates the identification of all possible business
hazards.
- - Assess risk: The likelihood of each risk occurring must be evaluated for all risks that
the business chooses to manage. The risk probability must be assessed by averaging at
least three stakeholder estimates.
- - Risk management is the management of risk.
- - Preferences: The Company’s target for recognized risk is riskier.

1.3 What method and scale will you use to assess the likelihood and severity of the risks?
Answer:
It can be calculated as:
Risk level = severity x probability

1.4 What will guide how you prioritise risk (e.g. risk matrix)?
Answer:
We will prioritize risk using a risk matrix, which will help us determine which hazards are
more likely and medium.

1.5 What are you prepared to negotiate?

Answer:
 I am willing to bargain about the chance of risk and its implications.

1.6 How will you negotiate?

Answer:
I would negotiate via face-to-face discussions and meetings.

1.7 Explain questioning and listening techniques you will use to seek the opinion of others and
clarify your understanding of what others say.
Answer:
- Waiting time
- There are no raised hands.
- There is no opt-out.
- Repeat it again, louder.
- Investigating
- 'Pepper'
- Consider-pair-share
- Reaction from the entire class

2 Summarise risks.
2.1 Summarise at least three risks identified at the meeting that apply to the scope of your risk
management process or project. For each risk:
2.1.1. Identify which type of risk it is.
Answer:
- - Retail store merchandise or money theft is a financial risk.
- - Inadequate billing of local suppliers poses a compliance risk.
- - The growing need for payroll and receivables people creates an accounting and
strategic risk.

2.1.2. Identify who may be responsible for the risk.

Answer:
Financial manager, Security and safety team, employees and sales manager
2.1.3. List at least two potential outcomes should the risk eventuate.
Answer:
- Working capital issues and criminal prosecution
- Payment delays and vendor relationship degradation
- Employee retention and incapacity to perform

2.1.4. What treatment alternatives were discussed?

Answer:
RPA technology must be implemented, workers must be taught and rewarded, and
processes should be automated wherever feasible.

2.1.5. How do the stakeholders want to prioritise the risks?

Answer:
The stakeholders want the increasing burden in the accounts department to be
prioritized.
Risk Assessment Report
OVERVIEW

Risk management refers to the systematic process of identifying, analyzing, and responding
to project dangers. It comprises increasing the possibility and impact of favorable events
while decreasing the likelihood and impact of unfavorable events on project objectives. A risk
assessment approach outlines how successfully a development team will deal with hazards
to reach the goal. Given the importance of leadership within businesses and how to develop
it, Naturecare Products would want to investigate the risk cost of implementing various
workshops throughout the year with a national gathering in the next fiscal year. As a result,
understanding all of the repercussions of its deployment, as well as recognizing potentially
risky situations, is crucial in order to plan its management in terms of limiting possible
negative outcomes.

ASSESSING RISKS

NatureCare Products is an Australian company situated in Brisbane. The company

makes environmentally friendly, high-quality cosmetic skin care products. 70% of the
company's customers are professional and experienced women aged 25 to 55,
according to the company's database.
The firm's operational objective is to increase its market share to more than 20% and to
build other retail chains in downtown Sydney, Brisbane, and Melbourne.
The financial adviser must examine the risk of the endeavor. Three hazards have been
recognized by the finance team and management.
- Merchandise or money theft from retail shops is a monetary concern
- Improper billing of local vendors is a compliance risk
 - Growing need for payroll & receivable accounts personnel poses an accounting
and strategic risk

Every risk has two potential outcomes: liquidity issues, criminal prosecution, late
payments, vendor relationship degradation, staff retention issues, and poor job
performance.
The stores opened six months later and remained open for three months. For invoice
monitoring and reporting, they have used an RPA system. Other issues remain
unsolved and must be addressed. There was also the issue of an out-of-date container
vendor to deal with.

The risks that we identified and addressed were all successful, and we remain prepared
for any other risks that may surface. We painstakingly reviewed the supplier's invoices
and were successful on more than one occasion. There is no new threat revealed, but
we are ready for one! The supplier's bill risk is no longer relevant, but we keep it for the
purpose of NatureCare's continued development. More medicines will need more
intensive research.

Risk Assessment Template

Risk Potential Student’s role Stakeholder 2 Stakeholder 3 Combined value

outcome (e.g. average)

Likelihood Impact Likelihood Impact Likelihoo Impact Likelihood Impact

d

Merchandise or Issues with 1 2 1 1 2 2 2 3

money theft working
from retail capital
shops is a
monetary criminal 1 2 2 1 1 2 2 3
concern prosecution

Improper Payment 2 1 1 2 2 1 2 3
billing of s delays
local
vendors is
a
compliance deterioration 1 2 1 1 2 2 2 3
risk. of the vendor
relationship

Growing Employe 1 2 1 1 2 2 2 3
need for e
payroll & retention
receivable
accounts
inability 1 2 2 1 1 2 2 3
personnel
Risk Potential Student’s role Stakeholder 2 Stakeholder 3 Combined value
outcome (e.g. average)

Likelihood Impact Likelihood Impact Likelihoo Impact Likelihood Impact

d

to do the
job

poses an
accounting
and
strategic

Risk Calculator

Risk Action Plan

Risk: Inappropriate billing of a new supplier

Action: RPA for invoice collection and monitoring

Desired outcome: There are no billing difficulties.

Overall person responsible: Chairman and Chief Financial Officer

Step: Person Timefram Resources: Performan Outcome Done

responsibl e: ce requirement ?
e: measure: s:

Optional Office 13 days Online 4 to 5 Money Yes

Researc Secretary research or minimum manager
h contacting places receives a
sales formal report
representativ
es

Request Top 12 days Business or Minimum of Finance Yes

quotes Executives sales 3 to 5 manager
representativ companies quotes
e

Select Manager 11 days organization 13 days Presentation Yes

the best from s to the CFO
system. Finance and other
department stakeholders

Know Accounting 2 weeks connect with 4 weeks Finance Yes

the administrat suppliers analyst
supplier or and should get a
interactio payment copy of the
n system officer report.

The company's principal purpose is to create eco-friendly, high-quality cosmetic

face creams. The company's operational aim is to increase its market share by 20%
in six months by establishing a network of retail stores in downtown Brisbane,
Sydney, and Melbourne.

The policies and processes are as follows:

Risk management entails providing risk assessment information and help.
NatureCare Products personnel are covered by this policy.
NatureCare wishes to enhance and simplify communication in order to assist the
leadership and mission aims. As a consequence, we will continue to develop and
test new modes of communication, routes, and technologies to encourage
information collaboration among all personnel. This policy is necessary in order to
ensure compliance with relevant law requirements as well as good standards and
principles. NatureCare permission to use the platforms strictly for business
purposes and to abide by all rules and guidelines, including the Rules of Behaviour.
Collecting Information: The processes for producing, conserving, and accessing
NatureCare's data are outlined in this regulation. Its objective is to ensure that all
data is accurate and secure.

The company currently has Risk Management Rules and Policies in place that
include the AS/NZS ISO31000:2018 Risk Assessment Standards and Procedures.
Given the limited timeframe for creating retail locations, the CEO has asked all
executives and the management secretary to prioritize any risk assessment
applications presented by the finance manager. The goals are as follows:

- Strengthen NatureCare Products' administration and commercial management by

establishing a formal framework for global, strategic, and performance monitoring.
- Enable NatureCare Products to effectively complete its legal and regulatory
corporate finance obligations.

The whole Organization Process is covered by risk management. It should be

managed first and foremost at the business level as part of NatureCare Products
effective leadership and corporate management practices. The CEO will coordinate
and assist the crucial steps of this process as follows:

- The CEO undertakes an annual risk assessment exercise. This involves analyzing
the risk's significance and likelihood, as well as building and/or revising a personal
risk management strategy for any hazards discovered that exceed NatureCare
Products' specified probable dangers.
- Include a Risk Mitigation Evaluation for all corporate processes wherever feasible.
- Incorporating risk assessment into strategic, tactical, and resource-effective
management practices.
- Ensure that risk management methods are incorporated into the product testing
and development processes at NatureCare Brands.
- Risk assessment instigation methodologies must be thoroughly specified and
documented.
- ensure consistency in how different parts of NatureCare Products react to a
certain danger
- Test existing risk management approaches at equal intervals.
 Reference:
 Nature's Care Manufacture Pty Ltd (ACN: 059 975 834) (Nature's Care); and
 Natralab Australia Pty Ltd (ACN: 141 251 390) (Natralab)

DRAFT E-Mail

To: The Assessor

From: Samwell Charles
Date: 09/05/2022
Subject: Management of Risk

Dear sir/Madam,
Our risk management strategy, which we will implement, is vital, since risk management is
critical in an organization because a business cannot correctly define its intended result
without it. I hope you will assist me and share your thoughts with me.

Regards,
Samwell

Draft E-mail

To: The Assessor

From: Samwell Charles
Date: 09/05/2022
Subject: Management of Risk

Dear sir/Madam,
I'd like to ask you to assist me in assessing the risks associated with our company. I believe
that the overarching goal of risk assessment is to guarantee that the business only takes
risks that will help it achieve its major goals while preventing any other issues from
occurring. I think you are willing to help and work with me. Thank you kindly!

Regards,
Samwell
Draft E-mail

To: The Assessor

From: Samwell Charles
Date: 09/05/2022
Subject: Management of quotes
Dear sir/madam,
I'd like to get an estimate on the cost of educating our workers. Please notify me as soon as
possible. Thank you kindly!

Regards,
Samwell
 TASK OUTCOME SHEET
The Feedback Evaluation Sheet below is the assessment questions and tasks for each of the assessment events
that the student is required to complete. Assessors, tick ‘S’ if the student achieved a satisfactory outcome for
an assessment task and ‘NS’ if the student does not meet these requirements. Also, you are required to write
comments on the quality of this evidence under the ‘Comments’ column. For your judgement on the student’s
overall performance, tick ‘Satisfactory’ if the student achieves a satisfactory outcome for all of the tasks or
‘Not-Yet-Satisfactory’.

Task Outcome Sheet

Assessment Event 2 Project S NYS Comments
Complete the assessment in a role that
allows them to lead the risk management
process for an organisation or work area?

Determine the scope of their chosen risk

management process/project, including:

 what is included in the risk management

process or project

 work areas involved in the process

 any risks excluded from the risk

management process?

Evaluate organisational requirements and

standards for managing risk, including:

 policies and procedures that provide

input on risk management approaches

 processes that must be followed?

Determine the legal requirements of their risk

management process/project, including:

 an explanation of legislation that should

be adhered to

 regulations that apply

 potential for new laws to the introduced

or existing ones amended or rescinded

 risk management standards that guide

the risk management activities of the
business?
 Task Outcome Sheet
Assessment Event 2 Project S NYS Comments

List resources available to address risk,

including templates that support risk
management, budget allocation, human
resources, and any other required
resources?

Establish two objectives and three critical

success factors of the risk management
process/project?

Identify stakeholders who will be part of the

risk management process, determine how
each stakeholder will provide input to the
risk management process, explain the
influence each stakeholder has on risk
management decisions and identify potential
issues in the event a risk occurs?

Communicating with at least two

stakeholders to explain the risk management
process/project and invite stakeholders to
help identify and assess risk?

Analyse the external environment of the risk

management process/project (political,
economic, social, technological and policy)
and establish the strengths and weaknesses
within the business that have the potential to
create or impact risk?

Plan a meeting with stakeholders including:

 a tool or technique to facilitate group

discussion

 method and scale to assess the

likelihood and severity of the risks

 how risks will be prioritised

 what will be negotiated and how it will be

negotiated
listening and questioning techniques to seek
the opinion of others and clarify
understanding?
 Task Outcome Sheet
Assessment Event 2 Project S NYS Comments
Meet with at least two stakeholders to:

 use an appropriate tool/technique to

collaborate and identify at least three
risks within the scope of their risk
management process/project to focus on

 establish at least two potential outcomes

for each risk

 assess each risk using an appropriate

scale

 discuss treatment options for each risk

 negotiate to prioritise the risks using an

appropriate the method?

Summarise the risks identified at the meeting

including:

 the type of risk

 who is responsible for the risk

 potential outcomes should the risk

eventuate

 treatment alternatives

 priorities?

Assess the likelihood and impact/severity of

each risk to calculate a combined value for
likelihood and severity?

Research each of the identified risks to learn

more about the risk and any related risk
treatment options and then list options
available to treat the risks?

Use digital technology to document and

calculate the risks (including the risk,
potential outcomes, likelihood,
impact/severity, risk calculation, treatment
actions and priority of each treatment
action)?

Complete an action plan for one of the risk

treatments in the risk register and
communicate the action plan to relevant
 Task Outcome Sheet
Assessment Event 2 Project S NYS Comments
parties?

Implement the action plan according to

organisational policies and procedures and
maintain risk management documentation?

Monitor and evaluate the action plan and risk

management process/project and write a
report on the outcomes of the evaluation?

Demonstrate effective oral communication

and teamwork skills, including:

 listening and questioning techniques to

clarify/confirm that they understand the
views of others correctly

 negotiating with stakeholders

 selecting and using appropriate

communication conventions and
protocols?

Feedback to Students:

Assessment Outcome  Satisfactory  Not Yet Satisfactory

Assessor’s
Date:
Signature: