RISK MANAGEMENT PLAN

Risk Management Plan
What you have to do
For this assignment you will need to prepare a risk management plan for your organisation or for some other organisation from which you can obtain relevant information.
Please use the template attached for each task.
Task 1
Explain the consultation and communication activities that you will undertake as part of the planning process. You must include a stakeholder analysis in relation to risk in your organisation.
Task 2
Prepare a risk management plan for your organisation which includes the following areas:
a) The risk context
b) Risk identification (ten risks must be identified)
c) Risk analysis and prioritisation
d) Risk resolution
e) Risk monitoring
f) A schedule for risk management activities.
Task 3
Using the ten risks identified in task 2, prepare a risk register.

Checklist
I have:
o answered all questions in the template provided
o included a bibliography
o checked spelling and grammar
o kept a copy of the assessment
[Pick the date]

Risk Management Assessment
BSBRSK501 Assessment 1
Name:
Student number:
Risk Management Plan
Company Overview
Replace this text with your Overview. Give a broad overview and description of the companys business, number of employees, geographical location, and any other pertinent details. (100 words)

1. Consultation and Communication
Using the table, list key stakeholders for the organisation (and their job roles or titles), they may be responsible for management decisions, organisational structures and are impacted by risk or responsible for risk in the organisation. Also include stakeholders that are external to the organisation that you believe should be listed. (Add additional rows to the table if needed.)
[Then delete this placeholder text so that only the table remains.]
(50 words)
Stakeholder Role Stakeholders agenda for Risks Strengths/ Weaknesses in meeting agenda
e.g. what influences this stakeholder a Finance Directors agenda is to increase profit margin
Explain the consultation and communication activities that you will undertake as part of the planning process (100-200 words).

2a. Risk Context
Start with completing a PESTEL analysis to understand the MACRO environment. This assists to uncover different risks that can affect the organisation (Remember this assessment must not be limited to WHS risks). For more information: http://www.mindtools.com/pages/article/newTMC_09.htm
Political Technology
e.g. Discuss how a change in government may affect specific factors

e.g. IT issues
Economic Environmental factors
e.g. Drop in Australian Dollar outline what this will affect
e.g. weather what impact does this have
Social issues Legislation
e.g. trends, culture, customer needs

e.g. laws affecting the organisation
Competitors Other
2b. Risk Identification
Discuss here what methods you will use to identify risks. Include at least one other method with your SWOT analysis with rationale. (150 200 words)
Strengths Weaknesses
e.g. Brand reputation, reliable staff
e.g. Bureaucratic style of management
Opportunities Threats
e.g. New product launch, expansion

e.g. Competitors

Discuss the risks that you have identified through your PESTEL analysis, SWOT analysis and the other methods you have used (200 words).

2c. Risk Analysis and Prioritisation
List here your analysis of your risks with prioritisation using the risk matrix template from your notes. Please attach the risk matrix template in your appendix. Please include at least ten risks. You can create your own risk reference code unique to each risk e.g. a marketing risk may be given the risk reference code of MARK001.
NAME OF ORGANISATION: DATE OR REVIEW:
DEPARTMENT: COMPILED BY: REVIEWED BY:
RISK REFERENCE THE RISK
WHAT CAN HAPPEN? SOURCE
HOW CAN THIS HAPPEN IMPACT
IF RISK OCCURS CURRENT CONTROL STRATEGIES
AND THEIR EFFECTIVENESS

(A) Adequate
(M) Moderate
(I) Indadequate CURRENT RISK LEVEL ACCEPTABILITY (A/U)
LIKELIHOOD CONSEQUENCE CURRENT RISK LEVEL

2d/e/f. Risk resolution and monitoring
Here you will include how you will resolve the risks according to the risk management hierarchy of control. Ensure you include strategies to monitor your risk treatments and a timetable for scheduling risk management activities.
RISK REFERENCE POTENTIAL TREATMENT OPTIONS COSTS & BENEFITS IS THE TREATMENT TO BE IMPLEMENTED
(Y/N) TARGET RISK LEVEL RESPONSIBLE PERSON TIMETABLE
For implementation MONITORING strategies to measure effectiveness of Risk Treatments
LIKELIHOOD CONSEQUENCE TARGET LEVEL

3. Risk Register
Fill in the risk register and explain how the organisation will use it.
Risk register : (name of organisation)
Function (activity): Compiled by: Date:
Date of risk review: Reviewed by: Date:

Reference (unique identifier code)
What is the risk?

(Risk)

What can happen?

(Event)
How can it happen?

(Cause)
What can happen?

(Consequences)
Identify
existing
controls
Effectiveness
and
implementation
of existing controls
Analysis
Risk priority
Treat
risk
Y/N
Further
action

Likelihood
Consequences
Level
of risk

Bibliography
List the full URLs of the websites or documents you have used in your research.
Use Harvard style referencing e.g.
Queensland Government: Business and industry portal, Preparing a risk management plan and business impact analysis, viewed 3/2/15, https://www.business.qld.gov.au/business/running/risk-management/risk-management-plan-business-impact-analysis
Appendix

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