BSBRSK501 Manage risk Assessment Answers

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The major objectives of this course are

• Establish risk context
• Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
• Determine scope for risk management process
• Identify internal and external stakeholders and their issues
• Review political, economic, social, legal, technological and policy context
• Review strengths and weaknesses of existing arrangements
• Document critical success factors, goals or objectives for area included in scope
• Obtain support for risk management activities
• Communicate with relevant parties about the risk management process and invite participation
• Identify risks
• Invite relevant parties to assist in the identification of risks
• Research risks that may apply to scope
• Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties
• Analyse risks
• Assess likelihood of risks occurring
• Assess impact or consequence if risks occur
• Evaluate and prioritise risks for treatment
• Select and implement treatments
• Determine and select most appropriate options for treating risks
• Develop an action plan for implementing risk treatment
• Communicate risk management processes to relevant parties
• Ensure all documentation is in order and appropriately stored
• Implement and monitor action plan
• Evaluate risk management process

1. In a short sentence for each, explain the meaning of these terms:

Risk.
Risk management.
Risk appetite.
Risk capacity.

2. Why should risk management policies and procedures be periodically reviewed? (100 words)

3. Scenario: You work for Australia Wide Taxations Solutions—a company of 1,500 employees offering taxation services in different cities across the country. The company offers five services: personal taxation, small business taxation, corporate services, personal wealth creation and corporate asset management. It is working in a highly regulated and legislated industry. You have been asked to work with the team conducting a risk assessment for the entire organisation. How will you identify the risk management scope—what things do you need to look at? What challenges does a scope of this size pose and how would you approach the risk assessment process? (350–400 words)

4. Who are an organisation’s stakeholders and why should they and their issues be identified? (300–350 words)

5. When considering organisational risk it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence/ impact each of those factors has on an organisation’s risk profile—the risk scope and context. (500–700 words)

6. Why is it necessary to review existing risk management arrangements and standards?

7. Scenario: Nautilus Boat Hire is a small family-owned and operated business. It operates from a marina at the mouth of a major river and has been operating for five years. The business is based on:

• hire of eight aluminium runabouts (tinnies) to youth groups, anglers and tourists
• hire of two deep-sea vessels to serious anglers and scuba divers
• hire of fishing gear
• sale of bait and scuba tank refills

The business is considering an expansion that will include purchase of three houseboats for hire to families and groups of young adults.

They recently conducted a survey revealing that a significant number of clients are tourists from interstate or overseas. Most clients are once-only hirers who have no knowledge of local waters and weather conditions.

As part of their business planning, the company identified the following risks to the new business offerings:

people who are not strong swimmers, especially children, drowning

houseboats getting lost and/or driven on to sandbars

clients finding the houseboats difficult to control—resulting in damage to the houseboat and/or land structures when, for example, mooring

clients being sunburned and dehydrated on hot, sunny days

Using the information provided, describe the goals, objectives and targets that Nautilus Boat Hire should include in their risk management plan. These are the critical success factors relevant to the safety of the new operation. (A total of 350–370 words)

8. How can support for risk management policies and procedures be encouraged? What skills might be used when garnering support and with whom should you communicate the risk management intentions? (230–250 words)

9. The organisation for which you work is planning an extension to the premises and an increase in staff numbers with a view to expanding into new markets. You have been asked to conduct research that will identify any risks or contingency requirements for the department that you head. What parties might be invited to assist with the risk identification and what contribution could they make? (150–170 words).

Why should employees be invited to participate in risk management consultations? (150–170 words)

10. A number of tools can be used to collect risk related information and data ready for analysis. List eight.

From your list select two methods. Explain what they are and how they work. (Approx. 200 words each)

11. Plotting business risks on a risk matrix is recommended. What are the benefits of doing this? (80–100 words)

List four questions that might be asked when assessing and prioritising risks.
How does categorising risk help? List four benefits of categorising risk.
List six factors that might contribute to financial risk.

12. A number of different risk treatments will be applied depending on the industry in which an organisation operates its structure and the risks it faces. Explain what risk treatment is and the categories of risk treatment options that could be applied. (130–150 words)

Under what circumstances might it be appropriate to accept risks, without applying controls? (70–80 words)

Insurance is valuable and necessary, but why is it not a real risk control? (70–80 words)

13. Why are risk management plans necessary? (220–250 words)

Risk management plans should be accompanied by action plans. What information is contained in an action plan? (50–60 words)

The organisation for which you work has recently leased new premises. The furniture and equipment has been moved in and the staff are due to start working there 3 days from now. As a basic risk precaution it is necessary to develop a suitable building evacuation procedure and you have been asked to oversee the process. There were evacuation posters at the old building but these will, of course, no longer be suitable. Using the BSBRSK501 Manage risk Assessment Answers, create an action plan to show how you would proceed.

14. List six methods that could be used to communicate risk management plans to relevant parties.

The senior accountant at Abacus Accounting, a small accountancy firm, has their laptop stolen from an interstate restaurant where they were conducting a dinner meeting with clients. The laptop contains nearly four weeks of data that has not been backed up to the main server. This is a significant loss. In addition, the accountant is now without use of a laptop and still has much client work to conduct. The firm recognises that the use of laptops by accounting staff is critical, as is the information the laptops contain. Abacus Accounting decides to develop a risk management plan that will mitigate or minimise such losses in the future. Amongst other things, the plan contains details of:

• protocols for safeguarding laptops whilst travelling
• protocols for backing up data
• procedures for updating the asset register with laptop warranty and insurance details
• procedures for reporting the loss of the laptop and how to
• practises to follow in order to expedite replacement

To whom should the plan be communicated and what communication procedures would be effective? (100–120 words)

15. Why should risk management data and plans be documented and appropriately stored?

16. It is important to monitor and evaluate an action plan once it has moved into its implementation phase. How does monitoring and evaluation help and what sorts of things might come under scrutiny? (200 words)

17. Explain who should be involved in the evaluation of risk management treatments. (30–40 words)

Sometimes external auditors can be called in to evaluate risk management plans and strategies. What are three advantages of using external auditors?

Question 1

SECTION 1

CASE STUDY: ADIDAS

INSTRUCTIONS TO STUDENTS:

1. You are required to undertake all assessment tasks.
2. All tasks are of equal weight.
3. Answer all tasks using the BSBRSK501 Manage risk Assessment Answerss and forms provided.
4. Answer by referring to the given case study material as provided at the end of the question and by undertaking your own research.
5. STUDENT NEED TO ATTEMPT PART A & PART B OF THE CASE STUDY AND ADDRESS ALL THE QUESTIONS/CRITERIA MENTIONED THEREIN.

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ASSESSMENT SUBMISSION REQUIREMENTS for BSBRSK501 Manage risk Assessment Answers

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• Your assessment must be typed in Arial font size 12 only.
• You must provide your completed assessment in one document with an assessment cover page
• You are required to format your document including spell-check and indicate each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc. according to this Assessment Tool Task requirement.

SCENARIO

You work as a Business Manager at Adidas – NSW Head Office in the Public Relations Department.

This department is managed by the Public Relations Manager and you work in a team of 5 Business Managers.

Your role as Business Manager in the Public Relations Department includes the requirement to identify and manage the business risk that results from adverse public relations.

Recently Oxfam (Australia) released an article over the internet – this article is reproduced below.

Oxfam Australia is an organisation that is reportedly dedicated to fighting social injustice around the world – especially social injustice which is created by businesses.

Adidas: So what’s the problem with Adidas? July 2016

Thousands of workers endure poverty wages and harsh sweatshop-like conditions to make Adidas their coveted sports shoes. Adidas also don’t have a good track record in relation to upholding trade union rights.

We have been in constant correspondence with Adidas since 2006 asking that they uphold the rights of their workers.

So what’s the solution?

Better wages

Workers require a living wage, which is one that allows them to meet the basic needs of a family after working a full-time working week without overtime. Adidas won’t commit to a living wage for its workers.

But it will commit to paying already high earning sport stars millions of dollars to endorse their products.

The right to form trade unions

Adidas gets much of its gear made in countries and free trade zones where it is illegal or extremely difficult for workers to organise into unions. Without this united structure, it is near impossible for individual workers to ask for improved conditions without fear of retribution.

Adidas has taken a positive step by signing onto the new Freedom of Association Protocol in Indonesia. Adidas was an active participant in negotiations with Indonesian unions and supplier factories to develop the Freedom of Association Protocol. The Protocol, which Adidas signed onto in June 2011, is already having positive impacts in a number of supplier factories. But Adidas must work hard to ensure that the Protocol is implemented at the factory level throughout its supply chain.

A confidential complaints structure

When workers suffer sexual harassment, intimidation, violence or other human rights violations they need to be able to access a confidential complaints mechanism, and they need those complaints to be taken seriously and handled sensitively. In response to public pressure, Adidas has made some effort to establish complaint mechanisms in some factories, but most Adidas workers don’t have access to a complaint mechanism which they have reason to trust.

Ban short-term contracts

Adidas moves its production where it likes when it likes and does not ban or discourage short-term contracts for its workers. So when it leaves an area those workers on short-term contracts are left with nothing.

Incentives for respecting workers’ rights

Adidas should offer meaningful incentives to factories that respect workers’ rights, particularly workers’ right to organise trade unions. Without genuine incentives, human rights abuses will continue

https://www.oxfam.org.au/what-we-do/ethical-trading-and-business/workers-rights-2/adidas/

Your Department Manager has requested that you identify and manage one of the possible business risks that might result from the release of this article – that is a drop in sales figures for Adidas shoes in NSW.

Part A: Risk Management Plan

In the first instance, you are required to undertake the required research and stakeholder analysis to determine the scope and context of the risk and to develop a Risk Management Plan – which includes a communication plan

Your Department Manager has sent the team this email:

ADIDAS
PUBLIC RELATIONS DEPARTMENT
Internal Email

Date: 20 July 2017
To: Business Managers - PUBLIC RELATIONS DEPARTMENT

RE: Possible business risks associated with the Oxfam release of the article: ‘Adidas: So what’s the problem with Adidas?’

Dear Business Managers

No doubt you are aware of the release this year of the Oxfam Australia article.

This type of adverse publicity can have serious effects on our sales – as you know the Australian population is severely affected by these types of allegations and our competitors will quickly put out advertising that assures consumers that they don’t do what Adidas does – so buy their shoes, not ours!!

As Business Managers I want you to undertake a Risk Management Plan to reduce the impact of the Oxfam article on NSW sales by releasing an advertising campaign: ‘When you buy Adidas shoes you are buying ethical shoes ‘ in the Sydney Morning Herald– 2 x full-page, colour, graphics etc that assures the Australian Consumers that we are a very ‘community’ conscious company – very ethical – and that our production processes and products reflects these values- so when you buy Adidas shoes you are buying ethical shoes.

I require you to undertake a risk management strategy that involves:

• Establishing the risk context: Adidas policies and procedures involved, risk management process, stakeholders, critical factors.
• Communicating the risk plan to other Business Managers and your Department Head – have a meeting – get some feedback and amend the plan if necessary
• Identifying the risk.
• Analyzing the risk.
• Selecting, implementing and evaluating your risk management process.

However, I need you to take into account all of the following risk factors:

• To date (the article was released a year ago) there is no real evidence of a related drop in shoe sales in NSW as a result of the article.
• However sales figures from past occurrences such as this for other companies shows that this type of bad publicity takes approximately 2 years to impact on sales
• The expected drop in shoe sales is expected to be around 20% in NSW alone
• The value of this is $1.9 million.
• The type of advert I want will cost $2 million to create and further costs to place in the Sydney Morning Herald.
• There is no evidence that this advert will work.

You are required to compete the Adidas Risk Management Pan using the standard Adidas BSBRSK501 Manage risk Assessment Answers which includes provision for a Communication Plan with stakeholders. You might identify as stakeholders the Public Relations Manager, Marketing Manager, Sales Manager, Finance Manager and externally a representative from the Shareholders Committee.

Please hold a stakeholder meeting and invite the relevant parties to assist with the identification of risks that may apply to this scope. So, in consultation with relevant parties:

• Generate a list of risks that apply to the scope.
• Assess likelihood of risks occurring.
• Assess impact or consequence if risks occur.
• Evaluate and prioritise risks for treatment.

You can document this meeting using the Meeting Minutes BSBRSK501 Manage risk Assessment Answers. I have booked 21 July 2017 in the Meeting Room 1 Sydney Head Office – for you to hold the meeting. 9 am start.

Please refer to the following Adidas publications for further information:

Adidas 2016 Report - (Refer the link below)

https://www.adidas-group.com/media/filer_public/a3/fb/a3fb7068-c556-4a24-8eea-cc00951a1061/2016_eng_gb.pdf

Adidas Group Code of Conduct - (Refer the link below)

https://www.adidas-group.com/media/filer_public/f5/79/f5794aa8-514a-4463-8756-c1c496c124a0/coc_english_2016.pdf

Adidas POLICIES AND STANDARDS - (Refer the link below)

https://www.adidas-group.com/media/filer_public/2013/07/31/english_workplace_standards_en.pdf

https://www.adidas-group.com/en/sustainability/reporting/policies-and-standards/

Adidas Risk and Opportunity Report - (Refer the link below and page 131)

https://report.adidas-group.com/media/pdf/EN/adidas_AR_2017_EN.pdf

Adidas Risk Management Plan BSBRSK501 Manage risk Assessment Answers

Adidas Records Management Policy and Procedure

Australian Risk Standard: Art_RiskAnalysis_ISO31000 (Refer the link below)

http://www.australiacouncil.gov.au/workspace/uploads/files/risk-management-policy-framewo-544f3b1beeb16.pdf

Thank you
Jan Peterson
Public Relations Manager

Part B: Implement and Monitor

By using the agreements from the Stakeholder Meeting and your own research (through the Risk Management Plan) you are required to determine and select the most appropriate options for treating the identified risks and subsequently Develop an action plan for implementing risk treatment

1. Use the Adidas Action Plan and Schedule BSBRSK501 Manage risk Assessment Answers to document your plan
2. Send an internal email to the Manager Public Relations explaining your decision

(The same case would continue to Summative Assessment 2 and students need to work on other aspects of Risk Assessment plan, i.e. student need to complete Part C, D & E)

SECTION 2

KNOWLEDGE QUESTIONS:

Student must answer all the following questions, referring the materials, learner guide, suggested weblinks mentioned earlier:

Q1. By referring to page IV of the introduction to the document: 31000-2009 Risk Standards Australia Guidelines, outline 1 primary purpose of current risk management standard in Australia: AS/NZS ISO 31000:2009 Risk Management Standard.

Q2. By referring to the document: Art_RiskAnalysis_ISO31000, List 11 key principles of the current risk management standards in Australia.

Answer questions 3 – 12 with reference to the Adidas Case Study – by using the support material provided.

Q3. What key legislative and regulatory areas must Adidas management take into account when developing and implementing their Group Risk Management Policy?

Q4. How does Adidas define Risk and opportunity?

Q5. In what Report does Adidas summarise the most important of these risks and opportunities?

Q6. In what three main categories does Adidas management consider risk?

Q7. What is the primary purpose of the Adidas organisational policies, procedures and processes for risk management?

Q8. The policies and procedures designed by Adidas to facilitate effective risk and opportunity management is held in what business system?

Q9. What is the key objective of this system?

Q10. How does Adidas management make available to employees the Group Risk Management Policy?

Q11. What is the key purpose of the Group Risk Management Policy?

Q12. By referring to the Adidas Risk and Opportunity Report 2017, identify 1 key feature of system policies as they refer to:

• Responsibility and Risk and opportunity identification.

Project 1 for BSBRSK501 Manage risk Assessment Answers

• 1

SUMMATIVE ASSESSMENT 2

CASE STUDY: ADIDAS (Continued from Summative Assessment 1)

INSTRUCTIONS TO STUDENTS:

• You are required to undertake all assessment tasks.
• All tasks are of equal weight.
• Answer all tasks using the BSBRSK501 Manage risk Assessment Answerss and forms provided.
• Answer by referring to the given case study material as provided at the end of the question and by undertaking your own research.

ASSESSMENT SUBMISSION REQUIREMENTS

• Your assessment must be typed in Arial font size 12 only.
• You must provide your completed assessment in one document with an assessment cover page
• You are required to format your document including spell-check and indicate each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assessment Tool Task requirement.

SCENARIO

You work as a Business Manager at Adidas – NSW Head Office in the Public Relations Department.

This department is managed by the Public Relations Manager and you work in a team of 5 Business Managers.

Your role as Business Manager in the Public Relations Department includes the requirement to identify and manage business risk that results from adverse public relations.

Recently Oxfam (Australia) released an article over the internet – this article is re-produced below.

Oxfam Australia is an organisation that is reportedly dedicated to fighting social injustice around the world – especially social injustice which is created by businesses.

Adidas: So what’s the problem with Adidas? July 2016

Thousands of workers endure poverty wages and harsh sweatshop-like conditions to make Adidas their coveted sports shoes.
Adidas also don’t have a good track record in relation to upholding trade union rights.

We have been in constant correspondence with Adidas since 2006 asking that they uphold the rights of their workers.

So what’s the solution?

Better wages

Workers require a living wage, which is one that allows them to meet the basic needs of a family after working a full-time working week without overtime. Adidas won’t commit to a living wage for its workers.

But it will commit to paying already high earning sport stars millions of dollars to endorse their products.

The right to form trade unions

Adidas gets much of its gear made in countries and free trade zones where it is illegal or extremely difficult for workers to organise into unions. Without this united structure it is near impossible for individual workers to ask for improved conditions without fear of retribution.

Adidas has taken a positive step by signing onto the new Freedom of Association Protocol in Indonesia. Adidas was an active participant in negotiations with Indonesian unions and supplier factories to develop the Freedom of Association Protocol. The Protocol, which Adidas signed onto in June 2011, is already having positive impacts in a number of supplier factories. But Adidas must work hard to ensure that the Protocol is implemented at the factory level throughout its supply chain.

A confidential complaints structure

When workers suffer sexual harassment, intimidation, violence or other human rights violations they need to be able to access a confidential complaints mechanism, and they need those complaints to be taken seriously and handled sensitively. In response to public pressure, adidas has made some effort to establish complaint mechanisms in some factories, but most adidas workers don’t have access to a complaint mechanism which they have reason to trust.

Ban short-term contracts

Adidas moves its production where it likes when it likes and does not ban or discourage short-term contracts for its workers. So when it leaves an area those workers on short-term contracts are left with nothing.

Incentives for respecting workers’ rights

Adidas should offer meaningful incentives to factories that respect workers’ rights, particularly workers’ right to organise trade unions. Without genuine incentives human rights abuses will continue

https://www.oxfam.org.au/what-we-do/ethical-trading-and-business/workers-rights-2/adidas/

Your Department Manager has requested that you idenitfy and manage one of the possible buisness risks that might result from the release of this article – that is a drop in sales figures for Adidas shoes in NSW.

Please refer to the folowing Adidas publicaitons for further information (To address issues mentioned in Part C, D and E below):

Adidas 2016 Report - (Refer the link below)

https://www.adidas-group.com/media/filer_public/a3/fb/a3fb7068-c556-4a24-8eea-cc00951a1061/2016_eng_gb.pdf

Adidas Group Code of Conduct - (Refer the link below)

https://www.adidas-group.com/media/filer_public/f5/79/f5794aa8-514a-4463-8756-c1c496c124a0/coc_english_2016.pdf

Adidas POLICIES AND STANDARDS - (Refer the link below)

https://www.adidas-group.com/media/filer_public/2013/07/31/english_workplace_standards_en.pdf

https://www.adidas-group.com/en/sustainability/reporting/policies-and-standards/

Adidas Risk and Opportunity Report - (Refer the link below and page 131)

https://report.adidas-group.com/media/pdf/EN/adidas_AR_2017_EN.pdf

Adidas Risk Management Pan BSBRSK501 Manage risk Assessment Answers

Adidas Records Management Policy and Procedure

Australian Risk Standard: Art_RiskAnalysis_ISO31000 (Refer the link below)

http://www.australiacouncil.gov.au/workspace/uploads/files/risk-management-policy-framewo-544f3b1beeb16.pdf

Part C: implement the action plan

Now that you have received management approval you are to implement the action plan to treat the risk of a sales fall in NS.

1. Send an email to the Advertising Department to design the advertisement.
2. Complete all required Sydney Morning Herald documentation to place the advert.
3. Lodge the documentation (using the portal provided by your trainer and assessor).

Part D: Monitoring

1 month after you placed the advert you send out a communication to your ‘customer group’ asking them to provide feedback on the advert. You receive the following market feedback:

‘this advert is an obvious attempt to take away from the issue that Adidas is not ethical’
‘we know you use child labour ‘
‘we are now buying Ike shoes’

1. Send an email to your manager outlining your monitoring technique and evaluation of the action plan and risk management process to date.
2. Issue a letter to the stakeholders (as at your initial meeting) and inform them of the situation i.e. the feedback.

Part E: maintain documentation.

By creating an electronic folder manage and store correctly all documentation as per Adidas Records Management Policy and Procedure in the Adidas POLICIES AND STANDARDS document

View the following video and answer the questions while watching

View the following video and answer the questions while watching.