BSBRSK501 Manage Risk Assessment Task 4

Prompt questions

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

1 Qualitative analysis

may be useful as an initial screening to identify if further analyse of risk is required, when the analysis is appropriate for decisions, when numerical data or resources are inadequate.

2 Semi-quantitative analyses

sets values to the risks in order to produce a more expanded ranking scale than that which is usually achievable from qualitative analyse. These values are not the predicted realistic figures calculated in quantitative analysis. It is important that the limitations of this form are recognised and is combined with a formula or explanation.

3 Quantitative analyse of risks uses numerical values (as opposed to words)to analyse both the consequence and likelihood of risk. The quality of this analysis is dependent on the data from witch it was initially sourced. The outcomes may be expressed in terms of monetary, technical, or human impact.

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

Fishbone diagram: Also called a cause and effect diagram. Is a visualization tool for categorizing the potential causes of a problem in order to identify the root causes. It’s ideal to use it when there are many possibilities causing a problem to occur.

Checklists: This risk checklist serves as a thinking tool or discussion prompt to ensure the team has looked at the project and its environment from all angles when they sign off on the risk list. Thorough consideration can help you avoid getting blindsided by foreseeable risks like staffing changes at a critical vendor or shifting regulatory requirements. It’s ideal when we try to identify the risks within a specific context, itis important to interrogate the components

Brainstorming: It is solely used for generating ideas; it does not involve analysis. It is used to generate a variety of ideas in a short time. We can use one of the following brainstorming techniques: structured brainstorming free-form brainstorming, or silent brainstorming.

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

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

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

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

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

8. For each of the pieces of legislation listed, describe the intent of each and how it could impact on the process of managing risk.

1. Privacy law.
2. WHS regulations.
3. Contract law.

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

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