BSBOPS504 Manage Business Risk - Written Questions - Assignment Help

Assignment Help on Written Task

Instructions

You must complete this assessment task on your own and are not to work in groups. It must be your own work.

Students are required to provide a satisfactory response to each question below to complete this assessment.

Question 1

Match each risk category on the left to its description on the right.

Operation-centred risks	Risks associated with theft or poor asset management such as a factory building
Legislation-centred risks	Risks associated with personal safety, loss of personnel or public liability
Governance-centred risks	Risks associated with competition or lack of diversity in products and services
Property-centred risks	Risks associated with suppliers, IT or financial management
Personnel-centred risks	Risks associated with taxation, privacy or rights of workers
Market-centred risks	Risks associated with poor risk management strategies

Question 2

Number each step from 1 to 7 in the order you would carry out a risk management process.

	Identify and document the factors that affect the organisation’s goals, both positively and negatively.
	Consult with internal and external stakeholders at every step of the risk management process.
	Develop and implement strategies and management plans to prioritise and control risks, in particular, addressing high-priority risks.
	Monitor the risk management system at all stages to ascertain its effectiveness and track any changes that affect it.
	Analyse existing controls. Assess the likelihood of the occurrence of risks and their consequences within these controls. Combine consequence and likelihood to produce an estimated level of risk.
	Establish the current conditions in which the organisation operates in internal, external and risk management contexts.
	Compare estimated levels of risk with the established context and current conditions. Rank and prioritise risks within the contextual framework.