In this assessment task you are required to answer a number of questions in order to evaluate the risk Management process you completed in relation to the case study.
You are also required to set up logical folders and store all the documents that you have created for this assessment task, as well as the policy and procedure and templates that you have been provided with.
Assessment Task 3 Instructions
Complete the following activities:
- Develop a risk management evaluation report
This assessment task requires you to evaluate and report on the risk management process that you have completed. Review all of the following questions and prepare a short report of approximately 1 – 2 pages that addresses each question A to D.
A. Evaluate the overall risk management process.
Identify risk is a complex process because it demands a complete review of the organisational processes, procedures and requirement, understanding all those factors in a particular political, social, legal , technological and policy context.
In-house strategies to assist in the identification of risk are really important, inviting the internal staff to share comments or concerns about a specific situation is a highly effective resource because they know the organisation in detail and their accurate comments make the identification risk process relatively simple and straightforward.
The level of confidence in the risk identification process is high because it has been the internal staff who has provided details and comments that were used as a direct input in the risk report. Most of the people who participated in the process knew the risk policy within the organisation and how the Business works. The collected information was responsibility of an external consultant, who provided one last risk analysis from a neutral perspective.
- Was it easy or difficult to identify risks?
It was difficult at start but after conducting surveys and research to manage risks at the outset of the project, and continue to do so throughout the performances. At each point during the project, I have come to identify risks by recognizing project’s risk factors, using my project phases as well as overall project plan helped me to identify risk factors.
A risk factor is a situation that may give rise to one or more project risks. A risk factor itself doesn’t cause you to miss a product, schedule, or resource target. However, it increases the chances that something may happen that will cause you to miss one.
Let’s say for example, the fact that you and your organization haven’t undertaken projects similar to the present one is a risk factor. Because you have no prior experience, you may overlook activities you need to perform, or you may underestimate the time and resources you need to perform them. Having no prior experience doesn’t guarantee you’ll have these problems, but it does increase the chance that you may.
- Was staffs input helpful?
Personally I do believe that staff input was very helpful and mandatory for sustaining organizational transformation.Employee Input is a valuable business resource respected by any profound organization which is interested to be strong on the market, that’s because voice of employees is one of the primal sources for a company to generate new ideas, highlight and resolve existing problems, and find out loads of new opportunities to reach excellence in quality of their service. In fact, nobody knows the situation with a process better, than a person who immediately works at this process daily, so it is desirable for a company to interrogate their workers on what they think about managerial methods, utilized technology, current business strategy, and other attitudes, these efforts may result into tons of discoveries and fresh ideas.
- How confident are you that all the risks have been identified?
Identifying, evaluating and understanding risks are a very important aspect of business management. Businesses can also suffer dreadful consequences if risks are not appropriately managed. The most widely understood risks according to me are occupational health and safety risks. Most people generally associate the word RISK with injury, health risks and death, but there are many other types of risk faced by any business other than those aspects. So I am fully confident that all the risks associated with any business organizations can be identify with the policy, political, environment, social and legal respectively.
B. Consider whether the process indicated in the NatureCare Products current risk management policy and procedures sufficient to guide the risk management process used for the business expansion project.Explain why or why not.
The process indicated in the NatureCare Products current risk management policy and procedures was partially sufficient because they used a PESTLE analysis to identify the key factors that impact on the environment in which NatureCare Products operates and then as an input in the risk report, they included the internal staff comments regarding the new managerial position issues, which is a high-effective risk identification resource. The only issue was the delay putting in place the performance management system, making hard to follow up the performance of the employees filling the new positions.
C. Explain whether the principles of risk management in the NatureCare Products risk management policy and procedure consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance.
The principles of risk management in the NatureCare Products risk management policy and procedure were consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance because they engaged internal staff throughout the risk management process, showing that communication was a key to identifying, analysing and monitoring risk.
Also, the company recognised and included the contribution from new staff with a deep understanding of the policy and procedures policy of the company, helping to have a complete identification and measure risk process.
D. What changes would you recommend to the risk management process? Identify at least two.
I would recommend having an external consultant to assist in the identification of risk process. They can help to identify risk at a global level and not only in a specific area, in this case the new opening stores issue. Also, the consultant will provide a neutral perspective that can be used to manage discussion and debate about the risks within the organisation, without any bias or favour from internal staff.
Secondly the Communication and Communication Planning,many managers assume that if they communicate clearly with their employees, their job is done. However, there are many reasons why employees may not hear or understand what their managers are saying the first time around.Initial communications are typically designed to create awareness around the business reasons for change and the risk of not changing. Likewise, at each step in the process, communications should be designed to share the right messages at the right time.
Communication planning, therefore, begins with a careful analysis of the audiences, key messages and the timing for those messages. The change management team or project leaders must design a communication plan that addresses the needs of frontline employees, supervisors and executives. Each audience has particular needs for information based on their role in the implementation of the change.
- Set up folders and store documents
The final task requires you to establish electronic folders to store al the documents you have created for this task, as well as store all the documents you were provided with for this task such as risk management policy and . The folders you create should be logical and set up as though you are in a real work place.
Once you have created all of your folders, file each document within it and then take a screen shot of the folders, as well as a screen shot of the contents of each folder. Email your screen shots to your assessor. You will be assessed on your ability to create logical folders and to store all documents within these folders.
Assessment Task 3 Checklist
|Did the student:||Completed successfully||Comments|
|In the evaluation report, evaluate the risk management process by providing clear and relevant answers to all questions?|
|In the evaluation report, provide recommendations for changes to the risk management process based on the evaluation?|
|Set up logical folders and store all documents (created and provided as par of assessment tasks) within these folders?
Screen shots should be provided as evidence.
|Task Outcome:||Satisfactory ¨||Not Satisfactory ¨||Re-Submit¨||Did Not Submit¨|
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BSBRSK501 Manage Risk Student Assessment Tasks
BSBRSK501 Assessment Task 1: Written Questions