BSBOPS504 - Manage business risk

Risk Management Report

Learner Name      

Workplace/Organisation      

State/Territory      

Date Prepared      

Risk Management Report Template Version 1.0 Produced 22 February 2021

© Precision Group (Australia) Page 1
Organisational Processes, Procedures, and Requirements
These details must relate to the risk management process followed by the organisation.

Business risk area  Customer engagement

Identify any one area.  Escalations

 Privacy

 Security

 Work health and safety (WHS)

Processes 1. Identifying the risk

Identify at least two processes.
2. Analysing the risk
These details must relate to identified business
risk area. Update after stakeholder consultation and negotiation

Procedures 1. Initiate risk assessment

Identify at least two procedures.
2.
These details must relate to the identified Identify the scope of the risk
business risk area.

Requirements 1. Implement a Risk Management Framework based on the Risk Policy. ...
Identify at least two requirements.
2.
These details must relate to the identified Establish the Context
business risk area.

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Evaluation of Processes, Procedures, and Requirements
These details must relate to the processes, procedures, requirements, and business risk area identified above.

Processes 1. Identify existing and potential risks as well as existing controls. The potential risks can be categorized as services
performed, contract risk, acceptance or continuance risk and performance risk.
Explain how each process relates to the business
2. Analyze and evaluate the risks on a continuing basis. This involves a comparison of exposure levels against a
risk area. This will be used to define the scope of predetermined tolerance level, the degree of control, potential or actual losses and benefits and opportunities
risk management activities while establishing presented
Update after by the risk. consultation and negotiation
stakeholder
the context.

Procedures 1. Each procedure relates to the business risk areas because the risk identified in this situation is information
technology security. The procedure is to start a risk assessment. Every workplace environment has computers and.
Explain how each procedure relates to the
2. information technology hazards that could cause irreversible damage. But risk assessments can drastically
business risk area. This will be used to define the reduce the likelihood of work-related events. They raise awareness about hazards and the risks they pose and help
scope of risk management activities while employers identify ways to minimise risks.
establishing the context. 2. Accurate determination of scope is essential to ensure organisational outcomes are achieved. Knowing the
reasons you are conducting risk management helps you understand what you need to achieve in your process,
Requirements 1. and hence what your scope must encompass.
Explain how each requirement relates to the
2. 1..Implement a Risk Management Framework based on the Risk Policy- It is important to implement a risk
business risk area. This will be used to define the management framework based on the risk policy because the risk policy of the organization mentions how to
scope of risk management activities while implement risk management no matter what kind of risk it is.
establishing the context. 2. Establish the Context - It will establish the current conditions in which the organisation operates in an internal,
external and risk management context. Define criteria used to evaluate risk and establish a risk analysis
framework.

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Establishing the Context

Scope Included area

Information Technology
Identify at least one area

Excluded area Building Security

Identify at least one area

For each of the following contexts, identify at least one factor that influences workplace business activity and explain how the context is derived from your evaluation of
the organisational processes, procedures, and requirements.

Political Context Factor

Privacy act related to IT security

Explanation When there is IT security risk, there is a major chance of data being stolen. When these private
information are made public that goes against the privacy act principle.

Economic Context Factor

Interest rates

Explanation Interest rate risk is relevant for any organisation that has any interest-bearing asset, such as a loan or a
bond. Our company also has international loans but now due to the IT risk in the company, we are not
able to do day to day work which is causing great loss to the company.
Social Context Factor
Reputation

Explanation Because when there is a threat to information technology there is always a chance of customer personal
data theft. Because of private data breach the reputation of the company can be bad.

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Legal Context Factor
Litigation

Explanation
Due to data loss in data from IT risk, many customers intellectual property can also be lost

Technological Context Factor

Server Crash

Explanation When there is IT risk in the company there is a high chance of servers being crashed which can disrupt the
whole workflow of the company.

Policy Context Factor

Breach of Organisational Policy

Explanation
Any breach of organizational policy can be a big risk to the company

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Stakeholders
Identify at least two relevant stakeholders of the risk management process followed by the organisation.

Name of stakeholder Type of stakeholder Work role of stakeholder

1. Competitor Employees can reduce the likelihood and severity of potential project
Customer risks by identifying them early. If something does go wrong, there will
already be an action plan in place to handle it. This helps employees
Employee Employee prepare for the unexpected and maximize project outcomes.
Industry group

Supplier

2. Competitor They can give an outsider’s perspective on business and the risk being
Customer assessed.

Customer Employee

Industry group

Supplier

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Existing Arrangements
Identify at least two existing arrangements that follow the risk management process.
Existing arrangements are risk management policies, procedures, and/or processes that are currently followed in the organisation.
These must be relevant to the business risk area identified earlier.

Existing Arrangement 1 Strengths 1. Clear and easy to understand

Identify at least two strengths.
2.
Strengths are aspects of the risk management Easily accessible for everyone
process which meet the objectives of the process.

Weaknesses 1. Not well structured

Identify at least two weaknesses.
2. Many process are not taken seriously
Weaknesses are aspects of the risk management
process which do not meet the objectives of the
process.

Evaluation
The clarity and simplicity of the arrangement makes it very clear for all
Explain how strengths outweigh the weaknesses employees and other stakeholders to understand.
or vice versa

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Existing Arrangement 2 Strengths 1. Risk are mentioned in details
Identify at least two strengths.
2. Current approach are mentioned in details
Strengths are aspects of the risk management
process which meet the objectives of the process.

Weaknesses 1. Risk register is difcult to understand

Identify at least two weaknesses.
2.
Weaknesses are aspects of the risk management Implementation action are not clear
process which do not meet the objectives of the
process.

Explanation
It is easy for all employees to under the risk that the company is facing
Explain how strengths outweigh the weaknesses
and the current approach to mitigate risks are good
or vice versa

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Critical Success Factors, Goals, and Objectives
These details must relate to the business risk area included in the scope of the risk management process.

Critical Success Factors 1. Effective participation of all stakeholders

Identify at least two critical success factors.
2.
A critical success factor is the factor that is Regular training processes
essential to achieve the goals and objectives of
following the risk management process.

Goals 1. . To make employees able to handle any risk without panicking

Identify at least two goals.
2. To prevent as much risk as possible
A goal is the outcome that is to be achieved by
following the risk management process. Update after stakeholder consultation and negotiation

Objectives 1. Early identification risks

Identify at least two objectives.
2. Mitigation of identified risks
An objective is the deliverable that is required
to achieve the identified goals.

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Business Risks
Identify at least three business risks that may apply to the scope of the risk management process.

Business Risk 1
Loss of customer due to cyber security breach

Update after stakeholder consultation and negotiation

Business Risk 2
Increased competition

Update after stakeholder consultation and negotiation

Business Risk 3
Change in government policy

Update after stakeholder consultation and negotiation

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Sources of Information Accessed

Record all the sources of information used in preparing this report and the type of information sourced.

Source Type of information sourced

Risk management https://lms.leadcollege.edu.au/pluginfile.php/28604/mod_resource/content/2/BSBOPS504-

LAB-F-v1.0.pdf
Risk identification https://aspire-solidus-production.s3-ap-southeast2.amazonaws.com/assets/BXRSK501samples/
BXRSK501.pdf
Types of risk and risk analysis https://lms.leadcollege.edu.au/mod/folder/view.php?id=19208

Risk Management Report Template Version 1.0 Produced 22 February 2021

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Annexures

Include annexures of the following documents.

Annexure Documents

Annexure 1 Extracts of organisational processes, procedures, and requirements related to risk management.

Annexure 2 Copies of sources of research to identify risks that apply to scope.

END OF RISK MANAGEMENT REPORT TEMPLATE

Risk Management Report Template Version 1.0 Produced 22 February 2021

Page 12 © Precision Group (Australia)