BSBRSK501 Assessment Answer – Risk Management

BSBRSK501: Risk Management Like many other students, you might also have an interest in pursuing an educational course in the management field. If you are a management student learning the BSBRSK501 Course, you will be hit to the task of doing BSBRSK501: Risk Management Assessment Answer.
This Assessment teaches a student about various skills needed to become a risk management professional like identifying the risks involved in an organization or selecting and implementing the treatments. Many students face various challenges in completing this assessment on their own, so they prefer taking help from the Risk Management Experts of Australia Assignment Help.

BSBRSK501 Assessment Answer – Risk Management

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Learning Outcomes of BSBRSK501: Risk Management Assessment Answer:

After successfully completing the BSBRSK501: Risk Management Assessment students will be able to:

  • The scope for the risk of the management process can be determined by the students.
  • Students will be able to review the existing arrangements.
  • To generate a final list of risks, students can use tools and techniques.
  • Students will be able to choose the most appropriate options for treating risks
  • A risk treatment action plan can be developed by the students.
  • Students will be able to evaluate the risk management process.

While preparing the BSBRSK501: Risk Management Assessment students have to complete various tasks like developing the risk management program, answering questions, evaluation risk management processes, and many more.  Mentioned below are the tasks which have to be completed accurately by a student:

Assessment Task 1: Written Questions:

The first task will be an open book test that students have to complete. The questions asked in this Assessment task 1 of BSBRSK501: Risk Management are as follows:

  • Students have to discuss the purpose of risk management standards. In the answer, you have to include an example of a risk management standard.
  • Students have to outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.
  • In relation to risk management, students have to explain the requirements of WHS legislation.
  • For hazardous tasks as stated in the Model Work Health and Safety Regulations 2011, students have to list the factors that must be taken into account in determining the risk control measures.
  • The Purpose of risk management policies and procedures in the workplace; have to be explained by the students.
  • Students have to list three (3) examples of the impact of risks on the workplace.
  • You have to outline a step by step procedure that can be used by a company for analyzing the risk.
  • Students have to outline three sources of information that the company can use in order to gather information on potential risks.
  • You have to provide three examples of tools or techniques which the company can utilize to identify risks as part of the risk assessment process.
  • To control risks, students have to explain four options that a company could take.
  • To minimize the risks, students have to explain four procedures that a company could use.

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In the BSBRSK501: Risk Management Assessment Task 2:

On the basis of the case study, you have to analyze the risk management policies of the company “NatureCare products”. While answering the BSBRSK501: Risk Management  assessment you have to include the following things:

  • The introduction part discussing why analyzing risks is important has to be included.
  • To determine the key factors affecting the environment and consumer needs you have to use the PESTLE analysis method.
  • Related to the business expansion you have to mention at least 5 potential risks and 1 risk treatment option.
  • You have to find both the external and internal stakeholders and their problems and examine them.
  • The important goals, objectives, and factors related to a company’s expansion project have to be evaluated by the students.

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