Manage Risk

6369 Words26 Pages
Top of Form
Bottom of Form

ASSESSMENT BSBRSK501B
MANAGE RISK
Assessment tool 1
Assessment activity 1: Review organisational processes, procedures and requirements for undertaking risk management
1. Create your own definitions for the following terms:
a) Risk: A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.
b) Risk management: The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks.
c) Risk appetite: The amount a business is willing to place at risk in the pursuit of its objectives
d) Risk capacity: The amount a business
…show more content…
Assessment activity 6: Document critical success factors, goals or objectives for area included in scope
1. Case study: Nautilus Boat Hire
The business has to establish specific and achievable goals because otherwise the risk management team and the individuals in it will have no direction, nothing to aim for. Goals provide a focus and purpose for action.
In this case we have to turn weaknesses into strengths and threats into opportunities and all this has to be specific, tangible and measurable.
Examples of how managing risk that Nautilus Boat Hire could adopt:
- Provide of life jacket to all crew of the boat.
- Provide of guide service in every trip.
- Restructure the boats to make their use easier. Buy boats with easier use.
- Distributed to each passenger a pamphlet advising the use of protective sun cream and even offering to purchase such product also sell bottles of water.
- Advertise of possible noise pollution.
All this actions could help our business to grow, manage risk, and achieve goals.
Assessment activity 7: Obtain support for risk management activities
1. Getting people on board and keeping them engaged is a key part of managing risk. Explain, in our own words, the importance of getting support for risk management plans and processes.
In a business is very important getting support for risk management plans and
Open Document