BSBRSK501 Manage risk
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Carefully review the material presented in this unit and the activities you have previously completed. You should reflect on your learning, your own research, and your previous case study within this unit including use of information and templates in the attached workbook.
Complete the following project tasks, and submit all the required documentation.
You have determined the scope for the risk management process and identified the risks as part of your case study assessment for this unit. Analyse the risks by determining the likelihood of risks occurring and the impact or consequence if risks do occur. Give each risk a risk rating using the template provided in the case study.
Work through the risk treatment. For each risk, ensure that you describe the treatment to be applied and the action plan to treat the risk. Identify a risk owner and a timeframe for the risk to be implemented. Identify too the documentation that is required to show how you have completed this process, including how it will be stored.
Meet with your stakeholders to communicate your risk management plan and to implement required actions. Attach the minutes of this meeting which include your reasoning for delegation of action items ensuring each stakeholder understands their responsibility and expected timeframes for implementation.
The risk management plan has now been implemented. Complete a risk monitoring and review. Ensure that you:
- List the methods for monitoring action plan/s and review points
- Track and report on the progress of actions plan/s, and note any instances of non-compliance, breaches, or near misses
- Provide an updated status for each risk