Bbsk401 Risk Management Report

BSBRSK401- Identify Risk and Apply Risk Management Processes

YUNJI KANG 08I

Acknowledgment:

I thank my team mates and trainer for their support.

Assessment Task 1 - Identify risk and Apply Risk Management Processes 2

Internal and external context for risk management 2

Control measures for each risk 4

Resources and responsibilities for control of risk 4

Reflection statement 5

Relevant legislation and regulations 5

Identification of scope of risk management 6

RISK REGISTER- MACVILLE 6

RISK TREATMENT ACTION PLAN TEMPLATE 7

ASSESSMENT TASK 2- IMPLEMENT, MONITOR AND REVIEW RISK MANAGEMENT 8

RISK AUDIT REPORT 8

IMPLEMENTATION 9

Team members' roles for risk management 10

Continuous Improvement Report 10

Assessment Task 1 - Identify risk and Apply Risk

Establishing the context defines the scope for the risk management process and sets the criteria against which the risks will be assessed. The scope should be determined within the context of the firm's organisational objectives. Risks are uncertainties that affect the achievement of business objectives, so risks cannot fully be identified if these objectives and strategies are unclear.

The selection of key objectives within the business should be driven by an evaluation of the external and internal factors that may currently impact supply business. A review of both the external and internal context at the commencement of the risk assessment planning assists in identifying the processes which may be subject to increased risks and, as such, would derive the greatest value from the risk assessment.

Risks can arise due to external or internal influences:

" External risks are exposures that result from environmental conditions that the business commonly cannot influence, such as the regulatory environment and market