Australian Harbour International College

RTO ID: 41338 CRICOS Provider Code: 03449J

ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Assessment Details

Qualification Code/Title BSB60215 Advanced Diploma of Business

Assessment Type Assessment -01 Time allowed

Due Date Location AHIC Term / Year 2/2020

Unit of Competency
National Code/Title BSBRSK501 Manage risk
Student Details
Student Name Hari Giri Student ID AHI00002CS

Student Declaration: I declare that the work submitted is my own, Signature: Hari Giri
and has not been copied or plagiarised from any person or source. Date: 24/04/2020

Assessor Details
Assessor’s Name
RESULTS (Please
SATISFACTORY NOT SATISFACTORY
Circle)

Feedback to student:
.........................................................................................................................................................................................
.........................................................................................................................................................................................
.........................................................................................................................................................................................
.........................................................................................................................................................................................
........................

Student Declaration: I declare that I have been Assessor Declaration: I declare that I have conducted a fair, valid,
assessed in this unit, and I have been advised of my reliable and flexible assessment with this student, and I have
result. I am also aware of my appeal rights. provided appropriate feedback.
Signature: Hari Giri Signature: Muhammad Rahman
Date: 24/04/2020 Date: 24/04/2020

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 1 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Instructions to the Candidates

 This assessment is to be completed according to the instructions given below in this document.
 Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge.
You will be entitled to one (1) resubmit in showing your competence with this unit.
 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
 Please refer to the College re-submission and re-sit policy for more information.
 If you have questions and other concerns that may affect your performance in the Assessment, please
inform the assessor immediately.
 To be deemed competent for this unit you must achieve a satisfactory result with tasks of this assessment
along with a satisfactory result for the other assessment (Project)
 This is an Open book assessment which you will do in your own time but complete in the time designated by
your assessor. Remember, that it must be your own work and if you use other sources then you must
reference these appropriately.
 Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit
Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the
Internet and word-processing system such as MS Word.
 Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be
12 and line spacing has to be Single line.

 This is Individual Assessments. Once you have completed the assessment, please upload the softcopy of the
Assessment into AHIC Moodle.
 Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark
of Zero.

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 2 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Assessment Event 1 – Knowledge Questions

The information contained in this section lists the questions that you will need to develop a written
response. These questions are theoretical and provide evidence of your understanding of current
risk management standards and an industry-specific risk context.

Note you must answer these questions in your own words. Remember, you must get a satisfactory
result with each question to be deemed satisfactory for the whole of Assessment Event 1.

Question 1
Outline the purpose of the current national risk management standards.

Write your response here:

Ans:- The purpose of the current national risk management standards have been selected so that
those who must carry out risk management process have a guide to help them to work. These
standards support to supply an international consensus on how to deal with certain risks, and they
offer best practice advice on how to deal with others. And it helps system to utilize strategies which
are tried and tested and proven to work. Moreover, it monitoring the program and periodically
restate the process.

risk is the chance of something happening which will have an impact upon objectives. It is measured
in terms of consequence and likelihood. Also, risk is defined as the effect of uncertainty on
objectives. It is the threat that an event, action or non-action could affect a firm’s ability to achieve
its business objectives and execute its strategies successfully. Risk is an inherent component of all
business activities and includes positive as well as negative impacts.

Question 2
Outline the principles of the current national risk management standards.
Write your response here:
Ans:- The principles of the current national risk management standards are:-
Creates and protects value: Good risk management contributes to the achievement of an
organisation´s objectives through the continuous review of its processes and systems. Be part of
decision making: The process of risk management assists decision makers to make informed choices,
identify priorities and select the most appropriate action.
Structured and comprehensive: The making and following a comprehensive , structured risk
management approach helps to the most consistent and desirable risk management results. Use the
best available data : The data from past and present must be available as possible and all the
stakeholders should receive necessary information in a timely and clear manner.

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 3 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Question 3
Outline the risk management framework of the current national risk management standards.
Write your response here: The risk management framework is:

Risk
Identify

Risk Risk
Risk
monitor Management Measure
and report
Framework

Risk
mitigation
and
manage

Risk Identification:-

The first step in identifying the risks a company faces is to define the risk universe. The risk universe
is simply a list of all possible risks. Examples include IT risk, operational risk, regulatory risk, legal risk,
political risk, strategic risk, and credit risk.

Risk Measurement:

Risk measurement presents facts on the quantum of either a particular risk publicity or an aggregate
danger exposure, and the probability of a loss occurring due to these exposures. When measuring
unique hazard exposure it is necessary to reflect on consideration on the impact of that danger on
the overall chance profile of the organisation.

Risk Mitigation and manage:

Having labelled and measured its risks, an organisation can then decide on which risks to cast off or
minimise, and how lots of its core risks to retain. Risk mitigation can be performed through an
outright sale of assets or liabilities, buying insurance, hedging with derivatives, or diversification.

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 4 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Risk Reporting and Monitoring:

It is vital to file frequently on specific and aggregate danger measures in order to make sure that
hazard degrees continue to be at an optimum level. Financial establishments that change each day
will produce day by day risk reports. Other institutions may require less popular reporting. Risk
reports ought to be dispatched to danger personnel who have that authority to regulate (or teach
others to adjust) chance exposures.

Question 4
Outline the risk management process of the current national risk management standards.
Write your response here:

Process of the current national risk management standards are:

1.Establishing the Context - The Australia standards considers both external and internal factors
when figuring out and managing risks related with the achievement of strategic and operational
objectives.

2. Risk assessment - The overall process of risk identification, risk analysis and risk evaluation.

3. Risk identification –Identifying risk sources, areas of impacts, events, motives and possible
consequences to structure a comprehensive list of risks based on these activities that might create,
enhance, prevent, degrade, accelerate or delay the achievement of objectives.

4. Risk analysis - Considering the vary of causes, sources of risk, consequences and possibility to
produce a risk rating. The rating can then be used to decide further administration via the Australia
standards.

5. Risk evaluation - The level of risk identified during risk analysis can be ranked and prioritised
according to a consistent overall ranking and rating system.

6. Communicate and consult - Effective communication, consultation and education in risk

management are necessary to achieve a successful integration of the risk processes into the
business.

7. Risk treatment – Selecting one or more options for modifying risks including funding and other
resource considerations.

8. Monitoring and review - Continual monitoring and reviewing of risk profiles is necessary to
preserve the effectiveness and appropriateness of the Australia standard threat management
profiles, along with extra specifically, risk therapy plans, threat assessments and to become aware of
emerging risks.

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 5 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Question 5
Outline the legislative and regulatory context of SmarTech in relation to risk management.
Write your response into the table:
Legislative &
Legislation / Regulation /
Regulatory Explanation
Codes / Standards
Context
The principle of duty of care is that you have a
duty to keep away from acts or omissions, which
Duty of care Work Health and Safety could be moderately foreseen to injure of harm
Act 2011 No 10 different people. This means that you need to
expect risks for your clients and take care to
prevent them coming to harm.
In an organisation setting risk management refers
to the process by which an organisation sets the
Company law risk tolerance identifies potential risk and
Corporation Act 2001
priorities the tolerance for risk based on the
organisation business objectives and manages and
mitigates risk throughout the organisation
Environmental hazard management seeks to
determine what environmental dangers exist and
Environmental then decide how to manipulate these risk in a way
Environment protection
law exceptional applicable to shield human fitness and
Act 1994
the environment. Risk Management The method
of deciding whether or not and how to manipulate
risks.
Risk management is a manner used in Australia to
make sure administrative canter health and
Industrial Competition and consumer safety. The process has the goal of getting rid of or
relations Act 2010 minimising the chance of damage which humans
may additionally be uncovered to at a place of
business or from work activities
This program explores the legal framework and
Contract law Competition and the most significant risks within a contract to help
Consumer Act 2010 offset the exposure of the organisation to
potential losses.
It provides the Commissioner with the power to
Privacy and Privacy and personal conduct assessments of APP entities about
confidentiality information protection Act whether personal information they hold is being
1998 N0 133 maintained and handled in accordance with the
Australian Privacy Principles (APPs).
Discrimination Anti-Discrimination Act Access and equity covers three broad areas:
, access and 1977 Discrimination, Harassment and Affirmative
Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 6 of 7
2019 March 2020
 Australian Harbour International College
RTO ID: 41338 CRICOS Provider Code: 03449J
ABN: 74 603 036 102
T: 02 9268 0085
E: admissions@ahic.edu.au
W: www.ahic.edu.au
A: Level 4, 114-120 Castlereagh Street
Sydney NSW 2000 Australia

Legislative &
Legislation / Regulation /
Regulatory Explanation
Codes / Standards
Context

Action. ... CPA Australia has a legal responsibility

to ensure that all reasonable steps have been
equity taken to prevent discrimination and harassment
from occurring in the workplace and training
environment.

It is the activity of identifying, examining and

Intellectual Intellectual Property responding to risk factors related to IP throughout
Property (Standards of Practice) Act the life of an IP right. Proper risk
2015 (No. 8) management implies control of possible future
events and is proactive rather than reactive

Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia
|RTO NO: 41338 | CRICOS Provider Code: 03449J

File Name : BSBRSK501 Manage risk Version 1.0/ April Review Date: Page 7 of 7
2019 March 2020