Risk Management Plan Question and Answers
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- Topic: Risk Management Plan
- Words: 2000
Q1: Outline the purpose of key elements of current risk management standards.
Q2: Outline the legislative and regulatory context of the organisation in relation to risk management.
Q3: Outline organisational policies, procedures and processes for risk management either for the simulated business Bounce Fitness or for your own organisation
SCENARIO This Task requires you to develop a risk management plan. To do this you may choose a risk posed in your concerned organisation or use a potential risk posed by the simulated business, Bounce Fitness.
OBJECTIVE: You are required to describe and explain the following points with regards to Risk Management. Where appropriate, use and you can have reference to the AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines, related to your business / organization.
SUBMISSION: Address a written response to the given below points in brief and effective contents of words. You can provide concise paragraph answers as a response to the points mentioned. You may include imagery where applicable to enhance the response.
- Review the different processes for undertaking risk management currently undertaken at your organization and discuss each in brief. Identify and explain how the AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines could be used as part of the plan
- Determine the scope for this risk management for the respective organization/business
- Identify the internal and external stakeholders, and the possible risk management issues they may
- Review the social, legal, and local government body contexts in relation to managing risk for the mentioned business
- Review the strengths and weaknesses of risk management policies specific to your business scenario
- Create a list of critical success factors of risk management processes included in the scope
- With whom and how will you communicate and invite to participate in this risk management process?
- What tools and techniques would you utilize to research on the potential risks that apply to the scope and what would be your source of information?
- Select the most appropriate options for treating the risks that you have chosen to work Identify which insurer and insurance policies you could engage and purchase, and explain how they could assist with any risk minimisation. Include a reference of your nominated insurer.
- Prepare your action plan. The action plan must include:
- What actions are required?
- Who is taking responsibility?
- Time lines to
- How did you ensure all documentation related to risk management is appropriately stored?
- How will you evaluate the risk management process?