PSPGEN135 Manage risk Learner Workbook V1.0 Assignment Solution

Assignment detail:-

Words: 2500

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Assessment Activities

Activity 1A

Performance criteria

P.C. 1.1

Establish the nature and extent of business unit activity, its objectives and outcomes within the organisational context.

Question 1

What is the concept of E-commerce business in Australia, and how do its objectives and outcomes relate to legislation, regulations, and policies concerning risk management? (40-50 words)

E-commerce business in Australia :
Objectives of E-commerce:
Outcomes of E-commerce:
legislation, regulations, and policies in Australia:
Risk Management:

Question 2

What is the nature of E-commerce business risk? (150-200 words)

Activity 1B

Performance Criteria

P.C. 1.2

Identify the strategic and risk management context.

P.C. 1.3

Identify and consult stakeholders to ensure their views, concerns and needs are taken into account in the risk management process.

Case scenario: Addressing the Issues Encounter by Business of Edison

“Experts have opined for decades on the reasons behind the spectacular failure rates of strategy execution. In 2016, it was estimated that 67% of well-formulated strategies failed due to poor execution. There are many explanations for this terrible failure rate, but a 10-year longitudinal study on executive leadership conducted by my firm showed one clear reason. A full 61% of executives told us they were not prepared for the strategic challenges they faced upon being appointed to senior leadership roles. It’s no surprise, then, that 50%–60% of executives fail within the first 18 months of being promoted or hired.”

The above extract has been taken from the article published in Harvard Business Review titled “Executives fail to execute strategy because they are too internally focused” by Ron Carlucci.

Question 1

According to the above case study and instructions, prepare the strategic report.
Executive Summary and Introduction.
Relationship between strategy, stakeholder expectations, and organizational performance
Impact of external factors on strategic management
Tool of strategy formation (SWOT analysis) in order to face the challenges
Strategic evolution
Recommendations and conclusion

Question 2.

Perform a role play for the given scenario to Identify and consult stakeholders to ensure their views, concerns and needs are considered in the risk management process.

“As risk assessment manager, you will need to choose an area of risk management and seek support and participation from your stakeholders to assist in risk management activities. Provide information on the support that you will need and how your stakeholders can participate”.

Activity 1B Checklist – for assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge, and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

If the learner correctly completed the task mentioned in the marking checklist, the assessor would be required to highlight/circle/tick “Yes”. Otherwise, highlight/circle/tick “No”

Activity 1C

Performance Criteria

P.C. 1.4

Determine criteria for risk assessment.

P.C. 1.5

Determine risk management criteria to provide guidance on balancing risk, costs, benefits and opportunities.

Question 1

Identify how an accident, incident or health condition could arise. Please note that

Consider all events which are reasonably foreseeable.
Take all steps which are (in terms of time, cost and trouble) reasonable in relation to the reduction of risk achieved.
Look at the given risk assessment criteria for the selected hazards of your choice.

1	2	3	4	5
List the significant hazards	Describe what could go wrong – that is, say who might be hurt and how.	Is the risk high, medium or low?	Please list the existing and/or intended control measures which will reduce the likelihood of all this happening	Suggest here any further actions which may be beneficial. Say who will carry them out and by when.

Activity 1D

Performance Criteria

P.C. 1.6

Monitor, review and adjust risk management criteria to ensure opportunities and current and emerging trends are reflected.

Question 1

Draft a risk management plan to monitor, review and adjust risk management criteria for the following risks that have been identified in not more than 400 words

Fire and explosion:
Business interruption
Product liability
The risk manager whould summarise and monitor the plan

Activity 1A-1D Checklist – for assessor

If the learner correctly completed the task mentioned in the marking checklist, the assessor would be required to highlight/circle/tick “Yes”. Otherwise, highlight/circle/tick “No”

Marking checklist			Performance Criteria
Learner identifies and explains the concept of business correctly.	Yes No	1.1
Learner identifies and explains the concept of business correctly	Yes No	1.1
Learner prepares the report and cover the following contents correctly- · Executive summary and introduction · Relationships between strategy, stakeholder expectations, and organizational performance · Impact of external factors on strategic management in international context, particularly economic, political, and cultural factors · Relevant tools to formulate a new strategy to face the challenges · Recommendations and conclusion	Yes No	1.2
Learner explains an accident, incident or health condition could arise correctly.	Yes No	1.4 and 1.5
Learner drafts a risk management plan to monitor, review and adjust risk management criteria correctly.	Yes No	1.6

Activity 2A

Performance criteria

P.C. 2.1

Investigate sources of risk and identify and consult upon potential, perceived and actual risks to ensure full coverage.

P.C. 2.2

Analyse risks and document in consultation with stakeholders and determine levels of risk as the basis for risk management planning.

P.C. 2.3

Select risk management methods and modify as necessary to determine risks that are acceptable or unacceptable.

P.C. 2.4

Identify risk treatment options for unacceptable risks and determine preferred risk treatment approaches.

P.C. 2.5

Develop and communicate risk management plan to key stakeholders to ensure clarity and achievement of objectives throughout the activity’s life cycle.

Answer the following questions

Question 1.

Identify the various sources of risks of the company.

Market Risk
Operational risk
Reputation Risk
Credit Risk
Liquidity Risk
Strategic Risk

Question 2

Based on above mentioned study, Identify and consult upon potential, perceived and actual risks to ensure full coverage.

Question 3

Determine and analyse the levels of risk associated with the company and explain the documentation in consultation with the stakeholders.

Question 4.

Following Case study- Chocolate Manufacturing Company in Activity 2A Elucidate briefly on the risk management methods for treating the different risks which are arising in the company. (not more than 300 words).

Quantitative Approaches:
Qualitative Approache:
Critical Self-Assessment
Risk Audit
Key Risk Indicator

Question 5.

Following The case study- Chocolate Manufacturing Company in Activity 2A Design a risk management plan and explain the procedure to communicate with the company’s key stakeholders. (Words limit not more than 400 words)

Risk Identification

Market Risk: Ans

Government Risk: Ans

Product Risk: Ans

Environment Risk: Ans

Risk Measurement
Risk Monitoring
Risk Reporting
Risk Control

Activity 2A Checklist – for assessor

If the learner correctly completed the task mentioned in the marking checklist, the assessor would be required to highlight/circle/tick “Yes”. Otherwise, highlight/circle/tick “No”

Activity 3A

Performance Criteria

P.C. 3.1

Manage activity in accordance with agreed risk management plan.

Question 1

Manage the given scenario with a perfect risk management plan.

“Walmart is the world’s biggest retailer. As such, the company understands that its risk makeup is complex, given the geographic spread of its operations and its large number of stores, vast supply chain, and high profile as an employer and buyer of goods”.

Risk Identification
Risk Mitigation
Action Planning
Performance Metrics
Return on investment and shareholder value

Activity 3B

Performance Criteria

P.C. 3.2

Review performance, analyse variance and initiate risk responses to achieve objectives with minimal disruption and conflict.

Question 1.

Analyse and explain any 4 risk response strategies for threats and opportunities in the template given below.

Activity 3C

Performance Criteria

P.C. 3.3

Monitor internal and external risks to outcomes and initiate remedial actions to achieve objectives.

Question 1.

Differentiate internal and external risk monitoring to achieve organisational objectives in the given template with given parameters.

Activity 3A –3C Checklist – for assessor

If the learner correctly completed the task mentioned in the marking checklist, the assessor would be required to highlight/circle/tick “Yes”. Otherwise, highlight/circle/tick “No”

Activity 4A

Performance criteria

P.C. 4.1

Develop and implement an evaluation methodology.

Case Study

A healthcare organization was implementing a new electronic health records system. The project was complex and involved multiple stakeholders, including clinicians, IT staff, and patient advocates.

Question-1.

Develop and implement an evaluation methodology based on above mentioned case study..

Activity 4B

Performance criteria

P.C. 4.2

Review and analyse outcomes to assess the effectiveness of current risk management strategies.

Question-1.

Review and analyse outcomes to assess the effectiveness of current risk management strategies of the XYZ company.

Activity 4C

Performance Criteria

P.C. 4.3

Monitor existing risks, identify new risks and identify any trouble spots.

Question 1.

Assume you are the risk owner and you are asked to monitor the risk and develop a contingency plan.

Activity 4D

Performance Criteria

P.C. 4.4

Seek and use a variety of information, including the perspectives of key stakeholders

Question 1.

Provide justification to the above statement with the help of diagram projected below. (700-800 words)

Project stakeholders

Activity 4E

Performance Criteria

P.C. 4.5

Formulate and act upon recommendations on enhancements to the plan.

Case Study

ABC Corporation is a manufacturing company that produces various types of products. The company’s risk management team has developed a comprehensive risk management plan to identify, assess, and mitigate potential risks that could impact its operations. However, the team has identified several areas where the plan can be improved to enhance its effectiveness.

Question-1.

Formulate and act upon recommendations on enhancements to the plan for ABC corporation.

The solution guideline below is only an example for trainers and assessors to use as a guideline for marking learners’ assessments. The actual answers from learners may be different but they must explain the term of an organisational framework and its importance.

Activity 4F

Performance Criteria

P.C. 4.6

Communicate the outcomes of the evaluation to relevant personnel.

Question 1.

How do you inform the results of risk evaluation of the appropriate personnel in the organisation? List out any 5 modes and explain in detail. (200-250 words)-

Activity 4A -4F checklist – for assessor

If the learner correctly completed the task mentioned in the marking checklist, the assessor would be required to highlight/circle/tick “Yes”. Otherwise, highlight/circle/tick “No”

For REF… Use:#getanswers2002578