BSBOPS504 Manage business risk

STUDENT
ASSESSMENT
TASKS

BSBOPS504
MANAGE BUSINESS RISK

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First published 2021

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© 2021 RTO Works

This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review
as permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as
expressed in the RTO Works License Agreement.

The information contained in this resource is, to the best of the project team’s and publisher’s knowledge true and
correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept
responsibility for any loss, injury or damage arising from such information.

While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome
notification of any errors and any suggestions for improvement. Readers are invited to write to us at
hello@rtoworks.com.au.

Business Works is a series of training and assessment resources developed for qualifications within the Business
Services Training Package.

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Contents

Introduction 4
Assessment Task 1: Knowledge questions 5
Assessment Task 1: Checklist 9
Assessment Task 2: Project 10
Assessment Task 2: Checklist 16
Final results record 19

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Introduction

The assessment tasks for BSBOPS504 Manage business riskare outlined in the assessment plan
below. These tasks have been designed to help you demonstrate the skills and knowledge that you
have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also
follow the advice provided in the Business Works Student User Guide. The Student User Guide
provides important information for you relating to completing assessment successfully.

Assessment for this unit

BSBOPS504 Manage business risk describes skills and knowledge required to manage business
risks in a range of contexts across an organisation or for a specific business unit or area in any
industry setting.
For you to be assessed as competent, you must successfully complete two assessment tasks:

 Assessment Task 1: Knowledge questions – You must answer all questions correctly.

 Assessment Task 2: Project – You must work through a range of activities and complete a
project portfolio.

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Assessment Task 1: Knowledge questions

Information for students

Knowledge questions are designed to help you demonstrate the knowledge which you have
acquired during the learning phase of this unit. Ensure that you:

 review the advice to students regarding answering knowledge questions in the Business
Works Student User Guide

 comply with the due date for assessment which your assessor will provide

 adhere with your RTO’s submission guidelines

 answer all questions completely and correctly

 submit work which is original and, where necessary, properly referenced

 submit a completed cover sheet with your work

 avoid sharing your answers with other students.

i
Assessment information
Information about how you should complete this assessment can be found in Appendix
A of the Business Works Student User Guide.Refer to the appendix for information on:

 where this task should be completed

 the maximum time allowed for completing this assessment task

 whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix C of the Student User Guide. However, if your RTO
has provided you with an assessment cover sheet, please ensure that you use that.

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Questions
Provide answers to all of the questions below:

1. Explain the risk management process. You may answer using a labelled diagram or in words
(or both) and must include:

 a definition of risk management.

 a list or illustration of the steps in a risk management process.

 a description of what each step involves.

2. Describe a current risk management standard. In your answer:

 name the standard.

 explain the purpose of the standard.

 list key elements of the standard.

3. Complete the table below to describe the types of business risk.

Type of Description Example Key responsibility

risk
(at least two people)

Strategic
risk

Compliance
risk

Financial
risk

Operational
risk

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4. Complete the table to explain three different tools and techniques that may be used to identify
risk. The first row has been completed as an example for you to follow.

Technique/tool Description

Brainstorming A group discussion to produce as many ideas or solutions to

problems in a pre-determined amount of time.

5. Explain four options that a company could use to take to control risks.

6. Explain how legislation and its related regulatory requirements relate to risk management. In
your answer:

 identify two different legislative and regulatory requirements that may apply to risk
management.

 for each legislative requirement, explain how it relates to risk management.

 provide one example of how regulations support one of the legislation.

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7. Explain the purpose of risk management policies and procedures in the workplace as they
relate to risk management.

8. Complete the table below to summarise how three policies and procedures relate to risk
management.

Policy/procedure Description

Record keeping policy and

procedure

WHS policy and procedure

Confidentiality
policy/procedure

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Assessment Task 1: Checklist

Student’s name:

Did the student provide a Completed

sufficient and clear answer successfully? Comments
that addresses the
suggested answer for the Yes No
following?

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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Assessment Task 2: Project

Information for students

In this task, you are required to demonstrate your skills and knowledge by working through a
number of activities and completing and submitting a project portfolio.
You will need access to:

 your learning resources and other information for reference

 Project Portfolio template

 Simulation Pack (if you need a case study).

Ensure that you:

 review the advice to students regarding responding to written tasks in the Business Works
Student User Guide

 comply with the due date for assessment which your assessor will provide

 adhere with your RTO’s submission guidelines

 answer all questions completely and correctly

 submit work which is original and, where necessary, properly referenced

 submit a completed cover sheet with your work

 avoid sharing your answers with other students.

i Assessment information

Information about how you should complete this assessment can be found in Appendix
A of the Business Works Student User Guide.Refer to the appendix for information on:

 where this task should be completed

 how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix B of the Student User Guide. However, if your RTO
has provided you with an assessment cover sheet, please ensure that you use that.

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Activities
Complete the following activities:

1. Carefully read the following:

This project requires you to lead one business risk process or project for an
organisation or work area. As part of the assessment, you will maintain relevant
organisational documentation as you:

 choose a risk management process or project to work on

 establish the scope of the risk management process or project

 analyse information from a range of sources to establish the internal and

external context of your risk management process or project

 consult and communicate with stakeholders to identify, assess, treat and

prioritise risks

 develop and implement an action plan to treat the risks

 monitor and evaluate the risk management process and action plan.

Vocational education and training is all about gaining and developing practical skills
that are industry relevant and that can help you to succeed in your chosen career.
For this reason, we are giving you the choice to base this project on your own
business, one you work in or a familiar with, or you can use the case study
provided. This will mean that you are applying your knowledge and skills in a
relevant, practical and meaningful way to your own situation!

It is important that you are able to access enough information for your chosen
business in order to be able to do your assessment. As a minimum this should
include workplace documentation relating to risk management (e.g., risk
management policy and procedures). You will also need data to monitor and
evaluate risk management process and related action plan.

You will be collecting evidence for this unit in a Project Portfolio. The steps you
need to take are outlined below.

2. Preparation

Make sure you are familiar with the organisation you are basing this assessment on
and have read through the necessary background information. For the case study
business, this is all of the documents included in the Simulation Pack. If it’s your
own business or a business where you are working or are familiar with, have your
business or case study approved by your assessor.

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Choose an appropriate risk management process or project and complete Page 4

of your Project Portfolio for this unit.
Read through the requirements of Section 1, 2 and 3 of your Project Portfolio.

3. Establish the risk context

Complete Section 1 of your Project Portfolio. To do this, you need to:

 determine the scope of your chosen risk management process/project

 evaluate organisational requirements and standards for managing risk

 determine the legal requirements of your risk management process/project

 list resources available to address risk

 establish objectives and critical success factors of the risk management

process/project

 identify stakeholders who will be part of the risk management process.

 communicate with at least two stakeholders to:

o explain the risk management process/project

o invite stakeholders to help identify and assess risk.

This communication can take place in any appropriate format (e.g. draft email,
telephone conversation recording, video of meeting etc.) as long as it adheres
to organisational policy and procedures.
If you are basing this assessment on your own business, and your
organisation’s policies require oral communication, you may interact with
actual people who work for the business, or your assessor or classmates may
play the role of the stakeholders.
For the case study, refer to the internal communication policy and procedures
for further guidance.

 analyse the external environment of the risk management process/project.

 establish the strengths and weaknesses within your business that have the
potential to create or impact risk.

Make sure you have answered all questions in Section 1. Submit to your assessor
for review.
You are also required to attach certain documents as part of your evidence –
review the documents you need to attach as outlined in Section 1 of the Project
Portfolio and make sure you attach these when you submit this section.

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You will use the work done in this section of the Portfolio to consult with
stakeholders to assess and address risk.

4. Identify and analyse risk

Complete Section 2 of your Project Portfolio. To do this, you need to:

 plan to discuss risks with invited stakeholders.

i Make sure you are ready to use the tool/technique identified in your planning
and the risk scale identified at the end of step 3.

 Meet with at least two of the stakeholders you identified as part of Section 1 of
your Project Portfolio.
Consult with stakeholders to:
o use an appropriate tool/technique to identify at least three risks within the
scope of your risk management process/project.
o establish at least two potential outcomes for each risk.

o assess risk using an appropriate scale.

o discuss treatment options for each risk.

o prioritise risks.

i This meeting should take 20 minutes.

As part of your consultation, you are required to negotiate and use questioning
and listening techniques to elicit opinions and confirm/clarify your
understanding. You will be assessed on this.
This meeting may take place with actual people who work for/are associated
with your chosen business. Alternatively, classmates or your assessor may
play the role of one or more team members. This can either be viewed in
person by your assessor or you may like to video record the session for your
assessor to watch later. Your assessor can provide you with more details at
this step. Make sure you follow the instructions above and meet the
timeframes allocated. If this session is not viewed in person by your assessor,
you will attach proof of the meeting to Section 2 of your Project Portfolio.

 summarise the outcomes of the meeting and assess likelihood and

impact/severity of the risk.

 research the risks to find out more about them.

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 use digital technology to document risk (e.g. a risk register using MS Excel).

Make sure you have answered all questions in Section 2. Submit to your assessor
for review.
You are also required to attach certain documents as part of your evidence –
review the documents you need to attach as outlined in Section 2 of the Project
Portfolio and make sure you attach these when you submit this section.
You will use the work done in this section of the Portfolio to consult with
stakeholders to create an action plan for one of your risks and then monitor and
evaluate the plan and your risk management process/project.

5. Implement and monitor risk treatment

Complete Section 3 of your Project Portfolio.To do this, you need to:

 complete an action plan for one of the risk treatments in the risk register

 communicate the action plan to relevant stakeholders.

i This communication can take place in any appropriate format (e.g. draft email,
telephone conversation recording, video of meeting etc.) as long as it adheres
to your organisational policy and procedures and the instructions in the Project
Portfolio.
If you are basing this assessment on your own business, and your
organisation’s policies require oral communication, you may interact with
actual people who work for the business, or your assessor or classmates may
play the role of the stakeholders.
For the case study, refer to the internal communication policy and procedures
for further guidance. Use verbal communication to communicate the action
plan (e.g. either via telephone call, video conference or face-to-face meeting).
This should take 5 minutes. Classmates or your assessor may play the role of
the stakeholders.
Role-plays can either be viewed in person by your assessor or you may video
record the session for your assessor to watch later. Your assessor can provide
you with more details at this step. Make sure you meet the timeframes
allocated. If this session is not viewed in person by your assessor, you will
attach proof of the meeting to Section 2 of your Project Portfolio

 follow organisational policy and procedures to implement one step of your

action plan (e.g. do research, request quote).

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i If you are using the case study business, assume that one step in your action
plan is to request quotes for RPA systems for invoice capturing. This may for
example be through a chat functionality on a website, or drafting an email to a
sales representative of an AI business.

 maintain your risk management documentation to indicate completion of the

step (e.g. mark a step in your action plan as completed).

i If your organisation’s policy and procedures do not specify how to maintain

risk documentation, assume that action plans must be updated to show
completion of each action/process or task (as per the Simulation Pack Internal
communication policy and Procedure).

Assume a period of time has passed.

If you are basing this on your own business, make sure you have data available to
monitor and evaluate the risk management process/project and its associated
action plan.
If you are basing this on the case study, information is provided in the Simulation
Pack.

 monitor and evaluate the action plan and risk management process/project

 write a report on the outcomes of the evaluation.

Make sure you have answered all questions in Section 3. You are also required to
attach certain documents as part of your evidence – review the documents you
need to attach as outlined in Section 3 of the Project Portfolio and make sure you
attach these upon submission.

6. Submit your completed Project Portfolio

Make sure you have completed all sections of your Project Portfolio, answered all
questions, provided enough detail as indicated and proofread for spelling and
grammar as necessary. Remember to submit all necessary attachments as
indicated.

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Risk Management Plan

For Beverage Company

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Introduction
This paper outlines the roles, responsibilities, and tools that my project team will use to manage the
project's risks that we could use to managed or if not lessen the risk in a start-up beverage
company.
The word "Project" refers to one Release cycle in the overall Product Life Cycle from the point of
commencement to the point of deployment to the market of the beverage products.

Scope of the risk management process or project

• The team is ultimately responsible for the company’s risk management and internal control
systems, as well as the effectiveness of those systems. The team would define the group
risk appetite and monitors risk exposure to ensure that the nature and extent of the
significant risks confronting the company are managed in accordance with the company’s
goals and objectives.
• All project stakeholders and the project team will continuously identify hazards throughout
the whole project lifecycle. The team should always discuss to their selves of what are the
things that could possibly go wrong and how to detect the dangers real-time.
• Identified hazards must be entered into the Risk Register by the team. After that, it is
acceptable to carry out risk analysis in batches for a more organized risk management.

Legal requirements of your risk management process/project

• Our beverage company is following the Food Act 2006 in Australia stating that to provide
matters relating to handling and selling food, securing the safety and suitability of food and
fixing standards for food must come first.
• The company is also following the Australian legislation that requires most packaged foods
to have a label so that everyone can make informed decisions about what they eat and
drink. 

Resources available to address risk

Our beverage company has a strong trends analysis, a special team to address the risk, a strong
technology system and reliable machineries.
• Our resources can provide market and industry insights on developing trends, flag
inefficiency and detect bottlenecks in the processes set in place, offer feasible, actionable
and personalized solutions to problems, identify mistakes in product design, trigger alerts

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for cost overruns, improve data accuracy, analyze revenue generation and profit
maximization capabilities, identify deficiencies in machine parts and quality of materials
used and many more.
Stakeholders who will be part of the risk management process
Manufacturers, suppliers, retailers and third-party partners in local and regional beverage
companies/ company groups.
Data from various sources helps construct the internal and external context of your risk
management approach
The team will use the following techniques:
1. Interview the people involved in the process/project
2. Meeting with the team and various stakeholders
3. Brainstorming with the primary workers and the owner
4. Requirements Analysis
5. Project Documentation Review
6. Several questionnaires will be sent to a panel of experts using the Delphi Technique
to reach consensus on the risks or hazards involved.
7. Specialist Interview for more advices regarding what steps to take

Consult and communicate with stakeholders to identify, assess, treat and

prioritized risks
As the owner, I'll do a specific risk assessment for the aforementioned activities and
utilized artifacts: The risk assessments are as follows:
1. Monthly risk talks and evaluations must be ingrained in all of the business units' senior
leadership aspects.
2. The company’s resilient team must maintain and review a central risk registry that
reflects the outcomes of these conversations.
3. The Chief Risk Officer (CRO) attends these monthly meetings on a regular basis to
assist the process and ensure that management teams are examining and
assessing a sufficiently broad range of risks, including developing risks.
4. The resilient team must aggregate and analyzes risks, and key operational hazards and
actions, as well as trends and emerging risks.

ACTION PLAN

RISK MANAGEMENT ACTION PLAN

Activities Action Taken People Involved
Monthly Focus and The team conducts monthly The owner and the Risk
Evaluation risk talks and updates in each management team
business unit, and risks are
updated in the central unit
register.
Monthly reviews are The Risk management team/
undertaken by the company’s Stakeholders
resilience team
Leadership sessions Quarterly reviews are The owner and the team
conducted with corporate

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functions to discuss current

and emerging risks.
Management evaluation The team facilitates risk The owner and the team of
reviews during the business workers
process and together with the
team or workers, discussing
current and emerging trends
and effective steps in
mitigating hazardous risks.
Compliance Committee The committee involved will The owner and the team of
evaluate needed requirements workers
for the compliance of the
emerging risks in the business
and determines what needed
actions need to be taken to
better assess and mitigate the
risks.

Establish the risk context

There are some threats that we are not yet aware of or that are fraught with
ambiguity. We may be able to determine what effects those changes may have by looking
for signs that show changes are happening.
 
Even known hazards may have unanticipated results. Covid-19 is a good case in
point. Although many large firms have had pandemics on their risk register and in their
business continuity plans for at least 20 years, no one anticipated that a pandemic would
have the kind of global impact that Covid-19 has.
 
While it's still important for our business to identify, evaluate, and mitigate the
risks we now know about, we also understand that we need to constantly examine our
environment and look for hazards that could have an impact on us in the future.

Emerging hazards are those that could affect us in the future or over time but may not
currently. The more we are able to recognize, assess, and plan for these risks, the less
likely it is that they will materially affect our company. If we spot them early enough and
make plans to seize the moment, we might even be able to transform them into an
opportunity.

Our beverage company have done this by:

Description of the risk Potential Impact Mitigating the risk

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1. Climate change risk
related to water
Our industry depends on
water in many ways. It is a
crucial component of our
production procedures and
makes up the majority of our
products. Also, it is crucial
for the local communities
where we do business and for
our suppliers of agricultural
ingredients. Sustaining
dependable, high-quality
waterways is crucial for our
business as well as for our
relationships with the locals
and our suppliers.
Watersheds all around the
world are anticipated to be
significantly impacted by
climate change. The
Intergovernmental Panel on
Climate Change (IPCC) has
released a report that states
that more than half of the
world's population already
experiences water scarcity for
at least one month of the year
and that number will rise in
the future.
2. Environmental, social and
governance risks
There is an increasing
demand for transparency in
environmental, social and
governance (ESG)
performance as the potential
impact of climate change
becomes clearer and
companies are increasingly
held accountable to
contribute to reducing the
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BSBOPS504 Manage business risk
We perform detailed risk
 If water availability assessments at water-shed
declines due to climate level (“Source Vulnerability
change or large water Assessments”) for all our
extraction from manufacturing sites,
upstream users, it also regularly using experts.
will lead to disruption Based on identified water
of the water supply to risks, we develop detailed
our businesses and to plans for improved water
areas in which we management, updated
operate. annually.
 If we use a substantial
amount of water from
the nearby watershed, it Efforts to address water risks
can make less water could include watershed
available for nearby protection and restoration,
communities, provoking rainwater harvesting, and
opposition from those infrastructure improvements
areas. to provide communities with
greater access to water for
drinking and sanitation.
 We could be held
responsible for
To ensure that we are able to
suppliers involved in
meet increasing stakeholder
incidents of non-
and regulatory expectations,
compliance which can
we will continue to build our
lead to reputation risks,
relationships with suppliers
and fines as well as
through initiatives such as
additional costs in
our supplier sustainability
finding alternative
forums as well as greater
suppliers.
engagement to ensure more
 Additional due
sustainable sourcing (e.g.
diligence requires
training, joint initiatives,
additional management
joint sustainable goal setting
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time and effort

increasing our costs.
drivers of climate change. In etc.).
 We may also have
addition, there are rightly
difficulty accessing
expectations that companies
ingredients that are We have been making
identify and take action to
impacted by climate improvements to
ensure human rights,
change or we may have requirements for our
including appropriate
to pay more for those suppliers, significantly
working conditions and living
ingredients. strengthening the human
wages, are respected and
 We may not meet our rights, ethics and compliance
implemented throughout their
stated sustainability practices we expect. Our
value chains. These
goals by 2025, and buyers were retrained during
increasing demands are also
future sustainability the year on the sustainability
being reflected in new
goals as it relates to risk assessment tools
regulations and directives
ingredient sourcing and available for supplier
such as the EU Mandatory
climate change selection and governance.
Due Diligence regime and the
revised GRI Universal
Standards that we need to
comply with.

3. Poor market and industry  The company may

insights on developing
trends
Customers demand
information about their
products, therefore it's
critical for businesses to
provide it. Some
technologies connect to
international databases
and platforms where
retailers, manufacturers,
suppliers, and other
partners can share
product-related data.
Also, these platforms
allow for the upload of
significant certifications.
release products that do
not suit the taste of the
The company can remain
target market. agile when responding to
 There could be mistakes market risks if supported
in product designs or by the right technology.
loss of revenues in the Today many technology
future. providers are using state-
of-the-art technology to
develop software and
hardware that will make
the manufacturing,
sourcing, transportation,
storage, and sale of
products much easier.

As part of your consultation, you are required to negotiate and use questioning
and listening techniques to elicit opinions and confirm/clarify your
understanding.

As part of our risk assessment process, in consultation with our suppliers and workers, we are
conducting deeper assessments into the potential impact of climate change on our suppliers and the
implications for our business. The following are the honest interview answers:

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“Managers lack experience.”

“Good Culture, People and Work-Life Balance.”
“Must have a good waste management system.”

Implement and monitor risk treatment

Project Plan Activity/ Steps Involved

FOREST RESTORATION PROJECT The project will comprise anti-erosive and
anti-flood activities that are crucial for the
forest's sturdy defense and natural
regeneration. This program is related to the
organization's overarching plan to combat the
climate issue.
WATER STEWARDSHIP The objective is to guarantee local
communities' access to water. In order to
obtain sterilized water of a quality suitable for
consumption, flexible plastic pipes will
eventually replace deteriorating concrete or
steel pipelines. Ground water investigation is
highly challenging.
WORLD WITHOUT WASTE For can multipacks, recycled paperboard will
be used in place of plastic wrap to replace the
plastic shrink film. The company wants to use
recyclable paperboard in place of plastic
shrink film on can multipacks.

Monitor and evaluate the action plan and risk management process/project

Content Area & Purpose Action Specific Activities Required

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 BSBOPS504 Manage business risk

Monthly Focus and Keep To focus more on the monthly

Evaluation Revise/Modify performance of the workers,
Eliminate the owner must not only hold
a monthly meeting but
inspections as well.

Leadership sessions Keep Positive feedbacks during the

Revise/Modify start of implementation. It
Eliminate strengthens the bond of the
workforce.

Management evaluation Keep To constantly check and

Revise/Modify monitor the management for a
Eliminate systematic management flow.

Compliance Committee Keep There is a need to revise in

Revise/Modify some documents and
Eliminate requirements needed. The
team must be constantly
updated with the latest
programs and techniques.

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 BSBOPS504 Manage business risk

Assessment Task 2: Checklist

Student’s name:

Completed
successfully? Comments

Did the student: Yes No

Establish the risk context by:

 determining the scope of their

chosen risk management
process/project

 evaluating organisational
requirements and standards for
managing risk

 determining the legal requirements

of their risk management
process/project

 listing resources available to

address risk

 establishing objectives and critical

success factors of the risk
management process/project

 identifying stakeholders who will be

part of the risk management
process

 communicating with at least two

stakeholders to:
o explain the risk management
process/project
o invite stakeholders to help
identify and assess risk

 analysing the external environment

of the risk management
process/project (political, economic,
social, technological and policy)

 establishing the strengths and

weaknesses within the business
that have the potential to create or

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 BSBOPS504 Manage business risk

impact risk?

Identify and analyse risk by:

 Consulting with stakeholders to:

o use an appropriate
tool/technique to identify at
least three risks within the
scope of the risk management
process/project
o establish at least two potential
outcomes for each risk
o assess risk using an
appropriate scale
o discuss treatment options for
each risk
o prioritise risks

 summarising the outcomes of the

meeting

 assessing likelihood and

impact/severity of the risk

 researching the risks to find out

more about them

 documenting risk using digital

technology (e.g., risk register)?

Implement and monitor risk treatment

by:

 completing an action plan for one of

the risk treatments in the risk
register

 communicating the action plan to

relevant stakeholders

 implement the action plan

 maintain risk management

documentation

 monitor and evaluate the action

plan and risk management
process/project

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 BSBOPS504 Manage business risk

 write a report on the outcomes of

the evaluation?

Demonstrate effective oral

communication skills, including:

 Uses listening and questioning

techniques to confirm that you
understand the views of others
correctly

 Negotiate with stakeholders about

risk management process and
outcomes?

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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 BSBOPS504 Manage business risk

Final results record

Student name:

Assessor name:

Date

Final assessment results

Result

Task Type Satisfactory Unsatisfactory Did not submit

Assessment Task 1 Knowledge questions S U DNS

Assessment Task 2 Project S U DNS

Overall unit results C NYC

Feedback

 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.

Student signature: _________________________________________ Date: _________________

 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

Assessor signature: _______________________________________ Date:__________________

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