Assessment Task 4 BSBRSK501 Manage risk

Knowledge test
Submission details

Candidates name Candidate ID Group Phone Number

Assessment date/s Time/s

The Assessment Task is due on the date specified by your assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below for
details.

Performance objective
You are required to demonstrate understanding of a wide range of questions to assess
your underpinning knowledge of the management of risk.

Assessment description
For this task you are required to demonstrate an understanding of standards and
legislation relevant to risk management, and the management of risk across an
organisation in a range of contexts.

Procedure
You are required to:
1. Review the written questions provided
2. Provide written responses to the questions
3. Submit your responses in the agreed timeframe.

Specifications
You must provide:
written responses to all questions provided.
Your assessor will be looking for:

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evidence that you understand the required legislative requirements

evidence that you understand risk management practices in the business sector.

Option 1: Submit test as a written response

Procedure:
no variation of the task is required

Follow-up interview may be required (at the discretion of the assessor)

documentation can be submitted electronically or paper-based.

Option 2: Conduct test as an interview

This option involves holding an interview with the candidate on Skype or by telephone.
Procedure:
the assessor will schedule a date for the interview

the assessor will make contact with the learner and commence the interview

after the interview you will complete the templates using supplied information and
return them to your assessor within an agreed timeframe
supplementary information or a follow up interview may be required (at the
discretion of the assessor).

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Prompt questions

1. What are three ways that research can be conducted for risk-related issues? For
each way, briefly describe how it may be done.

2. Fishbone checklists and brainstorming are both tools that can be used in risk
management. Describe each of these and when they would best be used.

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3. What are the five stages of risk likelihood? Briefly describe each one.

4. List and give an example description for each of the five levels of consequence for
risk.

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5. What needs should be considered when treating risk? List and describe three
treatments that could be considered.

6. What should be included in a risk action plan? Describe the key inclusions and
briefly the type of information included with each inclusion.

7. How does the AS/NZS ISO 31000:2009 Risk management principles and
guidelines standard assist organisations to reduce risk?

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8. For each of the pieces of legislation listed, describe the intent of each and how it
could impact on the process of managing risk.
a. Privacy law.
b. WHS regulations.
c. Contract law.

9. Name and give an example for three adjustments that can be made in the
workplace to assist a person with a disability.

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10. List two types of insurance an organisation could consider purchasing, and for
each type, describe the risks covered by the insurance and the benefit to the
organisation.

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