Week 4 Assessment Type:
Assessment Guidelines
Please read the following assessment guidelines carefully.
1. The purpose of this activity is to assess your knowledge and skills in Manage Risk.
2. If you have any considerations that may affect your performance in the assessment, please inform your assessor immediately. Your assessor will provide you with a suitable alternative to complete this assessment.
3. Your assessor will mark your assessment and provide feedback and a grade to you via the assessment submission on Moodle.
4. If you feel the decision made by your assessor was incorrect you have the rights to appeal the grading through filling out an appeals form which will then be handle by the Academic Manager.
5. A “NYS” (not yet satisfactory) result of this task may be returned to you for a re-assessment. Re-assessments must be submitted by an agreed date with your assessor.
6. The re-assessment work must address the specific performance tasks beyond doubt for the assessor to issue a satisfactory (pass) result. A repeat NYS outcome could lead to an administration fee for further reassessment.
7. All work must be done individually. Copied work will not be accepted and
By adding my name to this document, I hereby declare the work is my own and has not been copied from any other source.
Student NAME:_______________________________________ Date:_________________
Assessment Overview
In this assessment your knowledge of Manage Risk will be looked at through four activities.
You need to use the knowledge you have gained first hand through your own experiences in the workplace combined with the lecture slides, uploaded on Moodle and the learner guide to help you answer the questions.
Your assessment once completed needs to be uploaded into Moodle for marking by your trainer.
Should you experience any issues downloading your assessment or uploading your assessment please notify your class trainer as soon as possible as all assessments need to be uploaded into Moodle for marking.
Once your assessment has been marked you will receive notification if your assessment is competent or Not Yet Competent. If you receive Not Yet Competent your trainer will provide you with comments guiding, you to which areas need to be fixed before you resubmit the assessment.
Task A – Knowledge-based Questions
1. Outline the purpose of current risk management standards.
2. Outline the key elements of current risk management standards.
3. What do organisational policies and procedures for risk management provide?
Task B –Risk Review
For the provided case study, you will assume the role of the risk manager.
1. Review the provided MacVille Risk Management Policy and Risk Management Strategy and complete a written report by the Appendix 1 for your manager (your trainer).
Executive Summary
Scope Identify the scope of risk management required in your identified role.
Goals Identify and describe the critical success factors, goals or objectives for areas included in scope.
Stakeholders Identify internal and external stakeholders, their role in the process, and any issues or concerns they have. Present this using the table format provided.
Stakeholder Internal/external Role in process Stake in process
Analysis Complete a PEST analysis and a SWOT analysis for risks associated with the scenario. Include reference to relevant legislation.
PEST analysis
Political future legislation/international legislation /regulatory bodies and processes /government policies /government term and change /trading policies /funding, grants and initiatives
Economic specific industry factors/market routes trends/distribution trends/customer/end-user drivers
interest/ exchange rates/international trade and monetary issues
Social ifestyle trends/demographics/consumer attitudes and opinions/media views
Techonology competing technology development/research funding/associated/dependent technologies/replacement technology/solutions/maturity of technology/manufacturing maturity and capacity
SWOT analysis
Strenghts Resources, Assets, People? /Experience, knowledge, data? /Financial reserves, likely returns? /Marketing – reach, distribution, awareness? /Innovative aspects? /Location and geographical? /Price, value, quality?
Weaknesses Own known vulnerabilities? /Timescales, deadlines and pressures? /Cashflow, start-up cash-drain? /Continuity, supply chain robustness? /Effects on core activities, distraction? /Reliability of data, plan
Opportunities Global influences? /New markets, vertical, horizontal? /Niche target markets? /Geographical, export, import? /New USP’s? /Tactics: eg, surprise, major contracts? /Business and product development?
Threats Market demand? /New technologies, services, ideas? /Vital contracts and partners? /Sustaining internal capabilities? /Obstacles faced? /Insurmountable weaknesses? /Loss of key staff?
Research Review and summarise the research information provided in the case study, as well as any literature available that is relevant to this scenario. Primary/secondary data should be included
Describe Complete the analysis of risk for the scenario by summarising the scenario and associated risks, accompanied by checklists, diagrams or flowcharts that support the summary.
Risk Details
Conclusion
2. After you have completed the above template, you need to meet with your manager (trainer) and discuss the draft report you have developed, especially your understanding of the critical success factors and goals (you should check that your manager { trainer } agrees with your findings).
MacVille Risk Review Checklist
Prepared by: Position: Signature: Date:
Inspected by: Position: Signature: Date:
Risk Review Element Y/N/NA General Recommendations
Y = Up to standard (adequate), N = Below standard (action required), NA = Not Applicable
1. Scope of risk management
2. Goals and objectives
3. Stakeholders analysis
4. PEST analysis
5. SWOT analysis
6. Case review
7. Risk analysis
8. Critical Success Factors
3. Make a draft of the communication your manager suggested you use for consultation with a stakeholder or particular group of stakeholders.
i. For example, if stakeholders desire a phone call, you should include a draft script of information that you need to share with stakeholders.
ii. Whatever the form of communication, it must clearly ask stakeholders for input, and invite them to assist in the identification of risk for this scenario.
Task C– Risk Management plan
1. Risk Analysis
a. Using the information gathered in previous task and the case study provided, examine the likelihood and consequnces of identified risks.
Consequence
Almost certain
Likely
Moderate
Unlikely
Rare
b. What is the process used to identify risks and assess likelihood, consequnce, priority?
c. Why are the options effective and feasible for the organisation?
2. Communicate with your manager or assessor, and develop a risk management plan by completing the table below.
Risk management plan
Risk Assess risk (L,M,H,E) Controls Monitoring Timelines Responsible
Risk Assess risk (L,M,H,E) Controls Monitoring Timelines Responsible
Date ____________ Manager’s signature ___________
Task D – Monitoring report
Review the provided case study in order to develop a report examining the ongoing implementation of a risk management action plan. Once you complete the assessment, you should upload to Moodle.
Risks Plan
a clear summary of the initial risk and the plan implemented to manage it Implementation
a summary of all actions taken to date in attempting to manage identified risks Outcomes
a clear statement identifying continued and/or reduced risks, with supporting
information in tables or graphs where available Evaluation
a clear anlaysis of the
effectiveness of the risk
management plan, by comparing the
implementation with the outcomes
