BSBOPS504: Manage Business Risk Learner Assessment Overview

The BSBOPS504 - Manage Business Risk Learner Assessment Pack is designed for students to demonstrate their knowledge and skills in managing business risks across an organisation or specific business unit. The assessment includes short answer questions, practical assessments, and a workplace project assessment, all structured to reflect real-world or simulated workplace conditions. Students are required to complete these tasks in consultation with their assessor and relevant stakeholders while adhering to legal, organisational, and industry standards.

Short Answer Questions

The assessment begins with a series of short answer questions that require students to apply theoretical knowledge to workplace contexts. Students are asked to first identify their state or territory, as certain questions require reference to local legislation and regulations.

The questions cover:

• Identification of relevant legislation and regulations that influence risk management within an organisation and an explanation of how each affects organisational processes.

• Analysis of organisational risk management policies, processes, and procedures, including documentation and storage requirements.

• Definition and understanding of different types of business risks, such as economic, compliance, IT security, and financial risks.

• Explanation of various risk treatment options, including risk avoidance, reduction, sharing, and acceptance.

• Review of specific ISO 31000 standards, including ISO 31000:2018 Risk Management Guidelines and IEC 31010:2019 Risk Assessment Techniques, focusing on their purpose and key elements.

• Application of tools and techniques for risk identification, such as SWOT analysis, PESTLE analysis, documentation review, and brainstorming.

Practical Assessment

The practical assessment section requires students to demonstrate their skills in managing business risks in either a real or simulated workplace. This includes completing workplace documents, being observed by the assessor, and providing supporting evidence such as email correspondence, meeting minutes, or video recordings. The practical assessment is divided into several key components:

Workplace Project Assessment

The workplace project is structured into five major tasks, each designed to assess a specific stage of the risk management process.

Task 1: Establish the Risk Context and Research Risks
Students are required to prepare a Risk Management Report, identifying a specific business risk area, evaluating organisational processes, procedures, and requirements, and defining the scope and context of risk management. They must also identify stakeholders, review existing arrangements, and research potential risks, critical success factors, goals, and objectives. Communication of the draft report to at least two stakeholders is also required.

Task 2: Consult with Stakeholders to Identify Risks That Apply to Scope
Students conduct stakeholder meetings to discuss the risks identified in Task 1. They must explain the risk management process, present researched risks, consult with stakeholders, negotiate differences, and reach consensus on at least three risks. The Risk Management Report is updated to include stakeholder input.

Task 3: Analyse Risks and Develop Risk Treatment Schedule and Plan
Students analyse the agreed-upon risks, assigning likelihood, impact, risk ratings, and priorities. They identify current treatments and possible control measures, and partially complete the Risk Treatment Schedule and Plan. Evidence of sources used to assess current treatments must be provided.

Task 4: Consult with Stakeholders to Confirm Risk Analysis and Treatment Plan
Students hold meetings to confirm the Risk Register and Risk Treatment Schedule and Plan. They explain the analysis, consult and negotiate with stakeholders, reach consensus on treatment actions, and communicate the updated Risk Management Report to relevant parties.

Task 5: Implement and Monitor Risk Treatment Plan
Students implement at least two risk treatments according to organisational policies and procedures, update the Risk Treatment Plan with actual implementation dates, monitor the outcomes on at least two occasions, evaluate implementation results, and identify areas for improvement. Supporting evidence such as communication, training records, and organisational documents must be submitted.

Assessment Workbook Checklist

The pack includes a checklist to ensure all required components are completed:

• Completion of short answer questions.

• Completion and submission of all practical assessment tasks with supporting evidence.

Assessment Requirements

The BSBOPS504 Manage Business Risk Learner Assessment Pack requires students to demonstrate practical and theoretical skills in managing business risks across an organisation or specific business unit. The assessment consists of:

1. Short Answer Questions – Testing theoretical knowledge and its application to organisational contexts, including:

   • Identification of relevant legislation and regulations affecting risk management.

   • Analysis of organisational risk management policies, processes, procedures, and documentation requirements.

   • Understanding types of business risks: economic, compliance, IT security, and financial.

   • Explaining risk treatment options: avoidance, reduction, sharing, and acceptance.

   • Reviewing ISO 31000 standards and risk assessment techniques.

   • Applying tools and techniques for risk identification such as SWOT, PESTLE, documentation review, and brainstorming.

2. Practical Assessment – Demonstrating hands-on skills in a real or simulated workplace environment, including:

   • Preparation and communication of a Risk Management Report.

   • Consultation and negotiation with stakeholders to identify and confirm risks.

   • Analysis of risks and development of a Risk Treatment Schedule and Plan.

   • Implementation and monitoring of risk treatment measures.

   • Submission of supporting evidence (emails, meeting minutes, reports, or videos).

3. Workplace Project Assessment – Divided into five key tasks:

   • Task 1: Establish risk context and research risks.

   • Task 2: Consult stakeholders to identify risks relevant to scope.

   • Task 3: Analyse risks and develop a Risk Treatment Schedule and Plan.

   • Task 4: Consult stakeholders to confirm risk analysis and treatment plan.

   • Task 5: Implement and monitor the Risk Treatment Plan, evaluate outcomes, and identify areas for improvement.

4. Assessment Workbook Checklist – Ensures all short answer and practical components are completed and submitted with supporting evidence.

Assessment Approach by Academic Mentor

The academic mentor guided the student step by step, ensuring all theoretical knowledge and practical skills were applied systematically:

Step 1: Understanding the Assessment Requirements

• The mentor explained each section of the assessment pack, including short answer questions, practical tasks, and the workplace project assessment.

• Students were briefed on the importance of referring to local legislation and organisational policies when completing the tasks.

Step 2: Completing Short Answer Questions

• Students were guided to identify relevant legislation and regulations affecting risk management.

• The mentor explained how to analyse policies, procedures, and documentation storage requirements.

• Each type of business risk and risk treatment option was discussed, along with ISO 31000 standards and risk assessment techniques.

• Tools like SWOT, PESTLE, and brainstorming were illustrated with practical examples for risk identification.

Step 3: Workplace Project Assessment Execution

• Task 1: Students prepared a Risk Management Report by identifying a business risk area, evaluating organisational processes, procedures, requirements, and stakeholders, and researching potential risks.

• Task 2: Mentor conducted a mock stakeholder consultation session to discuss identified risks, negotiate differences, and reach consensus on priority risks.

• Task 3: Students were shown how to analyse risks using likelihood, impact, and priority rating, and partially complete the Risk Treatment Schedule and Plan.

• Task 4: Stakeholder meetings were simulated to confirm the risk analysis and treatment plan, ensuring alignment with organisational policies.

• Task 5: Mentor demonstrated implementation of risk treatments, monitoring outcomes, evaluating results, and identifying areas for improvement.

Step 4: Evidence Collection and Submission

• Students compiled emails, meeting minutes, and templates as supporting evidence for each practical task.

• The mentor ensured all forms and annexures were correctly filled and submitted according to assessment standards.

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