manage risks in a range of contexts

For this assessment you are required to manage risks in a range of contexts across the organisation or for a specific business unit or area. You must demonstrate your ability to:
• Establish risk context
• Identify risks
• Analyse risks
• Select and implement treatments
In order to complete this project, you must develop a risk management plan for a project which:
• includes a detailed a detailed stakeholder analysis, explanation of the risk context, critical success factors, identified and analysed risks, and treatments for prioritised risks
• includes details of monitoring arrangements and reporting mechanisms for the risk management plan and an evaluation of the risk management plan’s efficacy in treating risks
This is a major project in three (3) stages each with separate tasks. You must complete them all.
Scenario
You have decided to establish a business of your own. You are considering a small business located in a regional area. Your business project could be to purchase and expand an existing business, for example, to introduce new products or services, undertake a renovation or conduct a new marketing campaign, or it could be to start from the beginning with acquiring a new venue. The business can be a business of any type. You might base it on another business you have observed or are familiar with or one you would be interested in starting up such as a restaurant, bar, retail outlet, hotel, retirement residence, fast food outlet, real estate agency, information technology shop or a small manufacturing business. You will need to invent the details of the business and project for the purpose of this assessment. You must access and comply with company policies and procedures for risk management during your project. Access policies and procedures from your current workplace or from another appropriate business.
Assessment: BSBRSK501 Manage Risk
Version 1.1 Implemented: June 2017
Responsibility & © Copyright: Australian College of Vocational Studies
Course: Advanced Diploma of Business
In order to do this, you will need to form a team of 3 or 4 with your classmates or work colleagues. The other members will act as your business partners or management team at various stages throughout the project. You are required to systematically identify risks to the project operations, assess the associated consequences and identify measures to control the risks. You will need to refer to organisation policies and procedures on risk management. As your new business will not have any, you should refer to the Coffeeville Policies and Procedures which your trainer will supply.