Assessment Activity 1 – Managing Risks
The below information provides an overview of what you are required to produce in Assessment Activity 1. Specific performance requirements are provided under each section.
In Assessment Activity 1, you are required to review SmarTech’s organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards.
Your Trainer/Assessor will provide you the SmarTech Risk Policy and Procedures document prior undertaking this assessment.
You will write a Risk Management Plan for the SmarTech business scenario which must contain the following sections:
- Section 1: The Risk Context
- determine the scope for the Risk Management Plan
- undertake a full scope internal and external stakeholder analysis
- conduct an Industry Analysis
- review and document strengths and weaknesses of existing arrangements
- document critical success factors and goals that are essential to measure the success of your risk management arrangements.
- Section 2: Risk Identification
Using a number of tools and techniques, you will identify risks, in consultation with the CEO, based on the risk context established in Section 1.
- Section 3: Risk Analysis and Evaluation
You will analyse risks that you identified in Section 2. Then, you will assess the likelihood, impact and consequence of each risk. Finally, you will evaluate and prioritise risks for treatment.
- Section 4: Risk Treatment and Action Plan
You will choose the most appropriate risk control options for treating risks and then write an action plan that will define how the risk management process will be conducted.
Specific requirements of each part are provided in the subsequent sections.
Remember that the total word count for your Risk Management Plan is 2000 words at maximum (± 10% rule applies).