Capstone Assignment

_Risk Management Individual Work Upon successful completion of the Part B of Assessment Item 2, a student will be able to:  Undertake a risk assessment for the given organisation, consistent with the case study and the group’s statement of context. Remember that risk assessment consists of risk identification, risk analysis and risk evaluation;  Prepare a risk register and risk treatment schedule （ refer to ‘city of rockingham -Risk-Management-Plan-Example’）. Risk treatment requires selecting an option/s to modify risks. This step requires making a decision on whether residual risks are tolerable, and  Demonstrate appropriate and accurate use of the Harvard style for references and citations, consistent with the direction provided to you in BFA522. Individual Steps 1. Identify five different risks. Some of the risks need to arise from legislation while others will come from standards or codes of practice. Include at least two different risk categories, one of which is operating risk. You will find that a single legislation, regulation, standard or component of a code of practice originally noted has potential to become more than one risk in a range of risk categories. As an example, a company employing underage staff may result in compliance risk with litigation, a fine, reputational damage, financial risk associated with paying the fine and employing staff at higher rates, and so on. Use Excel (preferred) or a Word table in landscape format. Use headings for the risk categories (eg Operating Risks). 2. Usually you can break each risk idea into two or more very specific and distinct risks. Even if they are related, they might have different probabilities (likelihood) or impacts (consequence) and/or they might be treatable in different ways. Develop ten narrowly specified risks in total. refer to Page 7 of ‘city of rockingham -Risk-Management-Plan-Example’ 3. Identify the most reliable and objective measures for likelihood and consequence for the ten risks. Find some quantitative measures as well as qualitative measures. 4. All measurements will have footnotes to the most relevant and reliable publicly accessible (published) information you can find, set out elsewhere in your submission using a full reference in the Harvard style. If you cannot find source information for some of your risks, or if you have adapted measures from a different industry or region, include a footnote explaining the basis upon which the measurement or your judgement was made. Step 6 is important. You need to follow the direction provided in BFA522. 5. refer to ‘city of rockingham -Risk-Management-Plan-Example’ to prepare a risk register and a risk treatment schedule for the ten risks. Be guided by the style of the risk register and risk treatment schedule from the City of Rockingham documentation . 6. Footnote the detail of how the risk treatments will happen, and include references to any regulatory or other sources or requirements for treatment, to justify your choices. Just like measures, the treatments should have footnotes to the most relevant and reliable publicly accessible (published) information you can find, set out elsewhere using a full reference in the Harvard style. 7. Consider if each risk should be accepted, mitigated or avoided/transferred. Note whether you wish to transfer residual risk to an insurer. Check that insurance exists for such a risk, and consider if insurance would be cost/beneficial. 8. As part of your risk treatment schedule, reassess both the likelihood and consequence after your treatment had been applied. Then enter your revised overall risk rating. 9. Submit your individual work, and your group contribution table in two additional files to the individual submission drop box.