Task 1 – Complete a risk management plan Create a risk management plan that's tailored for your business, a business you are familiar with or a simulated business provided by your Assessor. To...

Task 1 – Complete a risk management plan
Create a risk management plan that's tailored for your business, a business you are familiar with or a simulated business provided by your Assessor. To complete these tasks, you must:
1. Identify risks
What are your risks and how likely are they to occur? Some will cause major disruption while others will be a minor i
itation. You must make an educated assessment of both the likelihood and potential severity of each risk to prioritise your planning efforts.
2. Minimise or eliminate risks
Once risks have been identified you need to either eliminate or minimise those risks. You should provide specific strategies for minimising risk for each of the six subgroups.
3. Identify who has to do what should a disaster occu
One of the simplest and most powerful tools for a speedy recovery from a disaster is a clear picture of, and clear directions about, who has to do what should your disaster plan have to be enacted.
Sample of response checklist
4. Determine and plan your recovery contingencies
Recovery contingencies should be determined by the type, style and size of your business and by the extent of the damage.
5. Communicate the plan to all the people it refers to
This stage of planning is all about ensuring that all people within your business sphere (staff, suppliers, contractors, service providers) are made aware of the strategies you have put in place to either mitigate or recover from a disaster situation. Make decisions about whether the physical communication will be done by phone, email, text or other means. Once these decisions are made, procedural statements can be created and relevant people can be informed. The next part is to train staff and ensure everyone practices what has been done so if a disaster occurs the process can take over and guide the staff.
During day to day operations, any number of risks can pop up in a business so it is important to know how to identify any potential risks before they escalate. This will help you develop realistic and effective strategies for dealing with risks if they occur.
Prepare a risk management plan
A risk management plan can help minimise the impact of cash flow issues, damage to
and and other risks. It will also help create a culture of sensible risk awareness and management in your business. Use the template given by your trainer to prepare the risk management plan.
Task 2 – Organizational Risk Management
Part A
Identify an organisation and its processes, procedures and requirements for undertaking risk management.
For an organisation where you are the manager of a department, identify the following:
· Name of the organisation, a description of the type of activities it conducts. .
· The organisation’s objectives/goals. (One or two sentences.)
· The organisation’s requirements and processes for managing corporate and operational risks.
This should identify:
· A list of the organisational documentation or plans that must incorporate a risk management plan.
· A list of the structure (or headings) that must be included in the risk management plan.
You are required to provide your assessor with the following document:
· A document with the title
“Organisational Risk Management Processes” containing the above information.
Part B
As a manager, when developing a risk management plan for a project, you need to identify a project’s goals or objectives and its scope and critical success factors for risk management.
· Describe a project designed to promote the goals/objectives of the organisation that you Identified in Part A.
This may be a major project requiring strategic change management such as: O Technological innovation
O New products or services O Opening new markets
O Organisational restructure
Alternatively, it may be an internal operational project such as: O Office refu
ishment
O Relocation of premises
O Re-tooling of assembly plant O Marketing activities
O Training activities
· Explain the scope of the project in terms of “deliverables” (what it is designed to achieve).
· Relate the deliverables to the goals/objectives of the organisation and explain how the project Promotes them.
· Identify the Critical Success Factors (CSF) - factors that must be present in order for the project to be successful and promote the organisation’s goals.
You are required to provide your assessor with the following document:
· A document with the title “Scope and Critical Success Factors” containing the above information.
Part C
As a manager, when developing a risk management plan, you need to identify the key issues for stakeholders and the methods of communicating and obtaining support for the risk management activities.
· Refer to each of the Critical Success Factors (CSF) that you identified for the project in Part B. For each CSF:
O Identify the project stakeholders that are involved in the CSF.
Stakeholders should be considered as any individual, group or entity that the project will affect, and may include:
 Clients or customers
 Suppliers and contractors
 Internal project team members
 Other personnel or departments within the organisation.
 The project sponsor or management of the organisation
 A project funding body
O Explain the relationship between each group of the stakeholders and the identified CSF.
O Discuss (one paragraph) the methods that you can use to communicate with relevant parties and obtain their support for your risk management activities.
Explain the kinds of support that you would invite them to give. Relevant parties may include:
 All staff
 Internal and external stakeholders
 Senior management
 Specific teams or business units
 Technical experts
You are required to provide your assessor with the following document:
· A document with the title “Stakeholder Key Issues and Support” containing the above information.
Part D
In your role as manager, when developing a risk management plan, you need to establish the context of the risk management plan in relation to external factors.
Refer to the project that you identified in Part A and the context of the risk management plan that you have developed in Part B and C.
· Identify external factors that could have an impact upon the success or otherwise of the project.
Your report should have 4 headings and one paragraph under each heading.
If you consider that these factors will have no impact upon the project, explain your reasons.
O Political factors O Economic factors O Social factors
O Technological factors
You are required to provide your assessor with the following document:
· A document with the title “External Factors ” containing the above information.
Part E
As a manager of an organisational project, you need to review the strengths and weaknesses of the existing a
angements, within the context of the identified project.
· Complete a SWOT analysis in relation to your project.
O Refer to the documents you designed in the previous tasks.
O Identify the internal strengths of the team and the organisation as it relates to your project.
O Identify any internal weaknesses of the team and the organisation as it relates to your project. O Identify any external opportunities that exist for the organisation in relation to your project.
O Identify any external threats that exist for the organisation in relation to your project.
You are required to provide your assessor with the following document:
· A document with the title “SWOT analysis” containing the above information
The overall project task:
Compile all the above documents together. They will be assessed separately and then assessed for overall readability, which includes use of appropriate grammar and punctuation in sentences and paragraphs.