...Assessment -4 Question -4 ------------------------------------------------- Risk Consequence Descriptors RATING | DESCRIPTION | FINANCIAL IMPACT | CLIENTS & STAFF HEALTH & SAFETY | BUSINESS INTERRUPTION | REPUTATION & IMAGE | CORPORATE OBJECTIVES | 1 | Insignificant | Minimal financial loss; Less than $300,000 | No or only minor personal injury; First Aid needed but no days lost | Negligible; Critical systems unavailable for less than one hour | Negligible impact | Resolved in day-to-day management | 2 | Minor | $300,000 to $2M; not covered by insurance | Minor injury; Medical treatment & some days lost | Inconvenient; Critical systems unavailable for several hours | Adverse local media coverage only | Minor impact | 3 | Moderate | $2M to $5M; not covered by insurance | Injury; Possible hospitalisation & numerous days lost | Client dissatisfaction; Critical systems unavailable for less than 1 day | Adverse capital city media coverage | Significant impact | 4 | Major | $5M to $10M; not covered by insurance | Single death &/or long-term illness or multiple serious injuries | Critical systems unavailable for 1 day or a series of prolonged outages | Adverse and extended national media coverage | Major impact | 5 | Catastrophic | Above $10M; not covered by insurance | Fatality(ies) or permanent disability or ill-health | Critical systems unavailable for more than a day (at a crucial time) | Demand for government inquiry | Disastrous...
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...BFF 5902 Introduction to risk principles Assignment 1 AS/NZS/ISO 31000:2009 HB 436:2004 Table of contents 1.0 Introduction 1 2.0 Statement of case 1 3.0 Identification and classification of risks 1 4.0 Risks analysis 2 5.0 Risks evaluation 4 Competition 4 Reputation 4 Stock turnover and financial leverage 5 Quality assurance 6 Performance of employees 6 Payment system interruption 7 Supplier and natural disaster 7 6.0 Risk register 7 7.0 Risk treatment 9 Risk treatment schedule 9 Risk treatment action plans 10 8.0 Recommendations 11 9.0 Conclusion 12 10. References 13 1.0 Introduction According to AS/NZS ISO 31000:2009, risk management consists of 6 components which are establishing context, identifying risks, analyzing risks, evaluating risks, treating risks and monitoring and reviewing risks. It could help create and protect value, improve decision making and explicitly solve uncertainty. In this report, Woolworth Limited will be the business case to be discussed. The report will start with classifying, then analyzing and evaluating relevant risks, followed by a risk register, risk treatment plan as well as the treatment action plan. Recommendations and conclusion will also be given at the end. 2.0 Statement of case Woolworth Limited is an Australian corporation which was established in 1924 in Sydney. It is now one of the largest supermarket chains with more than 3,000 stores located in Australian and New Zealand...
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...purpose of standard known as of AS/NZS 4360:2004 The purpose of this standard (AS/NZS 4360:2004) is to describe how to develop, establish and sustain systematic risk management in an organization. An organization should develop a risk man agement policy, plan and support arrangements. This will enable risk management to be implemented effectively throughout the organization. The plan should address strategies for embedding risk management in the organization’s systems, processes and practices. While the detailed approach described here is designed for larger organizations, all the aspects are relevant to some degree to smaller entities. The same principles apply in the public, not-for-profit and private sectors. Why is it necessary to have a working knowledge of the legislation involved in business? If you are thinking of opening up a business you will need to have a good working knowledge of the legislation involved with your business. This is important because it will ensure that you are abiding and complying with the law rather than breaking it and facing possibly harsh consequences. Duty of carer The legal concept of duty of care presume that individual and organization have legal obligation To act toward othe and public in a prudent and cautious manners to avoid the risk of reasonably injuiries to other What is the risk managememt ? why must risk management procedures be followed ? Answer: Risk management is the process...
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...AS/NZS ISO 31000:2009 Accessed by UNIVERSITY OF TECHNOLOGY SYDNEY on 27 Feb 2012 Risk management— Principles and guidelines AS/NZS ISO 31000:2009 This Joint Australian/New Zealand Standard was prepared by Joint Technical Committee OB-007, Risk Management. It was approved on behalf of the Council of Standards Australia on 6 November 2009 and on behalf of the Council of Standards New Zealand on 16 October 2009. This Standard was published on 20 November 2009. The following are represented on Committee OB-007: Australian Computer Society Commerce Commission New Zealand Committee IT-012 Department of Education and Early Childhood Development Victoria Emergency Management Australia Engineers Australia Environmental Risk Management Authority New Zealand Financial Services Institute of Australia The Institute of Internal Auditors – Australia Institution of Professional Engineers New Zealand International Association of Emergency Managers La Trobe University Law Society of New South Wales Massey University Minerals Council of Australia Ministry of Economic Development (New Zealand) New Zealand Society for Risk Management Risk Management Institution of Australasia The University of New South Wales University of Canterbury New Zealand Accessed by UNIVERSITY OF TECHNOLOGY SYDNEY on 27 Feb 2012 Keeping Standards up-to-date Standards are living documents which reflect progress in science, technology and systems. To maintain their currency, all...
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...HB 436:2004 Handbook Risk Management Guidelines Companion to AS/NZS 4360:2004 Originated as HB 142—1999 and HB 143:1999. Jointly revised and redesignated as HB 436:2004. COPYRIGHT © Standards Australia/Standards New Zealand All rights are reserved. No part of this work may be reproduced or copied in any form or by any means, electronic or mechanical, including photocopying, without the written permission of the publisher. Jointly published by Standards Australia International Ltd, GPO Box 5420, Sydney, NSW 2001 and Standards New Zealand, Private Bag 2439, Wellington 6020 ISBN 0 7337 5960 2 Preface This Handbook provides generic guidance for establishing and implementing effective risk management processes in any organization. It demonstrates how to establish the proper context, and then how to identify, analyse, evaluate, treat, communicate and monitor risks. This Handbook is based on the Joint Australian/New Zealand Standard, AS/NZS 4360:2004, Risk management (the Standard). Each Section contains an extract from the Standard, followed by practical advice and relevant examples. This basic guide provides a generic framework for managing risk. It may be applied in a very wide range of organizations including: • public sector entities at national, regional and local levels; • commercial enterprises, including companies, joint ventures, firms and franchises; • partnerships and sole practices; • non-government organizations; and • voluntary organizations such as charities...
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...corporate culture of EWRM Expensive or not for EWRM 3 Part B Background of Centro Identify risks in Centro Planning in the risk evaluation process Risk register of Centro Mitigation strategy and recommendations 4 Reference 5 Appendix Exective summary In the modern economy, companies are facing various types of risks and they begin to focus on the risk management. In the assignment, I introduce the enterprise-wide risk management in modern companies in part A and analysis the risks in Centro to create risk register. Through the result of risk register, I will give some recommendations and plan some mitigation strategy for risk management of Centro. Part A Difinition of EWRM Enterprise-wide risk managemnet is a buzzword used in the culture of the modern companies. Enterprise-wide, sometimes referred to organisation-wide or integrated though enterprise-wide risk management was also called organisation-wide or integrated risk managemnet. Risk management decribles how the discipline of risk management is partised in contemporary terms. In the definition by James Deloach, “EWRM is a new strategic process which enables you to identify, measure and manage the entire range of business opportunities and risks facing your organization.”(Deloach, 2000) The definition of CPA is “the way which approaches the problem of risk across the organisation in a truly and integrated way and involves everyone in the business”. The...
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...Assessment Tasks Assessor Guide BSBRSK501A: Manage risk Copyright ownership: United Business Services (Aust) Pty Ltd. This book is copyright protected under the Berne Convention. All rights reserved. No reproduction without permission. This book is protected by copyright and may not be reproduced or copied either in part or in whole nor used for financial gain without the express approval in writing of the owner (United Business Services (Aust) Pty Ltd) of the copyright. United Business Services (Aust) Pty Ltd 50 Cupania Street Algester Qld 4115 Ph: (07) 3276 0549 Email: info@ubsconsultants.com.au Web: www.ubsconsultants.com.au BSBRSK501A: Manage risk Assessment Tasks: Assessor Guide Assessment Documentation This Assessor Guide is designed to provide standardised documentation and assessment procedure for the assessment processes conducted by this RTO. The assessment tools that are used by you (the assessor) will result in evidence being generated by the student targeting this unit of competency. The evidence is kept by the RTO and is required for audit purposes. The following table summarises the types of evidence students can generate as proof of competence. The table contains information based on the AQF (Australian Qualifications Framework) Level for the unit BSBRSK501A: Manage risk. Sample assessment tools have been suggested as a means of assisting students in generating the appropriate form of evidence for this unit. AQF Level Distinguishing Features (Source: AQF...
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...MANAGE RISK 1. What is the purpose of the standard known as AS/NZS 4360: 2004 Risk? This Standard provides a generic guide for managing risk. This Standard may be applied to a very wide range of activities, decisions or operations of any public, private or community enterprise, group or individual. While the Standard has very broad applicability, risk management processes are commonly applied by organizations or groups and so, for convenience, the term ‘organization’ has been used throughout this Standard. This Standard specifies the elements of the risk management process, but it is not the purpose of this Standard to enforce uniformity of risk management systems. It is generic and independent of any specific industry or economic sector. The design and implementation of the risk management system will be influenced by the varying needs of an organization, its particular objectives, its products and services, and the processes and specific practices employed. This Standard should be applied at all stages in the life of an activity, function, project, product or asset. The maximum benefit is usually obtained by applying the risk management process from the beginning. Often a number of discrete studies are carried out at different times, and from strategic and operational perspectives. 2. Duty of care: is a legal obligation which is imposed on an individual requiring that they adhere to a standard of reasonable care while performing any acts that could foreseeably...
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...ADAPTIVE RISK MANAGEMENT SYSTEM (ARMS) FOR CRITICAL INFRASTRUCTURE PROTECTION Mihaela Ulieru and Paul Worthington Emergent Information Systems Laboratory The University of Calgary Ulieru@ucalgary.ca http://www.enel.ucalgary.ca/People/Ulieru/ Abstract The purpose of this work is to develop an adaptive risk management framework capable to prevent, identify and respond in critical time to threats. Our focus is on protecting critical infrastructure (e.g. public utilities) which vitally depends on network and information security. As solution we propose a holonic Cybersecurity system that unfolds into an emergency response management infrastructure capable to react in due time to unknown and new kinds of attacks/threats. The system can adapt to its changing environment through its self-organizing capability. Mimicking the way immunity works in biological organisms the system can dynamically adapt to embrace new risk situations and can dynamically create and learn new risk models as it encounters new risk situations. Keywords. Risk management, holonic, self-organization, multi-agent systems. 1. Rationale During the emergency response to the September 11, 2001 attack on the World Trade Centre, emergency response commanders on the scene were unable to communicate to ‘911’ Public Service Access Points (PSAP) that people should evacuate the building. As a result, PSAP operators complied with New York City’s standard operating procedure for hi-rise fires and advised...
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...CMI Level 5 Diploma in Management and Leadership Unit 5021 – Operational risk management CARE 4 ME Angela Jackson Content 1. Be able to understand the concept of risk management 2. Be able to understand the identification of risk and risk probability 3. Be able to understand the management of risk response approaches 1.Be able to understand the concept of risk management 1.1 - Discuss the meaning of risk to an organisation Good risk management awareness and practice at all levels is a critical success factor for any organisation. Risk is inherent in everything that an organisation does: treating patients, determining service priorities, project management taking decisions about future strategies or even deciding not to take any action at all. Risk management is the process of identifying, quantifying and managing the risks that an organisation faces. As the outcome of business activities are uncertain, they are said to have some element of risk. These risks include strategic failures, operational failures, financial failures, market disruptions, environmental disasters and regulatory violations. When it is impossible that companies remove all risk from the organisation, it is important that they properly understand and manage the risks that they are willing to accept in the context of the overall corporate strategy. The management of the company is primarily responsible for risk management, but the stakeholders; external auditor and other...
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...Community Sector Management BSBRSK501A Manage Risk Learning Resource BSBRSK501A Manage risk March 2012 Author_ Drew Dwyer Frontline care Solutions Page 1 of 135 Enquiries Enquires about this and other publications can be made to: Drew Dwyer Contact our office: Frontline Care Solutions P.O. Box 1088 Coolum Beach QLD 4573 Phone: (07) 5351 1188 Email: admin@frontlinecaresolutions.com Website: www.frontlinecaresolutions.com Copyright © This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission of the author Drew Dwyer – Frontline Care Solutions. CHCORG605A Manage Human Resources in a Community Sector Organisation Produced by Frontline Care Solutions © Drew Dwyer December 2011 Issue 01 – V1 12/12/2011 Page 2 of 166 Table of Contents How to study this unit .............................................................................................................................. 4 Element 1: Establish risk context ............................................................................................................ 7 Risk management context....................................................................................................................... 7 Risk management policy and plan ........................................................................................................ 12 Risk management, Legal compliance...
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...------------------------------------------------- Principles of Risk Assignment One: Risk Map and Risk Plan/Register Assignment November 2010 Outline Brief The basis of this assignment is for you to undertake an initial risk identification analysis of some significant area of a business operation OR environmental setting/issue, with the aim of producing a summary risk map and related risk plan/register. This will require you to consider for your chosen focus of study what might be key (primary) risks, how those risks may be appropriately classified and how their potential impact and likelihood might be assessed and evaluated in an objective way. The final submission will take the form of a graphical risk map (matrix) and a tabulated risk plan/register. The latter should provide for a contextualised review of the key risks, the rationale for their inclusion and for the risk assessment that you have ascribed to each risk listed. The risk map and plan are not required to show risk management responses. This assignment is worth 50% of the overall module assessment, and a guideline of 2,500 words is provided for the written (risk plan) element. Tasks within this brief: 1. Identify a suitably focussed business activity or environmental issue on which to base this assignment; 2. Identify potential risk identification and assessment techniques, and their potential limitations within the context of this assignment; 3. Undertake a process/processes of risk identification and assessment; ...
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...Climate Change Impacts & Risk Management A Guide for Business and Government Published by the Australian Greenhouse Office, in the Department of the Environment and Heritage. ISBN: 1 921120 56 8 © Commonwealth of Australia 2006 This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission from the Commonwealth, available from the Department of the Environment and Heritage. Requests and inquiries concerning reproduction and rights should be addressed to: The Communications Director Australian Greenhouse Office Department of the Environment and Heritage GPO Box 787 CANBERRA ACT 2601 Email: communications@greenhouse.gov.au This publication is available electronically at www.greenhouse.gov.au IMPORTANT NOTICE - PLEASE READ While reasonable efforts have been made to ensure that the contents of this publication are factually correct, the Commonwealth does not accept responsibility for the accuracy or completeness of the contents, and shall not be liable for any loss or damage that may be occasioned directly or indirectly through the use of, or reliance on, the contents of this publication. Climate Change Impacts & Risk Management A Guide for Business and Government Prepared for the Australian Greenhouse Office, Department of Environment and Heritage by: Broadleaf Capital International Marsden Jacob Associates CONTENTS A What This Guide Is About 1 Introduction 1.1 Purpose...
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...Introduction of Risk Management Risk management is a culture which involved of the cooperation of all individual in the organization or group. The main achievement of risk management is not to discuss how the risk can be managed or prepare, but, more important, is to understand why the risks need to be managed and why it is so important. There are many techniques, tools, guidelines or processes to assist risk managers to manage risks. However, the main job of a risk manager and most efficient way to manage risk is to educate, to influence teammates in the organization to understand the definition, meaning and background of risk and how risk can change their company, their career and even their own life. Nowadays, companies do not deal with just one or two risks but a range of risks. The most common risks are related to internet network systems and IT security, activities of the competition, customer services, and law and contract issues. Risk management is important for many different kinds of development, production and many other enterprising projects because there is always information like key project cost, performance and schedule attributes which are unknown or fluctuate during the project. Risks that can be recognized in the early stage of the project which would potentially affect the project can be eliminated or minimized with a good risk management process. However, for those unexpected events that are unforeseen by the project team or organization, an effective...
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...FINS3626 Group Assignment Evaluation of BBG, DJS, TEN, EWC Executive Summary Phenomenal growth of interest in corporate governance has emerged in recent years. The body of literature on the subject has grown markedly in response to successive waves of large corporate failures. Furthermore, there have been numerous attempts to define what constitutes ‘good corporate governance’ and to provide guidelines in order to enhance the quality of corporate governance. It must, however, be acknowledged that while everyone advocates and wants corporations to maintain ‘good corporate governance’, measuring the quality of corporate governance structures of the Australian companies has been, at best, very difficult. The major contribution of this report is to develop a simple and effective measurement model to rate the corporate governance structures of four companies. In effect, this report hopes to shed light on factors that should be taken into account in order to make sound investment decisions. The report concludes that David Jones would be the best investment decision amongst the four companies. The rest of the report is structured as follows. Section 1 details our ‘Corporate Governance Assessment Model’, comprising of six governance-related factors and associated measures. Section 2 outlines our assessment of the corporate governance quality of each of the four companies, as well a brief description of the company. Section 3 shows our firm’s conducted comparison of the four...
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