Provide answers to all of the questions below:

  • Outline the key purpose of risk management standards. Include an example of a risk management standard in your answer.
  • The purpose and benefits of Risk Assessment as a draft standard ISO 31010 Risk Assessment process is the preparation of reliable risk information. Evidence and analysis and risk assessment on a reasonable basis. Before the data, these risks will lead to decisions that should be handled with the risks, however, and choose whether to use any alternative. In case there are multiple choice alternatives

    Risk management principles : An important principle in the management of risk is risk management must take into consideration.

    1. Factors of the personnel and the culture.

    2. Within the context of the environment in the operation of the organization.

    3. Processes that bring key stakeholders come into consideration.

    Example of a risk management standard include:

  • ISO 31000 2009 – Risk Management Principles and Guidelines
  • A Risk Management Standard – IRM/Alarm/AIRMIC 2002 – developed in 2002 by the UK’s 3 main risk organisations.
  • ISO/IEC 31010:2009 – Risk Management – Risk Assessment Techniques
  • COSO 2004 – Enterprise Risk Management – Integrated Framework
  • OCEG “Red Book” 2.0: 2009 – a Governance, Risk and Compliance Capability Model
  • Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 princples.
  • There are risk management action principles established for use as guidelines in risk management. When the target areas to perform a risk assessment of these criteria must be in the risk management process. Principles of ISO 31000 risk management is divided into 11 major issue is :

  • Create and maintain the value of the business.
  • Creating the integration process of the Company.
  • The exercise of the power to decide to risk management to complete all levels.
  • Determination of uncertainties that affect business clearly.
  • To put the risk management as a system. With the structure the clear and keep pace with time.
  • Establishing risk management system that based on the risk information best.
  • The adjust and fix some of the issues that suits business.
  • Determination of personnel factors and cultural main variable.
  • Operation transparency and it is understood widely thoroughly.
  • Modifying risk management model according to the situation. Risk and countermeasures according to the changing situation.
  • The creation of mechanisms and systems to improve and develop the risk management system in the Organization continuously.
  • Outline the requirement under WHS legislation to manage risks.
  • ......

    Last updated: Feb 2024

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    o manage risks.

  • Trained in the use of the machine properly before the machine control.
  • During working. To concentrate the mind work responsible. Don’t be absent-minded.
  • Tightened dress appropriate to the operations do not wear various ornaments.
  • To obey or follow the instructions of the supervisor by supervisor strictly.
  • If the tool Equipment or machinery damaged during operation. Supervisors must inform the controller immediately.
  • Each machine must have a switch, emergency stop.
  • Do not use the machine tools that have not yet been instructed how to use it.
  • Must wear protective equipment when working.
  • Outline the factors that must be taken into account in determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011.
  • Risk factors refer to the source or origin of the risk of not achieving the objectives set. Risk factors cause or causes that means of risk to make do not achieve the objectives set. According to the identified for an event that is where or when and how and why. The cause of the identified risks should be the true cause. To analyze and determine the risk measures later correctly. The risk factors to consider.

  • External factors such as economy, society, politics, law, etc.
  • Internal factors, such as the regulations within the organization, the experience of staff, working system, etc.
  • Outline the purpose of risk management policies and procedures in the workplace.
  • Brainstorming
  • Delphi technique – here a facilitator distributes a questionnaire to experts, responses are summarized & re-circulated among the experts for comments. This technique is used to achieve a consensus of experts and helps to receive unbiased data, ensuring that no one person will have undue influence on the outcome.

  • System or process flow charts
  • Influence diagrams – graphical representation of situations, showing the casual influences or relationships among variables and outcomes.

  • SWOT analysis
  • Expert judgment – individuals who have experience with similar project in the not too distant past may use their judgment through interviews or risk facilitation workshops.

  • List three examples of the impact of risks for a workplace if risks are not identified or actioned.
  • 1. Strategic risk arises when the implementation of a business does not go according to the business model or plan. A company’s strategy becomes less effective over time, and it struggles to reach its defined goals. If, for example, Wal-Mart strategically positions itself as a low-cost provider and Target decides to undercut Wal-Mart’s prices, this becomes strategic risk.

    2. Compliance risk. This type of risk arises in industries and sectors highly regulated with laws. The wine industry, for example, must adhere to the three-tier system of distribution, where it is a requirement for a wholesaler to sell wine to a…


    Last updated: Feb 2024

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