What is the difference between consequence and likehood

Question

Assessment - Questions

INSTRUCTIONS

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This short answer assessment is one form of assessment that is used to collect evidence of competency for this unit.

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You will be required to complete other relevant assessment tasks for this unit as instructed by your teacher or trainer.

Questions

Question 1: How can your business use Australia/New Zealand Standard for risk management AS/NZS ISO 31000:2009?

Question 2: Why must you review the existing risk management arrangements before conducting a risk assessment?

Question 3: Give 3 examples of influences of the business that might involve risk?

Question 4: What will a formal risk management framework identify?

Question 5: List 3 possible external stakeholders.

Question 6: List 3 possible internal stakeholders.

Question 7: Name one political item that could influence risk to a business.

Question 8: What do strengths indicate when you are reviewing existing business arrangements?

Question 9: Give 2 examples of weaknesses related to risk management failures.

Question 10: List 3 examples of generic success factors in the risk management process.

Question 11: Expense is one factor in getting support of senior management. Name another.

Question 12: Name 2 groups of people you should communicate with during the risk management process.

Question 13: List 4 records (data or documents) you could use as a basis for risk management activities.

Question 14: List 3 tools or techniques you can use to research risks.

Question 15: What does SWOT stand for?

Question 16: To determine the risk level of something what are the 2 areas you need to rate?

Question 17: What is the difference between consequence and likelihood?

Question 18: Why is prioritising risk important?

Question 19: There are 2 very important aspects of deciding upon risk treatment. What are they?

Question 20: Give an example of how you could ‘share or spread' a risk.

Question 21: Name 4 things an action plan should cover.

Question 22: Name 3 ways to convey risk management information to others.

Question 23: List 3 types of documents you may need to keep records of as part of the risk identification and assessment process.

Question 24: Why is monitoring the economic climate and potential impacts upon it of particular importance in a TH&E business?

Question 25: Taking a number of risks from a cross-section of strategic and operational risks and analyse their effectiveness tells you what information?

Question 26: Give 7 examples of areas of legislation, codes of practice and national standards that may affect a TH&E business.

Question 27: Give 5 examples of policy documents that may assist in risk management.

Question 28: Give an example of how you could make a ‘reasonable adjustment' to accommodate a person with a disability in your industry or workplace.

Question 29: Name 5 different types of insurance you may need to help negate business risk.