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Assignment sample solution of BSBOPS504 - Manage business risk

Answer the following questions about the ISO 31000 standards.

  1. 1
  2. 2

Risk-Management Assignment Sample

Q1:

Answer :

ISO 31000:2018: RISK MANAGEMENT: GUIDELINES

  1. Briefly describe the purpose of the ISO 31000: 2018 Risk Management Guidelines
    Identify what this standard aims to do, i.e. the scope of the standard.

The ISO 31000: 2018 provides standard for risk management processes and providing framework for the organisation to follow risk management. It aims to help find risk, assess their impacts and manage them for least damage.

  1. Complete the table below on key elements of the standard.
  • Identify at least two principles of the Risk Management Guidelines
  • Briefly describe each principle identified.

Principles of the Standard

Description of Each Principle

Integration

 

Risk management is integrated with overall organisation structure. It works according to a strategy and helps to make well defined decisions for the daily processes.

Structured and comprehensive

 

Risk management is a structured process with proper identification steps for the risk.  It is comprehensive and affective to make sure that all risks are identified carefully.

IEC 31010:2019: RISK MANAGEMENT: RISK ASSESSMENT TECHNIQUES

  1. Briefly describe the purpose of the IEC 31010: 2019 Risk Assessment Techniques.Identify what this standard aims to do, i.e. the scope of the standard.

IEC 31010: 2019 provides guidelines about the risk assessment techniques and hoe to select and apply the techniques. It aims to make informed decision about the risks and find impacts of the risks and reduce them.

  1. Complete the table below on key elements of the standard.
  • Identify at least two components of the Risk Assessment Techniques
  • Briefly describe each component identified.

Components of the Standard

Description of Each Component

Hazard Identification

 

Hazard identification is the process to find the sources of risk and understand how they can contribute in workplace risks. It can be physical risks, environmental risks or IT risk.

Risk Evaluation

 

Risk evolution helps in analysing the risk impact and compares them with criteria to check if the risks are high or low. It helps to control them accordingly.