BSBRSK401 ASS 1 - BSBRSK401 Identify risk and risk management process Assessment Task 1 Assignment Task 1 Identify risks 1 Identify all of the potential

BSBRSK401 ASS 1 - BSBRSK401 Identify risk and risk...

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BSBRSK401 Identify risk and risk management processAssessment Task 1 – AssignmentTask 1: Identify risks1.Identify all of the potential risk confronted by the organization.Loss, theft or damage to propertyLoss of life or damage to healthBreaches of corporate duties by an organisation or its officersBreaches of other lawsProfessional negligenceLoss of your organisation's good name2.What tools or systems could be implemented to ensure these risks are monitored and identified on a continue basis? Explain how each of these will help.1.Documentation Reviews - the quality of the plans, as well as consistency between those plans and the project requirements and assumptions can be indicators of risk in projects.2.Information Gathering Techniques • Brainstorming• Delphi Technique• Interviewing• Root Cause Analysis3.Checklist Analysis• Risk identification checklists can be developed based on historical information and knowledge that has been accumulated from previous similar projects and fromother sources of information• The lowest level of the RBS can also be used as a risk checklist. • While a checklist can be quick and simple, it is impossible to build an exhaustiveone. • The team should make sure to explore items that do not appear on the checklist. • The checklist should be reviewed during project closure to incorporate new lessons learned and improve it for use on future projects4.Assumptions Analysis• Every project and every identified project risk is conceived and developed basedon a set of hypotheses, scenarios, or assumptions. • Assumptions analysis explores the validity of assumptions as they apply to the project. • It identifies risks to the project from inaccuracy, instability, inconsistency, or incompleteness of assumptions5.Diagramming Techniques• Cause and Effect Diagrams• System or Process Flow Diagrams• Influence Diagrams6.SWOT Analysis• The technique starts with identification of strengths and weaknesses of the organization, focusing on either the project organization or the wider business. • These factors are often identified using brainstorming. • SWOT analysis then identifies any opportunities for the project that arise from organizational strengths, and any threats arising from organizational weaknesses.
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• SWOT analysis also examines the degree to which organizational strengths offset threats and opportunities that may serve to overcome weaknesses7.Expert Judgement• Risks can be identified directly by experts with relevant experience of similar projects or business areas. • Such experts should be identified by the project manager and invited to consider all aspects of the project and suggest possible risks based on their previous experience and areas of expertise.
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