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BSBRSK501.docx - Keystone College of Business&Technology...

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Keystone College of Business &Technology Learner Resource & Assessment Manage Risk - BSBRSK501 Task 1   1.a Outline the purpose of key elements of current risk management standards.       The purpose of key elements of risk management is to identify risks ,  source  the risks (trace  root causes), measure  the risk to identify if it can be controlled or not, evaluate  the risk (avoid,  accept, reduce and share), mitigate        the risk (void or minimize the damage) and monitor  the risk  to prevent unwanted surprises.  1.b Outline the legislative and regulatory context of the organisation in relation to risk  management.       Legislative and regulatory are ruled by the local authority or by the country government,  legislative adjustments can maybe present risk to your business if not monitored can damage part of your business. For instance, if your business is operating in a taxi app platform and the council decides these apps need to be taxed by X% due to carbon emission, that legislative decision will  impact your business profit and it will a be a risk for your future business.  1.c Outline organisational policies, procedures and processes for risk management either for the 
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