For the following tools that can be used in risk

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Question 6For the following tools that can be used in risk management, describe each of these and when theywould best be used.ToolsDescription and UseFishbone diagram:Fishbone diagram: Also called a cause and effect diagram. Is a
Question 7(a) What are two (2) tools or methods of calculating risk?
(b) What are the five stages of risk likelihood usually on a risk calculation table?
Page 10 of 29
Question 8List the five levels consequence or a risk likelihood and consequence analysis table.Describe examples for each based on risk to a business.
Question 9When treating risk, what are some control measures that could be considered? List and describe three (3) treatments.
Question 10List five (5) types of insurance an organisation could consider purchasing, and for each type, describe the risks covered by the insurance and the benefit to the organisation.1. Property insurance2. Workers’ compensation insurance3. Vehicle insurance4. Public liability insurance5 Product liability insuranceQuestion 11In a typical business, give an example of two (2) policies and procedures for risk management and how they communicate it.Policies 1. Recognition of the need for risk management2. A commitment to implement risk managementStudentAssessment Guidev 1 August 2019Page 11 of 29
BSBRSK501Manage riskProcedures
Question 12Identify the compulsory insurance that an employer must take out in case of injury to employee in the course of their work.

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