Determine the consequence rating and score of the risk if it occurs Consequence

Determine the consequence rating and score of the

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Determine the consequence rating and score of the risk if it occurs Consequence Scale Rating Score Criteria Major 3 Financial resources available to public transport would be affected to the extent that some elements of service delivery would change. Minor 4 Non-serious implications that will slightly impact a part of the organization Critical 2 Extreme damage, huge loss , business objectives can be accomplished Insignificant 3 No noticeable effect Unsatisfactory. You cannot have the same rating “ Major “ twice. Your consequence ratings should be consistent with (same as) the ratings in the Consequence-likelihood matrix (c) Document title: BSBRSK401_AE_Pr_01_20190801 Page 7 of 22 Resource ID: STUDENT NAME:
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c. Determine the level of risk Consequence-likelihood matrix LIKELIHOOD CONSEQUENCE RARE 1 UNLIKELY 2 POSSIBLE 3 LIKELY 4 ALMOST CERTAIN 5 1. INSIGNIFICANT 1 2 3 4 5 2. MINOR 2 4 6 8 10 3. MODERATE 3 6 9 12 15 4. MAJOR 4 8 9 16 20 5. SEVERE 5 10 15 202 25 Risk level 1-4 Low 5-15 Medium 11-15 High 16-25 Extreme Satisfactory. 5. Identify the processes, tools and criteria you will use to: a. Determine if a risk is acceptable or require treatments ( no more than 1 acceptable risk ). Financial – Require treatment Compliance/ Legal- Acceptable Technology/Security- Require treatment Equipment – Require Treatment b. Prioritise risks Risks that require treatments are prioritised and will be treated in the order of their priority. An initial risk assessment is excellent for identifying risks that will need attention based on their position on the matrix. This paragraph is fine. Document title: BSBRSK401_AE_Pr_01_20190801 Page 8 of 22 Resource ID: STUDENT NAME:
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In addition to prioritizing risks, the criteria of risks need also to be considered. 1 st priority risk- Financial 2 nd Priority Risk- Equipment 3 rd Priority Risk- Technology Last Priority Risk- Compliance/Legal Risk Unsatisfactory. In addition to the initial risk assessment , what are the other tools and criteria you can use to prioritise risks? Read the section “ Prioritising risks “ in the Student workbook. Task 3 – Role play / Meeting (must be performed in class and observed by your assessor. Your performance will be assessed using the Observation Checklist in Part 2) 6. Analyze and evaluate risks in consultation with stakeholders a. Identify the stakeholders (2 or 3 students to play the role of stakeholders) you want to consult with b. Facilitate a meeting with the stakeholders (you play the facilitator role) to analyse and evaluate risk c. Use the risk register in Appendix 2 to document the outcome of the meeting See Part2: Observation Checklist. Task 4 – Risk treatment and control 7. For each risk: a. Identify the possible treatment options and control measures. Risk id. Risk description Treatment option(s) Control measures 1 Financial.
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