BSBOPS302: Identify business risk Assessment Answers TAFE

Course: TAFE

Assessment Type: Practical

Risk assessment is an important process for all businesses, large and small. It helps you identify potential threats to your business so that you can take steps to protect yourself from them. There are many different types of risks that your business could face, from financial risks to operational risks to reputational risks. However, not all risks are created equal, and some pose a greater threat to your business than others. By understanding the different types of risk and how they can affect your business, you can develop a risk management plan that will help you stay safe and secure.

You need to understand the different types of risk that your business faces before you can develop a risk management plan. There are three main categories of risk: financial, operational, and reputational. Each type of risk has its own unique impacts on your organization, along the potential consequences of those risks are not mitigated.

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In this section, we are describing some activities. These are:

Assessment Activity 1: Establish business risk

When starting a business, it’s important to take into account the risks that you may face. Every business faces different risks, so it’s important to identify and assess them before taking any action. By doing so, you can ensure that your business is as secure as possible and that you’re prepared for any potential problems. Part of assessing risk involves understanding the various types of risk that your business could face. There are many different types of risk, but some of the most common include financial risk, legal risk, and operational risk. Each type of risk comes with its own set of potential problems, so it’s important to understand them all before making any decisions about your business. If you’re not sure where to start when assessing your business’ risk, you can use the following steps:

1. Identify the different types of risk that your business could face.
2. Assess the potential impacts of each type of risk on your business.
3. Take steps to mitigate the risks that pose the greatest threat to your business.

By following these steps, you can develop a comprehensive risk management plan that will help you avoid unnecessary problems and allow your business to operate as effectively as possible.

1. Identify potential business risks according to task requirements

When creating a business plan, one of the most important tasks is to identify all of the risks your business may have in order to properly plan for them.

Risks can broadly be classified into four categories: Strategic, Financial, External-Environmental, and Internal-Organizational. Here are some prompts for each category that will help you come up with your own vulnerabilities.

Strategic Risks – What are products or services offering benefits? Why should customers buy from you instead of competitors? Is there anything stopping customers from buying from you? What technologies do competitors use?

Financial Risks – Will total expenses exceed total revenue overtime the period chosen for analysis? Does it seem likely that our company will join or form strategic alliances?

External-Environmental Risks – Are there any potential changes to the macroenvironment that could shift our competitive environment? Are there any pending government regulations or legislation that may have a significant impact on operations?

Internal-Organizational Risks – How dependent are your organization’s core competencies on human resources, technology, and physical assets? Is your organization’s infrastructure conducive to the achievement of core competencies and goals? What about needed changes and upgrades (e.g., new technology or process/operational improvements)?

Once you have identified some potential risks, you can then prioritize them by their likelihood of occurring and impact on your business if they do happen. You will want to pay close attention to the most serious risks and take steps to mitigate them.

2. Assess organizational policies and procedures for addressing risks

In order to mitigate business risk, it’s important to have a risk management policy in place. This policy should outline the steps that your organization will take to identify, assess, and respond to risks. It’s also important to ensure that all employees are aware of the policy and understand their role in implementing it.

Your risk management policy should include the following:

1) Roles and responsibilities – The policy should clearly identify all of the roles that are involved in implementing the risk management process. This includes those who have the authority to implement plans, as well as those who actually perform different tasks during each stage of the process.

2) Processes and procedures – In order to properly manage risks, your organization will need to have processes and procedures in place for identifying, assessing, and responding to them. The policy should outline these processes and explain how they are to be used.

3) Risk assessment criteria – In order to make informed decisions about which risks to address, your organization will need a set of criteria for assessing the seriousness of each risk. The policy should outline these criteria and explain how they are to be used.

4) Reporting and communication procedures – It’s important that your organization has a system for communicating risk information to all stakeholders. The policy should specify who will receive reports, what type of information will be included, and how often reports will be produced.

5) Response plans – In the event that risk does occur, your organization will need a plan for responding to it. The policy should outline the steps that will be taken and who will be responsible for each step.

6) Archiving and review procedures – It’s important to have a system for archiving and reviewing risk information so that you can learn from past experiences and make updates to your risk management policy as needed. The policy should outline these procedures and explain how they are to be used.

7) Training and education – In order to ensure that everyone in the organization understands their role in risk management, it’s important to provide training and education. The policy should specify who will receive training and how it will be delivered.

In order to help ensure that your organization maintains a strong risk management policy, it’s a good idea to conduct a formal review of the policy on a regular basis.

3. Identify organizational personnel involved in addressing relevant risk types

The organizational personnel that is involved in addressing relevant risk types are first responders, knowledge workers, and company executives.

Every business is susceptible to risks. Knowledge workers are the ones who usually identify new risks or find ways of mitigating existing risks. First responders typically help with emergency management if a situation arises during which people need to be evacuated. Lastly, top-level managers at all levels of the organization can mitigate or enhance risk within an organization by making decisions about investments and allocation of resources such as funds and people.

Risk mitigation can also be done by external organizations, which are usually insurance companies. This is called third-party risk management. Usually, these types of organizations cover unexpected losses or risks that would otherwise affect an organization’s profits or ability to carry out its operations.

Assignment Activity 2: Mitigate business risk

There are many ways in which a business can mitigate risk. One way is to have insurance. There are two types of insurance: general liability and property damage. General liability will cover losses that are not specific to one area of the business, such as slander or libel. Property damage will usually cover physical damages to property, such as fire or theft.

Another way to mitigate risk is by having a Business Continuity Plan (BCP). This is a plan that outlines how an organization will continue its operations in the event of an unexpected disruption, such as a natural disaster or cyber attack. It usually includes detailed procedures for activating the plan, restoring systems and data, and communicating with employees and customers.

A third way to mitigate risk is through risk avoidance. This means taking steps to prevent an incident from happening in the first place. For example, you might put in place safety procedures that reduce the chances of an accident or install fire suppression systems to reduce the risk of a fire.

1. Analyze potential consequences for the organization of identified risks

Risk management can help to reduce the amount or severity of negative effects on an organization. Risk management is a complicated process, but successful risk management can shield an organization from unpleasant circumstances now and in the future.

There are a number of potential consequences for businesses to consider. For example, a company could experience declining customer perceptions due to product recalls – this might introduce undesirable shifts in market share – or they could experience increased security risks – which would make it more difficult to protect their employees and customers from possible accidents or harm – among others. With good risk assessment practices, managers will be able to predict what danger scenarios are most likely for their industry and adjust accordingly. In fact, with proper collaboration between different units or departments, an organization can develop a more comprehensive risk management plan.

One risk-management alternative would be to have cyber liability insurance, which protects businesses from losses resulting from computer viruses or other types of cyberattacks. This kind of coverage could help organizations recover the costs incurred when dealing with threats such as Ransomware or malware that are meant to damage or disable business data.

2. Address risks according to organizational policies and procedures, escalating, where required

Organizations usually have policies and procedures in place to address specific risks. Managers are responsible for understanding these policies and procedures and taking the necessary steps to mitigate risk within the scope of their authority. If a situation arises that is outside of their area of expertise or jurisdiction, they are responsible for escalating the issue to the appropriate level.

Sometimes, certain risks can be very serious and need immediate attention. A potential cyber attack that threatens the confidentiality or integrity of an organization’s data could fall into this category. In such cases, managers may need to activate a business continuity plan (BCP) in order to protect their employees and customers from harm while they try to resolve the issue.

Mitigating risk is an important part of running a business. By understanding the risks associated with their industry and taking steps to reduce them, organizations can protect themselves from unpleasant scenarios that could damage their bottom line. In addition, by following organizational policies and procedures, managers can ensure that risks are addressed in a timely and appropriate manner.

3. Document steps to mitigate identified risks according to organizational policies and procedures

Depending on the nature of the identified risks, there are a variety of steps that may be implemented to mitigate them according to organizational policies. For example, from an IT security perspective, it is often recommended that organizations create specific passwords for high-risk users. In addition to these types of user-specific best practices, there are other cyber security programs and strategies which reduce risks while simultaneously protecting system assets. Communication systems can also be protected against technical eavesdropping through either electromagnetic shielding or signal encoding. Other mitigation measures could include restricting traffic between a trusted domain and a less trusted one by employing a firewall to filter traffic appropriately so as not to let messages without permission cross over from one domain into another. It’s important for any organization with identified business risks to have a comprehensive plan in place to mitigate them. In order to do so, managers should work within the scope of their authority and make sure that policies are followed.

Assessment Activity 3: Finalize resolution of business risk

Now that the organization has identified its business risks, it’s time to take steps to resolve them. This may involve implementing specific policies and procedures, or it may simply mean taking steps to reduce the likelihood of a particular risk event occurring.

For example, if the organization is concerned about cyberattacks, it may implement a policy that requires all employees to use strong passwords that are changed on a regular basis. It may also invest in cyber-security software and tools that can help protect its systems from unauthorized access.

Another way of resolving business risk is by developing a business continuity plan (BCP). This type of plan outlines how the organization will respond to a major incident or disaster that threatens its operations. By having a BCP in place, the organization can minimize the disruption caused by such an event and continue to conduct business as usual.

There are many different ways to resolve business risks. It’s important for organizations to take a holistic approach, and to make sure that all potential risks are addressed. Managers should work within the scope of their authority and consult with other departments when necessary.

1. Confirm steps taken with relevant organizational personnel

Once the steps to mitigate identified risks have been implemented, it’s important to confirm that they are effective. This can be done by consulting with relevant personnel within the organization, such as IT staff or security experts. They can provide feedback on how well the mitigation measures are working and whether any additional steps need to be taken.

It’s also important to confirm that the organization’s policies and procedures, as well as its overall risk management strategies, are effective. Managers should take a proactive approach and regularly review existing policies to ensure they still work effectively and meet organizational goals. By doing so, managers can be sure that the organization is adhering to best practices.

2. Seek feedback on response with relevant organizational personnel

After mitigating risks, it’s important to get feedback from relevant personnel within the organization. For example, if a new password policy is implemented, employees may have suggestions for how this policy can be made more effective. They might also have some input on ways that cyber-attacks can be prevented or minimized in the future.

Managers should make sure that the organization’s policies and procedures are working, and get feedback from all employees. This can be done through an anonymous survey or other means of soliciting input, such as focus groups. The more information managers have about how well their risk mitigation strategies are working, the better prepared they will be to respond if a security incident occurs.

3. Contribute to identifying ways to minimize future risk in consultation with relevant organizational personnel

Risk management is an ongoing process. Organizations should continually assess their business risks and look for ways to minimize them. This can be done in consultation with relevant personnel within the organization, who can provide feedback on how best to proceed.

For example, if the organization is concerned about the possibility of a data breach, it may implement new security measures to help protect its systems. Or, if it’s worried about natural disasters, it may invest in backup power systems or evacuation plans.

The key is to consult with all relevant personnel and to get their feedback on the ways in which risk can be minimized. By doing so, the organization can be sure that it’s taking the most effective steps possible to protect itself from harm.

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