Assessment Cover Sheet

Assessment Cover Sheet
Please fill out the necessary information, and sign and date where required
Training & Assessment Guide for Unit of Competency
BSBRSK501B Manage Risk
Student Name:
Starting Date:
Finishing Date:
Date Submitted:
Due Date: After receiving your booklet, It should take you a maximum of 4 weeks to complete.
no part of this book (i.e. Answers to Questions,
Documentation etc) has been copied from
another person’s work except where referenced
no other person has written any part of this
book/assessment, except where such
collaboration has been authorized by
Queensland Polytechnic
I hold a copy of the documentation within this
book, which can be produced should the original
be lost or damaged, or is deemed necessary
the signature is my own and/or the email that I
have sent, which includes this book, is my own
personal email address
this book has not been submitted for any other
study requirements
I have completed a pre-training review and have
contributed to development of my training plan /
I am aware that this assessment item/book can
be adapted to meet my individual needs if
I am aware that I can apply for RPL or RCC
based on my previous experience of expertise
I am aware that this assessment approach is
negotiable and by undertaking this ‘book’, I have
agreed upon this format
I am aware of my responsibilities with regards to
assessment items
BSBRSK501B Manage Risk
Name & Signature of Student:
Or, if submitted electronically, the receipt of the email
is sufficient for electronic submission.
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Student Number (if known):
Student Contact Details
Marking of Assessment:
Name & Signature of Assessor
Karen Lamkin
Attempt 1 -  Successful  Unsuccessful
Attempt 2 -  Successful  Unsuccessful
Was a Re-submission granted?  Yes  No  N/A
(Can be handwritten or electronic)
By signing the Assessment Cover Sheet, the student agrees that if a
resubmission is required, they will make the suggested improvements
Resubmission Date Due: _______________
Was an extension granted?  Yes  No  N/A
Extension Due Date: __________________
Assessment Summary / Final Checklist
 Assessment 1, Oral/Written Questions
 Successful  Unsuccessful
 Assessment 2, Documentation / Evidence
 Successful  Unsuccessful
 Assessment 3, Practical Observation by Trainer & Third Party
 Successful  Unsuccessful
Final Result -  Competent  Not Yet Competent
Name & Signature of Student:____________________________________
Name & Signature of Assessor ____________________________________
Feedback / Comments
Please note, all assessment items are kept by Queensland Polytechnic. Constructive Feedback will be
provided by either phone call / email. By signing the Assessment Cover Sheet, the student agrees that
feedback will be provided in this manner.
This guide and all related learning resources contain material copied in reliance upon the Educational
Copying Agreement between the Copyright Agency Ltd and Queensland Polytechnic/ACIL Training under
Part VB of the Copyright Act 1968. Distribution is limited to enrolled students of Queensland
Polytechnic/ACIL Training and their partners.
BSBRSK501B Manage Risk
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The Certificate IV in Business consists of 10 units of competency (subjects). The Diploma of Management consists of 8 units.
One unit within the Certificate IV in Business may be from a Diploma level. One unit within the Diploma of Management may
be from the Advanced Diploma or Certificate IV level. The Diploma of Management is broken down into a number of booklets
– generally it is one book per unit, however at times, you may have a book that covers two units. You will be given one book at
a time to complete. Within this book you will find all the materials you need to undertake your study i.e. hand-written question
and answers, supervisor and trainer third party observation forms, readings, and documentation/evidence that you need to
collect and/or further assessment instructions.
If you haven’t already got a load of documents/evidence, you have created throughout your career at Thrifty Car Rentals, or at
other positions/organisations, you may need to jump on a computer and word-process a document, create a spreadsheet
using Excel or a PowerPoint Presentation. When you do this, the document you create, will need to be attached to your
booklet in the appropriate place (ready for marking).
The books and the time it should take you to complete each one, varies considerably, depending on the requirement of the
unit, your skills levels and/or previous experience and qualifications.
Queensland Polytechnic is committed to providing you with quality training and assessment and assisting you in furthering
your career and reaching your goals. Our trainers and assessors are highly qualified, have extensive experience in their
industry, and are here to support you in your training program.
The qualification you are enrolled in is made up of units of competency (units) – such as this one-- which have been
determined by the relevant industries and categorised into National Competency Standards for specific industries. The
standards provide a framework for training and assessment and specify what competencies an employee at a particular level
within a particular industry can be reasonably expected to achieve. A competency is a skill that you have obtained or could
obtain. A competency is made up of a number of elements – normally you demonstrate competency in a skill by demonstrating
competence in each element that makes up that skill. Competency-based assessment involves collecting evidence and making
judgements about whether competency has been achieved.
Outlined below, are a number of areas that are relevant to Competency Based Learning / Qualifications. You may have already
read about this in the Student Handbook, however, it is always good to re-revisit this information to ensure you understand it,
and its relevance to you, each time you undertake a Unit of Competency. If you have any questions, concerns or issues with
any of the information, please feel free to contact your Trainer / Assessor.
Recognised Prior Learning (RPL)
The purpose of Recognised Prior Learning (RPL) is to help Trainees / Students to claim credit towards national competency
standards that form part of the program they are undertaking.
Queensland Polytechnic recognises that skills and knowledge are gained through work, educational, and life experience
regardless of how, when or where it was acquired, provided that the learning is relevant to the competency outcomes in a
unit. Credit for these skills and knowledge may be given by Queensland Polytechnic towards unit and/or programs it currently
offers. Recognition will be given to any applicant who has successfully completed units of competency which give equivalence
into training programs offered by Queensland Polytechnic, and/or which have been gained with another recognised training
organisation, eg TAFE.
Queensland Polytechnic’s RPL Policy and practices are equitable and culturally inclusive. The Rules of Evidence (Sufficiency,
Validity, Authenticity and Currency) and the Principles of Assessment apply to RPL applications just as they do to any other
assessment. All RPL assessments are of the similar rigour when compared to other assessment tools and processes.
Queensland Polytechnic strives for fair, objective and transparent decisions in all aspects of its operations. It will provide
reassessment on appeal to any RPL applicant, if requested. If you believe, you have a case for your previous experience to be
recognised, please contact your Trainer / Assessor.
Exemptions, National Recognition and Credit Transfer
If a student/trainee (you) has completed units from another course/program, and the content is very similar to what has been
studied, an application for an exemption in that unit can be achieved. An assessment of the equivalence to the required
learning outcomes, competency outcomes or standards in a qualification will be undertaken by a qualified Trainer / Assessor
before credit transfer can be obtained. An application can be made for any of the above when the student believes that they
have already attained the necessary skills and competencies. If you believe, you have a case for your previous experience to be
recognised, please contact your Trainer / Assessor.
BSBRSK501B Manage Risk
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Flexible Delivery
Flexible delivery means providing training when it best suits the participant and employer. Flexible delivery focuses on learning
rather than teaching and to provide the best possible learning experience for the student. This means that the student (you)
has greater control over what, when and how you learn.
Rules of Evidence
AQTF Standards state that assessment must be based on what is sometimes termed the 'rules of evidence' - validity, reliability,
fairness and flexibility. Refer to Table 2, below. This is also good teaching and assessment practice and ensures the best
learning outcomes for students.
Table 2, Rules of Evidence
This means that the evidence
relates to the unit
competency, addresses
essential skills and knowledge,
dimensions of competency and
employability skills
A valid assessment assesses
what it claims to assess
This means that the
assessment tool and process
will produce consistent
outcomes when applied by a
range of assessors in a range
of contexts. Thus,
‘consistent’ outcomes are
achieved in assessment
regardless of who does the
assessment, when it is
conducted and in whatever
context it was conducted
Evidence collected is relevant
to the activities and
demonstrates that the
performance criteria have
been met
This means that the assessment
will not disadvantage any person
and will take into account the
Assessment Tasks and the
Assessment Tools are structured
so that they do not disadvantage
This means that the assessment
tool and process allows for
assessment in a range of
assessment contexts
Assessment practices and
methods are equitable to all
learners and their
Participants will be able to have
their previous experience or
expertise recognized (RPL or
Assessment procedures and the
criteria for judging performance
are made clear to all learners
The assessment approach can be
adapted to meet the needs of all
participants and workplaces
Opportunities will be provided
to allow participants to
challenge assessments and have
the opportunity of reassessment
The assessment strategy
adequately covers both the on
and off-the-job components of
Where practical and
appropriate, assessment will be
negotiated and agreed between
the assessor and the student
Types of Evidence
Evidence is information upon which an Assessor makes a judgement of competency. Evidence you may be asked to may
Indirect demonstration
Workplace documents
Questions - written and oral
Third party reports
BSBRSK501B Manage Risk
Performance of a task, or range of tasks, either in the workplace or in a
simulated work environment, witnessed directly by an Assessor
Use of photographs, videos, etc. showing performance of a task when the
Assessor cannot be present
Models, items, objects that have been made, fixed or repaired by the student
Rosters, budgets, reports, standard operating procedures etc. developed by
the student
Asking the student about real or hypothetical situations to check
understanding, task management and contingency management skills. May be
short answer, discussion, multiple choice, etc.
Projects, reports, essays, etc, relevant to the learning, literacy and numeracy
(LLN) requirements of the unit of competency
Documented and verified reports from supervisor, colleague, subject expert,
Trainer or others
A student’s personal statement on their performance (not generally sufficient
in isolation)
Simulated activity to accommodate difficult to demonstrate criteria e.g.
emergencies, contingencies, difficult behaviors etc.
Collections of evidence compiled by the student
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Equity Groups and Reasonable Adjustment
'Reasonable adjustment, sometimes called reasonable accommodation or allowable adjustment is designed to ensure that all
students are treated equally in the assessment process – this means that, wherever possible, "reasonable", adjustments are
made to the assessment process to meet the individual needs of students.'
Equity groups may include, but are not limited to:
Students with English as a second language
Students with literacy or numeracy difficulties
Indigenous students and/or students in remote locations
Women in non-traditional industries
Students with sensory impairment and/or students with physical or intellectual disabilities
Reasonable adjustment may mean:
Making learning materials and methods accessible
Adapting the physical environment and equipment
Making adjustments to the procedures for conducting assessment
Making adjustments to the evidence gathering techniques
In the event that you have difficulties understanding the requirements for the assessment outlined in this unit, due to language
or any of the other difficulties, Queensland Polytechnic will attempt to make reasonable adjustments to the assessment in
order to afford you every opportunity to achieve competency. This may include oral questioning or demonstration of skills and
knowledge in another format. If you believe, you have a case for your needs to be adapted, please contact your Trainer /
Withdrawal from a Unit of Competency / Qualification
If you wish to withdraw from a unit of competency / qualification / traineeship this may be negotiated between the student,
employer and Queensland Polytechnic at any time.
Quality Improvements
Queensland Polytechnic is constantly looking for ways to improve its training and assessment services, its materials and its
processes. From time to time materials may change due to improvement.
Learner Surveys / Questionnaires
Queensland Polytechnic requires all course participants to complete an AQTF Learner survey, once a year.
The survey takes approximately 5 minutes to complete, and will be distributed at the end of each year, or
at the end of your studies. The survey focuses on whether you have engaged in activities that are likely to
promote high-quality skill outcomes and includes your perceptions of the quality of your competency
development and of the support that you have received during your training.
Data collected from the surveys, will help support continuous improvement processes ensuring that:
Queensland Polytechnic continue to provide quality training and assessment across all our operations
Queensland Polytechnic adhere to principles of access and equity and continue to maximise outcomes for our clients
Queensland Polytechnic’s Management systems continue to be responsive to the needs of our clients (you), staff and
This unit describes the performance outcomes, skills and knowledge required to identify risks and to apply established risk
management processes to a subset of an organisation or project's operations that are within the person's own work
responsibilities and area of operation
This unit applies to individuals with a broad knowledge of risk analysis or project management who contribute well developed
skills in creating solutions to unpredictable problems through analysis and evaluation of information from a variety of sources.
They may have responsibility to provide guidance or to delegate aspects of these tasks to others.
“RISK” can be broad ranging depending on the position and organization. It can relate to commercial relationships, economic
circumstances, human behavior, individual tasks/activities, laws, management activities, natural events/scenarios, political
events/circumstances, technology.
Details of the competencies of this unit can be accessed at:
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Employability Skills are defined as "skills required not only to gain employment, but also to progress
within an enterprise so as to achieve one's potential and contribute successfully to enterprise strategic
directions". Hence, skills that applies across a variety of jobs and life contexts. These are also
sometimes referred to as generic skills, capabilities, enabling skills, key competencies, key skills, core
skills, life skills, essential skills, necessary skills, and transferable skills. Industry's preferred term is
Employability Skills.
An Employability Skills Framework was developed in 2002 by the Business Council of Australia and the Australian Chamber of
Commerce and Industry, in consultation with other peak employer bodies. This framework, includes eight (8) ‘skill grouping’
Employability Skills, which are outlined in Table 1, below.
Table 1, Employability Skills
Problem Solving
Initiative & Enterprise
Planning & Organising
that contribute to productive and harmonious relations between
employees and customers
that contribute to productive working relationships and outcomes
that contribute to productive outcomes
that contribute to innovative outcomes
That contribute to long term and short term strategic planning
that contribute to employee satisfaction and growth
that contribute to ongoing improvement and expansion in employee
and company operations and outcomes;
that contribute to effective execution of tasks
More information about employability skills for these units can be accessed at:
Trainer / Assessor: Karen Lamkin, [email protected]
Mobile: +61 439 817 361
All readings, samples, information contained within this Training & Assessment Guide plus the “Introduction to Thrifty
Training Manual” available on the intranet. Additional readings and examples/templates relating to this unit can be
found on the intranet and/or requested by yourself (for the trainer to send to you via email).
All students are advised of the need for regular access to the internet, intranet and CarsPlus, and a reliable calculator,
printer and computer/laptop with Microsoft Word, Excel, PowerPoint, Outlook and Internet Explorer (or similar)
software applications, for completion of the Certificate IV in Business and/or the Diploma of Management
Access to Thrifty’s policies and procedures as well as relevant legislation is also required. If you have problems
accessing this, please contact your Trainer or immediate supervisor, ASAP
During the Assessment Process, if sample documentation is required, and it is either not provided in this book or you
cannot locate it in the workplace, please contact your immediate supervisor and/or Trainer/Assessor, so that this can
be provided to you
Regular access to your Trainer/Assessor and supervisors at Thrifty Car Rentals
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Each activity/assessment in this booklet has been aligned to the ACSF’s “indicators” of competence so that they are at the
levels appropriate to the delivery of language, literacy and numeracy skills underpinning the unit of competency.
Units of Competency and minimum required levels of reading, writing, numeracy, oral communication and learning skills
The following table provides the level of reading, writing, oral communication and numeracy that is required for the Units of
the Certificate IV in Business and the Diploma of Management.
ACSF Reading
Skills Level
ACSF Writing Skills
Read text and prepare a
presentation. Read and
comment on an article about
a contemporary issue
Write a report on a topic of
Write procedures on minute
Skills Level
ACSF Numeracy
Skills Level
Communicate with people
from diverse backgrounds.
Prepare and lead a discussion
Understands vocabulary
specific to a topic
Follows oral texts which
include vocabulary that
creates shades of meaning
Responds to cues such as
change of pace and particular
words which indicate a new
or important point is about to
be made
Reflects on the effectiveness
of the interaction as it occurs
requesting clarification,
and/or variation in volume
and pace as necessary
Interprets gestures and other
non-verbal features
Responds to topic shifts and
points of clarification, and
gives non-verbal feedback
Calculate and compare
annual income options.
Calculate area of an office
BSBRSK501B Manage Risk
Analyses, compares and contrasts information gained from tables and charts, e.g.
information on products and materials in order to determine the suitability for
use in different locations
Demonstrates understanding of texts describing interrelationships of events, e.g.
reviews conflicting incident reports to identify key issues and possible follow up
Prepares an induction manual or standard operating procedures to be used in
the workplace
Documents roles, responsibilities and timeframes for a project plan
Compiles a report (e.g. on sales figures) with input from a range of sources
Writes clear and detailed instructions organised sequentially, for individual
members of a group in order to complete a group activity
Prepares data for a team/group using graphs to compare production or activity
over a period of time, and includes recommendations for improvements
Gathers information from a range of sources and rewrites using headings,
instructions and layout that meet the needs of the audience and purpose of the
text, e.g. job instructions or evacuation instructions
Writes an instruction manual for a new piece of equipment or machinery
Creates a range of formal texts incorporating specific workplace proformas and
language and maintains records on a computer, e.g. memos, letters to clients,
agendas, minutes, emails or reports
Demonstrates understanding of a text describing complex interrelationships of
events, e.g. writes a letter to a customer apologising for a lost item or prepares a
report for a manager detailing a problem and steps taken to address it
Explains technological concepts to a work group unfamiliar with the concepts
involved, using visual aids such as photos and diagrams
Leads a discussion with a focus group to explore solutions to a complex
workplace problem
Determines customer requirements through open-ended questioning, active
listening, paraphrasing and summarising
Expresses own values, ideas and attributes through language choice as
appropriate to various contexts, e.g. job interview or group discussion
Negotiates a win-win outcome with a work colleague, demonstrating conflict
resolution skills
Leads and/or facilitates group discussion which explores solutions to specific
problems with new technology, e.g. implementation issues arising from changing
work practices as a result of installation of a new computer system
Uses aids (e.g. machine/equipment parts, photos, diagrams or scaled models) to
explain technological concepts or scientific phenomena to an audience or work
Collects, represents, summarises and interprets a range of statistical data
appropriately, e.g. in tables, spreadsheets, graphs, plots, measures of central
tendency (mean, median, mode) and simple measures of spread
Works in a group to investigate and report on the options and costs for the use
of a fleet of vehicles for the running of a business, e.g. comparing the use of cars
versus motor bikes for a courier service or comparing leasing cars versus outright
Works in a team to plan and develop an operating budget for a task or project,
including the income from different sources (e.g. government funding,
membership fees or sales) and expenses (e.g. staffing, materials, marketing,
overheads, travel, training or IT support)
Collects and accurately records data (e.g. measurements, quantities or digital
outputs) on to an appropriate device (e.g. graph, chart, spreadsheet or handheld device), interprets results and outcomes, identifies anomalies or errors and
can respond appropriates by acting to correct processes or inputs
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ACSF Learning
Skills Level
Identify and document career
Interprets and uses ratios and scales to read and discuss the design and
dimensions on the plan of a property (e.g. building, workplace, office or shop) in
order to allocate working space and furniture
Represents statistical system information and data (e.g. customer satisfaction
survey results, phone enquiry data or customer profiles), and analyses and
interprets the data using graphical and numerical processes (e.g. graphs, charts
or averages) to show different interpretations and influences
Calculates, compares and interprets the probabilities of some given or described
events in both numerical and qualitative terms, e.g. production numbers or
faults, or accidents
Organise own workplace professional development/training plan to achieve a
negotiated outcome with consideration of personal priorities and demands on
Actively seeks feedback from others as a way of improving performance, e.g.
approaches peers, manager or customers
Makes changes to work routine to meet deadlines, drawing on insights gained
from previous experiences
Uses organisational file sharing and storage systems
Actively encourages others to learn
Initiates team problem solving sessions
Participates in and contributes to change management in the workplace
These variables may influence the individual’s performance at any time
Works independently and
initiates and uses support
from a range of
established resources
Range of contexts, including some
that are unfamiliar and/or
Text Complexity
Task Complexity
Complex texts
Embedded information
Includes specialised vocabulary
Includes abstraction and symbolism
Complex task organisation and analysis
involving application of a number of
Processes include extracting,
extrapolating, inferencing, reflecting,
Text Type
Personal & Community
Workplace & Employment
Education and Training
Standard operating procedures
Instructions for completing assessment
Email to local council complaining
about cat registration bylaws
Club newsletter
Report for CEO presenting argument and
recommendations for a particular piece of
new equipment
Report of different approaches to risk
management used in the industry
Oral presentation on an issue in area of
Research paper on main developments
in WH&S in the last 20 years
Design project
Advertising copy or short story
Explanation of parts of a camera
Instruction manual for a new piece of
Report on advantages of new computer
system in library
Council planning permission form
Industry standards list
Course completion requirements
Recount of trip to botanic gardens
Memo outlining new office furniture
Essay comparing two paintings
Assessments must be handed in on time. Please note, Progression Reports will be provided to your supervisor on a
three (3) monthly basis.
Signed assessment cover sheets (the front page of this book), must accompany each assessment/book.
Students must complete all assessment activities for this unit/book to a satisfactory level in order to be deemed
competent in the unit.
Students will be allowed one resubmission of each assessment providing they have made a reasonable attempt on the
first submission.
Queensland Polytechnic strives for fair, objective and transparent decisions in all aspects of its operations. It will
provide reassessment on appeal to any applicant, if requested.
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Part of your assessment for this unit is that you demonstrate you can meet designated timelines.
This means submitting work within the timeline indicated in your study schedule, outlined below.
You will also have the chance to develop and practice employability skills such as communication,
teamwork, problem solving, initiative and enterprise, planning and organizing, self-management,
learning, and technology.
In order to achieve Competency for this unit, this book, and all of its all assessment tasks must be
completed to a satisfactory level. An acceptable or satisfactory performance level for assessments
will be based on what would be expected of a person completing a similar task in the workplace.
You may request feedback and advice from your Trainer/Assessor at any time prior to submitting
the completed book.
The assessment tasks for this unit will require you to complete the following:
Assessment 1, Oral/Written Questions: answer a number of questions and provide examples, comments or explanations to
particular incidents/activities that occur within Thrifty Car Rentals. Provide as much detail as you can since the more
knowledge you show, the less time it will take you to be deemed competent in the unit.
Assessment 2, Document Evidence, such as the organisation’s polices/procedures for Risk management and an operational
procedure for a task. Additionally, you can provide the risk management plan used in the example (question 1) if this in a
written, formalised format.
Assessment 3, Practical Observation by Trainer & Third Party: have your immediate supervisor sign off on your competence in
the relevant areas, after observing you in a workplace situation where you have managed risks. Risks applicable within own
work responsibilities and area of operation, may include projects being undertaken individually or by a team, or operations
within a section of the organization.
It is acceptable for different students to undertake the same Assessment Task in different ways and to format their finished
work differently.
Answers to questions throughout this book, may be completed in a variety of ways, appropriate to the specific question,
writing continuous paragraphs of text
using headings and sub-headings to organise text
using bullet points rather than, (or as well as, continuous text
providing examples and illustrations from experience – particularly relevant work experience
submitting workplace documents that are examples of work completed in the workplace
Your Trainer / Assessor will make a decision about whether an Assessment Task has been satisfactorily
completed based on the following considerations:
 all parts of the Assessment Task outlined in book, have been completed to a standard that satisfactorily meets the
competency requirements set out for the unit, on the website ie. all Elements of the Performance
Criteria, Required Skills, Required Knowledge, Critical Aspects have been meet
your work is of a standard to be acceptable in the workplace, as deemed by your immediate supervisor
your work is has acceptable formatting, expression, language, spelling and grammar
the Assessment Task is your own work, except where appropriately acknowledged by the use of referencing . Please
note, while it is not essential for VET students to include the ideas and work of others in assessment tasks –
particularly practical tasks - it is good practice to do so when appropriate to the task. It is highly likely to be necessary
to refer to texts and learning materials when answering questions which focus on knowledge and how to apply it to
specific situations. Learning to reference appropriately also helps student develop skills that will be essential should
they decide to go on to higher education/university, later.
If you are deemed ‘not yet competent’ for an assessment item, a sample/indicative answer will be shown to you, to help you
determine competency in the assessment item.
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You will participate in a face-to-face introductory workshop and/or online conversation in Week 1, which will get you oriented
and started on the Assessment items for this unit. At this time, your Trainer/Assessor will go through this book and the
Assessment requirements/tasks. Should you not fully understand a question and/or assessment, please ask for assistance.
The remaining weeks, you will complete your study by working through the activities within this booklet
and attaching the required evidence, as instructed. NOTE: There is no need to word process your
answers to the Questions within this book.
In the last week of your program, you will need to submit this booklet to your Trainer, in hard copy
The following schedule will tell you what you need to complete each week and what resources you need to review. If you
follow this schedule to complete and hand in your work you will have no trouble being ready for the final submission of this
booklet. It should only take you 4 weeks (50 hours) to complete this process. Please note however, the time you will need to
spend on your learning for this unit will also vary depending on your reading skills, computer skills, modem speed and writing
Please don’t hesitate to contact your Trainer / Assessor immediately if you have any difficulties. Problems have
a way of growing bigger over time – so your Trainer who is assessing your work would much rather hear from
you early so any issues can be solved and you can move ahead with your learning. Your Trainer / Assessor will
reply within one day.
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Topic Covered
Resources and Assessments
Key Definitions
A risk is defined by the Australia/New Zealand Standard for Risk Management (AS/NZS
4360:2004) as:
What is a risk?
“…the possibility of something happening that impacts on your objectives. It is the chance
to either make a gain or a loss. It is measured in terms of likelihood and consequence.”
The effective management of risk enables you to maximise opportunities and achieve your
Examples of Risks include:
 commercial and legal relationships
 economic circumstances and scenarios
 human behaviour
 individual activities
 management activities and controls
 natural events
 political circumstances
 technology - technological issues
The Risk Management Process
Part A: Establish Goals & Context
Below is a model (flowchart), outlining the Risk Management Process:
The risk assessment is undertaken within the context of your department’s goals. The
identification / validation of your goals is therefore a critical first step in the risk
management process.
Effective risk management requires a thorough understanding of the “context”
(environment) in which your department operates with your workplace. The analysis of this
operating environment enables you to define the parameters within which the risks to your
outputs need to be managed.
The “context” sets the scope for the risk management process. The context includes
strategic, organisational and risk management considerations.
Strategic context defines the relationship between the organisations and its environment.
Factors that influence the relationship include financial, operational, competitive, political
(public perceptions / image), social, client, cultural and legal.
The definition of the relationships is usually communicated through frameworks such as the
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SWOT (ie. the organisation’s internal strengths and weaknesses, the organisation’s external
opportunities and threats) and PEST (ie. Political, Economic, Societal, and Technological
The organisational “context” provides an understanding of the organisation, its capability
and goals, objectives and strategies.
Critical Aspect 1
Question: Within your workplace, identify the context (the environment) for risk
The context could range from –
 any related projects
 any related organisations
 any resources, including physical assets, which are vital to operations
 any key services of the organisation, that are vital to operations
 your own role and responsibilities in relation to the overall project
BSBRSK501B Manage Risk
the policitial, economical, social, legal, technoloigcal issues
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What ‘tools’ do you use to identify the risks within your workplace? Give an example to
demonstrate the use of this tool
Eg. You might use documentation to assist in the process of identifying risk, and assessing
the impact and likelihood of the risk occuring.
Eg. You might use instruments developed for the organisation and contextualised for
sections of the workplace's operations, such as checklists and testing procedures
Eg. Use might use tools to prioritise risks, including where relevant, numerical scoring
systems for risks
How do you/your company document / report / record the risks that are identified within
the workplace, taking into account the relevant polcies or procedures and government
requirements? Where do you store this documentation to ensure its security and fast
Give an example.
Part B: Identify risks
It is important to be rigorous in the identification of risks, their sources and impact on the
organisation as the risk treatment strategies will be directed to sources (preventive) and
impacts (reactive).
Question: Think of a specific example dealing with risks & risk management
within your workplace.
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Identify the risks most likely to impact upon your workplace’s outputs.
Who have you asked to help you in your department/other departments to help you identify
these risks?
PC2.2 (partial)
Identify the sources of these risks ie. Where do the risks come from?
PC2.2 (partial)
What are the impact of these risks?
Part D: Evaluate risks
BSBRSK501B Manage Risk
The next stage of the risk assessment process determines whether the risks are acceptable
or unacceptable. This decision is made by the person with the appropriate authority. A risk
that is determined as acceptable should be monitored and periodically reviewed to ensure it
remains acceptable. A risk deemed unacceptable should be treated. In all cases the reasons
for the assessment should be documented to provide a record of the thinking that led to the
decisions. Such documentation will provide a useful context for future risk assessment.
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Critical Aspect 1.1 (Analyse)
BSBRSK501B Manage Risk
Activity: Within your workplace, identify two risks.
Analyse (compare & contrast) these two risks (you may wish to consult with with relevant
stakeholders to help you with this analysis eg. Contractors, employees, financial managers,
insurance agents, managers, service providers, public, trade unions ect).
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PC 3.1, 3.2, 3.3
Now, catergorise the two risks (outlined above) to help determine the level of risk your
workplace is facing. What risk should have the most priority? Why?
HINT: Such catergories can be:
Such levels of risk can be:
BSBRSK501B Manage Risk
 likelihood of risks:
- almost certain
- likely
- possible
- unlikely
- rare
Consequences/impact of risks:
- insignificant
- minor
- moderate
- major
- catastrophic
- current control measures
 low - treated with routine procedures
 moderate - with specific responsibility allocated for the risk, and
monitoring and response procedures implemented
 high - requiring action, as it has potential to be damaging to the
organisation or project
 extreme - requiring immediate action, as it has potential to be devastating
to the organisation or project)
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Part E: Determine the
treatments for the risks
Treatment strategies will be directed towards:
I. Avoiding the risk by discontinuing the activity that generates it, (rarely an option when
providing services to the public),
II. Reducing the likelihood of the occurrence,
III. Reducing the consequences of the occurrence,
IV. Transferring the risk, and
V. Retaining the risk.
Potential treatment options are developed according to the selected treatment strategy.
The selection of the preferred treatment options takes into account factors such as the costs
and effectiveness.
The determination of the preferred treatments also includes the documentation of
implementation details (eg responsibilities, a timetable for implementation and monitoring
The intention of these risk treatments is to reduce the risk level of unacceptable risks to an
acceptable level (ie: the target risk level).
Activity: Thinking of the two examples of risks you have outlined above, explain
what are the appropriate control measures/ options for treatement for these
Control measures could include using the ‘hierarchy of control model’, which includes such
things as:
 reduction in likelihood of risks
 reduction of consequences of risks
 retention of risks
 risk aversion
 transfer of responsibility of risks)
Risk 1: ……………………………………………………………………………………………
Appropriate control menasure:
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What is the strength and weakness of this type of control measure/treatment plan?
Risk 2:……………………………………………………………………………………………..
Appropriate control meaure:
What is the strength and weakness of this type of control measure/treatment plan?
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PC 4.3
BSBRSK501B Manage Risk
Provide two examples of how you have referred risks that are relevant to the whole
organisation or which have an impact beyond your own work responsibilities and area of
operation, to others?
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PC 4.2
Outline the steps you take to choose and implement control measures for your own area of
operation and/or responsibilities?
Give an example of a risk and a control measure ‘choice’, if this is easier to explain.
PC 4.5 (partial)
Explain how your prepare and implement a treatment plan.
Attach an example of a treatment plan you have prepared/implemented.
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Part F: Monitor and report on
the effectiveness of risk
PC 4.5 (partial)
The relevant manager is required to monitor the effectiveness of risk treatments and has the
responsibility to identify new risks as they arise and treat them accordingly. Managers are
also required to report on the progress of risk treatments at regular intervals. The person
who has the responsibility for a risk treatment is expected to provide feedback on the
progress of the ‘project / initiative’ as detailed in the ‘monitoring’ field of the treatment.
Activity: Provide an example of how you have regularly reviewed implemented
treatment/s against measures of success
Measures of success could include:
 costs
 reductions in impact
 reductions in likelihood
 reductions in occurrence
BSBRSK501B Manage Risk
Explain how you have used your review of the treatement plan, to improve the future
treatement of risks?
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Provide an example of where you have assisted in auditing risk in your own area of
Eg. when have you reviewed policies, processes or the day to day operation of the Thrifty, to
determine the risks
How did you review the strenghts and weaknesses of existing arrangements in this audit
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Required Knowledge
Critical Aspect 3
It is important that you familiarise yourself with the Australian and international
standards for risk management relating to your work environment. In particular
relevant legislation from all levels of government that may affect aspects of business
operations, such as:
anti-discrimination legislation
ethical principles
codes of practice
privacy laws
environmental issues
work health and safety
organisational policies and procedures relating to risk management processes
and strategies
auditing requirements relating to risk management
Activity: What are Australian standards - AS/NZS ISO 31000:2009 Risk
Management - Principles and Guidelines? How do they relate to your workplace?
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Explain the concepts of ‘freedom of information’, privacy and confidentiality and
how it relates to your workplace
Explain the concept of ‘duty of care’ and how it relates to your workplace
Explain the concept of ‘environmental laws’ and how it relates to your workplace
Explain how industrial relation / employment relations / workplace relations laws
impact your workplace
Explain how the concept of ‘contractual law’ (ie. contracts / rights and obligations of
a contract’ impact upon your workplace
How does your workplace make a ‘reasonable adjustment’ for people with a
disability? Give an example if this is easier.
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Topic Covered
Critical Evidence 1
Resources and Assessments
Provide me with an example of a risk management plan that you use in your workplace.
You can explain this plan below, or you can attach it to this document if this is easier.
All the questions (following) will be about this particular risk.
Remember “RISK” can relate to commercial relationships, economic circumstances,
human behavior, individual tasks/activities, laws, management activities, natural
events/scenarios, political events/circumstances, technology
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CA 1 (partial)
Who are the stakeholders within this plan?
Briefly explain their involvement (issues/concerns) in the risk.
Who else can you call upon to obtain support for the plan (if needed)?
PC 1.2
CA 1 (partial)
BSBRSK501B Manage Risk
What is the scope of the plan? Eg. What department is involved? Is it involve all of Thrifty
or only a few locations? Does it involve OHS, Finance, HRM as well as operations?
What it the environment that the risk takes place in? ie. give me a brief overview of the
risk/the workplace/the situation
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CA 1 (partial)
BSBRSK501B Manage Risk
What are the critical success factors/goals for this plan?
What are the risks? How are/were the risks identified?
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CA 1 (partial)
How are/were the risks analysed/evaluated?
Think about the consideration of:
the likelihood of the risk occurring
the impact of the risk
the prioritizement/order for treatment
CA 1 (partial)
BSBRSK501B Manage Risk
the likelihood of risks occurring = the probability of a given risk occurring such as
very likely, likely, possible, unlikely and rare
the impact or consequence if risks occur = the significance of the outcome if the
risk does occur such as disastrous, severe, moderate impact or minimal impact
How are the risks prioritized within your workplace?
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CA 2 (partial)
CA 2 (partial)
BSBRSK501B Manage Risk
How are the risks monitored on a daily basis within your workplace?
Explain how you conduct an evaluation of the risk management plan in terms of
efficiency in treating the risks?
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1. Attach to this workbook your organization’s polices/procedures for
 Risk management
 An operational procedures for a task
2. Attach the risk management plan you used in the example if you have this in a written, formalised format
3. Additional Evidence/Documentation Required:
 Please attach any evidence/documents that show that you have identified, analysed and
evaluated risks.
 Please attach any evidence that shows the role you play in relation to the wider
organisation/the project you were managing the risks for.
 Please note, this evidence is critical to you gaining competency within this unit
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ASSESSMENT 3: BSBRSK501B Manage Risks - Trainer/Assessor & Third Party Workplace Observation/Discussion Form
Information for Trainee & Senior Staff Member - Workplace Observations are a critical part of each student/trainee’ training. They provide evidence that verifies competency within the workplace. As
the trainee’s immediate supervisor, you can contribute in a meaningful manner to the training process through the accurate and timely recording of observations. It is important that evidence
gathering through observation takes places over a number of shifts, and under a range of circumstances and at various times. Observation may be undertaken in either a formal or informal setting. A
‘formal’ setting occurs when you and student/trainee arrange a fixed time when observation will take place. ‘Informal’ settings provide opportunities for you to observe the student/trainee under a
variety of conditions ranging from the ‘normal day’ to situations of ‘stress’. It is the student/trainees’ right to be provided with timely feedback on performance. Based on the observation, you may ask
the student/trainee additional questions or prompt them for clarification if they are close to the correct response/behavior/action, and you believe they have the knowledge/skills to show
competency in the unit. The trainee should be given every reasonable chance to show you they have the skills and knowledge through their responses.
Student/Trainee’s Name:
Student/Trainees Job Position:
Observer (i.e. Supervisor or Senior Co-worker):
Assessor (ie. QP’s marker):
Performance Element
Establish risk context
Performance Criteria
S or US
Can the trainee review Thrifty’s processes, procedures and requirements
for undertaking risk management?
Risks within Jonday/Thrifty may include those relating to:
 commercial relationships with the type of fleet and the
Brisbane/Gold Coast city council
 economic circumstances relating to the value of the dollar or the
decrease in the value of the fleet for resale or increase in price of
new vehicles
 human behavior eg. Staff tend to not turn up for their rostered
shifts on a Monday or a Friday, or a public holiday
 individual activities eg. The risk of driving a fleet vehicle & having
an accident
 legislation requirements eg. The risk of OHS laws not being
followed by branches
 natural events eg. Flooding, fire, sun exposure to car detailers
 political circumstances eg. Change of govt and how this impacts
upon Thrifty/the car rental industry or the amount of wages that
has to be paid on a Sunday
 technology eg. The risk of changing or introducing a new
reservation system, Thrifty wide.
S or US
Can the trainee determine the “scope” for risk management processes?
Scope may apply to:
 any given project
BSBRSK501B Manage Risk
S or US
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specific department or geographical area
external environment
internal environment
whole organisation.
Can the trainee identify internal and external stakeholders and their issues?
S or US
Can the trainee review political, economic, social, legal, technological and
policy environment/context?
S or US
Can the trainee review strengths and weaknesses of existing
S or US
Can the trainee document critical success factors, goals or objectives for
area included in scope?
S or US
Can the trainee obtain support for risk management activities?
S or US
Can the trainee communicate with relevant parties about the risk
management process and invite participation?
Relevant parties may include:
 all staff
 internal and external stakeholders
 senior management
 specific teams or business units
 technical experts.
Identify risks
Can the trainee invite relevant parties to assist in the identification of risks?
S or US
S or US
Can the trainee Research risks that may apply to scope?
Research may include:
 collecting data or statistical information
 collecting information from other business areas/departments,
Kingmill etc
 lessons learned from other projects or activities
 market research
 previous experience
 public consultation
 review of literature and other information sources.
Can the trainee use tools and techniques to generate a list of risks that
apply to the scope, in consultation with relevant parties?
S or US
S or US
Tools and techniques may include:
 brainstorms
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Analyse risks
Select and implement
BSBRSK501B Manage Risk
 checklists
 flowcharts
 scenario analysis.
Can the trainee assess likelihood of risks occurring?
Likelihood may refer to:
 probability of a given risk occurring, such as:
- very likely
- likely
- possible
- unlikely
- rare.
Can the trainee assess impact or consequence if risks occur?
Impact or consequence may refer to:
 significance of outcomes if the risk occurs, such as:
- disastrous
- severe
- moderate impact
- minimal impact.
Can the trainee evaluate and prioritise risks for treatment?
Evaluation of risks includes:
 considering the likelihood of the risk occurring
 considering the impact of the risk
 determining which risks are most significant and are therefore
priorities for treatment.
Can the trainee determine and select the most appropriate options for
treating risks?
Options may include:
 avoiding the risk
 changing the consequences
 changing the likelihood
 retaining the risk
 sharing the risk with a third party.
Can the trainee develop an action plan for implementing risk treatment?
Action plans should include:
 what actions are required
 who is taking responsibility
 time lines
 monitoring processes.
Can the trainee communicate risk management processes to relevant
Has the trainee ensured all documentation is in order and appropriately
S or US
S or US
S or US
S or US
S or US
S or US
S or US
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Can the trainee implement and monitor an action plan?
Can the trainee evaluate risk management processes?
Required Skills
Required Knowledge
The trainee has communication and literacy skills to consult and negotiate,
to prepare communications about risk management, and to encourage
stakeholder involvement
The trainee has organisational and management skills to plan and
implement risk management processes
The trainee can use their problem-solving and innovation skills to find
practical ways to manage identified risks.
The trainee has knowledge of Risk Management - Principles and Guidelines
The trainee has knowledge of legislation, codes of practice and national
standards, for example:
 duty of care in terms of how it relates to WHS
 company law eg. Trade practices, ASIC
 contract law eg. Sub contractors
 environmental law eg. Recycling, waste management
 freedom of information
 industrial relations law eg. Salary, public holidays, termination
 privacy and confidentiality eg. Privacy act
 legislation relevant to organisation’s operations eg. Opening hours,
can’t advertise falsely or deceptively
The trainee has knowledge of organisational policies and procedures,
 risk management strategy
 policies and procedures for risk management
The trainee knows the overall operations of Thrifty
The trainee allows “reasonable adjustment” in the workplace for people
with a disability eg. You let an individual work in reservation rather than
drive a vehicle if they are in a wheel chair, you speak louder to the car
detailers if they are deaf/having a hearing impairment
The trainee knows the types of available insurance and insurance providers.
Eg. Waiver agreements
Eg. Workers compensation
Eg. Car insurance companies
Critical Aspects
(Evidence Required)
BSBRSK501B Manage Risk
The trainee has provided an example of Thrifty’s risk management plan
which includes a detailed stakeholder analysis, explanation of the risk
context, critical success factors, identified and analyzed risks, and
treatments for prioritized risks
S or US
S or US
S or US
S or US
S or US
S or US
S or US
S or US
S or US
S or US
S or US
S or US
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The trainee has provided details of monitoring arrangements for the risk
management plan and an evaluation of the risk management plan’s efficacy
in treating risks
S or US
The trainee has knowledge of relevant legislation, codes of practice and
national standards. (ALSO A REQUIRED KNOWLEDGE)
S or US
The trainee is competent in the unit:
The trainee is competent in this unit.
 Unsatisfactory
 Unsatisfactory
Staff Member:
Signature: ............................Date: ..............................
Signature: ..........................................Date: ..............................
BSBRSK501B Manage Risk
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Assessment Method
Performance Criteria /
Skills (RS)
Knowledge (RK)
Aspects (CA)
Employability Skills
Job Role Environment
Contingency Planning
Task Management
Skills (Variables)
Task Skills
Self Management
Planning & Organising
Initiative & Enterprise
Oral/Written Questions
1.1, 1.2,1.3,1.4,1.5,
Assessment 1
Problem Solving
Mapping Matrix – BSBRSK501B Manage Risks
Dimensions of Competency
Assessment 2
Documentation Evidence
Risk management
An operational
procedures for a task
The risk management
plan you used in the
Any evidence/documents
that show that you have
identified, analysed and
evaluated risks.
Any evidence that shows
the role you play in
relation to the wider
organisation/the project
you were managing the
risks for.
Assessment 3
Practical Observation by
Trainer & Third Party
BSBRSK501B Manage Risk
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