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BSBRSK501 - MANAGE RISKSummative assessment 2 (0% completed)Project 1 This project entails you planning, conducting and evaluating a risk management program for an organisation. For the purpose of this project, the term organisation can include a small business, work team or division in a large organisation, sporting group, or family. Complete each of the sections in as much detail as is possible. (Approx. 1,0001,500 words for each section) Part 1Plan for enterprise risk management:o describe the organisations current risk management policies, procedures and processes and comment on the strengths and weaknesses of these arrangementso describe the scope for risk management process that you will conductexplain why you decided upon this scopeo discuss the impact that each of the following has on the organisations approach to risk management: political environment economic climate social factors legal factors technological advancements policy contexto document critical success factors, goals or objectives for area included in scopeo identify each of the internal and external stakeholder groups and for each make a list of their issueso discuss how you will communicate with each of these stakeholder groups, include details of: key messages delivery strategies how you will encourage input/ participationo describe what level and type of support you need in order for your risk management plan to be effective and discuss the strategies that you will use in order to obtain that supportPart 2Identify the risks:o using a SWOT diagram, identify the risks that face the organisationo research these risks and provide any necessary background/ further detailo make a list of the other tools and techniques you could use in order to generate a list of risks that apply to the scopePart 3Analyse the risks:o assess the likelihood of the risks occurringo assess the impact or consequence if risks occuro depict the risks on a risk matrixo evaluate and prioritise risks for treatmentPart 4Select and implement treatments:o determine the most appropriate option/s for treating the top three risks that you have identifiedo develop an action plan for implementing those risk treatmentso explain how you will communicate the action plan information to the relevant partieso what documentation is needed and how will it be completed and storedo describe the steps that you will take to implement your risk management action plano discuss how you will monitor the action plan to ensure that it meets its identified goalso explain how you will evaluate the process that you have used to manage these risks

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