Course Title: Manage risk

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: BUSM6458C

Course Title: Manage risk

School: 650T TAFE Business

Campus: City Campus

Program: C5225 - Diploma of Management

Course Contact : Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact

Name and Contact Details of All Other Relevant Staff

Course coordinator

Vivien Wong
Tel: +61 3 9925 5494

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites


Course Description

This course deals with the skills and knowledge required to manage risks in a range of contexts across the organisation or for a specific business unit or area. It looks at identification, analysis and treatment of risks and is aligned to Australian and New Zealand national standards for risk management.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBRSK501B Manage risk


1. Establish risk context

Performance Criteria:

1.1 Review organisational processes, procedures and requirements for undertaking risk management
1.2 Determine scope for risk management process
1.3 Identify internal and external stakeholders and their issues
1.4 Review political, economic, social, legal, technological and policy context
1.5 Review strengths and weaknesses of existing arrangements
1.6 Document critical success factors, goals or objectives for area included in scope
1.7 Obtain support for risk management activities
1.8 Communicate with relevant parties about the risk management process and invite participation


2. Identify risks

Performance Criteria:

2.1 Invite relevant parties to assist in the identification of risks
2.2 Research risks that may apply to scope
2.3 Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties


3. Analyse risks

Performance Criteria:

3.1 Assess likelihood of risks occurring
3.2 Assess impact or consequence if risks occur
3.3 Evaluate and prioritise risks for treatment


4. Select and implement treatments

Performance Criteria:

4.1 Determine and select most appropriate options for treating risks
4.2 Develop an action plan for implementing risk treatment
4.3 Communicate risk management processes to relevant parties
4.4 Ensure all documentation is in order and appropriately stored
4.5 Implement and monitor action plan
4.6 Evaluate risk management process

Learning Outcomes

At the completion of this course students will:

  • be able to undertake a risk management plan including a detailed stakeholder analysis, explanation of the risk context, critical success factors, identified and analysed risks, and treatments for prioritised risks
  • be able to set risk management plan monitoring arrangement in place
  • be able to evaluate the efficacy of risk management strategies in treating risks
  • understand legislation, codes of practice and national standards associated with risk

Details of Learning Activities

Students are required to attend all classes to participate in class and online activities. The class activities provide an opportunity to develop skills and apply theory to real life situations. The learning activities students will take a role in are:

Case studies
Project work
Collaborative classroom activities
Team activities
Peer interaction
Games and simulations
Reflection and discussion and debating
Reading the text book
Accessing materials online


Teaching Schedule


Text chapter    
7 Jul
Course introduction
Define risk

Activity: Rank the risk associated with a hazard


Cole’s text
Ch 22;
online materials

14 Jul
Risk and perception
Video Living Dangerously AVK616.08 L785
 Cole’s text
Ch 22;
online materials
21 Jul
Step 2 Define the risk context
DVD Risk Maker Risk Taker
 Cole’s text
Ch 22;
online materials
28 Jul
Step 1 Communicate and confer Cole’s text
Ch 22;
online materials
4 Aug


Step 3 Identify risks

 Cole’s text
Ch 22;
online materials
11 Aug
Step 3 Identify risksIn-class Test #1
Cole’s text
Ch 22;
online materials
18 Aug
Step 4 Analyse risks Cole’s text
Ch 22;
online materials
25 Aug


Step 4 Analyse risks

In-class Test #2

Cole’s text
Ch 22;
online materials
1-7 SepMid-semester break   
8 Sep
Step 5 Evaluate risks Cole’s text
Ch 22;
online materials
15 Sep
Step 5 Evaluate risksIn-class Test #3Cole’s text
Ch 22;
online materials
22 Sep
Step 6 Address/treat risks Cole’s text
Ch 22;
online materials
29 Sep


Step 6 Address/treat risks


Risk management plan (from Undertake Project Work)

Cole’s text
Ch 22;
online materials

6 Oct

Step 7 Monitor and review the system In-class Test #4Cole’s text
Ch 22;
online materials
13 Oct
Step 7 Monitor and review the system Cole’s text
Ch 22;
online materials
20 Oct
Review and evaluation
27 Oct

Learning Resources

Prescribed Texts

Cole, K 2013, Management theory & practice, 5e, Pearson Australia, New South Wales.


Online Learning Materials
Online learning materials can be accessed by going into the RMIT web site and clicking on MyRmit. Useful Websites This website is a useful resource for your assessment tasks The Learning Lab is a learning and study skills site developed by the Learning Skills Unit offering online interactive tutorials, printable handouts and an email Learning Query service. The site is designed to assist students develop the capabilities for tertiary study.

Other Resources

Risk maker, risk taker: A manager’s guide to risk. Business Library AV 659.155 R595

Overview of Assessment

Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.

Other activities may be workplace-based or simulate work practices.  These may include the production of technical requirements documents, direct observation of workplace practices and the presentation of a portfolio of evidence.  This portfolio may include documents, photographs, video and/or audio files.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.  Students will be provided with feedback throughout the course to check their progress.

Assessment Tasks

In the team assessment each team member will be marked individually. You will be assessed from observation and peer feedback against several criteria including:
• Did you attend scheduled meetings, and on time?
• Did you meet deadlines for your allocated contributions?
• Did you accept constructive criticism and act on it?
• Did you contribute and share ideas and research?
• Did you participate in team activities and successfully complete all the tasks allocated to you?
• Did you treat other team members with respect?
• Did you contribute proactively to the team, or were you only reactive to others’ suggestions and directions?

Various methods for individual evaluation will be used including contribution to wikis, discussion boards, team meetings, emails, communication systems as well as face to face questioning. All team members are expected to be competent in all aspects of the subject matter so that, even if you accept responsibility for one particular aspect of the assessment, you must know and understand all areas of the assessment

Assessment 1:  4 Risk management exercises In class weeks 6, 9, 11, 13 Individual task
Elements: All

Students complete four exercises for assessment in class

Assessment 2 due Week 12: Develop a Risk management plan for team project in BUSM8720C Undertake project work Group-based - groups of 4
Elements: All

Aim: This assignment requires you to develop a Risk management plan to show you can comprehend and apply the Australian Standard for risk management.

Work in groups of 4 and develop a written Risk management plan for the project that your Project team will undertake in BUSM8720C Undertake project work. The plan must follow the model presented and explained in AS/NS ISO 31000:2009 Risk Management - Principles and guidelines, Standards Australia. A template will be provided to guide your Risk management plan.

You are required to complete all tasks and demonstrate competency in all elements to be deemed competent in this unit.

Assessment Matrix

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:
• risk management plan which includes a detailed stakeholder analysis, explanation of the risk context, critical success factors, identified and analysed risks, and treatments for prioritised risks
• details of monitoring arrangements for risk management plan and an evaluation of the risk management plan’s efficacy in treating risks
• knowledge of relevant legislation, codes of practice and national standards.

BSBRSK501B Manage riskAssessment
Required knowledge 
• AS/NZS ISO 31000:2009 Risk management.
• legislation, codes of practice and national standards, for example:
• duty of care
• company law
• contract law
• environmental law
• freedom of information
• industrial relations law
• privacy and confidentiality
• legislation relevant to organisation’s operations
• legislation relevant to operation as a business entity
• organisational policies and procedures, including:
  risk management strategy
• policies and procedures for risk management
• overall operations of organisation
• reasonable adjustment in the workplace for people with a disability
• types of available insurance and insurance providers.
Assessments 1 and 2
Required skills 
• communication and literacy skills to consult and negotiate, to prepare communications about risk management, and to encourage stakeholder involvement
• organisational and management skills to plan and implement risk management processes
• problem-solving and innovation skills to find practical ways to manage identified risks.
Assessments 1 and 2
Elements/Performance Criteria 
1. Establish risk context (1.1 - 1.8)
2. Identify risks (2.1 - 2.3)
3. Analyse risks (3.1 - 3.3)
4. Select and implement treatments (4.1 - 4.6)

Assessment 1 (all elements)

Assessment 2 (2.1 - 4.6)

Other Information

Submission Requirements

Assessment tasks need to be submitted via myRmit.

You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at;ID=ls0ydfokry9rz website.
• Always retain a copy of your assessment tasks (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on myRmit.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:

Students will show that they able to apply risk management processes. They ask questions to help understanding and do not avoid conflict when a problem needs to be discussed. They volunteer to do jobs and follow through and consistently deliver quality work in a timely fashion.

Students will demonstrate understanding of risk management within the framework of AS/NZS ISO 31000:2009 and ability to identify, analyse and treat risks in the project that they work on. They offer views and opinions, research effectively to find information as well as read and discuss findings or new ideas.

Students will demonstrate organisational and management skills to plan and implement risk management processes. Problem-solving and innovation skills are also required to find practical ways to manage identified risks.

Students will demonstrate a sound understanding of the benefits of effective work organisation, while clearly articulating the different stages in planning and managing own time. They apply sound planning and organisational skills int he performance of tasks.

Students will use appropriate language to develop professional relationships, handle disagreement effectively, give and accept constructive feedback, encourage the participation of others, act cooperatively, state own needs and listen to those of others.

Final Grade table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

Course Overview: Access Course Overview