Course Title: Assess risks
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: BUSM8911C
Course Title: Assess risks
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption.
Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209.
Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C5419 - Diploma of Finance and Mortgage Broking Management
Course Contact: Mandeep Chahil
Course Contact Phone: +61 3 9925 5980
Course Contact Email: mandeep.chahil@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 50
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
Nil
Course Description
This unit describes the skills and knowledge required to assess the exposure to identified risks in the organisation by evaluating the likelihood of risks occurring and their consequences.
It applies to individuals who use specialised knowledge to develop systematic approaches to problem solve and make recommendations within the organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSRSK512 Assess risks |
Element: |
1. Identify risks and develop risk evaluation criteria |
Performance Criteria: |
1.1 Identify risks in organisational processes and procedures following standards for risk management as indicated by regulators 1.2 Identify implications of risk factors to organisation and create evaluation criteria |
Element: |
2. Assess current risk exposure |
Performance Criteria: |
2.1 Apply applicable risk assessment tools, establish probability and assess potential consequence of risk in an organisation 2.2 Conduct spot checks and determine quality of data 2.3 Identify mitigating effect of existing controls and use evaluation criteria to assess exposure to risk 2.4 Compare risk exposure levels against risk appetites of organisation, and identify and report unacceptable residual risks 2.5 Review and critically analyse risk appetite monitoring process and document findings |
Element: |
3. Prepare probability assessment |
Performance Criteria: |
3.1 Analyse issues related to risk using measurement criteria 3.2 Identify issues arising from measurement assessment and determine the risk probability 3.3 Rank and summarise threats and risk issues as a risk map 3.4 Provide risk map to appropriate stakeholders |
Element: |
4. Review and report breached issues and incidents |
Performance Criteria: |
4.1 Report issues and incidents on risk profile to business according to organisational policies and procedures 4.2 Determine reporting requirements of issues and incidents to regulators |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities. The self-paced activities will be delivered thought various technology platforms and include your contribution to, reflective journals, quizzes and interactive sessions. The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment. There are 3 assessments for this course that need to be completed to be deemed competent.
Teaching Schedule
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Activity Read page 1- 6 of the learner guide on risk management and detail the difference between Pure risk and speculative risk. Name 5 speculative risks likely to impact Mortgage Brokers.
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2 |
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- Identify and apply risk management processes
Activity Read p.7. Discuss in a class group who are the stakeholders in the risk identification process in broking organisation.
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3 |
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Identify and apply risk management processes
Read page 14 and refer to the following link https://www.worksafe.vic.gov.au/laws-and-regulationsLinks to an external site.
Activity 3 What are the regulations that business must adhere to provide a safe working environment for their staff?
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| 4 |
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Sect 1-Read Risk Guide as directed
Activity What is the likely business operational risks likely to occur in the workplace?
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Assessment Task 1 due
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5 |
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Read risk guide as instructed
Activity How can operational objectives and financial objectives be better managed so that the risk is mitigated around the issues that are shown.
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| 6 |
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Treat and Review Risks
Read risk guide as directed |
Assessment Task 2 due |
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7 |
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Transfer risk Read risk guide as directed |
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Mid Semester Break |
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| 8 + 9 |
Discuss Credit Risk Review Assessments
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Assessment task 3 due |
Learning Resources
Prescribed Texts
References
Other Resources
Learning resources will be accessible via the Canvas learning management system.
Students will need to regularly access the appropriate content folders in Canvas and complete learning activities as advised by their teacher.
It is expected that students will need to complete some learning tasks in their own time
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral/written presentations and through the application of learned skills and insights. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
This assessment task is the first of three (3) assessment tasks you need to complete satisfactorily for this unit. All three assessment tasks must be satisfactorily completed to be deemed competent in this unit.
Assessment 1 is based on 12 Knowledge based questions and conducting research around those questions.
Assessment 2 is base on case study. In this assessment you will be demonstrating the skills and knowledge in conducting risk assessment, risk analysis and completing a risk management action plan.
Assessment 3 is based on a role play scenario. Completing this assessment task allows you to demonstrate your skills and knowledge around risk assessment along with the risk issues that arise from a compliance breach. You will then need to focus your discussion around managing and controlling the risks that have been identified.
You should:
- Ensure that you submit assessments on or before the due date
- 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 each assessment task is available on Canvas
- 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, John Calabro 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10
Late Submission Procedures
You are required to submit assessment items and/or ensure performance-based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
Assessment Matrix
The assessment matrix that maps all the assessment is available in Canvas under 'Assignments'. All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory
Other Information
Late Submission Procedures
You are required to submit assessment items and/or ensure performance-based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: https://www.rmit.edu.au/students/my-course/assessment-results/special-consideration-extensions
Marking Guide (Competency)
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing, and you will achieve one of the following results:
Final results table
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit one or more assessment tasks
Other Resources
Learning resources will be accessible via the Canvas learning management system.
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Course Overview: Access Course Overview