risk management

Specification:

Weight30%
TypeIndividual orGroup, maximum 4 students in a group
LengthFor individuals: 4000-4500 words including appendices and referencesFor groups: 5500-6000 words including appendices and references Note:Reports not conforming to the word limits are not marked
SubmissionOnline through the Turnitin submission link on CanvasMultiple attempts permitted until the due dateNo FEIT assignment submission cover sheet is required
SimilarityThere is no numerical threshold to show a student has plagiarized or not. The human academic checks for plagiarism. Turnitin can only indicate where and when a text appears similar to another text20% self-similarity to assessment 1 is acceptable
Due dateRefer to the subject calendar

Objectives:

Introduction:

A Risk Management Plan (RMP) is developed to ensure levels of risk and uncertainty are properly managed within organizations. It is usually developed for a period of time (often one year) for a specific activity, product, process and project, and part or whole of the organizations. It enables those involved with the project or system to manage possible risks by defining the manner in which they will be contained and the likely cost of mitigation strategies. The RMP is developed to:

  • Provide a useful tool for managing and reducing the risks identified before and during the project, activity, or organization;
  • Document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness;
  • Provide stockholders a documented framework from which risk status can be reported upon;
  • Ensure the communication of risk management issues to key stakeholders;

Instructions:

  1. Select one of the case studies from assessment 1, put aside the failure/accident, and prepare an RMP in accordance with the standard.
  2. Study AS ISO 31000:2018 carefully to understand the RMP structure [1]:
    1. Scope: As the risk management can be applied at different levels (e.g. strategic, operations, etc), it is important to be clear about the scope under consideration, the relevant objectives and their alignment with organizational objectivise.
    1. Context: The context of the risk management process should be established from the understanding of the external and internal environment in which the organization operates. Stakeholders are identified, roles and responsibilities are determined, data and information flows are examined, etc.
    1. Risk criteria: The organization should specify the amount and type of risk that it may or may not take relative to objectives. It should also define criteria to evaluate the significance of risk and to support decision making.
    1. Communication and consultation: The purpose of communication and consultation is to assist relevant stakeholders in understanding risk, the basis on which decisions are made and the reasons why particular actions are required. Communication promotes awareness and consultation obtains feedback.
    1. Risk assessment (risk identification, risk analysis, risk evaluation): Identify risk events with potential major negative impact on selected objectives systematically, iteratively, and collaboratively, drawing on the knowledge and views of stakeholders.
    1. Risk treatment: Select and implement options for addressing risk. It requires planning, implementing, assessing the effectiveness of treatments, taking further treatment if not acceptable.
    1. Monitoring and review: The purpose of monitoring and review is to assure and improve the quality and effectiveness of process design, implementation, and outcomes. Monitoring and review should take place in all stages of the process and includes planning, gathering, and analysing information, recording results and providing feedback.
    1. Recording and reporting: The risk management process and its outcomes should be documented and reported through appropriate mechanisms. It would communicate the outcomes across the organization and assist interaction with stakeholders.
  • Define the scope, boundaries and objectives carefully; you may need to simplify and define the boundaries of your report (for example “looking only at WHS risks” only) in order to achieve the word limit.
  • Define risk criteria using ALARP or any other risk criteria principles and clearly state the risk tolerability criteria employed.
  • Assess risks using FMECA and propose applicable risk treatment options.
  • Consider aspects beyond the texts and lecture materials i.e. value-added discussion.
  • Reference correctly aligned with the IEEE style. IEEE style referencing is explained on Canvas Module 6.

Marking Criteria:

SectionCriteriaWeight
Executive summaryCapture the essence of findings5
IntroductionDefine scope, boundaries, and objectives clearly5
Establishing the contextIdentify all relevant stakeholders and constraints5
Define rules, roles and responsibilities, etc5
Explain processes and tools5
Risk criteriaDefine risk criteria and provide a quantified Tolerability of Risk (ToR) table10
Communication and consultationProvide consultation and communication strategies10
Risk assessmentUse FMECA technique to identify, quantify and mitigate sources of risk10
Risk treatmentDetermine applicable and practical risk treatment options10
Monitoring and reviewDiscuss the monitoring and treatment processes10
DiscussionDiscuss the findings and discussion goes beyond lecture materials10
Reporting and recordingDescribe the reporting and recording mechanisms5
  PresentationStructure the report appropriately with good English language writing5
Reference correctly using IEEE style5
Sum 100

Reference:

[1] AS ISO 31000:2018, risk management guidelines

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