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Risk management strategy Assignment Help

Question 1

For this assessment, you will need to perform the following task. This task will need to be completed and submitted in a professional, word processed, format, and must be 1000 words minimum in length.

  1. Your task is to develop a risk management strategy for your financial service or one that you would like to work for. To do this you will need to:
    1. Analyse the risk factors for financial investment and insurance products in that service
    2. Determine the appropriate risk exposure management strategies
    3. Communicate these strategies to relevant staff and intermediaries
    4. Personally manage the risk assessment strategies
  2. This assessment is aimed at setting a strategy for portfolio managers, including what types of business will be targeted and not targeted.
  3. In your strategy you will need to consider the following before you develop the risk management strategy:
    1. All relevant legislation, standards, regulatory guidelines and industry sector compliance requirements. For example:
      1. Insurance Act 1873
      2. Insurance contracts Act 1984
      3. Corporations Act 2001
      4. The Australian Banking Association Code of Practice
      5. ASICS finance related consumer protection regulations and licensing regulations and restrictions for financial services providers
      6. Com Law – for all other Finance Related Legislation
      7. Financial Transaction Reports Act 1988 (Cwlth)
      8. Anti-Money Laundering and counter-Terrorism Financing Act 2006 (Cwlth) (AML/CTF Act)
      9. Credit Act 1985 (Cwlth) and Consumer Credit (Victoria) Act 1995
      10. Cheques Act
      11. Financial Services Reform Act
      12. Superannuation Industry (Supervision) Act
      13. Australian Prudential Regulation Authority Act 1998
      14. Australian Securities and Investments Commission Act 2001
      15. Financial Management and Accountability Act 1997
      16. Financial Sector (Shareholding) Act 1998
      17. National Credit Act
      18. Payment Systems and Netting Act 1998
      19. Australian Corporations Act 2004
      20. Australian Taxation Act
    2. Organisational policy, procedures, guidelines and authorities related to risk management (you may need to determine the performance targets of the organisations capacity to assess and accept risk)
      1. Performance targets may be related to:
        1. Compliance with legislation and regulations
        2. Consistency of the application of risk assessments
        3. Compliance with organisational policies and procedures
        4. Risk mitigation figures
        5. Levels of risk that are undertaken by the organisation
        6. Percentages of risk undertaken
        7. Strategy application for risk management
    3. Relevant risks, including the high and low hazard financial and legislative risk areas. (you will need to access the Australian risk management standards to complete this section)
      1. Areas that are considered to be low risk will have been assessed to have:
        1. Minimal risk exposure
        2. Be compliant with current market conditions
        3. Within the organisations accepted level of exposure
      2. As high hazard risk areas are those that may result in:
        1. Breaches in compliance
        2. Financial loss
        3. Loss of market sector
        4. Loss of other resources
        5. Damage to public relations
        6. A range of other high risks
    4. Actuarial and financial principles and processes related to risk exposure strategies
    5. Relevant industry hazards
      1. Within the financial industry there are a range of different industry hazards and specific risk exposures that may be related to a range of business activities including:
        1. Financial
        2. Business continuity
        3. External
        4. Internal
        5. Marketplace
    6. Relevant risk exposures and an evaluation of those risks and hazards (you will need to identify your organisation’s business risk elements and control risk elements)
      1. Risks that products and services may cause may include:
        1. Financial
        2. Inability to recoup monies spent
        3. Organisational image
        4. Public relations
        5. Compliance issues
    7. Determine compliance factors and requirements
    8. Develop appropriate risk mitigation strategies
    9. Establish the risk assessment criteria
  4. To perform these tasks you will need to identify and collate all up-to-date information in a form that is suitable for analysis and then begin a review on this information.
  5. You will need to consider the known exposure factors and evaluate the risk acceptability factors within the context of mitigating capabilities and organisational requirements.
  6. Once you have done this you will need to:
    1. Develop risk acceptance and rejection criteria
      1. Risk acceptance and rejection criteria will be based on:
        1. Level of Risk: The potential of a negative outcome occurring.
        2. Magnitude: The word magnitude in relation to financial risk speaks to the size and extent of the financial risk to the organisation.
        3. Volatility: The word volatility in relation to financial risk speaks to the level of uncertainty and amount of likelihood to change and by how much the risk is likely to change.
      2. It is essential to ensure that a range of strict terms and conditions are created for the risk acceptance of risk factors that are deemed to be high risk and these may include:
        1. Strict risk assessment procedures
        2. Obtaining legal advice
        3. Parameters of risk acceptance
        4. Variables that are acceptable
        5. Variables that are not acceptable
        6. Approvals processes
        7. Information collection processes
        8. Compliance procedures
        9. Mapping of legislative and regulatory requirements
        10. Careful design of contingency plans
        11. Roles and responsibilities
        12. Accountability practices
        13. Percentages and variants of risk
        14. Practices for diversifying risk
    2. Identify high and low hazard financial and legislative risk areas
    3. Develop appropriate risk mitigation strategies which may include:
      1. Policies and procedures change
      2. Change management strategies
      3. Implementation of contingency plans
      4. Altering actions to make up for damages causes by risks
  7. It will then be necessary to document a clear outline of the risk acceptance strategy including:
    1. Purpose of the risk acceptance strategy
    2. Guidelines of the strategy
    3. Purpose of risk acceptance criteria
    4. Management structure of the framework
    5. Related policies
    6. Related action plans
    7. Related procedures
    8. Information related to how the risk acceptance strategy will be made accountable
    9. Resources
    10. Templates
    11. Reporting structure
    12. Recording structure
    13. Learning and development opportunities
    14. Review and monitoring structure
  8. Then you will need to get feedback on and finalised the risk acceptance criteria. If you are not in a workplace you will need to ask your trainer/assessor to give you feedback on your work.
  9. To complete this assessment you will require access to the following:
    1. Office equipment, technology, software and consumables
    2. Relevant legislation, regulations and codes of practice
    3. Relevant Australian standards relating to risk management
    4. Organisational and industry risk management documentation

Question 2

For this assessment you will need to use the risk management strategy you have developed and think about how you would implement it.

  1. Now it is time to develop an implementation plan. Your will need to include:
    1. Management of the implementation strategy
    2. Monitoring methods
    3. Evaluation methods
  2. In this strategy you will need to plan for the implementation which means deciding on a few things. To help you do this you should develop a work breakdown structure (WBS). Your work breakdown structure should include:
    1. Project management requirements
    2. Assessing Project Risk
    3. Resources management
    4. Performance Management and tracking
    5. Project financial management
    6. Resource Acquisition
    7. Budgets and financial management
    8. Project schedule and timeline
    9. Continual improvement management for the project life cycle
  3. You will need to identify the resources your need for this task in the above section so make sure you identify all of them. These resources may include:
    1. Human Resources: This encompasses the skills, experience and knowledge as well as the time that they put in, the business owners time will be calculated in this category as well.
    2. Financial: Shares, Cash, and any other financial resources
    3. Technological: these are the processes and systems or physical technological items and equipment such as specially designed software and information management systems.
    4. Physical: this encompasses all tangible physical assets such as equipment, supplies, buildings and office space.
    5. Reputation: this includes the perceptions of the organisation and can be measured by marketing and public relations budgets that may need to be up kept in order to maintain this.
  4. Then you will need to develop procedures for staff members outlining the information and requirements for implementing the strategy. These procedures/action plans may include:
    1. Financial plans
    2. Promotional strategies
    3. Resource requirements
    4. Risk management issues and strategies
    5. Specific actions, initiatives and tasks to be undertaken
    6. Staffing/responsibility requirements and arrangements
    7. Time lines
    8. Communication strategy
  5. The next step is to write a presentation for staff members. This may include:
    1. Presentation book
    2. PPT slides
    3. Handouts
  6. In a short report you will need to outline how you would monitor and evaluate the implementation if the risk management strategy in your workplace. This will include meetings and reviews and should indicate timelines for these meetings and reviews. These meetings should incorporate gathering of feedback so a feedback form should be developed now for this.

Once you have completed this assessment you will need to collate all the information you have developed and submit it to your assessor. Please ensure you go through both written activity 1 and 2 again to ensure you have completed all aspects of this assessment.


Question 3

For this assessment you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format. Each task must be 1000 words minimum in length.

Task 1

Your task is to choose 1 person who could be employed by your company and complete the following:

  1. Allocate their work load and tasks (please discuss their roles and their performance measures for at least 3 tasks)
  2. Then you are to discuss how you would assess their performance for each of the listed tasks and discuss the measures used to assess
  3. Then you are to discuss how you would manage follow up discussing all aspects from developing a performance improvement plan to termination

Task 2

For this task you must research and answer each of the following questions in your own words:

  1. Outline relevant legislative and regulatory requirements
  2. Outline relevant awards and certified agreements
  3. Explain performance measurement systems utilised within the organisation
  4. Explain unlawful dismissal rules and due process
  5. Describe staff development options and information

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Question 4

For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format. Each task must be 1000 words minimum in length.

If you are not currently working, please discuss Task 1 and 2 in relation to a position you have previously held or your preferred job role.

Task 1 and 2 are to be completed in conjunction with the Observation Activity.

Task 1

  1. Your task is to develop your own plan to meet at least four goals of your job role including the following:
    1. Establish your personal work goals/career objectives in relation to your position description
    2. Set the plan and for each goal discuss how you will meet your work priorities
    3. Discuss how you will develop and maintain your professional competence

To establish and set your goals you could use the following template or alternatively you can create your own. You may want to use a diary (either paper or electronic) to enter your goals for work.

Task 2

  1. You are to then complete a personal development plan for your development in relation to your job role. The “Personal Development Plan Template” below will assist you with this task or you can create your own. There is an example of a completed personal development plan provided for you.
  2. Both completed templates must be submitted as part of your assessment for this unit.
COMPANY NAME
GOAL PLANNING TEMPLATE
Employee Name:
Employee ID:
Job Title:Department:
Manager:
Date:Review Period: to

INSTRUCTIONS

Goals should always be: S – Specific M – Measurable A – Achievable R – Realistic T – Time Bound

  1. Goal/Objective. Briefly describe each goal/objective and when the goal/objective should be met or accomplished.
  2. Measurement. How will the goal/objective be evaluated? (Use quantitative measures such as % or dollar increase in revenue or market share and/or use qualitative measures which are descriptive of criteria.)
  3. Importance. Rank the goal as Essential, Important, or Desirable as follows:
    Essential – required for job performance
    Important – helpful for job performance
    Desirable – asset for job performance
    1ST GOAL/OBJECTIVE
    Description:
    Measurement:
    Importance: Essential Important Desirable
    
2ND GOAL/OBJECTIVE
    Description:
    Measurement:
    Importance: Essential Important Desirable
    
3RD GOAL/OBJECTIVE
    Description:
    Measurement:
    Importance: Essential Important Desirable
    
4TH GOAL/OBJECTIVE
    Description:
    Measurement:
    Importance: Essential Important Desirable
    

Personal Development Plan Template

Task 3

For this task you must research each of the following topics and complete a basic report on your findings. The research topics are:

  1. Principles and techniques involved in the management and organisation of:
    1. performance measurement
    2. personal behaviour, self-awareness and personality traits identification
    3. a personal development plan
    4. personal goal setting
    5. Time
  2. Outline your organisation’s policies, plans and procedures relating to work priorities and professional development.
  3. Types of learning style/s and how they relate to the individual
.