Assignment Task 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.
Question 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:
a. Analyze the risk factors for financial investment and insurance products in that service
b. Determine the appropriate risk exposure management strategies
c. Communicate these strategies to relevant staff and intermediaries
d. Personally manage the risk assessment strategies
Question 2: This assessment is aimed at setting a strategy for portfolio managers, including what types of business will be targeted and not targeted.
Question 3: In your strategy you will need to consider the following before you develop the risk management strategy:
a. All relevant legislation, standards, regulatory guidelines and industry sector compliance requirements. For example:
i. Insurance Act 1873
ii. Insurance contracts Act 1984
iii. Corporations Act 2001
iv. The Australian Banking Association Code of Practice
v. ASICS finance related consumer protection regulations and licensing regulations and restrictions for financial services providers
vi. Com Law - for all other Finance Related Legislation
vii. Financial Transaction Reports Act 1988 (Cwlth)
viii. Anti-Money Laundering and counter-Terrorism Financing Act 2006 (Cwlth) (AML/CTF Act)
ix. Credit Act 1985 (Cwlth) and Consumer Credit (Victoria) Act 1995
x. Cheques Act
xi. Financial Services Reform Act
xii. Superannuation Industry (Supervision) Act
xiii. Australian Prudential Regulation Authority Act 1998
xiv. Australian Securities and Investments Commission Act 2001
xv. Financial Management and Accountability Act 1997
xvi. Financial Sector (Shareholding) Act 1998
xvii. National Credit Act
xviii. Payment Systems and Netting Act 1998
xix. Australian Corporations Act 2004
xx. Australian Taxation Act
b. 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)
i. Performance targets may be related to:
- Compliance with legislation and regulations
- Consistency of the application of risk assessments
- Compliance with organisational policies and procedures
- Risk mitigation figures
- Levels of risk that are undertaken by the organisation
- Percentages of risk undertaken
- Strategy application for risk management
c. 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)
i. Areas that are considered to be low risk will have been assessed to have:
- Minimal risk exposure
- Be compliant with current market conditions
- Within the organisations accepted level of exposure
ii. As high hazard risk areas are those that may result in:
- Breaches in compliance
- Financial loss
- Loss of market sector
- Loss of other resources
- Damage to public relations
- A range of other high risks
d. Actuarial and financial principles and processes related to risk exposure strategies
e. Relevant industry hazards
i. 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:
- Financial
- Business continuity
- External
- Internal
- Marketplace
f. Relevant risk exposures and an evaluation of those risks and hazards (you will need to identify your organization's business risk elements and control risk elements)
i. Risks that products and services may cause may include:
- Financial
- Inability to recoup monies spent
- Organisational image
- Public relations
- Compliance issues
g. Determine compliance factors and requirements
h. Develop appropriate risk mitigation strategies
i. Establish the risk assessment criteria
Question 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.
Question 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.
Question 6: Once you have done this you will need to:
a. Develop risk acceptance and rejection criteria
i. Risk acceptance and rejection criteria will be based on:
Level of Risk: The potential of a negative outcome occurring.
Magnitude: The word magnitude in relation to financial risk speaks to the size and extent of the financial risk to the organisation.
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.
ii. 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:
- Strict risk assessment procedures
- Obtaining legal advice
- Parameters of risk acceptance
- Variables that are acceptable
- Variables that are not acceptable
- Approvals processes
- Information collection processes
- Compliance procedures
- Mapping of legislative and regulatory requirements
- Careful design of contingency plans
- Roles and responsibilities
- Accountability practices
- Percentages and variants of risk
- Practices for diversifying risk
b. Identify high and low hazard financial and legislative risk areas
c. Develop appropriate risk mitigation strategies which may include:
i. Policies and procedures change
ii. Change management strategies
iii. Implementation of contingency plans
iv. Altering actions to make up for damages causes by risks
Question 7: It will then be necessary to document a clear outline of the risk acceptance strategy including:
a. Purpose of the risk acceptance strategy
b. Guidelines of the strategy
c. Purpose of risk acceptance criteria
d. Management structure of the framework
e. Related policies
f. Related action plans
g. Related procedures
h. Information related to how the risk acceptance strategy will be made accountable
i. Resources
j. Templates
k. Reporting structure
l. Recording structure
m. Learning and development opportunities
n. Review and monitoring structure
Question 8: Then you will need to get feedback on and finalized 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.
Question 9: To complete this assessment you will require access to the following:
a. Office equipment, technology, software and consumables
b. Relevant legislation, regulations and codes of practice
c. Relevant Australian standards relating to risk management
d. Organisational and industry risk management documentation
Assignment Task 2: Written Activity
For this assessment you will need to use the risk management strategy you have developed and think about how you would implement it.
Question 1: Now it is time to develop an implementation plan. Your will need to include:
a. Management of the implementation strategy
b. Monitoring methods
c. Evaluation methods
Question 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:
a. Project management requirements
b. Assessing Project Risk
c. Resources management
d. Performance Management and tracking
e. Project financial management
f. Resource Acquisition
g. Budgets and financial management
h. Project schedule and timeline
i. Continual improvement management for the project life cycle
Question 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:
a. 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.
b. Financial: Shares, Cash, and any other financial resources
c. Technological: these are the processes and systems or physical technological items and equipment such as specially designed software and information management systems.
d. Physical: this encompasses all tangible physical assets such as equipment, supplies, buildings and office space.
e. 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.
Question 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:
a. Financial plans
b. Promotional strategies
c. Resource requirements
d. Risk management issues and strategies
e. Specific actions, initiatives and tasks to be undertaken
f. Staffing/responsibility requirements and arrangements
g. Time lines
h. Communication strategy
Question 5: The next step is to write a presentation for staff members. This may include:
a. Presentation book
b. PPT slides
c. Handouts
Question 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.
Assignment Task 3: Research Task
To complete this task, you are to research the risk issues, management and tolerance and options for risk management and answer the following questions.
Question 1: What will risk acceptance and rejection criteria be based on?
Question 2: What are the eleven principles of risk management?
Question 3: What is actuarial analysis?
Question 4: What tools can be used to measure benchmarks or performance targets? List eight
Question 5: There are a large range of potential business risk elements that may impact on an organisation. List eight
Question 6: List and describe four sources of information that you might use when collating accurate, reliable and up-to-date information.
Question 7: Identify the relevant legislation and discuss the key pieces of it relating to one of the following:
a. Insurance contracts
b. Privacy
c. Consumer protection
d. Corporations law
Question 8: What is "mitigating capabilities"? Give one example
Question 9: What organisational factors impact on organisational requirements within an organisation in relation to risk acceptability factors? Briefly describe each
Question 10: What organisational information needs to be assessed in order to determine the risk acceptance requirements of an organisation?
Question 11: Risk acceptability factors vary according to what?
Question 12: What are governance structures, and what might they include?
Question 13: What terms and conditions are required for the risk acceptance of high risk factors? List five
Question 14: When documenting the outline of the risk assessment strategy, what will it be necessary to include?
Question 15: What methods might you use to collect feedback?
Question 16: What is a WBS, and what is it used for?
Question 17: Briefly describe the five main categories of resources.
Question 18: Action plans should include all of the relevant information required to set out and achieve a goal. What information should be included on an action plan?
Question 19: Outline the process for developing an effective communication plan.
Question 20: Why is it necessary to monitor a risk acceptance strategy?
Question 21: What is the purpose of evaluating a risk assessment strategy?
Question 22: What results will need to be documented in relation to reviews and evaluations processes?
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Attachment:- Manage Risk Exposure Strategies.rar