BSBESB402
Establish legal and risk management requirements of new business ventures
In this course, you will learn about.
Understanding Risk Management: This heading refers to the concept and process of managing risks within a project or organizational context. It involves identifying potential risks, analyzing their potential impact, and implementing strategies to mitigate or control those risks.
Identify Project Risks: This heading signifies the initial step in the risk management process, which involves identifying and recognizing potential risks that may affect a project's objectives, outcomes, or success. It requires a thorough examination of various factors, such as project scope, stakeholders, external influences, and internal processes, to identify potential risks.
The Australian Consumer Law: The Australian Consumer Law (ACL) is a set of rules and regulations that govern consumer protection and fair trading practices in Australia. It outlines the rights and responsibilities of consumers and businesses and provides a legal framework for addressing consumer complaints, product safety, and fair competition.
What is Non-compliance? Non-compliance refers to the failure or inability of an individual or organization to adhere to established rules, regulations, laws, or standards. In the context of risk management, non-compliance with relevant laws, regulations, or internal policies can lead to increased risks and potential legal or financial consequences.
Analyze Project Risks: Once project risks are identified, the next step is to analyze them in detail. This involves assessing the likelihood and potential impact of each risk, evaluating their interdependencies, and prioritizing them based on their significance and severity. The analysis helps in understanding the potential consequences of risks and informs the development of appropriate risk management strategies.
Establish Risk Treatments and Controls: After analyzing project risks, risk treatments and controls are established. This involves developing strategies and measures to mitigate or manage identified risks. Risk treatments can include risk avoidance, risk transfer, risk reduction, or risk acceptance. Controls are mechanisms or procedures put in place to monitor, minimize, or eliminate risks and ensure that they are effectively managed throughout the project lifecycle.
Monitor and Control Project Risks: This heading refers to the ongoing process of monitoring and controlling project risks throughout the project's execution. It involves regular assessment of identified risks, tracking their status and changes, implementing risk mitigation measures, and making necessary adjustments to ensure that risks are effectively managed and controlled.
Assess Risk Management Outcomes: Assessing risk management outcomes involves evaluating the effectiveness and success of the implemented risk management strategies. This assessment helps in determining whether the identified risks were appropriately managed, whether the implemented controls were effective, and whether the desired project outcomes were achieved. It provides insights for future improvements in risk management practices and informs decision-making processes.