Complete the following individually as per the instructions from your facilitator:
7.1 Explain what is meant by the following terms related to risk management:
Mitigation
Avoidance
Elimination
Acceptance
7.2 How do you minimise risk to property in your business unit? Give three examples.
7.3 How do you manage risk to income? Give a short description of at least three of the ways in which you implement cost-cutting in your business unit.
7.4 Explain how your organisation protects and enhances its reputation among employees and the community. What could damage your organisation’s reputation in the community? Describe a scenario that could or has happened
7.5 Identify the “people assets” in your organisation and list five risks to the people in your organisation
7.6 In your groups draw up a contingency plan for one of the risks you identified in previous activities in accordance with the organisation’s policies and procedures:
Step 1: Risk Management Planning
Step 2: Risk Identification
Step 3: Risk Probability
Step 4: Risk Response Plan
Step 5: Risk Monitoring and Control
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.
Grading can be reviewed and adjusted.
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