Risk Management and Techniques for Identifying and Evaluating Risks (Coursework Sample)

Assessment Task 1- Written Questions
Answer the following questions.
1 Is risk management a legal requirement for businesses?
Yes, Risk management is a legal requirement in Australia for business. In general, businesses have a legal obligation to identify, assess, and manage risks associated with their operations and activities to ensure the safety of employees, customers, and the general public. Failure to manage risks adequately can result in legal liability, financial losses, damage to reputation, and loss of business.
What are the possible legislations relevant to organisational risk management?
There are several pieces of legislation relevant to organisational risk management in Australia, including:
* Work Health and Safety Act 2011: This legislation sets out the duties of businesses to provide a safe work environment for their employees, including identifying and managing workplace hazards and risks.
* Australian Consumer Law: This legislation sets out consumer protection laws that businesses must comply with, including requirements to disclose product safety risks and to recall unsafe products.
* Corporations Act 2001: This legislation sets out the duties of directors and officers of companies, including the obligation to exercise due care and diligence in managing the risks associated with the company's operations.
* Privacy Act 1988: This legislation regulates the handling of personal information by businesses and requires them to manage the risks associated with data breaches and other privacy-related incidents.
* Environmental Protection and Biodiversity Conservation Act 1999: This legislation sets out the requirements for businesses to manage the risks