BSR654 Risk Management UITM Assignment Sample Malaysia

The BSR654 Risk Management course is designed to provide students with a comprehensive understanding of risk management principles and practices. The course covers a wide range of topics, including risk identification and assessment, risk control and mitigation, and risk financing. The course also includes a review of the major theories of risk management and their application to real-world situations.

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Assignment Brief 1: Explain the essential principles and components of risk management in an organisation.

Risk management is a critical process in any organization as it helps in identifying, assessing, and mitigating potential risks that can affect the organization’s objectives. The essential principles and components of risk management in an organization include:

  1. Risk Identification: The first step in risk management is to identify the potential risks that the organization might face. This includes both internal and external risks that can impact the organization’s objectives.
  2. Risk Assessment: Once the risks have been identified, the next step is to assess the likelihood and impact of each risk. This helps in determining the level of risk exposure and the severity of the risk if it occurs.
  3. Risk Mitigation: After assessing the risks, the organization needs to develop a plan to mitigate or minimize the impact of the risk. This involves implementing measures that reduce the likelihood of the risk occurring or the severity of its impact.
  4. Risk Monitoring: Risk monitoring is an ongoing process that involves tracking and reviewing the effectiveness of the risk management plan. This helps in identifying any new risks that may emerge and modifying the risk management plan accordingly.
  5. Risk Communication: Risk communication is an essential component of risk management as it involves sharing information about the identified risks and the risk management plan with stakeholders, including employees, customers, shareholders, and regulators.
  6. Risk Culture: Finally, a strong risk culture is essential for effective risk management. This involves creating an organizational culture that encourages open communication, risk awareness, and continuous improvement.

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Assignment Brief 2: Show the risks face by an organisation and explain various risk control measures used in construction sector.

Organizations face numerous risks in the construction sector. These risks can be broadly categorized into three categories:

  1. Financial Risks: These risks arise from financial uncertainty, including cost overruns, inflation, interest rates, exchange rates, and credit risks.
  2. Operational Risks: These risks arise from a company’s operational activities, such as safety risks, supply chain disruptions, equipment failures, and project delays.
  3. Legal and Regulatory Risks: These risks arise from regulatory and legal requirements, such as permits and licenses, environmental regulations, zoning laws, and safety standards.

To control these risks, various risk control measures can be used in the construction sector, including:

  1. Risk Assessment: Conducting a comprehensive risk assessment to identify potential risks and their likelihood of occurrence. This enables the organization to develop strategies to mitigate the risks.
  2. Contractual Risk Transfer: This involves transferring risks to another party through contracts, such as indemnification clauses, insurance policies, and performance guarantees.
  3. Safety Management Systems: Implementing safety management systems to prevent accidents, injuries, and fatalities on construction sites. This includes regular safety training, safety audits, and safety protocols.
  4. Quality Assurance/Quality Control: Implementing quality assurance and quality control measures to ensure that the project meets the required standards and specifications. This includes quality control checks, quality assurance audits, and testing.
  5. Project Management: Implementing effective project management practices to ensure that the project is delivered on time, within budget, and to the required quality standards. This includes project planning, scheduling, and monitoring.
  6. Insurance: Purchasing insurance policies, such as property insurance, liability insurance, and workers’ compensation insurance, to protect against potential losses.
  7. Risk Monitoring and Control: Monitoring and controlling risks throughout the project lifecycle to ensure that the risk management plan is effective and that risks are being mitigated in a timely manner. This includes regular risk assessments and risk management reviews.

Assignment Brief 3: Elaborate the Building Surveyor’s roles and responsibilities in risk management in making right decision in protecting organisational business, facilities and people in the construction industry.

Building surveyors play a critical role in risk management in the construction industry. They are responsible for ensuring that buildings and facilities are safe and compliant with applicable laws, regulations, and standards. In addition, they also help to protect organizational business, facilities, and people by identifying and managing risks related to construction projects.

The roles and responsibilities of a building surveyor in risk management can be broadly divided into three main areas: assessment, analysis, and management.

Assessment: The first step in managing risk is to identify and assess potential hazards. Building surveyors are responsible for conducting thorough inspections of buildings and facilities to identify any potential risks or hazards that could pose a threat to people or property. They also review construction plans, specifications, and contracts to ensure that all requirements are being met and that risks are being adequately addressed.

Analysis: Once potential risks have been identified, building surveyors must analyze and evaluate them to determine their severity and likelihood of occurrence. This involves reviewing data, conducting research, and consulting with other experts as needed to fully understand the nature and scope of the risks.

Management: The final step in risk management is to develop and implement effective strategies for managing and mitigating risks. Building surveyors work closely with other stakeholders in the construction process to develop risk management plans and ensure that they are being followed. They also monitor ongoing construction activities to identify any new risks or hazards that may arise and take appropriate action to address them.

In addition to these core responsibilities, building surveyors may also be involved in other aspects of risk management, such as insurance, compliance, and emergency planning. For example, they may help to develop emergency response plans to ensure that people are safely evacuated in the event of a fire, natural disaster, or other emergency.

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