Recent Question/Assignment

Assessment Details
Qualification Code/Title Advanced Diploma of Accounting
Assessment Type Assessment -2- Project Time allowed
Due Date Location AHIC Term / Year
Unit of Competency
National Code/Title FNSRSK602- Determine and Manage Risk Exposers Strategies
Student Details
Student Name Student ID
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
Signature: ____________________________
Date: _____/______/__________
Assessor Details
Assessor’s Name
RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY
Feedback to student:
............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.
Signature: _______________________________
Date: ______/_______/___________
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Signature: ________________________________________
Date: ______/_______/___________

Instructions to the Candidates
? This assessment is to be completed according to the instructions given below in this document.
? Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.
? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
? Please refer to the College re-submission and re-sit policy for more information.
? If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
? Please read the Tasks carefully then complete all Tasks.
? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.
? This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.
? Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.
? This is Individual Assessments. Once you have completed the assessment, please upload the softcopy of the Assessment into AHIC Moodle.
? Plagiarism is copying someone else’s work and submitting it as your own. AHIC is using Turnitin software in Moodle to detect plagiarism. Any Plagiarism will result in a mark of Zero.

ASSESSMENT 2- PROJECT
Case Study
AJ McDonalds & Co Pty Ltd is an Accounting company recently established with its office located at 44 George Street, Sydney, 2000. Its board is composed of 7 directors responsible for overall supervision and management of the company.
Products & Services
The Company is planning to offer following services to its clients which would include corporate clients, trusts, partnerships and individuals:
• Financial & investment Planning
• Audit & assurance
• Internal audit outsourcing
• Tax Planning
• Seeking Private Rulings on specific tax issues
• Tax returns
Vision Statement of AJ McDonalds & Co Pty Ltd
“To be one of the best professional accounting and management consultancy company in Pacific region”
Mission Statement of AJ McDonalds & Co Pty Ltd
“Our mission is to provide a largest range of accounting, taxation, risk management and management consultancy to SME and large businesses and financial institutions in Pacific region, to also contribute towards increase in their shareholders’ value.
You have been appointed as Risk Management Officer of the company. The CEO has tasked you to develop a risk management strategy for the company and its implementation plan.
Meeting with CEO
You held a meeting with the CEO on the Risk Management strategy. You explained that it was not possible to have a totally risk-free environment. Many decisions involve managing risks according to the Company’s assessment of what constitutes an acceptable level of risk and its judgments about the costs and benefits of particular courses of action. CEO advised to prepare a risk matrix to assess the level of acceptable risk.
You also explained following objectives of Risk Management function in the company and sought his support to ensure that the objectives are achieved through a series of actions including strategy and implementation:
• ensure that the major risks faced by the Company are identified, understood and appropriately managed
• ensure that the Company’s planning and operational processes focus on areas where risk management is needed; and
• create an environment where Company staff take responsibility for identifying and managing risk.
You also explained that as a part of the strategy, Risk management phases like Risk avoidance, Risk transfer, Risk retention and Risk control will be effectively implemented.
Requirements of this Assessment:
You are required to prepare and submit following for this Assessment:
1. Minutes of the meeting with the CEO. Use attached template for the minutes.
2. Risk Management Strategy which should include following contents:
i. Write describe key Objectives of Risk management and features of organisational policy, procedures, guidelines and authorities related to risk management
ii. Outline the key organisational products and services, and associated risks and liability loss exposures
iii. Identify Risk Management process including identification, Assessment & evaluation, control and monitoring.
iv. Create Risk management matrix assuming at least three examples of risk and using following template:
Risk Likelihood Consequence Treatment Priority

v. Outline the key features of actuarial and financial principles and processes related to risk exposure strategies
vi. Discuss risk management phases i.e. Risk avoidance, Risk transfer, Risk retention and Risk control
vii. List at least one example of risk for financial industry like Political, Economy, social, technology, legal and environment (PESTLE)
viii. Develop risk acceptance criteria, identify high and low hazard financial and legislative risk areas, and develop appropriate risk mitigation strategies
ix. Identify and evaluate appropriate criteria for acceptance or rejection of risks using Australian risk management standards
x. Compare and contrast risk assessment and prevention methods, and application
xi. List Internal and external stake holders and communications methods
xii. Risk Management Committee
xiii. Principles of Risk Management listed in Australia New Zealand Standards AS/NZS/ISO31000:2009.
xiv. Legislation affecting business and related risks. Consider legislation like Corporations Act 2001, WHS Act, Credit Act 1985 (Cwlth) and Consumer Credit (Victoria) Act 1995, Financial Management and Accountability Act 1997 and Australian Taxation Act etc
xv. Describe the key features of industry sector compliance requirements
3. Provide an Implementation Plan for the Risk Management Strategy prepared in item 2 above. This may include following:
i) Risk register for the risks identified
ii) Responsible officials to manage identified risks
iii) Actions to manage risks
iv) Time frame to manage risks, if applicable
v) Review date
vi) Communication method

4. Discuss resources to be allocated and provide a budget for Risk Management Function.
5. How will you manage the implementation strategy to monitor, evaluate and check the effectiveness of the risk management strategy?
6. Describe what types of insurances you can use for the business as well as for the officials.
TEMPLATE FOR MINUTES OF MEETING WITH THE CEO
Date & time of meeting

Attendees
Matters discussed
Actions required

ASSESSMENT 2- ASSESSOR CHECKLIST
Did the Learner provide evidence of their ability to: Performance Criteria Meet
Yes No
Submitted minutes of the meeting with the CEO. Use attached template for the minutes ? ?
Write describe key Objectives of Risk management and features of organisational policy, procedures, guidelines and authorities related to risk management ? ?
Outline the key organisational products and services, and associated risks and liability loss exposures ? ?
Identify Risk Management process including identification, Assessment & evaluation, control and monitoring. ? ?
Create Risk management matrix assuming at least three examples of risk and using following template ? ?
Outline the key features of actuarial and financial principles and processes related to risk exposure strategies
? ?
Discuss risk management phases i.e. Risk avoidance, Risk transfer, Risk retention and Risk control ? ?
List at least one example of risk for financial industry like Political, Economy, social, technology, legal and environment (PESTLE) ? ?
Develop risk acceptance criteria, identify high and low hazard financial and legislative risk areas, and develop appropriate risk mitigation strategies
? ?
Identify and evaluate appropriate criteria for acceptance or rejection of risks using Australian risk management standards ? ?
Compare and contrast risk assessment and prevention methods, and application ? ?
List Internal and external stake holders and communications methods ? ?
Risk Management Committee ? ?
Principles of Risk Management listed in Australia New Zealand Standards AS/NZS/ISO31000:2009. ? ?
Legislation affecting business and related risks. Consider legislation like Corporations Act 2001, WHS Act, Credit Act 1985 (Cwlth) and Consumer Credit (Victoria) Act 1995, Financial Management and Accountability Act 1997 and Australian Taxation Act etc ? ?
Describe the key features of industry sector compliance requirements
? ?
Provide an Implementation Plan for the Risk Management Strategy prepared in item 2 above. This may include following:
i) Risk register for the risks identified
ii) Responsible officials to manage identified risks
iii) Actions to manage risks
iv) Time frame to manage risks, if applicable
v) Review date
vi) Communication method ? ?
Discuss resources to be allocated and provide a budget for Risk Management Function. ? ?
How will you manage the implementation strategy to monitor, evaluate and check the effectiveness of the risk management strategy? ? ?
Describe what types of insurances you can use for the business as well as for the officials. ? ?

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