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This assignment asks you to draw on your learnings from the unit to demonstrate
This assignment asks you to draw on your learnings from the unit to demonstrate that you can effectively analyse hazard risks and risk responses; use bowtie analysis; analyse risk prevention plus cost containment along with mitigation strategies; understand and formulate business continuity plans and processes; control for financial risks; and understand the importance of internal organisational risk culture. Ultimately, you will communicate all of these learnings in the form of your report.
For this assignment, you must adhere to the following report structure:
Title page
Table of contents
Executive summary
Main discussion (please see further details below)
References
Appendices (only if required).
Within your main discussion, you will need to include three sections:
The first section assesses your knowledge about risk responses to hazard risks with the use of a bowtie analysis to focus on before, during and after responses.
The second section aims to evaluate your understanding of concepts of business continuity using a business continuity planning model, plus an understanding of the importance of planning for business continuity.
The third section assesses your analysis of financial hazard risk controls, and how to implement them. You are also asked to consider the effect of internal culture and how a poor internal culture may lead to internal fraud.
Section 1 (approximately 750 words)
You are the new risk manager based at a rural university campus called Alpha University in Victoria. Due to its rural bush setting, bushfires are an ongoing major threat to the campus. You are required to:
Create a bowtie diagram (see Figure 16.2 Bowtie and types of controlsLinks to an external site. (Hopkin, 2018, p. 185) from your eText) for this risk source (ie: bushfire) and detail in descriiptive analysis below your bowtie diagram of how you will:
– prevent bushfire risks and associated losses before they happen (Loss prevention)
-reduce loss or damage during a bushfire event (damage limitation), and
contain costs after there is a bushfire (cost containment).
Use academic, practitioner or quality expert literature to help justify your above analyses (minimum three references).
Section 2 (approximately 750 words)
Unfortunately, weather reports indicate that the Alpha University campus is about to be flooded sometime in the coming week.
Using all five elements of the model for business continuity planning (BCP) from Figure 18.2 Model for business continuity planningLinks to an external site. (Hopkin, 2018, p. 207) of your eText to formulate a business continuity plan for Alpha University’s campus based on the specific oncoming threat of flooding.
Provide a brief justification to the Chief Operations Officer of Alpha University why you believe BCP is very important.
Use academic, practitioner or quality expert literature to help justify your above analyses (minimum three references).
Section 3 (approximately 1000 words)
It has come to your attention that there has been some internal fraud on-campus at Alpha University. You discover that two staff in the Accounts department have been paying money into their own bank accounts based on paying false invoices they fraudulently created. You discover a large number of false invoices that detail companies that do not exist for work that was never done for Alpha University. This fraud has been carried out over the past four years and payments based on these false invoices now amount to $50,000 each stolen by these two staff members.
What are some of the hazard risk controls specifically related to fraud you can implement to prevent/detect/correct/minimise this type of fraud? Please provide some detail against each fraud-minimising method you use. Refer to Control of financial risksLinks to an external site. (Hopkin, 2018, pp. 270–271) from your eText for information.
Describe briefly how a poor internal culture related to risk management may have influenced and led to this fraudulent behaviour. Refer to Steps to successful risk managementLinks to an external site. (Hopkin, 2018, pp. 286–288) from your eText for information.
Use academic, practitioner or quality expert literature to help justify your above analyses (minimum three references).
Text book: Hopkin, P. (2018). Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. (5th ed). Kogan Page.
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