Diploma of Business - Risk Management - Written Assessment

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Written / Oral Questions 1 - What is the purpose of the standard known as AS/NZS ISO 31000:2009 Risk Management? The purpose of the standard known as AS/NZS ISO 31000:2009 is to provide principles and guidelines on effective risk management. ISO 31000 provides a universally accepted theorem for companies implementing risk management processes to replace currently implemented strategies that vary between industries. 2 - There are a number of key provisions of relevant legislation and regulations from all levels of government that that may affect aspects of business operations, such as: ◦duty of care ◦company law ◦contract law ◦environmental law ◦freedom of information ◦industrial relations law ◦privacy and confidentiality laws ◦legislation relevant to the organisation’s operations ◦legislation relevant to operation of a business entity ◦anti discrimination legislation ◦ethical principles ◦codes of practice ◦health and safety legislation Why is it necessary to have a working knowledge of the legislation involved in business? It is necessary to have a working knowledge of the legislation involved in business to ensure that the laws protecting consumers, suppliers & workers are implemented and complied by. Businesses are required to provide quality products & services in compliance with the law. Complete understanding and strict implementation of governing legislation will ensure that businesses are not at threat of prosecution and potential business closure, due to unforseen & unfortunate circumstances. Construct appropriate research to explain what duty of care means and how it applies in the workplace. To have a duty of care is to have a legal duty to take reasonable care to ensure the safety of others associated with the business or project. Identification of potential risks to others require the facilitators to assume reasonable

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