Exam (elaborations)
RSK4801 Assignment 04 2023 - Due 29/9/2023
- Course
- RSK4801 (RSK4801)
- Institution
- University Of South Africa (Unisa)
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RSK4801Assignment 4 2023
LATEST QUESTIONS
AND ANSWERS
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RSK4801 ASSIGNMENT 04 FOR 2023
Instructions:
- Consider the five questions below and answer ALL.
- Remember to submit your final document in PDF format on myUnisa.
- Please use Ariel 12 font and 1.5 line spacing to answer all the questions.
- Include page numbers on the document and answer the questions in sequence.
- All work should be referenced, including the prescribed textbook; insert a
reference list at the end of your document. Please do not use Wikipedia as a
reference, as this is not an academic source.
Question 1 (10 x
marks)
A sound risk management procedure is guaranteed by an operational risk policy,
which also aids in accomplishing organisational goals. Although the specifics of such
a policy vary from organisation to organisation, it should include certain concepts at
the very least. Briefly discuss five concepts that must be included in an operational
risk management policy.
A sound operational risk management policy is essential for ensuring the safety and
stability of an organization while also helping it achieve its goals. While the specific
details of such a policy may vary depending on the organization's industry, size, and
other factors, there are five fundamental concepts that should be included in any
operational risk management policy:
Risk Identification: The policy should outline a systematic process for identifying and
categorizing operational risks (Vicente, 2023). This involves recognizing potential risks
across various aspects of the organization, such as processes, systems, human
resources, and external factors.
Risk Assessment: A key component of operational risk management is assessing
the impact and likelihood of identified risks. The policy should describe how the
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