BSBRSK501 Manage Risk Assessment

BSBRSK501 Manage Risk Assessment 

1.    As a manager, what control measures do you need to establish to safeguard organisation’s financial resources in accordance with legislative and organisational requirements? 

2.    As part of a manager’s role, you need to understand how to calculate statutory and voluntary deductions using government and employee documentation.  Please ensure as part of your answer that you give a minimum of 4 example descriptions of deductions such as Medicare, HELP, Child Support etc. 

 3.    What do you need to consider when providing payroll data to payroll processor for calculation within designated timelines?  You will need to include a brief explanation on each of the elements e.g. Prepare a payroll register; Key organisational timelines; Fringe benefits tax; Other payroll deadlines including ATO, TFN declaration, PAYG withholding; Employment termination payments; Employer superannuation contributions; and Business Activity statement (BAS). 

4.    Expand on how you check the payroll and authorise salaries and wages for payment in accordance with organisational policy and procedures. 

5.    How do you deal with salary, wage and related enquiries in accordance with organisational policy and procedures? Please ensure you include an explanation on legislative requirements, methods of handling inquiries, communicating appropriately, the resources to handle inquiries and support from the ATO including the online tax calculator. 

6.    Describe how you would calculate and transcribe group tax amounts and make payments in accordance with taxation procedures.  Ensure you provide an explanation on how to calculate PAYG withholding; the weekly tax table, and how to calculate tax offsets, FBT, HELP debt tax and financial supplement debt tax. 

7.      Explain how and the procedures to reconcile total wages for pay period, check, and correct irregularities and refer to designated persons for resolution. 

8.       Explain at least 2 difference methods that can be used to pay employees. You are also required to describe where to find information about payments in an organisation and the records that correspond to different payment methods. 

9.      If you work as the payroll officer for ABC Company and you are a part-time staff member. At the end of each week, you prepare the payroll register using the time sheets provided by the management and information can be found on each employee’s history card. After the payroll register is reconciled, you also prepare the pay advice slips and write up and sign the cheque. Please outline the relevant organisational policies and procedures and explain:

the faults in these steps.

when the normal deadline is to receive all the pay details 

10.  Assume there are 8 full time employees and 18 casual employees in ABC Company. You are required to complete payroll manually each work and all employees are paid in cash. The previous payroll officer has left you with employee history cards, earning records and payroll records relating to the current financial year. The office is too small, so all the previous payrolls records have been shredded. All full-time employees work a 38-hour week and are only required to complete a time sheet when working overtime. Casual employees must complete a time sheet for all hours worked. Please identify 3 problems and provide your recommendations. 

11.  Identify the key provisions of relevant legislation standards and codes that may affect payroll operations.  

12.  List and explain at least 2 different types of payroll systems

BSBFIA302

ASSESSMENT 2: Role Play 

Instructions:

You work as a sole payroll officer for ABC Company and the organisation has 1 finance manager. He checks and authorises your work. Your assessor will act as an employee. He/ she will ask some typical employee enquires about the payroll below. When answer each question, you need to answer the question, explain what actions you need to take and explain whether it is necessary to take some further actions. During the role pay, you assessor will observe your skills below:

-          respond to payroll enquires in accordance with organisational and legislative requirements

-          provide information in accordance with organisational and legislative requirements

-          ensure all enquires outside area of responsibility and knowledge are referred to designated persons for resolution

-          complete additional information or follow up action within designated timelines in accordance with organisational policy and procedures

-          explain issues clearly using terminology and tone appropriate to audience

-          use questioning and listening skills in verbal exchanges to clarify information

-          collaborate with your assessor to successfully solve all the enquires or provide guidance to refer to designated persons for resolution

Enquires:

1.      I need to change my bank account details.

2.      When to pay my superannuation?

3.      What is salary packaging? Can I arrange for it?

4.      Can I change the amount of tax I am paying? 

BSBRSK501 Manage Risk Assessment 

Assessment 2: Case Study

ABC Company directors are currently reviewing ABC’s approach to risk management and are seeking some information to support their review. Your Business Operations Manager need you to prepare a report on the current risk context and the organisation’s ability to address these risks. This will require you to gather, analyse and interpret information from a range of resources. Read the background information provided below to learn more about the context of what is required.

Background information

ABC Company’s business has been good, but management is always wary of risks on the horizon, especially given the situation during the past 3 months. Over this period, there have been significant international, national and organisational incidents that have affected the business.

On the international front, 5 key suppliers of our top-selling range of products have received global condemnation about using toxic or banned chemicals in their products and polluting the environment through their unsustainable production methods. Floods have affected some Asian suppliers, so that the manufacture and transport of numerous top-selling lines has been interrupted for the past 3 months. This is affecting online sales.

On the national front, Australian consumers are spending less due to the uncertain global financial situation and rumours of government tax increases that are likely to decrease household disposable incomes. Furthermore, there has been recent political uncertainty with leadership challenges and allegation of condition. These issues and the implementing federal election are leading customers, businesses and investors to take a wait-and-watch approach. Federal consumer legislation was introduced, so there is a need for all states to be brought up to date, especially with increased consumer knowledge or rights such as the product safety law. Uniform WHS laws have also been introduced by most of the states.

There are some issues arising within the organisation. There has been an increase in complaints from consumers about online purchasing and allegations that confidential customer information is being passed on to other companies. Customers have complained that the company website and online purchasing links have problems. There is also rising social media pressure about claims that ABC’s major suppliers use sweatshops, child labour and manufacturing processes that cause environment destruction.

Information systems and warehousing/ logistic systems are more than 10 years old. Management is contemplating downsizing and adopting rigorous budgetary cuts across all sections of the organisation. Staff morale has dropped, with many conflicts between staff and complaints about hours worked and lack of training.

You are required to complete the tasks below:

1.       Prepare a report.

a)      Summarise the key risks facing the organisation and list them under the following scope headings: political, economic, social, legal, technological and policy

b)      Review and list the organisation’s current policies and procedures that relate to the risk context in accordance with current risk management standards

c)       Identify links between the current risks and the organisation’s stated ethos

d)      List examples of legislation, regulations, standards and codes that are relevant to the current situation

e)      List the key stakeholders who should be involved in the risk management process. Where possible, indicate which stakeholders should be consulted about specific risks

f)       Indicate the key stakeholders you will need to gain support from for this risk management process to be successful

g)      Use the information you have gathered to complete a risk management plan using the available template 

2.       Review the information you gathered. In a new document, write a summary of:

a)      The strengths and weaknesses of the existing arrangements to adequately address the identified risks

b)      Critical success factors that will ensure the risks are addressed

c)       Identify at least 2 strategies you will use to consult with stakeholders to identify and assess risks, invite participation and explain the risk management processes

d)      Other possible sources of data (at least 2) that may apply to the scope of this project; for example, market research, information from other businesses 

3.       Provide an analysis of each risk you have identified. Reorder the risks in terms of priority, from highest to lowest. 

4.       Using the content of the report, prepare a presentation for ABC’s senior managers (your classmates and assessor). The CEO has stipulated that she wants the presentation to cover how the risk management process will be implemented, monitored and evaluated. Use slide presentation software to development the presentation and include the following:

a)      A list of options commonly used in risk treatment processes

b)      The most appropriate options for treating each of the identified risks and priorities

c)       A proposed action plan to treat the identified risks, including:

-        What actions are required

-        Who is taking responsibility

-        Time lines

-        The monitoring process

-        A proposed folder structure for storing information relevant to the risk management process

-        Key factors in implementing, monitoring and evaluating the risk treatment action plan

d)      Answer senior managers’ questions during your presentation and adjust your report according to feedback

5.       Prepare a report for ABC’s senior managers on how the action plan will be implemented, monitored and evaluated. The report should use the following headings:

·         Implementation strategy

·         Monitoring strategy

·         Evaluating strategy

The Complete Question See Below