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1.1 Critically appraise strategic risk within an organisational context

Unit CMI 708 Strategic Risk Management

KEY INFORMATION FOR LEARNERS

Overview of assessment tasks

Each task in this assessment brief has been developed to enable you to evidence achievement of the learning outcomes and assessment criteria for CMI 708: Strategic Risk Management. Each of the assessment criteria must gain a pass outcome for you to successfully achieve the unit.

Preparation for the assessment

• Before you begin the assessment brief please read the CMI 708 unit specifications thoroughly as only the content related to the achievement of the assessment criteria will be assessed.
• Research the topics being assessed. Suggested reading/web resources are provided on the CMI 708 unit specification. Your tutor may signpost you to relevant resources. Additionally, you may access excellent online resources at ManagementDirect https://members.md.cmi.org.uk/.
• If you are enrolled on the Trailblazer Apprenticeship programme you are encouraged to review the Senior Leader Master’s Degree Apprenticeship standard.
• The assessment brief contains a series of tasks which are clearly referenced to the relevant assessment criteria and indicative content.
• Refer to the Assessment Guidance Table at the end of the assessment brief which outlines the requirements for a Pass or Refer.
• Evidence must be provided in the evidence booklet. Additional work-based evidence such as plans or documentation (which has been referred to within the main text) should be included at the end of the booklet marked ‘Work Based Evidence’. Appendices are not a requirement of this assessment brief. If appendices are included these will not be marked or moderated by the CMI.
• Work based evidence must be accompanied by a supporting statement in the learner evidence box, to explain the link to the assessment criteria. Work based evidence (where required by the task) must not exceed SIX (6) pages. Files embedded in the booklet must not exceed 10MB.
• The evidence booklet must be completed in a professional manner (e.g. applying business conventions for writing formal reports) and by using Microsoft Word, Rich Text Format or another compatible software programme.
• An appropriate referencing system (such as Harvard Referencing) must be used to ensure the original source(s) of quotations or models can be verified.
• Finally, you must sign the Learner Authenticity statement (an electronic signature is accepted).

Completing the assessment brief

Learner support

For information regarding policies and procedures for assessment (e.g. special assessment arrangements, learner support, appeals, complaints, certification, confidentiality, plagiarism) you should contact your tutor or Centre manager and refer to the CMI Level 7 in Strategic Management and Leadership Practice.

INTRODUCING ASSESSMENT BRIEF CMI 708

The ability to lead strategic risk management effectively is essential to safeguard an organisation’s prosperity and reputation. Ultimately, leaders must know how to develop and lead risk management in a manner that not only reacts to organisational needs, but contributes to organisational success.

Assessment brief CMI 708 has been designed to enable learners to develop an in-depth understanding of strategic risk management. Leaders will critically appraise strategic risk within an organisational context. They will assess strategies for risk management and the leadership skills to lead risk initiatives successfully. Ultimately, leaders will be given the opportunity to develop a framework to deliver a risk strategy in an organisational context.

ASSESSMENT TASKS AND WORD COUNT

Assessment brief CMI 708 features the following assessment tasks. Further detail is provided against each assessment task within the brief.

Assessment Task		Learning outcomes covered by assessment method	Assessment criteria	Guideline word count
1	A written report entitled: ‘Strategies for managing risk’	LO1 Understand strategies for managing risk	1.1 Critically appraise strategic risk within an organisational context	Approx. 1500 words
			1.2 Critically assess strategies for managing risk in an organisational context
2a	A report or reflective account entitled: ‘Leadership skills for strategic risk management’	LO2 Know how to develop risk management strategies	2.1 Critically appraise the leadership skills for strategic risk management	Approx. 1000 words
2b	A proposal entitled: ‘Proposed Risk Management Framework to Deliver Strategic Objectives’		2.2 Propose a Risk Management Framework to deliver strategic objectives	Approx. 2000 words

Guideline word count

The written word, however generated and recorded, is still expected to form the majority of assessable work produced by Learners at Level 7. The amount and volume of work for this unit should be broadly comparable to a word count of 4000 - 4500 words within a margin of +/-10%. The excessive use of word count is not grounds for referral, however the CMI reserve the right to return work to the Centre for editing and resubmission by the Learner.

The following are excluded from inclusion in word count, if used and not required by the assessment brief an introduction to a job role, organisation or department, index or contents pages, headings and sub headings, diagrams, charts and graphs, reference list or bibliography, reflective statement drawn from undertaking the assessment and how this has impacted on the learner’s work.

Please see the CMI Assessment Guidance Policy for further guidance.

STRATEGIES FOR MANAGING RISK

Understanding risk in its many forms, and the strategies that can be employed to manage and mitigate it is an essential leadership attribute.

The aim of Task 1 is for leaders to critically appraise the scope and organisational context of risk and the strategies for its management.

»	DEVELOPING RISK MANAGEMENT STRATEGIES

The Harvard Business Review (2012), states ‘Risk management is too often treated as a compliance issue that can be solved by drawing up lots of rules and making sure that all employees follow them’.

The aim of Task 2 is for leaders to appraise the leadership skills for strategic risk management and to recommend a framework to deliver a risk strategy in an organisational context.

CASE STUDY

When Tony Hayward became CEO of BP, in 2007, he vowed to make safety his top priority. Among the new rules he instituted were the requirements that all employees use lids on coffee cups while walking and refrain from texting while driving. Three years later, on Hayward’s watch, the Deepwater Horizon oil rig exploded in the Gulf of Mexico, causing one of the worst man-made disasters in history. A U.S. investigation commission attributed the disaster to management failures that crippled “the ability of individuals involved to identify the risks they faced and to properly evaluate, communicate, and address them.” Hayward’s story reflects a common problem. Despite all the rhetoric and money invested in it, risk management is too often treated as a compliance issue that can be solved by drawing up lots of rules and making sure that all employees follow them. Many such rules, of course, are sensible and do reduce some risks that could severely damage a company. LO1 Understand strategies for managing risk’

Kaplan, R.S. and Mikes, A. (2012). Managing Risks: A New Framework. Harvard Business Review, June 2012.

https://members.md.cmi.org.uk/Content/Display/78429)

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TASK 2A

Reflecting on the skills required to lead strategic risk management effectively, you are required to write a report or

reflective account entitled:

‘Leadership skills for strategic risk management’

The report or reflective account must critically appraise a minimum of THREE (3) leadership skills for strategic risk management. The report or reflective account may be based on the case study provided above, or a case study from an organisation of your choice (AC2.1)

Guidance for completion of Task 2A

The report or reflective account must include well-chosen examples which illustrate the impact of leadership skills for strategic risk management. You may choose to include tables and diagrams (as appropriate) to support your report or reflective account. Your report or reflective account must be underpinned with relevant theoretical concepts. Refer to the indicative content for each of the assessment criteria (AC) outlined in the unit specification.

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TASK 2B

1.1 Critically appraise strategic risk within an organisational context. A Risk Management Framework can be designed to identify, measure, manage, monitor and report the significant risks to the achievement of strategic objectives. You are required to develop a proposal in a format of your choice entitled:

‘Proposed Risk Management Framework to Deliver Strategic Objectives’

The proposal must include:

• Identification of the strategic risk
• Relationship to strategic objectives
• Strategies to measure and manage risk

Monitoring and reporting processes (AC2.2)

Guidance for completion of Task 2B

The Risk Management Framework may be presented in the format of your choice (e.g. report, plan, table). The Risk Management Framework must be based on an organisation you know well or have researched. Refer to the indicative content for each of the assessment criteria (AC) outlined in the unit specification.

ASSESSMENT GUIDANCE

Refer

Pass

The submission is incomplete Tasks are incomplete Not all assessment criteria have been met No examples are used or the examples given do not match the requirements of the assessment criteria Evidence is Unclear Technically incorrect or inaccurate Biased Unprofessional language Poorly structured and presented Ideas are under-developed Lacks sufficient detail to show understanding of the topic The application of different perspectives, approaches or schools of thought is unclear or inappropriate Little or no evaluation of evidence has taken place The ability to make judgments and solve complex problems has not been evidenced Evidence is not directly attributable to the learner External sources of information are not acknowledged Work based evidence or artefacts (e.g. planning documents or presentation slides) do not meet the requirements of the assessment criteria and are not current (within 5 years) All tasks have been completed All assessment criteria have been met Examples given are well chosen and match the requirements of the assessment criteria Evidence is Well written and presented Contains a breadth of examples Accurate Current (e.g. use of up to date legislation) Authentic Inclusive Coherent Credible Technically correct Evidence shows understanding and application of different perspectives, approaches or schools of thought and the reasoning behind them. Evidence shows the learners ability to evaluate evidence and solve problems to achieve set outcomes. Evidence used from external sources has been correctly referenced Evidence is directly attributable to the learner Work based evidence or artefacts (e.g. planning documents or presentation slides) match the requirements of the assessment criteria and are current (within 5 years)