Answering Assessment Questions

Each Assessment Booklet contains blank spaces for following assessment items:

  • Short Answer Questions

When submitting Assessment Booklets for marking, please ensure that the entire booklet is completed.

Short Answer Questions

Using the space/s provided, please complete your answers making sure to:

  • Please restrict your answers to no more than 300 words per question
  • Please include any calculations that you used to reach your answer

Referencing Your Answers

Students undertaking the course must exhibit a range of skills in order to be confirmed as competent in their course. These skills include:

  • Understanding a question.
  • Possessing knowledge about the issue, which in some assessments includes locating information from references.
  • Providing an answer, this shows personal understanding.

Please make sure that all assessments are documented in a way that exhibits your personal study and/or research. To that end would you please acknowledge all material and sources used in the presentation of your assessment whether they are books, articles, reports, Internet searches, or any other document or personal communication. For example if:

  • An idea is sourced; reference it e.g. (Bagra 2010).
  • You are directly quoting, wrap it in quote marks e.g. “Tom Horner sat in a corner” (Peters 2007 page 7).
  • You are quoting from the internet include quote marks and the web reference e.g. “ban on conflicted remuneration structures including commissions”  accessed on the 28th of December 2012.

Please note that no more than 5% of direct quoting which is referenced is deemed to be acceptable and no amount of direct quoting without referencing is deemed acceptable. Any direct quoting should form only a small portion of any answer and the answer should demonstrate the student understands and can interpret the question and provide an appropriate answer. 

Whilst this will require more work for you I hope you will understand that we are trying to maintain high standards and support your progression into further qualifications.

Document Naming Instructions:

Save this file to your computer and please use the following protocol when naming the file:

SUBMISSION this relates to the number of times the file has been submitted. For example, your first submission would be S1, with any re-submission the file name should be recorded S2.

Note: If you are submitting handwritten assessments all questions must be completed in blue or black pen. If assessments are received in pencil or with illegible handwriting, a resubmission will be required.

Note: It is your responsibility as a student to keep a copy of all assessment

Short Answer Question 1

Identify the most common risk assessment techniques.

 

Short Answer Question 2

Briefly explain external and internal risk drivers.

 

Short Answer Question 3

Outline the risk management process and briefly explain four treatment options available to manage risk.

 

Short Answer Question 4

Monitoring and review are related processes in risk management. Briefly explain the distinctions between the two.

 

Short Answer Question 5

Harry Hausmann approaches NATWHICHPAC BANK to arrange finance. Harry explains to you that he wants to expand his small pyrotechnics business to a larger-scale operation. He has just successfully negotiated a long-term contract with the local ‘WACKER SPEEDWAY’ to exclusively supply and create the fireworks displays for all of their special events, which are held on three days and evenings of each fortnight.

Harry has an unencumbered property that he wishes to use as collateral for a loan. The property is a large modern ultimate beachfront home on a 400m square block at Kirra Beach on the Gold Coast, abutting the beachfront sands.

Under the terms of the contract with the speedway’s management, Harry’s company will be paid only ¼ of the agreed fee for an event, if the fireworks display is cancelled by management up to 48 hours before the scheduled event time, (which would occur upon the Bureau of Meteorology predicting a likelihood of moderate to heavy rain, for any planned date). If cancelled within 48 hours of the event Harry’s company is to be paid the full negotiated fee.

While Harry’s company has some other occasional or semi-regular clients that he maintains, the speedway represents a large step up for his business and his scale of operations, which is why the loan is very important to him. He needs to put on an extra 5 skilled workers to assist in setting up and letting off the fireworks displays for each night’s events. The set up takes them roughly two days’ work at the venue, once the pyrotechnics materials arrive at the site. Harry imports his fireworks from China and will need to order in larger amounts to fulfil the contract.

At least three of his workers are to be positioned in the interior of the speedway field while some of the races are still on, before the fireworks begin. They are required by the internal safety policies of the speedway to wear protective headgear (which Harry must provide), while they are inside the speedway field.

Harry proposes that the increased revenue from this contract will easily cover the repayments on a loan, once the new contract is up and running, provided the weather holds good for roughly half of each fortnight’s planned events. Harry also says if it will help his application for finance, he is prepared to have special uniforms made for all his workers, highlighting the NATWHICHPAC logo prominently as esteemed sponsors.

Your manager, Ezekiel Slater, is an unabashed opportunist whose ethical position relates more to profitability than morality. He sees the proposed sponsorship arrangement as a profile-building exercise for himself if he can match financial strategy with marketing strategy. Keen to rise quickly through the ranks through self-promotion rather than hard work, Ezekiel instructs you to give this matter your full attention.

Activities:

  • Using your research skills and the resources provided, prepare a brief written report to present to Ezekiel regarding Harry’s loan prospects. As the report is for your manager, be sure to edit and proofread it. The report must:
    • Identify the risks or risk clusters arising in this scenario.
 
  • Rank the risks as between each other.
 
  • Assess the risk exposure from the point of view of the financier in terms of risk criteria, likelihood, impact and consequences.
 
  • Compare exposure levels with industry and statutory obligations, identify any unacceptable residual risks, and then outline the forms of risk mitigation that Harry or the financier could adopt.
 
  • Recommend risk control measures or improvements that might apply in this case and how they can be easily implemented.
 
  • Identify some of the stakeholders that might be relevant to the process of potential risk control and/or mitigation, and which laws and/or organizational guidelines protect them.
 
  • Suggest what interactions with the stakeholders might be considered by Harry or the financier and how these would impact on your implementation of a treatment plan.
 
  • Assume you are acting as an independent finance/mortgage broker rather than as an employee of NATWHICHPAC.
    • Identify several ways your role would differ for this finance application.
 
  • Consider the auditing risks in your area of operation and the kinds of guidelines that would apply, and then discuss how you would implement relevant control measures to address the risks and meet the guidelines.
 
  • Take one of the abovementioned control measures and describe how you would monitor and review it against specific measures of success.
 
  • Name examples of low, moderate and high risks that present in this case study.
 
  • Discuss three key auditing requirements that relate to risk management.
 
  • Compare and contrast the risks that exist in this case study against the risks that relate to investing in property.
 

Resources to support completion:

  • Australian Risk Standard 4360
  • AS\NZS ISO31000:2009 Risk Management – Principles and Guidelines
  • NATWHICHPAC Accountability Organisational Framework of roles and responsibilities
  • Risk Management Checklist (see Table 11 in manual)
  • http://www.bankersonline.com/

Short Answer Question 6

What is meant by diversification or cross sell?

 

Short Answer Question 7

Describe the industry participants that may help to build a mortgage/finance brokers’ business and for one such group, identify what is required to build that relationship.

 

Short Answer Question 8

How does a Mortgage/Finance Broker develop and nurture professional relationships? Why is this important?

 

Short Answer Question 9

Why is it important to maintain business relationships?

 

Short Answer Question 10

Having gained years of knowledge and experience at NATWHICHPAC BANK, you decide to take the plunge and go out on your own as a mortgage broker. On your last day at the bank, you receive an email from Alex Kopf thanking you for the way you handled her complaint. With a wry smile, you savour her feedback knowing that your manager is still on the receiving end of Harry Hausmann’s own personal brand of pyrotechnics. Seconds after you respond to Alex’s email, she phones you. She explains that she has found a property that she wishes to purchase and she wants you to broker the finance. You give her your new contact details and arrange to meet her the following day.

During the interview, you establish that Alex has been highly successful as a freelance graphic designer. She earns around $90,000 pa, enjoys being self-employed and adores working from home, but she is fed up with the living in the city. With genuine passion in her voice, she recalls how she fell in love with a rundown homestead she wandered past while on a yoga retreat in the country. The house, which was built in 1910, sits on a hill overlooking a stream and a modest three acres of surrounding bushland. She proudly states that it has exceptional Feng Shui.

As Alex continues, you note two issues that do not seem to dampen her enthusiasm or creative vision. The homestead itself is heritage listed. Even so, Alex wishes to renovate and extend the living quarters. Secondly, Joe Atkinson (a land rights activist and local elder) has made a native title claim over one acre of the property. Alex explains that this is why the property is for sale. Apparently Frank Smith, the former owner, was in a bitter battle with Joe for six months over the claim. According to Sally Smith, Frank’s daughter, the antagonism drove her father into his early grave. Sally, who is a Buddhist, does not want to enter into the conflict. This is why she painted ‘For Sale’ on an old floorboard and nailed it to the gate.

Alex is not attached to the one acre under contention and is willing to purchase two acres instead of three. If Sally can arrange a private sale, she is prepared to sell the property for $500,000. Since your first dealings with Alex, her deposit has grown from $20,376 to $39,527. She has also entered into a committed relationship with a self-employed writer and editor, Christopher Carmichael. Christopher has saved $41,881 which he is willing to put towards the purchase of Alex’s dream home. On average, Christopher earns around $65,000 pa. Because Christopher’s father was a carpenter before he retired and because Christopher’s brother is an electrician, Alex believes that they can keep the renovation costs down. With the help and support of Christopher’s family, she estimates that they will need a further $50,000 to improve their living and working conditions.

Neither Alex nor Christopher have any debts, although they are both keen to grow their own business and are looking for a loan that can give them flexibility to access cash if they need it. Having cash on hand is particularly important to Christopher because he has a 12 year old child from a previous relationship and currently pays $15,000 pa in child support. He believes that the amount will increase in a few years. Prior to his divorce, Christopher owned a family home outright and – due to his early success as a copywriter and the workaholic nature he developed during his marriage – he managed to repay a 30 year loan in 15 years.

Alex is very unsure about the loan process and particularly sceptical about whether she will be able to make an offer on the property that she desperately wants to grow old in along with Christopher. Christopher’s parents, who are very taken with Alex, have agreed to act as guarantors if it will help Alex and Christopher secure the property. Christopher’s parents own the old Carmichael estate, which is worth $1,200,000, and an investment property in the city worth $410,000. After providing these “sweeteners”, Alex adds that she and Christopher live very simply because they believe in a sustainable and self-sufficient lifestyle. In fact, while some of their friends call them frugal hippies, others call them professional hermits.

At the end of the interview, Alex is very clear with her instructions. She asks you to research her options and provide her with an amount that a lender would be willing to provide as soon as possible so that she can confirm her position with Sally.

Activities:

  • Assess the impact of taxation, social security, economic and other government policies on Alex and Christopher’s investment and financial requirements. Note: Please include the taxation issues with the child support payments. Assess the impact of taxation, social security, economic and other government policies on Alex and Christopher’s investment and financial requirements. Note: Please include the taxation issues with the child support payments. Use the following table to answer the question.
Alex and Christopher’s investment and financial requirements – Impact Table
Taxation   Interest deductible?Taxation   Capital gains tax applicable on sale?Economic impact;   Where in the business cycle are we? Are we in a boom etc.? What impact will this have?Social Security   Are the couple eligible for any social security assistance?Government Policy   What changes are occurring? Are there tax changes occurring or subsidies available that the couple may be able to access?Child Support payments   Is the Child Support payment tax deductible?Child Support payments   How will the Child Support payments affect the couple?  
 
  • Research and assess the broking options for Alex and Christopher.
    • Consider the current financial markets and analyse which investment characteristics are important in Alex and Christopher’s situation. Match these results with suitable products.
 
  • Document the steps you take to research so that you can justify your recommendations and provide Alex with research evidence upon request.
 

iii. Document the broking recommendations and loan structures that you will present to Alex and Christopher according to the organisational guidelines and procedures.

 
  • Describe (or demonstrate with relevant templates) how you would establish appropriate audit trails and effectively document records and data at the outset in relation to Alex and Christopher’s needs analysis and later during the verification process.
 
  • Write Alex an email confirming that she and Christopher now have conditional approval.
    • Reassure her how you intend to provide appropriate levels of contact and support throughout the broking process.
 
  • Provide her with a timeline of events with the expectation that she will be able to secure the property she desires.
 
  • Describe how you would document the email exchange between you and Alex in accordance with the current industry documentation requirements.
 

e) Identify the roles of associated financial advisers and other specialists who may be able to assist Alex and Christopher over the course of the next two years.

 
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