BSBRSK501: Manage risk Assignment Help

BSBRSK501: Manage Risk (purpose of risk management standards)

Assessment Task 1: Written Questions

  1. Discuss the purpose of risk management standards. Include an example of a risk management standard in your answer.

Purpose of risk management standard is to state mechanisms and techniques to combat some of risks affecting transactions of business. These standards provide best guidelines to deal with risks in long run.    

Example: ISO14971 International standard for managing risks concerning medical devices.

  1. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of the 11 principles.

ISO 31000 function as a guideline, mechanism, logic, design and framework for risk management paternal structure and its procedure.

11 principles comprise of:

Risk management formulates and sustains value (Vazdani, et. al., 2017).

Risk management is a core element of all organisational procedures.

Risk management is an attribute of decision making.

Risk management extensively responds to uncertainty.

Risk management is a systemised, structured and time based framework.

Risk management is relied on best available details.

Risk management is personalized. 

Risk management takes care of human and cultural attributes.

Risk management is apparently visible and inclusive.

Risk management is vigorous, iterative and reactive to change. 

Risk management leads to continuous enhancement of an entity (Singh & Sur, 2018).

  1. Explain the requirements of WHS legislation in relation to risk management.

It is stated for employer in systematic management of risks arriving from hazards of workplace. Following are measures for managing risks:

  • Identification of reasonable foreseeable risks,
  • Elimination of risks through following standard management of risks,
  • Minimisation of risks through identifying risks and following standards,
  • Implementation of risk control mechanisms (Aithal, 2017).
  1. List the factors that must be taken into account in determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011.
  • Postures, movements, vibrations attached with hazardous manual tasks
  • Time period and frequency of hazardous manual tasks,
  • Conditions of workplace environment which can impact hazardous manual tasks,
  • Structure of work area,  
  • Designing of work area
  1. Explain the purpose of risk management policies and procedures in the workplace.

To make workplace safer and optimum for achieving objectives,

To improve performance of employees through less presence of hazards (Vazdani, et. al., 2017).

To comply with suitable secure mechanisms in order to encourage employees for achieving targets on time,

Making employees focus on objectives of company.    

  1. List three examples of the impact of risks for a workplace if risks are not identified or actioned.

It can result in death of employee or severe injuries.

It can result in temporary or permanent cessation of work by employee or employees.

It can impact quality of performance delivered by employees at workplace.

  1. Outline a step-by-step procedure that companies can use for analysing risks.

Identification of risks at workplace,

Analysis of risks (Singh & Sur, 2018).

Evaluation or giving rank to risks,

Treatment of risks identified,

Monitoring and reviewing risks 

  1. Outline three sources of information that a company could use to gather information on potential risks.

Surveys and questionnaires, eye witnessing of location at which risk is found, application submitted to officer for presence of risk 

  1. Describe three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process.

Information collecting mechanisms,

Documentation reviews and feedbacks,

Interviewing

  1. Explain four options that a company could take to control risks.

Avoidance,

Reduction, 

Transferring,

Retaining or accepting 

  1. Explain four procedures that a company could use to minimise risk.

Avoidance,

Reduction, 

Transferring,

Retaining or accepting 

Exploiting,

Ignoring

Assessment Task 2: Risk management project

  1. Develop a risk briefing report.

Risk Briefing Report

Introduction

As there will be expansion of retail outlets of the company hence there will be some risks associated with conduct of business such as environmental risk, identifying customers in new area, formulation of marketing strategies are some of risks which will be present. Therefore analysis must be made concerning such areas so as to devise mechanisms to combat such risks.  

Scope

Risk management procedure shall be applicable to various levels of entity including strategic, program, project operational as well as other activities. It will also be applied to internal and external environment (Aithal, 2017).

PESTLE Analysis.

Political Factors 

FactorRisk treatments as applicable
Change in lawChange in laws and legislations can affect operations and transactions of company which can either make profitable or result in loss of company. Hence it should adopt law 
Change in political party Change in political parties may alter transactions of company (Kawano, 2020). For an illustration company may have to pay higher taxes in case of governance of one party or it may enjoy relaxation in case of other party. 
Trade tariffsTrade tariffs can also impact operations of a company. Hence it should adopt practices which are sustainable and ethical (Theodore, et. al., 2019).   
Tax policiesCompany must comply with all tax regulations and terms in order to avoid bearing penalties and high tax costs. 

Economic Factors 

FactorRisk treatments as applicable
Interest rateInterest rate can determine loan availability of company hence company must use suitable resources to take loans (Kawano, 2020).
Customs and culture followed Customs and culture followed in a location in which company is operating its functions can either grow or degrade operations of company. Hence it should adapt cultures of local communities.  
Inflation rateInflation rate can alter operations and transactions of company. Hence company must frame policies as per this rate.
Demand and supplyDemand and supply attributes can determine adequacy of transactions of company (Theodore, et. al., 2019).   
Tax rateHigh tax rates can alter transactions of company. Hence company must adopt practices which do not let it to pay penalties and high tax burden. 
National IncomeCompany must adopt practices which can help it towards growing income of company. 

Technological Factors 

FactorRisk treatments as applicable
E-commerceCompany must adopt practice of conducting online deliveries and operations (Creighton, 2017). 
New technological techniqueIt should adopt techniques which can enhance its operations and increase revenues. 

Legal Factors 

FactorRisk treatments as applicable
Tax regulation Due to high tax regulation or non-compliance with tax regulations company has to bear penalties hence it should pay taxes on time. 
Employment legislationCompany must employ and recruit personnel as per regulations of government (Eberendu, et. al., 2018). 
Labour legislationCompany must employ and recruit personnel as per regulations of government and as per rates fixed by governmental bodies.   

Environmental Factors 

FactorRisk treatments as applicable
Climate change Due to change in climate company may not find suitable raw materials for conduct of operations.
Environmental policies Some of environmental policies may alter business strategies of company (Creighton, 2017). Hence it should be taken care of by company. Company must adopt ethical and sustainable practices to operate in long run. 

Risks

RiskTreatment
Environmental policiesSome of environmental policies may alter business strategies of company. Hence it should be taken care of by company. Company must adopt ethical and sustainable practices to operate in long run (Eberendu, et. al., 2018).
Difficulty in recognising target groupCompany must adopt mechanisms to identify target group of company.
Tax regulation Due to high tax regulation or non-compliance with tax regulations company has to bear penalties hence it should pay taxes on time. 
Employment legislationCompany must employ and recruit personnel as per regulations of government. 
Competitiveness Company has to adopt practices which can maintain competitiveness with its rivals and give them huge competition (Sawatzky, 2017).    

Internal and external stakeholder analysis   

Internal stakeholders: Management, board members and employees

Management may want high profits from less incurrence of expenses. 

Employees want high wages optimum as per their hard work.

Board members also want to adopt practices which can increase worth of their company.

External stakeholders: Customers, vendors and government    

Customers want high quality products in optimum costs.

Suppliers want optimum prices of raw products delivered.

Government want to obtain fees and other legal charges due to conduct of operations in local community (Sawatzky, 2017).    

Strengths and weaknesses

Costs: As company function in herbal and eco- friendly products hence it has to incur high costs to make products.

Profits: As per present functions and transactions of company through utilisation of eco- friendly raw materials it is high in demand among customers. Hence it is incurring adequate profits.

Inventory: Company keeps adequate stock neither excess in quantity nor deficient in quantity which promotes growth of company. 

Competition: As there are many rivals operating in same industry hence there is high competition in the market. 

Marketing: Company need to adopt several marketing strategies which can promote growth and worth of company (Kawano, 2020).   

Critical success factors

It includes:

Using quality raw materials for manufacturing business,

Devising innovative marketing techniques for promotion of products,

Making transactions convenient for customers through adopting online delivery options,

Using sustainable and ethical mechanisms for operating transactions of company 

  • Send an email to the CEO (your assessor).

To

CEO

Nature Care products 

Sub: Informing about formulation of risk briefing report 

Kindly note that as management of Nature Care products is planning to expand its operations in Brisbane, Sydney and Melbourne therefore risk briefing report has been developed to analyse risks associated with setting up of business. Each area of risk is identified and estimated hence provide your feedback against it so that it can be implemented further. I am attaching risk briefing report for your review. 

Thanking you,

Operations Manager

  • Send an email to your team (your assessor).   

To 

Team 

Nature Care products 

Sub: Conduct of discussion concerning risks associated with expansion of business  

Kindly note that as management of Nature Care products is planning to expand its operations in Brisbane, Sydney and Melbourne therefore discussion has to be made in a meeting which is scheduled on 10-09-2020 at 11:00 a.m.. A brainstorming session will be arranged in which discussion shall be made concerning presence of risks associated with it. You are welcome to suggest some creative risk management techniques and identifying suitable risks concerning expansion of business. Kindly register your presence and report your valuable contribution towards company. It can prove effective for us and good recommendations shall be liable for rewards.  

Thanking you,

Operations Manager

  • Conduct team meeting.

Operations Manager: As management of Nature Care products is planning to expand its operations in Brisbane, Sydney and Melbourne therefore there are some risks which are present concerning expansion of business. 

Operations Manager: Risks such as identification of target groups, estimated sales of products, awareness of customers regarding products of company, interest of customers for buying products. It also includes exchange rates, growth of economy, kind of technology used, etc. You can also suggest some of present risks.

Production Manager: There are risks such as social attitudes, unemployment rate, policies of local government, level of health of society, technological mechanisms available in regions where expansion is proposed. 

Supervisor: Yes there are huge numbers of risks which are present concerning commencing new stores. Hence suitable measures must be taken to combat such risks:

Nature Care must use some effective promotional techniques to endorse products of company. 

It must conduct survey regarding available target groups and customers who will be willing to purchase totally eco- friendly products.

It should use quality raw materials which can enhance features of product.

It should provide offer on purchase of adequate number of products so that customers are attracted towards buying.

It should comply with ethical standards and regulations which can raise standard of products.     

  1. Develop a Risk Management Plan.
Scope of assessment:Wide 
Critical success factors:Enlarged market share, increase in amount of customers and increase in product quality  
Internal & external stakeholders:Customers, board of members, governmental agencies and employees 
RiskConsequencesSeverity RatingLikelihood RatingTreatment or control methodsPriority rating (high, medium or low)

Order of priority 

Unauthorised usage of resourcesImpact on goodwillModerateOccasional Reduce likelihood of occurrenceMedium
Loss of qualified staff Loss of companySignificant OccasionalReduce consequence of occurrence Medium
TheftLoss of companyModerateRemoteRetain risksLow
Breakdown of electronic applianceImpact on time and resourcesSignificantProbableAvoid the riskHigh
Mismanagement of staff  Huge loss Catastrophic ProbableReduce consequence of occurrenceHigh

Risk action plan

Description of risk Breakdown of electronic appliance
Summary of recommended response and impactSaving enough amount for purchase of replace of new systems and impact can be huge
Proposed actionsPurchasing new systems
Resource requirements Financial resources  
ResponsibilitiesOperation manager 
Timing
Reporting/MonitoringGeneral manager 
Description of risk Mismanagement or theft by staff  
Summary of recommended response and impactTeaching staff about ethics and adopting honest approach
Proposed actionsPunishing staff
Resource requirements Human resources
ResponsibilitiesOperation manager 
Timing
Reporting/MonitoringGeneral manager 

  • Send an email to the CEO (your assessor).

To

CEO

Nature care products 

Sub: Informing about risk management plan

Kindly note that a risk management plan has been prepared which states various risks and treatment of such identified risks. As there are so many risks present at workplace, hence a report has been prepared describing all such risks and rating has been allotted to them as per their severity. Hence treating such risks and eliminating it is of prime importance to management. Therefore kindly review such plan and provide you valuable feedback accordingly.

Thanking you,

Operations Manager

Assessment Task 3: Risk implementation project

  • Write a report on staff training options.

Staff training report 

Introduction

In below report description has been provided concerning staff training options for employees in a new retail store. As there is huge role of customer sales representatives in offering products and attracting huge number of consumers therefore training can enhance their efficiency in delivering goods. 

It can be said that as employing qualified staff is difficult for the company therefore it is necessary for company to provide training to its staff for managing new retail stores. This can be made through on the job training methods which involve Job instructional technique in which step by step procedure is explained to employee for delivery his job performance. This will enhance efficiency of employee for offering products to customers (Pérez-Fuentes, et. al., 2020).  Next method is job rotation in which employee shall be made to work in different scenarios and diverse sections so as to learn each technique of effective performance delivery. Third method is lecture and conferences in which employee is given instructions regarding delivery of performance in a specialised technique. All three methods will require two months of time duration of supervisor or manager giving instructions and demo.   

Conclusion

Hence it can be said that effective training of employees is necessary and essential for making them well- acknowledged about job and performances which can enhance operations of a company.  

  • Undertake an inspection of head office.
Areas of RTO & practices reviewedProvide a brief description of the issue in this section. 
Use of consumables/ materials/ technology/ equipment

  • Identify equipment that use energy and determine which equipment uses the most/least energy? 
  • Are switches left on overnight/weekend? 
  • Do staff use the sleep mode/screen saver? 
  • What practices are currently in place to help minimise energy wastage?
 

Computer, electronic appliances and other electronic devices 

No switches are always turned off  by employees

No staff don’t use sleep mode

Employees are given work from home and whenever not in use they turn lights and electronic appliances off (So, et. al., 2018).

Energy usage e.g. water, electricity gas

  • How is energy used on a daily basis? 
  • What things/tasks use up the most energy? 
  • Are switches left on overnight/weekend? 
  • Are staff using energy sensibly? 
  • What practices are in place to support effective energy use?
 

Energy is used vastly on daily basis

Electronic appliances use most energy

No switches are always turned off  by employees

Yes staff is trying to use energy in optimum manner.

Generating minimum wastage, optimum use of electronic appliances and less usage of plastic are some practices adopted (Pérez-Fuentes, et. al., 2020). 

Waste

  • Describe workplace waste.
  • How is it disposed of? 
  • Are staff conscious of waste management practices e.g. recycling, reuse, disposal?
It includes disposals, paper wastes and wastages of eatables 

It is disposed -off in dustbin

Yes staff is concerned about it and adopt practices leading to less wastages Date of inspection or review: 15/09/2020Completed by: Tom Brown

  • Develop a customer questionnaire. 
Rate products on the scale of 1 to 9, 1 being highly disagreed and 9 being highly agreed  

  • Are you satisfied with quality of product? 
  • Till date have you found any issue while using products of company?
  • Are you satisfied with price of products charged from you?
  • Do you want to suggest any improvement in product?
  • Are you happy on overall basis with services of products?
  • Do you find services of company easily accessible in your area?
  • Have services of company exceeded your expectations?
  • Is website of company convenient to use?

  • Send an email to the CEO (your assessor).

To 

CEO 

Nature Care products 

Sub: Acknowledging about staff training, usage record and customer questionnaire 

Kindly note that as management of Nature Care products is planning to expand its operations in Brisbane, Sydney and Melbourne, three risks have been found in implementing effective performance in new stores which involve unsuitability in employing qualified staff, unsustainable workplace due to high use of resources and less customer satisfaction. Kindly review report made concerning training provided to staff for effective performance delivery, mechanisms developed regarding sustainable use of resources and risks identified and customer questionnaire formulated for assessing satisfaction of customers. I am attaching all three documents for your valuable feedback.      

Thanking you,

Operations Manager  

  1. Write a risk monitoring report.

Through studying risk monitoring report it can be said that as targets were set by company to reduce 20% of electricity intake within three months, it has achieved to reduce consumption by more than 20% which is a kind of achievement. But slowly and gradually it was witnessed that company was moving towards increase of consuming energy resources and bill was increasing (So, et. al., 2018). Hence it has to devise plans to reduce its usage. Company must adopt some sustainable techniques such as use of 3R’s, using environmental friendly materials and learning power of ‘off’. 

Through analysing staff survey results memo it was seen that obstacles were find concerning unclear role of employees which they were uninformed about, no reward and appreciation framework, no provision of adequate training and ineffective communication between staff and management. 

Hence this should be brought in concern and must be resolved on earlier basis (Burzoni, et. al., 2020). Moreover, from analysis of sales data memo it can be said that there is no doubt that sales have increased on an estimated basis by 20% in six month period but sales have been found at lower amount at Melbourne store in comparison with Brisbane and Sydney store. Therefore some of effective marketing techniques must be implemented for increasing sales and training must be provided to manager for dealing with customers. 

Through analysis of customer survey results it can be stated that high number of customers are satisfied from services of Nature care products in terms of quality of product and other factors. Still company needs to devise some effective mechanisms to make products popular among consumers which can include offering discount deals, quality products, easy availability and other effective options. 

As per analysis of performance review results memo of two managers who were earlier customer service representatives afterwards elected as manager, it can be stated that Jamie who was appointed as manager of Brisbane is meeting requirements in all parameters hence she should be appreciated (Musu, et. al., 2016). In case of Sasha who is serving a manager at Sydney store is also above average but she needs to be provided training as in terms of adaptability and daily decision making she is little bit ineffective and inefficient. Hence induction must be arranged for her.    

  • Send an email to the CEO (your assessor).   

To 

CEO 

Nature Care products 

Sub: Informing about formulation of risk monitoring report 

Kindly note that as business has been expanded to other areas too, hence some evaluations have been conducted regarding obtaining data from consumers concerning satisfaction level achieved from products, analysis of sales data, survey of staff, sustainability report. Hence a risk monitoring report has been formulated for making comments on all evaluations made so far. Kindly review it and provide feedback as I am attaching report with this mail.

Thanking you,

Operations Manager  

Assessment Task 4: Risk management process evaluation report       

  • Develop a risk management evaluation report.
  • Evaluate the overall risk management process.

Yes it was little bit difficult for identifying risks. As some of risks are easy to recognise while some are difficult such as breakdown of electronic appliance was easily identifiable while dishonest on part of staff was difficult to recognise (Burzoni, et. al., 2020).

Yes staff input was helpful as they described and informed about various mechanisms which could be taken to identify risks and threats. This includes initiating promotional techniques and conducting surveys for acknowledging requirements and interests of customers.  

I am 80% confident that all risks have been recognised. 

  1. Yes it is apt as it describes all mechanisms to combat severe and basic risks. 
  2. Yes principles of risk management in Nature Care products are consistent with AS/NZS ISO31000:2009 Risk Management Principles (Musu, et. al., 2016).
  3. There must be conduct of surveys and after it feedbacks must be taken from each of employee regarding obtaining review about presence of probable risks.
  1. Take a screen shot of all of your folder and files.

 

  • Send an email to your assessor.

References

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