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BSBRSK501 Manage Risk Assignment Help Services

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

  • Aithal, P. S. (2017). ABCD Analysis as Research Methodology in Company Case Studies. International Journal of Management, Technology, and Social Sciences (IJMTS)2(2), 40-54.
  • Aithal, P. S. (2017). Company Analysis–The Beginning Step for Scholarly Research. International Journal of Case Studies in Business, IT and Education (IJCSBE)1(1), 1-18.
  • Burzoni, S., Duquenne, P., Mater, G., & Ferrari, L. (2020). Workplace Biological Risk Assessment: Review of Existing and Description of a Comprehensive Approach. Atmosphere11(7), 741.
  • Creighton, S. B. (2017). Reducing Risks From Workplace Discrimination.
  • Eberendu, I. F., Ozims, S. J., Agu, G. C., Ihekaire, D. E., Obioma-Elemba, J. E., Amah, H. C., … & Nwanjo, H. U. (2018). Workplace health risks associated diseases and health promotion in the Nigerian banking sector. International Journal of Advanced Research in Biological Sciences, 5 (2), 197-208.
  • Etteh, H. (2018). 1216 Workplace health risks management in developing west africa countries, the role of academic health institutions.
  • Haran, M., Lo, D., Mccord, M., Davis, P. T., & Berry, J. (2019). Analysing sector performance and company-specific performance for listed real estate.
  • Kawano, R. (2020). Preparation of a scoring-based occupational health management assessment tool and its utilization for the first step to improve workplace. Environmental and Occupational Health Practice.
  • Musu, T., Vogel, L., & Wriedt, H. (2016). Cancer risks in the workplace: better regulation, stronger protection. ETUI Research Paper-Working Paper.
  • Pérez-Fuentes, M. D. C., Molero Jurado, M. D. M., Mercader Rubio, I., Soriano Sánchez, J. G., & Gázquez Linares, J. J. (2020). Mindfulness for Preventing Psychosocial Risks in the Workplace: A Systematic Review and Meta-Analysis. Applied Sciences10(5), 1851.
  • Sawatzky, S. (2017). Worker fatigue: Understanding the risks in the workplace. Professional Safety, 62(11), 45-51.
  • Singh, K., & Sur, D. (2018). Analysing company-specific components of business risk in selected manufacturing firms in Indian corporate sector. International Journal of Risk Assessment and Management21(4), 359-373.
  • So, R., Matsuo, T., Sasaki, T., Liu, X., Kubo, T., Ikeda, H., … & Takahashi, M. (2018). Improving health risks by replacing sitting with standing in the workplace. The Journal of Physical Fitness and Sports Medicine7(2), 121-130.
  • Theodore, N., Gutelius, B., & Burnham, L. (2019). Workplace health and safety hazards faced by informally employed domestic workers in the United States. Workplace health & safety67(1), 9-17.
  • Vazdani, S., Sabzghabaei, G., Dashti, S., Cheraghi, M., Alizadeh, R., & Hemmati, A. (2017). FMEA techniques used in environmental risk assessment. Environment & Ecosystem Science (EES)1(2), 16-18.

ASSESSMENT-1

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

The purpose of risk management standards is to provide a set of guidelines and frameworks to industries to execute their operations with proper risk management analysis. Some common standards have been designed for most of the regular situations which happen across the globe and some other standards provide the most pertinent guidelines to counter unprecedented issues. An example of a risk management standard is ISO31000.

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

AS/NZS ISO 31000: 2009 Risk Management Principles and guidelines 

  1. Risk management is an integral part of an organization.
  2. Risk management plays a vital role in the decision-making process.
  3. Risk management affects operations palpably.
  4. Risk management leads to the creation and prevention of the value of an organization.
  5. Risk management gives foundation and timeline of operations. 
  6. Risk management is deployed with accurate is information. 
  7. Risk management systematizes operations internally and externally.
  8. Risk management works and humanitarian and ethical grounds.
  9. Risk management is evident and covers every aspect.
  10. Risk management assures perpetual progression.
  11. Risk management is subjected to change. 
  • Explain the requirements of WHS legislation in relation to risk management.

The WHS- Work Health and Safety legislation is the set of rules which are supposed to be followed in every organization to maintain the health and safety of the employees. Its relation to the risk management standards is to cover the health and safety aspect in the risk management analysis within an organization (Asadi, 2015).

  • 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.

Factors that must be considered 

  1. Repeating situations of force
  2. The atmosphere at the workplace
  3. Excruciating loads usage
  4. Manual work
  • Explain the purpose of risk management policies and procedures in the workplace.

The purpose of risk management policies and procedures at the workplace is to set a foundation and frame on the basis of which the operation could be performed.

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

 The are multiple issues that could arise in case the risks are not identified and actioned. Here are some examples of such issues.

  1. Failure of operation at the profit level.
  2. Loss of business partners.
  3. Loss of man force. 
  • Outline a step-by-step procedure that companies can use for analysing risks.

Steps that could be followed to analyze risks are as follows.

  1. Identification of the risk.
  2. Analysis of the risk.
  3. Setting the priority of the risk.
  4. Act of substantiating the risk.
  5. Thorough rectification.
  • Outline three sources of information that a company could use to gather information on potential risks.

Methods that a company could use to gather information about potential risks.

  1. Studying the history of the industry and the organization.
  2. The process of the taking interview of the employees and ex-employees.
  3. The process of consultation with an expert (Aven, 2016). 
  • Describe three examples of tools or techniques that a company could use to identify risks as part of a risk assessment process.

Tools and techniques that could be used to identify the risks as part of a risk assessment process.

  1. Take the help of the Delphi Technique.
  2. Ideating about the operations of the industry and the organization.
  3. Revising the legal and operational documents of the organization and the industry.
  • Explain four options that a company could take to control risks.

Methods that a company could use in order to control risks.

  1. Following the risk management standards. 
  2. The Work health and safety legislation to be followed properly.
  3. To perform risk management analysis before the commencement of the operations. 
  4. A strong and wise leadership.
  • Explain four procedures that a company could use to minimise risk.

Methods that the company could use to minimize the risk.

  1. Regular analysis of the ongoing operations.
  2. A well-founded and viable approach in the execution of operations.
  3. Adequate strategic planning.
  4. Following risk management standards. 

ASSESSMENT-2

  • Develop a risk briefing report.

Risk Briefing Report 

Introduction-

The organization NatureCare Products is based out in Brisbane. It has started its business in 1996. NatureCare Products make skincare products that are eco-friendly and contented with natural ingredients. There is also a consideration of eco-friendly packaging. All of the products are manufactured in a small factory and then shipped to health food shops in Australia. The products which are shipped to the health food shops and first given to the distributors who distribute them to the health food shops thereafter. The company does its business online as well, though the company’s website, it takes the orders from the customer and the products are delivered to them directly. 70% share of the customers of this company is business class women. In a recent board meeting of the CEO and two of the company shareholders, it is decided that the company will try to expand its business by 10% through the process of establishment of retail outlets in Brisbane, Sydney, and Melbourne. The company follows the Risk management policy and procedures of   AN/NZS ISO31000:2009 Risk management principles and guidelines. The company currently employs the staff: Office manager, Operations Manager, Administration assistant, marketing manager, CEO, accounts manager, marketing assistant, sales manager, two shareholders, and 4 customer service representatives.

Scope– 

The scope for the risk analysis is all the departments of the company i.e. Sales department, Administration department, Marketing department, Customer service department, Operations department, HR department, etc. and all the operations of all of these departments. After a thorough analysis, a risk management plan will be developed to be followed across the organization. 

PESTEL Analysis 

  • Political Factors
Factors Risk treatment as applicable
Government policies about the industry before and after elections.Formation of the strategies which are dependent on the government policies as less as possible.
Regulatory modifications of the company’s norms and conditionsAnalysis of the current practices of norms and conditions in the company and make the required changes
CSR policies of the government.Special consideration of CSR practices of the company
In practice policies of the government for the expansion of the businessAnalysis of the government policies and keep an assurance that they will be followed in the business expansion. 
  • Economic Factors
FactorsRisk treatment as applicable
Data on the growth and decrement of the economy of the industry of the organization.Analysis of the available data of history and the current practices in the industry. 
Data on the growth and decrement of the economy of the Country.Analysis of the available data of historical and the current economy of the Country. 
Forecasted changes in the country’s GDP. To make some trustable shareholders and customers.
The employment rate of the countryAnalysis of the staff and optimize their abundance. 
  • Social Factors
FactorsRisk treatment as applicable
Changing requirements of the customers and customer of the competitor companiesExecution of the survey at the ground level in the country to know the current and future requirements of the customers. 
Impact of the rate of population growth on the number of customers.Formation of strategies for operations and production to handle the future demands of the customers. 
  • Technological Factors
Factor Risk treatment as applicable 
Forecasted technological changes by the scientist in the world. Keeping 100% awareness on terms of technological advancements in the world. 
Best technology currently in practice.Regular scrutinization of the available technology in the world. 
  • Legal Factors
Factor Risk treatment as applicable 
Government policies for the customers and the authenticity of the products.Analysis of the legal authentic requirements of the products.
Policies followed by the competitor companiesUnobtrusive analysis of the policies followed by the competitors in the industry. 
  • Environmental factors
Factor Risk treatment as applicable 
Awareness among the customers and the government of the environment.Analysis of the government rules and regulations regarding the environmental impact of the organization.
Practices of the competitors for the minimization of the wastage. Unobtrusive analysis of the practices followed by the competitors in the environmental aspect of the operations (Rabechini Junior, 2013).
  • Risks
Risk Treatment
Budget and availability of the funding bodies for the organization.Analysis of the capital requirements of the company and raising the number of funds for the organization.
Changes in market demands.Keep numerous strategies for operations and organizational learning strategies.
Policy changes of the government for business and its expansionKeep the legal department of the company aware of the government policies and forecast the changes at a personal level.  
Changes in the human resource department in order to hire new candidatesInternal training of the employees to develop competence in case of changes in human resources.
Technological issues in anyTo assure the inventory regarding the technical requirements of the company.

Internal and external stakeholder analysis

Internal stakeholders

  1. Board of directors– The board of directors is responsible for all the crucial decisions that are made for the operation being conducted in a company.
  2. Operations department– This refers to the employees who are involved in the manufacture of the products and their supplies, and also the managerial position employees who supervise the operations (Gitau, 2015). 
  3. Sales department– Sales department consists of employees who are assigned to the sales of the product. Distributors, suppliers, and salesmen are in this department.

External stakeholders

  1. Promotional bodies– This includes media, advertisers, and people who work with the organization to endorse the product.
  2. Customers– The most considerable and pivotal stakeholders are the customers of the organization; they are responsible for the revenue generation of the organization.  
  3. Funding bodies for the organisation-Funding bodies are the investors and special bodies that provide the capital to the organization to perform its operations.

Strength and Weaknesses

Weakness- Incompetent staff and training department.

Strength- Vision oriented company

Cost– $2200000

Profit– $500000

Inventory-$800000

Competition– Other leading skincare products companies that manufacture chemical-based products.

Marketing– Marketing department of the company

Critical Success Factors

Goal– To involve risk management practices integrally within the organization.

Objectives

  1. Add risk management in the regular operations of the company.  
  2. To make sure that risk management is being implemented throughout the company. 

Critical success factors

  1. Decisions made by the board of directors of the company regarding the implementation of risk management analysis in the company. 
  2. Awareness of the significance of the risk management analysis among the existing employees of the company. 
  3. Competency of the training department. 
  • Send an email to the CEO (your assessor).

To

The Assessor 

NatureCare Products Organisation

This email is regarding the risk management analysis that is being performed for the expansion of the business of the NaturCare products through the opening of the retail outlets of the company in Brisbane, Melbourne, and Sydney. A proper risk briefing report has been prepared and the same has been attached to the email. Kindly go through it and approve if it is found to be pertinent.

Regards

Operation manager.

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

To

The Assessor

NatureCare Products

Subject- Invitation to the meeting

This email is regarding the expansion of the business of NatureCare Products with the help of opening new retail outlets in Brisbane, Sydney, and Melbourne. For the establishment of these new outlets, a thorough risk management analysis is supposed to be done. A meeting will be conducted on 15th September 2020 at 01;00 pm in the meeting hall of the company, you all are invited to attend the meeting. 

Regards

Operation manager

  • Conduct team meeting.

Date- 15th September 2020

Time- 01:00 pm

Place- Meeting hall

Attendees- Operations manager, assessor, and teammates.

Agenda- Risk management analysis for the business expansion of NatureCare Products. 

In the meeting for the risk management analysis of the business expansion of the company NatureCare Products, a number of risks were discussed. Less number of funding bodies and greenness of the existing staff in terms of production and manufacture, incompetency of the training department, and employees working in the manufacturing department are some of the biggest issues which were discussed in the meeting. Some conclusions were made that with the help of existing funding bodies new trainers will be hired and when the competency of the employees will be increased, new funding bodies will be approached. 

  • Develop a Risk Management Plan.

Risk management plan

Scope of assessment:Current and Future operations of the company
Critical success factors:Awareness among the employees, training department, and the Board of directors
Internal & external stakeholders:Board of directors, operations department, sales department, funding bodies, customers, and promotional bodies
RiskConsequencesSeverity RatingLikelihood RatingTreatment or control methodsPriority rating (high, medium, or low)

Order of priority 

Incompetency of the existing employeesPoor manufacture5Proper trainingHigh
Incompetency of the training departmentPoor knowledge of the employees52The hiring of good trainersHigh
Less number of funding bodiesInadequate production (Bosetti, 2015)52Approach new funding bodiesmedium
  • Send an email to the CEO (your assessor).

To

The Assessor

NatureCare Products

This email is regarding the risk management analysis done for the expansion of the company. Training department and employees’ competency and fewer funds are the major risks. The risk management plan has been attached to the email.

Regards

Operations manager

ASSESSMENT-3

  • Write a report on staff training options

After reviewing the case study, some conclusions have been made that on and off-job training for the customer service representatives will be done. A report for the same is mentioned below.

Report for training

Profile– Customer service representatives.

Training options

  1. On the job training– This kind of training will be done by the customer service representatives simultaneously with their job roles. This will include
  1. Swapping of the job profiles
  2. Edification about the job responsibility. 
  3. Coaching 
  • Off job training- This kind of training will be done by the customer service representatives separately form their jobs.
  1. Situational training
  2. Quizzes 
  3. Grid training (Raz & Hillson, 2005)
On the Job Training
Name of the Training Outcome Location Cost  Duration 
a)Swapping the job profilesLeads to the diversity of the knowledgeRoom 5$ 40Once a month
b)Edification about the job responsibility.Increment of the competencyRoom 3$ 30Once a week
c)CoachingHoned skillset Room 2$ 30Once a week
Off the Job Training
Name of the Training Outcome Location Cost  Duration 
a)Situational trainingIncreases thought processRoom 4$ 30Once a week
b)QuizzesLeads to greater knowledge (ALBANIA, 2017)Room 6$ 30Once a week
c)Grid trainingHigh customer satisfactionRoom 7$ 30Once a month
  • Undertake an inspection of head office.

Environmental Sustainability and Record of usage of resources.

Areas of RTO & practices reviewed            Description
Use of consumables/ materials/ technology/ equipment 

  1. Equipment identification
  2. On and off switches
  3. Usage of sleep mode by the staff 
  4. How the usage of energy is being minimized.
Equipment used

  1. Systems
  2. VoIP phones
  3. Lights

Energy usage

  1. No switches left on
  2. Proper use of sleep mode
Energy usage e.g. water, electricity gas

  • How is the energy used daily?
  • 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?
  1. Energy usage by systems and LEDs.
  2. Most consumption is done by computers
  3. No switches left on.
  4. Proper utilization of energy by the staff

 

Waste

  • Describe workplace waste.
  • How is it disposed of? 
  • Are staff conscious of waste management practices e.g. recycling, reuse, disposal?
  1. Waste of machinery after manufacture.
  2. It is disposed of with trucks to the disposal places.
  3. The staff of the RTO in conscious about waste management.
  • Develop a customer questionnaire.
Questions12345678910
  1. What is your rating about our products? 
  1. Rate our services
  1. The rate in terms of value for money 
  1. Rate the accessibility of our website
  1. Rate the life span of our products
  1. Rate the services provided at retail stores
  1. Rate the eco-friendliness of our products
  1. Rate our staff behavior
  • Send an email to the CEO (your assessor).

To 

The Assessor

NatureCare Products

This email is to inform you that the staff training report and questionnaire for the customers have been prepared, the same has been attached to the email. Kindly approve.

Regards

Operation manager

  • Write a risk monitoring report.

The purpose of the Report:

The purpose of this report is to review the following documents –

  • Sustainability report
  • Staff survey results memo
  • Sales data analysis memo
  • Customer survey results memo, and 
  • Performance review results memo

The risk Controls identified:

  • Improper reviews of the performance.
  • Issues in training. 
  • Improper communication
  • Workload
  • Redundancy in unimportant issues

Review of Customer Survey Results Memo

  1. Satisfaction 

58customers- completely satisfied, 8 customers- dissatisfied and 1 customer- indignant 

  1. Easement of business 
  1. customers- completely satisfied, 10 customers- dissatisfied and 8 customers- indignant
  1. The behaviour of staff and manager

42 customers- completely satisfied, 12 customers- dissatisfied and 3 customers- indignant 

  1.  Customer with the interest shown in buying products again

63 customers- completely satisfied, 10 customers- dissatisfied, and 2 customer- indignant

A review of Sales Data memo

16 % increment in sales

Review of Staff Survey Results Memo 

  • Unenthusiastic staff
  • Lack of track records

Review of Performance Review Results Memo

  • Adaptation in a new environment
  • Proper co-operation (Lai, 2014).
  1. Send an email to the CEO (your assessor). 

To

The Assessor

NatureCare Products

This email is to inform you that risk monitoring report has been prepared and the same has been attached to the email.

Regard

Operation manager.

ASSESSMENT-4

  • Develop a risk management evaluation report 
  • Evaluate the overall risk management process. 
  • Was it easy or difficult to identify risks?

Certainly, it was easy.

  • Was staff input (at the meeting) helpful?

All members of the staff contributed wonderful suggestions. 

  • How confident are you that all the risks have been identified?

I am completely confident. 

  • Consider whether the process indicated in the NatureCare Products’ current Risk Management Policy and Procedures is sufficient to guide the risk management process used for the business expansion project. Explain why or why not. 

Since the risk management policy of NatutreCare Products resonates with AS/NZS ISO31000:2009 Risk Management Principles and Guidance, I found it sufficient for the business expansion. 

As I have reviewed the risk management policy and procedures, I found them sufficient for the business expansion. As they are well executed and they are also consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance (Etges, et. al., 2017).

  • Explain whether the principles of risk management in the NatureCare Products risk management policy and the procedure is consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance.

Yes, the risk management in NatureCare Products risk management policy and the procedure is consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance as it contains all the parameters as set out in this standard.

  • What changes would you recommend to the risk management process?

Some training policies should be added to the existing policies.

  • Take a screen shot of all of your folder and files.


  • Send an email to your assessor.

To

The 

Accessor

NatureCare Products

Subject- Submission of the Risk Evaluation Report.

This email is to inform you that the Risk Evaluation Report has been prepared and its screenshot has been taken, both of them have been attached with the email. Kindly check

Regards

Operations manager

References

Albania, k. (2017). Analysis of international risk management standards (advantages and disadvantages). European Journal of Research and Reflection in Management Sciences Vol5(3).

Asadi, Z. (2015). An investigation of risk management strategies in projects. Marketing and Branding Research2, 89-100.

Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research253(1), 1-13.

Bosetti, L. Risk Management Standards in Global Markets. December 2015

Gitau, L. M. (2015). The effects of risk management at project planning phase on performance of construction projects in Rwanda. Jomo Kenyatta University of Agriculture and Technology, 1-76.

Lai, F. W. (2014). A conceptual framework for enterprise risk management performance measure through economic value added.

Rabechini Junior, R., & Monteiro de Carvalho, M. (2013). Understanding the impact of project risk management on project performance: An empirical study. Journal of technology management & innovation8, 6-6.

Raz, T., & Hillson, D. (2005). A comparative review of risk management standards. Risk Management7(4), 53-66.

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