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Manage Risk

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 – Written Question

Assessment Task 1 Cover Sheet

Student Declaration 

To be filled out and submitted with assessment responses

◻   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). 

◻I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. 

◻   I have correctly referenced all resources and reference texts throughout these assessment tasks. 

Student name
Student ID number
Student signature
Date

Assessor declaration

◻I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. 

Assessor name
Assessor signature
Date
Assessment outcomeSNSDNSResubmission    Y     N

Feedback

Student result response

◻My performance in this assessment task has been discussed and explained to me. 

◻I would like to appeal this assessment decision. 

Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

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

Risk management standards were developed to provide guidance for those who are required to conduct risk management processes. These standards are intended to provide a global agreement on how to handle such risks and advise on how to cope with others in best practice. Risk management standards enable organizations to implement effective and tested methods.

Examples of standards for risk management include ISO 31000:2009, ISO/IEC31010:2009 and ISO guide 73:2009 which are created to help guide organizations with various risk management aspects. FERMA has also established its own risks management system, as well as the common ISO standards, that provide guidance for all processes, from the identification of risks to the transition of some risk to another group (Hopkin, 2018).

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

The 11 principles of risk assessment are:

  • Risk control sets and maintains value.
  • Risk management is part and parcel of all corporate operations.
  • Risk management is an important aspect of the decision-making process.
  • Risk analysis tackles complexity directly.
  • Risk analysis is organised, effective and comprehensive.
  • The best available information is the basis of risk management.
  • Risk management is tailored to specific criteria.
  • Human and environmental aspects are taken into consideration in risk assessment.
  • The management of risks is open and equitable.
  • Risk assessment is complex, iterative and changes sensitive.
  • Risk assessment promotes the organisation’s performance growth.
  1. Explain the requirements of WHS legislation in relation to risk management.

WHS legislation requires clear instructions on the handling of risks to health and safety for individuals with duties under the WHS Act and Regulations. The responsibility is enforced by individuals operating a company or organisation, including bosses, independent personnel, main contractors, staff, builders, managers and suppliers of factories, substances or systems for use at work. This Specification extends to all working conditions under the WHS Act and all forms of workplaces. For guidelines on risk management of specific hazards, other accepted procedure codes should be cited (Hubbard, 2020).

  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.

The main factors of risk that are identified in the Health and Safety Regulations 2011: „

  • Workspace architecture and construction 
  • The environment in which the manual task is done, scale, weight, or amount of items handled. Such risk factors can also exacerbate the mission and therefore raise the likelihood of MSD (Tupa, et. al., 2017).
  1. Explain the purpose of risk management policies and procedures in the workplace.

Risk management policies and procedures provide for a Structure for risk management and also enable managers and risk monitoring officers to better recognise, identify and control risks within their areas in order to raise overall awareness of risk across the council. It helps to improve ownership of land. It identifies functions and duties to ensure an awareness of the risk management process. It provides guidance on best practises and outlines the various components to be handled in order to include the risk management methodology in each stage of the council (Glendon, et. al., 2016).

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

Three risk potential impacts might be disruption of operations, lack of investor trust, or fines, and reimbursement for employee problems.

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

Step 1: Recognize the business risk

Step 2: Analysing the risk

Step 3: Risks must be prioritised and classified

Step 4: It needs to eliminate as much as possible

Step 5: Reviewing and monitoring the risk

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

Brainstorming: A network of individuals focussed on determining the danger for the project is engaged in brainstorming.

Delphi Technique: An informal team of practitioners is contacted. An expert will receive a list of facts, answers will be gathered and responses will be sent out for further analysis before consensus is achieved (Almeida, et. al., 2017).

Interviewing: Project managers, partners, consultants, etc. may be consulted in order to assess risks.

  1. 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 involve:

SWOT Analysis: For the project, strengths and disadvantages are identified and risk is also identified (Sweeting, 2017).

Checklist Analysis: The Vulnerability Group Checklist is used to define potential project threats.

Risk register: It contains past evidence for future projects. 

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

Avoidance: But it is important to remember that nothing is earned, and so often for many organisations that is not a realistic option.

Reduction: In relation to the potential return on investment, risk reduction methods must be weighed. If the cost of reducing the risk outweighs the cost of an event, it needs to decide if it pays off.

Transfer: Risk transfer is a practical risk management approach because it recognises that incidents occur sometimes but ensures that the company is prepared to handle the consequences of these eventualities (Rampini, et. al., 2020).

Acceptance: Often those who think the risk transfer or decrease expense unreasonable or needless choose this choice.

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

Four procedures to minimise risk are as follows:

  • It can be expanded the offerings of the business
  • By reviewing the internal controls of the existing system.
  • By creating a risk management plan.
  • By managing finance.

Assessment – 2

Assessment Task 2 Cover Sheet

Student Declaration 

To be filled out and submitted with assessment responses

◻   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). 

◻I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. 

◻   I have correctly referenced all resources and reference texts throughout these assessment tasks. 

Student name
Student ID number
Student signature
Date

Assessor declaration

◻I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. 

Assessor name
Assessor signature
Date
Assessment outcomeSNSDNSResubmission    Y     N

Feedback

Student result response

◻My performance in this assessment task has been discussed and explained to me. 

◻I would like to appeal this assessment decision. 

Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

1. Develop a risk briefing report.

Introduction

“Nature Care” has been founded in 1996 and manufactures products for skincare. The goods manufactured by the company are organic and environmentally conscious. A wide range of natural products, including creams, moisturising creams and facial scrubs, are made. The company is also selling its goods via its website, where it has good sales and plans to increase its future sales.The firm is now financially secure, but its rivals have lately discovered that they market the same commodity. In the next three years, the company will then aim to increase its revenue by at least 20%.Therefore, the marketing manager wants its study and evaluation to make a decision.

Scope

  • Increase by 20 percent the number of people who order when visiting the online shop.
  • Improvement by 150 in NatureCare Goods’ number of retail stores.
  • Improving market share
  • To reach into one foreign market at least.
  • New technologies and sectors to be found.

PESTLE Analysis

Political Factors: The political conditions in Australia will have a positive influence on natural care goods as the government agreed to sustainable businesses and the environment. the laws and regulations of the country in which the business is operating. The most recent elections resulted in an increasingly business-growing Liberal Government that promoted tax cuts and other facilities for small and large businesses. The latest news polling suggests a further triumph for the Reform Government who will promote the potential spending of $150,000 in natural health care (Aven, 2016).

Economic Factors: The economic considerations include the exchange rates in the country in which the company operates. In contrast to the other western European economies, Australia has a high per capita GDP economy. Australia’s natural resources are strong and foreign investments are also attracting.

Social factors: The social factors describe social-technical trends. Modern culture is more eco-friendly in skincare goods, to keep skin hygienic. In this environment, culture seeks to use the best most natural forms to preserve the flesh. Culture creates highly organic and natural goods in the business.Based on today’s view and thinking of the skincare industry, the demand for natural care products is higher than for other products available. The most interested are most likely women aged 25-55 years.

Technological Factors: In today’s world, technology is influential in all life sectors. Trust and acknowledgement in a company such as natural care play an important part in the company’s advancement and development. The company looks forward always in developing its products and introduces new and innovative products and meet the customer’s needs.It is easier to make a strong relationship with the customer by providing technology. Technology provides a fundamental means between the enterprise and customers, adequacy of facilities to all new products easy and updated marketing materials easy. Anyone can easily access the Company’s website and the company’s technical team aims always to keep them updated with no faults and failures (Behzadi, et. al., 2018).

A Customer Relationship Management System (CRM), is an integral part of all departments of marketing, sales and business development.CRM from small businesses into large companies CRM is highly necessary to develop and sustain relationships with customers and to sustain an exemplary customer relationship management framework.

Legal Factors: The company Naturecare expanded quite quickly, and also established a number of rivals. In order to remain on the market, to retain its revenues, and not to lose its clients, it must comply with all the laws of its government. Today’s citizens are well aware of the ethical implications. Since the business is regulated by certain laws, it is very necessary that all specifications are fulfilled and that its goods are produced to comply with all relevant laws.Australian Consumer Law ( ACL) governs food protection in Australia. The Business and Consumer Act 2010 (CCA) timetable contains the ACL. In-state and federal fair trade law, similar clauses can also be included (DuHadway, et. al., 2019).

Environmental Factors: The environmental considerations have contributed to many national environmental protection regulations that would conform to universal requirements. The earth has vowed to save the environment from toxins and beauty. Both international brands, therefore, have a role to play in communicating support to the world. Besides, Nature Protection will help promote those efforts and meet with international requirements. In Queensland, Australia, the company is one of the pioneers in the world of skincare. The external and internal variables that influence the business as a whole can therefore be known better. The variables previously alluded to explain the brand study.Therefore, incorporating these considerations in the formulation of organisational strategies is indeed a smart policy. Similarly, the company’s future strategies could be enforced in line with market trends.

Risks

RiskTreatment
Financial RiskTrust for buyers and surplus for final spending
Inefficient resource usageTo plan the whole supply chain flow for essential inspection and contingency at all stages for each little point of communication.
Low customer satisfaction with customer serviceCommunicate through using feedback method with customers
By-law Compliance RiskEffective checking and safe delivery of safe products. Application for all required permits in advance.
Insurable riskBy taking an insurance policy

Internal and external stakeholder analysis 

Internal stakeholders include employees, manager and internal supervisors.

External stakeholders include external advisors, risk audits, risk consultants, and Government organisations. The above stakeholders will be responsible for the risk assessment process both internally and externally. They must be able to assess danger and the exact character of a problem. They must be able to look critically at the situation and be able to express whatever recommendations have on risk management.The challenge is for them to negotiate transparently about how they want knowledge to be shared (Wiengarten, et. al., 2016).

Strengths and weaknesses

FactorsStrengthWeakness
CostsWith a good financial condition, the company is well-foundedPrice competition
Profits It can afford to grow the company to $150,000.These businesses have already been well-established and are also financially stable.
InventoryWith women aged 25-55, the company targets about 42 million of the female population at this age, making it an enormous market for JAPAN.The organisation manufactures no goods for adults, children and teenagers. In a place such as Australia, where temperatures are too hot in summer, the business doesn’t manufacture sunscreens or creams.
CompetitionThe company is set up to satisfy the rising need for eco-friendly and natural skin products.In the industry, JURILIQUE and BOTANI are new rivals that manufacture the same kind of products.
MarketingHigh quality environmentally sustainable goods are being manufactured by the company.Limited product range

Critical success factors

NaturalCare Products’ key goal is to become one of Australia’s number 1 supermarket firms, offering high quality low cheap natural goods using environmentally sustainable manufacturing processes, expanding their product selection by 10 percent low reaching 95 percent consumer loyalty minimum (Belliniand Di Bernardino, 2017).

NaturalCare ‘s overall objective is:

  • The new department store opens in Melbourne, Sydney and Brisbane, boost the business by 20 per cent.
  • Meet 100% environmentally conscious vendors to ensure good quality goods.
  • Enable a 95 percent customer retention score.
  • Expand the product collection to draw more clients.
  • Enhance the organisation’s recruitment and teaching procedures.

2. Send an email to the CEO

Dear Sir/Madam,

I’ve developed a risk management plan to ask, and I am giving you all the attachments, together with all the tactics, to our plan to expand the distribution of our products in new stores in Melbourne and Sydney.

I would also like to address the venue, time and date for the meeting in order to discuss our business’ whole risk management plan. I also want to discuss the place, time and date for the meeting to discuss all the risk management plan for our business.

Please find the attachment below.

Thank you

Best Regards

3. Send an email to your team.

Dear Sir/Madam,

I would also like to address the venue, time and date for the meeting in order to discuss our business’ whole risk management plan. I also want to discuss the place, time and date for the meeting to discuss all the risk management plan for our business.

Please find the attachment below.

Thank you

Best Regards

5. Develop a Risk Management Plan

  1. A) Likelihood: The next step, after the risk is identified, is to calculate the possibility of leveraging possible vulnerabilities. Many considerations must be taken into consideration as this probability is calculated. Firstly, the investigator must understand the threat’s nature, the motive behind the threat and nature’s ability. Further, auditors shall identify the extent of the vulnerability and, ultimately, to prevent or minimise vulnerability, the status and effectiveness of existing inspections. It can be defined as high, medium or low the probability of a possible weakness (Zou, et. al., 2016).

According to the Case Study, there are:

  • Financial Risk: Around the same time, consumer diversification and demand for current goods needs vast quantities of cash flow for research and growth, marketing, promotions and the expansion of the market, which can lead to financial pinch. It’s a big and potential possibility.
  • Inefficient resource usage:Since management recommends that retail goods are distributed at the right location. It is really important at the right time and in the right place. Any failure of the supply chain would negatively affect consumers.
  • Low customer satisfaction with customer service: Another risk that is identified is related to customer satisfaction. It is really important to meet up with the customer demands in order to fulfil their satisfaction. 
  • By-law Compliance Risk:As far as cosmetics and associated products are concerned, the Department of F&D takes extreme care except with mild side effects. Another challenging subject is registration. 
  1. B) Consequence: Failure to deal with the risk will lead to implications ranging from simple drawbacks to serious risks. The ultimate effect is devastating, major, minimal and negligible.
  • The catastrophic risk is greater than $x, reputation damage on the international scene and long-term environmental damage, such as multiple injuries, regulatory intervention, loss of revenue or asset.
  • Significant risks include human athletes, infringements of permits, laws, statutory or required requirements, loss of net profits and/or harm to properties from $xxx, reputational risk at national and medium-term environmental risk (1-5yr) (American Diabetes Association, 2016).
  • Minor danger such as violation of internal policies, net income loss or damage to properties to up to $x$xxx, unfavourable media coverage and environmental losses of up to $250,000.
  • Minor risks such as no violation of permits, regulations, rules or audit results relevant to the risk; net sales loss or harm to properties $x, public knowledge, but little consumer complaints and minor environmental impacts.
  1. C) Risk register
RiskConsequencesSeverity RatingLikelihood RatingTreatment or control methodsPriority rating (high, medium or low)Order of priority
Financial RiskModerateHighLikelyTrust for buyers and surplus for final spendingLow
Inefficient resource usageModerateLowAlmost certainTo plan the whole supply chain flow for essential inspection and contingency at all stages for each little point of communication.Medium
Low customer satisfaction with customer serviceMajorMediumModerateCommunicate through using feedback method with customersHigh
By-law Compliance RiskCatastrophicHighRareEffective checking and safe delivery of safe products. Application for all required permits in advance.High
  1. D) Risk action plan 

Each of the risks identified above should be included in the table below and the actions have shown. The table should be copied and pasted for each risk. 

Description of risk Financial Risk   
Summary of recommended response and impactThe adequacy, reliability and usefulness of the internal management system and the vulnerability of that process to abuse, internal compliance defects, or abuses of authority on a sample basis
Proposed actionsBy accessing the weekly bank statement and detailed project costs report, consistency with deadlines is accomplished.
Resource requirements Bank statements and Financial accounts
ResponsibilitiesFinancial controller
Timing3 Weeks
Reporting/MonitoringFinancial manager
Description of risk Inefficient resource usage
Summary of recommended response and impactThe nature and methods of the Company’s compliance; 

Data and database quality and credibility and security;

Proposed actionsMonitoring stock levels at each supply chain stage in order to reduce end-time inventories
Resource requirements Resource management plan
ResponsibilitiesOperations manager
Timing2 Weeks
Reporting/MonitoringTeam leaders
Description of risk Low customer satisfaction with customer service
Summary of recommended response and impactThe appropriateness of feedback of operating entities is improved to ensure the successful atmosphere for corporate control;
Proposed actionsBy conducting feedback forms from customers to analyse their opinion
Resource requirements Feedbacks from customer
ResponsibilitiesEmployees
Timing1 Week
Reporting/MonitoringManager
Description of risk By-law Compliance Risk
Summary of recommended response and impactBusiness properties transparency to reduce losses
Proposed actionsBy keeping a tracker of all results and feedback from the lab and monitoring the side effects closely.
Resource requirements Feedbacks and lab results
ResponsibilitiesAccount managers & Operations manager
Timing6 Weeks
Reporting/MonitoringEmployees

Assessment 3 – Risk Implementation Project

Student Declaration 

To be filled out and submitted with assessment responses

◻   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). 

◻I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. 

◻   I have correctly referenced all resources and reference texts throughout these assessment tasks. 

Student name
Student ID number
Student signature
Date

Assessor declaration

◻I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. 

Assessor name
Assessor signature
Date
Assessment outcomeSNSDNSResubmission    Y     N

Feedback

Student result response

◻My performance in this assessment task has been discussed and explained to me. 

◻I would like to appeal this assessment decision. 

Student signature
Date

Report on Staff Training Option

Fundamentally there are three types of training options available which include Instructor – Led training, e-learning and management specific trainings. In order to attain the better and effective outcomes. Management effective training is related to the various kinds of the specific management activities which include the training related to the leadership skills, problem solving skills etc. Instructor led training refers to the process in which the companies hire well qualified trainers to train their employees and to provide the complete and effective approach to answer individual employees directly or indirectly. These trainers are insisted and provided with the option to train the organization staff at their own working style and culture. This helps and promotes the professional trainer’s quality and knowledge to the organization and helps organization to create enriched skill sets within their individual employees. This kind of training programs helps to create more skills related to the team formation, team communication, team building and more. E-learning training programmers are becoming one of the best methods to train the individual employee with the required skill sets from their trainers online. This made this process more easy and convenient for both individual employees and trainers in terms of time and distance. This training program helps organization to provide the employee with the required skills using online medium with world class trainers and their quality content.

Undertake an inspection of head office

Head office inspection was carried out while considering the various aspects such as poor air quality, ergonomics and noise. Quality of air plays one of the most important part in the inspection of head office. This aspect provides the detailed information related to the humidity, air pressure, bacteria, values or percentage of oxygen and other gases within the air. Noise plays another important role in the inspection of head office as the noise in the surroundings can increate tension and stress level of the employees that could result in downfall in individual employee’s performance. The last aspect of head office inspection is ergonomics. This aspect also plays an important role in the inspection; this provides the complete information related to the lightning in the environment, health products and kits, sitting plan and more. Clearance of these aspects helps an organisation to achieve high quality and effective performance with the assigned task to the employees of the organisation.

Develop a customer questionnaire

Questionnaire123456789
Do you know what are the products sold by Natural Care?
How Much do you like products of Natural Care?
What would you like to rate the products of Natural Care?
How expensive are the products of Natural care from their employees.
Do you like the marketing strategy of Natural Care?
What would you rate  the product packaging and branding of Natural Care?
Do Natural Care sell Online?
How excited you would be if you receive the products of Natural Care at your doorstep? 

E-mail to CEO

To 

From 

Subject: Training Report 

Hi sir 

I am sharing with you the details of the questionnaire prepared. The Business growth plan is also need to be developed and will be shared. 

Thanks & Regards 

Risk Monitoring Report

Customer Survey Report 

Customer result Memo 

To: 

From: 

As discuss in previous meeting with the staff include in recent times conduct survey of customer in order to enlighten continuing process in addition to promotion.

Also it has also been discussed, it is conveyance you the outcome which determination in addition notify the efficiency of the guidance provide to the new-fangled Managers of the trade accumulate. 

Customer survey findings are as follows:

On the whole fulfillment by means of NatureCare goods

36 completely contented

28 fairly content

5 discontented

6 entirely disappointed

Manufacturing standard illustrate with the purpose of usual figure of clientele who signify that only 51% are completely satisfied. Score is 55% full amount contentment and it is observed that is above the age of the industry.

Ease of doing business with NatureCare Products

30 completely contented

20 fairly content

1 discontented 

Manufacturing standard illustrate with the purpose of usual figure of clientele who signify that only 57% are completely satisfied. Score is 40% full amount contentment and it is observed that is above the age of the industry

Easiness of linking to staff and the manager of the store

  • 52 Satisfied
  • 5 little satisfied
  • 0 not satisfied
  • 1 completely dissatisfied

Manufacturing standard illustrates with the purpose of usual figure of clientele who signify easiness of linking to staff and the manager of the store 72%.

On behalf of the scrutiny of the results above, gain is 84% intended for entirety contentment, which is observed as the above avg.

Regular purchase of the products 

  • 52 Satisfied
  • 5 little satisfied
  • 0 not satisfied
  • 1 completely dissatisfied

Manufacturing standard illustrates with the purpose of usual figure of clientele who signify easiness of linking to staff and the manager of the store 72%.

On behalf of the scrutiny of the results above, gain is 84% intended for entirety contentment, which is observed as the above avg.

Recommendation Nature Care Products to others 

48 totally satisfied

9 somewhat satisfied

4 dissatisfied

0 totally dissatisfied

Manufacturing standard illustrates with the purpose of usual figure of clientele who signify easiness of linking to staff and the manager of the store 64%.

On behalf of the scrutiny of the results above, gain is 78% intended for entirety contentment, which is observed as the above avg.

Staff Survey Result Memo 

The environment of the organization is productive.

Responsible of their own task and attaining common goals 

Employees’ daily challenges as an opportunity which is the first step towards success

What do you like least about working for this organisation?

No formulated hierarchy within the organization 

Lack of training 

Lack of communication. 

No appraisal policies.

Apart from profile there are various other responsibilities are been

What causes you the most stress or frustration at work?

Pressure for work 

Managerial issues 

If you were the CEO of this organization, what would you do differently?

Setting goals both long term and short term.

Introducing appraisal policies. 

Increasing employment involvement. 

What is it about this organisation that causes you to give more than what’s expected (or necessary to keep your job?

Focus on attaining company’s vision

Working on attaining more profits.

Company growth so that employees can also grow

What about this organisation causes you to withhold an extra effort?

To work with full potential

Everyone are not putting same efforts

What gets in the way of teamwork and/or cooperation in this organization?

Everyone is focussed on their own growth 

Procedures are not followed dedicatedly. 

Managers are not very much concerned in getting involved with team.

What could be done to improve teamwork and cooperation?

Populace necessitate qualified appropriately furthermore by manager, consequently with the intention of learning the appropriate measures in addition to be confident to obtain explanation meant for potential orientation. This willpower in addition agrees to manager to observe the employees’ development (or lack thereof).

Enhanced communiqué in addition to assistance all the way through the complete corporation.

Performance Review Results

To: 

From: 

As discuss, I am sharing the consequences of current reviews related to the performance through customer who are currently working as an managerial position. 

Please get back to me if you have any questions. 

Regards,

HR Manager

Performance Review Results

Performance Review Results Manager 1

Procedure

  1. Have the same opinion on the appraisal of performance
  2. Discussion over the performance on regular basis.
  3. There should be set objectives related to the opinion of the manger and the employees. 
  4. The main part of the process will be related to the training.
  5. Outcome of performance agreement will be recorded.

Performance review for:  

Date: 

Work product: It is related to the quantity and quality of the work done by the employees.

Go above necessities:

  • There should be high quality and high accuracy in the works.
  • Priority should be given on improving work performances.
  • The documents related to the workplace should be errorfree.

Dependability.

Committed towards Requirements:

  • Constantly reach workplace on time.
  • Employees are not allowed to take random leaves and emergency leaves should be effectively documented.

Cooperation

  • Customer questions should be effectively answered.
  • Healthy relationships should be there among colleagues.

Performance Review Results Manager 2

Procedure

  1. Have the same opinion on the appraisal of performance
  2. Discussion over the performance on regular basis.
  3. There should be set objectives related to the opinion of the manger and the employees. 
  4. The main part of the process will be related to the training.
  5. Outcome of performance agreement will be recorded.

Performance review for: Sasha (Manager Sydney) 

Date: 

Work product. 

Meets Requirements:

  • No constant supervision is required.
  • Acceptable error rate observed and timely completion of assigned work.
  • Documentation is completed within time and errorfree.

Dependability: 

  • Appreciative record of attendance.
  • Overtime is also been observed as per the requirements.

Cooperation: 

  • Observed team work which us healthy for organizational development
  • Good qualities like honesty, polite behavior observed in employees.

E – Mail to CEO

To 

From 

Hello Sir 

It is to inform that the results are evaluated. Please find the attachment for the same.  

Thanks, and Regards 

Assessment 4 – Risk Management Process Evaluation Report

Student Declaration 

To be filled out and submitted with assessment responses

◻   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). 

◻I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. 

◻   I have correctly referenced all resources and reference texts throughout these assessment tasks. 

Student name
Student ID number
Student signature
Date

Assessor declaration

◻I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. 

Assessor name
Assessor signature
Date
Assessment outcomeSNSDNSResubmission    Y     N

Feedback

Student result response

◻My performance in this assessment task has been discussed and explained to me. 

◻I would like to appeal this assessment decision. 

Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

1. Develop a risk management evaluation report

A. Evaluate the overall risk management process.

Risk identification is a complex process because it calls for a thorough review and understanding of organisational processes, procedures and specifications. The level of trust is strong because the internal employees provided information and feedback used as direct input to the risk report. the risk identification structure is very accurate.

  • Was it easy or difficult to identify risks?

The recognition of the risk factors was not that complicated.

  • Was staff input (at the meeting) helpful?

Yes, staff input is helpful as I was able to collect additional information and contribute to the study by using the feedback from the staff meeting.

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

I am very sure that myself and the meeting have defined both threats.

B. Consider whether the process indicated in the Nature Care 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.

The method suggested in NatureCare Goods was partly necessary, since the main factors were established by a PESTLE analysis. It influences and then adds to the world in which NatureCare Products works in the risk study. The intern employees focused on the new management role problem, which is a highly efficient method for detecting risk. The main concern was that the performance management system was postponed and it became impossible to track the workers’ output as they entered the new roles (Giannakisand Papadopoulos, 2016).

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

In compliance with AS / NZS ISO31000:2009, risk control standards and procedures in the Nature Care product risk management policies and procedures have been introduced. When internal personnel worked during the whole risk assessment process, the coordination was seen to be a core component of the risk recognition, review and tracking phase. The company also acknowledged and included the contribution of new hires with a detailed knowledge of the organization’s policies and practices, to the full recognition and assessment of risk processes (Bodnar, et. al., 2019).

D. What changes would you recommend to the risk management process?

My recommendation is that an external expert better determines the risk mechanism. They will help recognise danger globally and, in this case, the problem with new opening companies does not just arise in a single region. Furthermore, the analyst has an impartial viewpoint that can be used without discrimination or advantage by the internal workers to handle conversations and arguments about risk within an enterprise. 

Secondly, Collaboration & Communication Management, often administrators feel that their task is completed if they interact directly with their workers. There are also many reasons why workers are reluctant to hear or comprehend what their supervisors first say (American Diabetes Association, 2017).

Initial communication is generally directed at raising the consciousness of market factors and consequences of transition. Equally, communications should be structured at each stage of the process to communicate the relevant signals at the right time. Consequently, marketing strategy starts with a thorough review of the target, main messaging and scheduling. A coordination program meeting the needs of front-line personnel, managers, and executives must be developed by the progress management committee or by project leaders. Each audience must have specific information needs based on their role in carrying out the transition.

References
  • Almeida, H., Hankins, K.W. and Williams, R., 2017. Risk management with supply contracts. The Review of Financial Studies30(12), pp.4179-4215.
  • Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research253(1), pp.1-13.
  • Bellini, F. and Di Bernardino, E., 2017. Risk management with expectiles. The European Journal of Finance23(6), pp.487-506.
  • Bodnar, G.M., Giambona, E., Graham, J.R. and Harvey, C.R., 2019. A view inside corporate risk management. Management Science65(11), pp.5001-5026.
  • Giannakis, M. and Papadopoulos, T., 2016. Supply chain sustainability: A risk management approach. International Journal of Production Economics, 171, pp.455-470.
  • Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.
  • Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
  • Hubbard, D.W., 2020. The failure of risk management: Why it’s broken and how to fix it. John Wiley & Sons.
  • Rampini, A.A., Viswanathan, S. and Vuillemey, G., 2020. Risk management in financial institutions. The Journal of Finance75(2), pp.591-637.
  • Sweeting, P., 2017. Financial enterprise risk management. Cambridge University Press.
  • Wiengarten, F., Humphreys, P., Gimenez, C. and McIvor, R., 2016. Risk, risk management practices, and the success of supply chain integration. International Journal of Production Economics171, pp.361-370.
  • Zou, Y., Kiviniemi, A. and Jones, S.W., 2017. A review of risk management through BIM and BIM-related technologies. Safety science97, pp.88-98.
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