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Action Plan for Implementing Risk Treatment

   

Added on  2020-04-21

9 Pages1359 Words78 Views
Assessment 2Action plan for implementing risk treatment Prepare a risk management plan for a business of your choice in accordance withthe Australian and New Zealand Risk Management Standard AS/NZS ISO 310002009 Risk Management – Principles and Guidelines.1.Select an organization you are familiar with, preferably one that you’veworked for/with. This organization will be the basis for all of yourresponses for Assessment 2. (6 marks total.)a.Name of Company THE STEYNE HOTELb.Location75 The Corso, Manly NSW 2095, Australiac.Nature of business Hotel and Restaurant cum Bar2a. Identify 5 internal stakeholders and1.employees 2.shareholders3.agents 4.managers 5.owners

b. Provide an example of a risk concern for each of the internal stakeholders. (3marks)Employees - Employee may commit negligence Shareholders - May repudiate the actions of the boardManagers- Mangers may not comply with legislations Agents- there actions would bind the company Owners- owners will be bound to the acts of the agents 3a. Identify 5 external stakeholders and 1.Local community 2.Government 3.Investors 4.Suppliers 5.Consumers b. Provide an example of a risk concern for each of the external stakeholders. (3marksConsumers - Can make claim under Consumer LawSuppliers – suppliers can refuse to give goodsLocal community- the environment and the society may be affected Investors- may deny making investment Government- can enact new laws

4. Give one example of the organisation’s risk concerns in relations to each of thefollowing catagories;A. Political- Change in government B. Economic- market downfall c. Social- Social change d. Technological- Technological failure e. Legal- Non compliance f. Environmental – pollution caused by operations (2 marks each)5a. Give 2 examples of strengths of the organization risk management practices: 1.The organization has a risk management committee which measures andmanages risk 2.The organization takes risk management as a planned activity b. Explain why you consider these strengths 1.The first practice is a strength because it involves the identification of riskand then appropriately addressing them 2.The second practice is a strength because it involves planning. Planningenhancing the chances of risk to not occur and to be addressed properly. d.Give 2 examples of weaknesses of the organization risk managementpractices: and 1.reckless risk taking 2.inefficient governance e.Explain why you consider these weaknesses.

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