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Risk Management in Organisations

   

Added on  2021-02-21

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Risk Management
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1International & Australian Risk Management Standards and Their Purposes............................1Legislative and regulatory Context of Organization....................................................................3Organizational policies, Procedures and Processes of Risk Management...................................3Areas of risk in an organisation...................................................................................................4Organisation's auditing requirement relating to risk management..............................................5Techniques for identifying and evaluating Risks.........................................................................7CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONRisk management can be considered as identification, evaluation and prioritisation of riskthat is followed by coordination and economical application of various resources to minimise,monitor and control the chances or impact of unfortunate incident on business of organization.This is important to improve level of success of organization. Risk management is used byorganization to reduce the chances of failure in organization. This report is providing briefinformation of risk management standards for CoffeeVille. Coffeeville was established in year2009 and run by Rufus and Emma Belcastran. Purposes and key element of current riskmanagement standards will be explained in report (Hopkin, 2018). The legislative and regulatorycontext of organization that are related to risk management also will be explained in study.Various organization policies, procedure and processes of risk management also will beexplained in report. Common areas of risk identification in business organization are discussed inreport. Requirements of auditing process related to risk management will be explained forCoffeeVille. Different techniques for risk identification and evaluation will be considered inreport.MAIN BODYInternational & Australian Risk Management Standards and Their PurposesThere are different standards are used by organizations in Australia and other nations toavoid different types of risks in business. Main Risk Management Stakeholder are as follows(Standards Catalogue, 2019).AS ISO 31000:2018It is a guideline of risk management proposed by International standards of organization for allbusinesses around world. It is currently applicable all over world including Australia. Purpose iofthis standard is to provide ways to different business organization to manage various risks facedby them in business operation. This standard can be used for throughout the life cycle of anybusiness organization. Different aspects of risk management are included in this standard.AS/NZS 5050-2010This standard was published in 2010 and publisher of this standard was “standards ofAustralia” it is currently in use and accepted by organization in Australia. This standard providesthe information of application of principles, framework and processes of risk management.HB 141-20111
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This standard is considered as risk financing guidelines and it was published in year 2011and it is a hand book which is designed for risk management in organization. It was prepared onbehalf of standards of Australia and standard of New Zealand. This standard is originated formprevious addition of risk management 2004 which is jointly revised as HB 141-2011.HB 158-2010This standard is based is based on International standards of organization set ISO31000:2009 Risk Management – Principles and Guidelines. It was published by StandardsAustralia in 2010 and it is currently operating in country. It is also a hand book for organizationthat can be used by organization to manage the risk in business.HB 203-2012This standard is based on management of organization risk that are related toenvironment. This standards was published in 2012 as a handbook that can be used byorganization to avoid risks related to environmental factors. Various risk management strategiesare provided in this standard.HB 292-2006There are different new approaches and practices that are used by organizationconsidered in this standard. Based on new practices and innovation that are implemented byCoffeeVille has been considered in this and various methods and strategies of risk managementare explained to minimise the risk of failure for company. This standards are good fororganization that believes in experimentation and innovation.This standards are used explained by International standards of Organization are based onsimple approach to reduce the impact of certain incident that can affect the organization in badmanner. Various steps of risk management are- risk identification using different tools, analysethe risk which is associate with action of company and its impact on business, evaluation ofvarious methods that can be used by organization to minimise or control risk in operation oforganization and the final step for risk management is to apply different methods to neutralisedthe impact of risk for company (Aven, 2016). In the last stage various monitoring strategies areused to evaluate the procedure that is used to minimise the risk. This is how a particular strategyis used by organization to avoid risk in organization. 2
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