Risk Management Process in Nature Care Products

BSBRSK501 - Manage
Risk
ASSESSMENT TASK 1

CONTENTS
ASSESSMENT TASK 1.................................................................................................................2
Introduction..................................................................................................................................2
Outline of Risk Management Process..........................................................................................2
Legislative and Regulatory context of the Organisation.............................................................2
Internal and External Stakeholders..............................................................................................3
Strength and Weakness of Existing Retail Approach..................................................................3
Critical Success Factors for Business Expansion........................................................................3
PESTLE Analysis........................................................................................................................4
REFERENCES................................................................................................................................5

ASSESSMENT TASK 1
Introduction
The risk management process assists in identifying the problems which can be faced by
the firm and the firm through risk management planning is able to find the solution to reduce the
impact of those risks. The scope of risk management is to assess the risk which have the
potential influence on the business performance and profitability in order to manage them
effective and efficiently.
Outline of Risk Management Process
Nature care products have formulated the policies and procedures in relation to risk
management. The risk management principles include a commitment to implement risk
management effectively throughout the organisation. The process of risk management in Nature
care products includes management of risk at the corporate level. The annual risk identification
is done by involving the CEO. Moreover, the firm is focusing on the training and development
with regarding the knowledge for the risk management. In addition, the Nature Care product is
involve in monitoring their performance in the management of risk to reduce various impact of
the risk on business operations.
The risk management policies and procedures of the firm are being formulated based on
the ISO 31000-2009 in order to minimise the risk factor. The standards provide various
principles of the management of risk in the firm that include continuous review of the systems
and process regarding the management of risk (Howes et.al., 2015). It assists in making relevant
decision for the business. Moreover, there is requirement of assessment of risk for all the
activities of the firm. The firm also follows principles of risk management which is engagement
of stakeholders which assist in identifying the risk effectively and efficiently
Legislative and Regulatory context of the Organisation
There are various laws and legislation which are required to be followed by the Nature
Care products in order to reduce the risk for better performance. The health and safety authority
provide guidance to the firm to reduce various risk associated with their health are required to be
followed by the organisation (Sadgrov, 2016). Work health and safety regulation 2011 provide
understanding about the importance to provide the employees with the safe work environment in
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