BSBRSK501 Manage Risk Case Study: Assignment
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BSBRSK501 Manage riskCase Study v2.0 (2017/10/11)BSBRSK501 Manage riskNameEmail addressAssessment© 2017 Australian Institute of Personal Trainers Pty Ltd and its licensors (AIPT) Commonwealth of Australia CopyrightRegulations 1969Warning - This material has been reproduced and communicated to you by or on behalf of AIPT, pursuant to Part VB of the Copyright Act 1968 (the Act).The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act.All rights are reserved and you must obtain the prior written permission of AIPT for the republication or redistributionof any content. Do not remove this notice.Read through the following case study and, using the information provided, your own research and reflection on your learning within this unit answer the three (3) Tasks that follow. The attached workbook contains useful information and templates for use in your responses. Attach all documents, including any templates used, with your submission. Case StudyYou are employed by Office Supplies to You (OSY), a small business providing office supplies to small and medium-sized businesses within the South-East Queensland market. The business is starting to grow with a staff of two (2) business owners/partners, three (3) Administration staff and Finance Manager, all of whom work in head office, and two (2) sales staff who mostly work remotely. As growth is continuing, the business projection is to employ an additional three (3) staff over the next 12 months, one of whom will join the sales team. The market trends show that there has been a decline in Industry revenue as paper consumption declines. The Stationery Goods Retailing industry includes companies that retail stationery goods, writing materials, art supplies, ink, pens, pencils, and notebooks. The industry is a very small component of the overall Retail Trade division and is subject to increasing external competitive pressure and threats. For example, an increasing number of alternative retail channels that also sell stationery items, including online retailers, are challenging the industry’s long-term survival, as is the ongoing move towards a digital economy. As a result, the industry has been gradually shrinking. Over the five years through 2016-21, industry revenue is expected to fall by an annualised 1.7% as it continues to contend with external variables.Organisational processes and procedures currently used at OSY were developed by the Partners to meet original requirements and are all paper-based. Because OSY is expanding, risk management needs to be reviewed and updated to ensure the business remains competitive. To establish risk context, your CEO has asked you to prepare a risk management plan by firstly reviewing current practises and applying a performance management model; also, to consider political, economic, legal, technological and policy context. You will need to seek the assistance of stakeholders in your research of identified risks and generate a list of applicable risks that may apply to scope using relevant techniques and tools. The current administration systems are paper-based, including all HR documentation, customer accounts and financial reporting; there is no formal input by stakeholders. These systems and processes need to be streamlined and improved as the business continues to grow. 1
BSBRSK501 Manage riskCase Study v2.0 (2017/10/11)Task 1 Answer the following three (3) questions. Templates used must be included in your response:1.Explain the strategies you will use in your review of current organisational processes, procedures and requirements in accordance with current risk management standards. Include in your response the resources you would access. 2.Use the template provided to demonstrate how you determine scope for risk management process and to review current strengths and weaknesses of current arrangements and any relevant policy context.3.Explain how you will document critical success factors to accurately reflect on legislation and to ensure compliance with requirements within OSY’s procedures. You may choose to use the Template in your response.1. It is seen that OSY organisation has not have adequate market research in order to understand the market trend of South-East Queensland. Therefore, it lacked to show skill inmaking effective marketing strategy in terms of generating high revenue in business. There is necessity to put a process in the organisation to achieve sales. In addition, OSY organisation needs to develop a mandatory procedure for the staffs who are opening and closing business daily. There should be s standard for staff behaviour and quality customer care service. Due to the lack of effective human resource strategy the organisation cannot concentrate on making a suitable workforce plan towards fulfilling business mission, vision and objectives. Effective communication is another important area where the organisation needs to pay attention in order to represent workforce with integrity (Sadgrove 2016). In order to be successful in retail business the organisation requires to follow mix marketing strategy. On the other hand, the organisation needs to consider training and development for their sales personnel in terms of accomplishing business target. The organisation also needs to take into account which things are record keeping, privacy laws reporting and money management (McNeil, Frey and Embrechts 2015). The use of technology is also important in terms of promoting sales of the organisation. The organisation also needs to develop an IT team in terms of accessing to information regarding market trend.2. It is seen that OSY cannot make revenue up to the market due to the decline of paper consumption (Venkatesh, Rathi and Patwa 2015). In this case the organisation needs to promote the sales of the stationary products which is not depended on paper. Decline of paper consumption is considering the main threat of the organisation towards fulfilling sales target. Risk management is considered is an integral part of good management practice. It is an interactive process consisting of steps, which, when undertaken in sequence, enable continual improvement in decision making. the organisation needs to consider in identifying and analysing risks which are associated with their business. The correct approach for dealing risks of business helps an organisation to minimise losses and maximise opportunities. OSY organisation had hardly consideration in managing risk positively. In this context, Australian Standard AS/ NZS 4360:1999 – Risk management is required to take into account (Choi, Chan and Yue 2017). In order to identify risk related to the business of OSY organisation I would like to develop SWOT analysis which is followed below. StrengthBeing a retail organisation the organisationhas variety of products to sale in the market. OSY is an organisation which is driven by partners based on paper.WeaknessBeing a small organisation, OSY involves online retailers in business when the organisation needs to be much focused on direct selling of products. OpportunitiesThreats2
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