BSBRSK501 Manage Risk: Case Study and Practical Demonstration

This document presents a comprehensive case study and practical demonstration for BSBRSK501 Manage Risk. It covers the stages of risk management, including establishing the risk context, identifying risks, analyzing risks, identifying measures to treat risks, implementing and monitoring the risk treatment plan. The case study focuses on Town and Country Services (TCS) and its regional expansion project, exploring various risks such as financial, operational, compliance, and IT information security risks. The document provides a detailed analysis of these risks, including risk assessment tables, stakeholder analysis, and action plans. It also outlines the methods for communicating risks, monitoring and evaluating the risk management plan, and providing evidence of implementation. The practical demonstration section focuses on tools and techniques for identifying and managing risks, including documentation reviews, Delphi Technique, and SWOT analysis.

BSBRSK501 Manage risk
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Table of Contents
Assessment 2 Case Study...........................................................................................................3
Assessment 3 Practical Demonstration....................................................................................17
References................................................................................................................................18
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Assessment 2 Case Study
Stage One: Establishing the risk context and identifying risks
Context
Political factors: The political factors which affect the working of Town and County
Services are related to the policies related to the taxation, government stability, policies
related to social nature and the trade regulations.
Economic factors: The economic factors that affect the operations of the TCS are the factors
such as interest’s rates, inflation, disposable income related to the buyers.
Social factors: The factors which assess the behaviour of the customers in the given market
such as educational level, population, trends affect the working of TCS.
Technological factors: These factors help in the development of the regional expansion
project effectively. The factors that are involved in this arrangement are technological
platforms, innovations and the discoveries.
The strengths and weaknesses of any existing arrangements:
Strengths Weakness
Dispute mediation is conducted between the
individual and the local authorities about
planning and building matters.
Involvement of the less technology in the
office
Staffing requirements
Scoping
(a) Describe goals/objectives of the business. Consider factors including:
Technological innovation: It comprises of such acts which help in the contribution related to
the products or the developments or to improve the existing products. In terms of TCS, the
goal is to develop the technological innovation which includes the development of features
such as video conferencing for the remote clients.
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New products or services: The services such as separate meeting rooms for the clients are
developed for the consultancy and the mediation services.
Opening new markets: The new market needs to be executed in different areas which involve
various forms of the decisions in relation to expansion.
Organisational structure: It involves the structure which involves the basis of renting an
office and providing effective services to the clients.
(b) Explain the scope of the project in terms of “deliverables”
The regional expansion project is delivered in such form which helps in the effective growth
and the expansion of the project plans. The expansion project if fulfilled with the given
requirements which help in the formation of both the profits and the growth opportunities.
The deliverables involved in this project is related to the research, contract evaluation,
documentation, etc.
(c) Relate the deliverables to the goals/objectives of the organisation and explain how
the project promotes them
The deliverables such as research help in the business of TCS to develop and expand its
project. This also helps in the development of the effective designing related to the projects.
This helps in the development of the expansion projects with the help of the effective
expansion plan and the growth.
The technological innovations are involved with the help of the expansion plans related to the
tactics of the effective designing and documentation.
(d) Identify the Critical Success Factors (CSF) – factors that must be present in order
for the project to be successful and promote Town and Country Service’s goal.
The critical factors are the indicators that help in measuring the performance of the
organisation in terms of the attainment of goals and objectives. Herein the critical success
factors used in by the TCS for the development of project are:
Customer satisfaction: If the number of customers is satisfied with the acts of the TCS in
terms of expansion then this is considered to be one of the major CSF.
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Market share: The market share is also considered to be one of the success factor used in the
working of the business.
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Stakeholders
(a) Explain the relationship between each group of the stakeholders and the identified critical
success factors. Use the template provided below.
Stakeholder Internal / External Role in process Stake in process
Employees Internal Employees help in
the development of
coordination to
implement the
expansion project in
TCS.
The stake of the
employees is in
relation to the growth
opportunities.
Managers Internal Managers help in the
development and the
administration of the
proper planning.
The enhancement in
the profits of the TCS
is the stake of
managers.
Customers External Customers help in the
reviewing the
policies used in by
the companies.
The fulfilment of
their needs and the
wants help in the
development of
satisfaction.
Suppliers External Suppliers help in the
providing easy access
to the services.
Profit making and the
share.
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(b) Discuss the methods that you can use to communicate with relevant parties and
obtain their support for risk management activities. Explain the kinds of support that
you would invite them to give. Relevant parties include:
All staff: The staff personnel are expected to run as per the standards framed by the
management. They should support the management.
Internal and external stakeholders: These stakeholders helps in the providing the services
and idea regarding the implementation of the expansion projects.
Specific teams: These should help in the development of effective communication and the
coordination in the working environment while the formulation of plans.
Technical experts: These experts support in terms of providing effective technical expertise.
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Analysis
a PESTL (Political, Policy, Economic, Social, Technological and Legal ) analysis, and;
Political Economic Social Technologica
l
Legal
Political
factors such
as
intervention
from the
government
departments,
taxation
policy affects
the working
of TCS.
The economic
environmental
factors that
affect the
expansion
plan is
inflation rates,
interest rates,
etc.
The factors
related to the
education,
trends affect
the interests
of both the
customers
and the
company.
The latest
trends and the
innovation are
required to
successfully
implement the
expansion
project plan.
The legal
regulation
are in form
of the
application
of the
various acts
on the
working and
other rulings,
(b) a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis
Strengths Weakness Opportunities Threats
The effective
services provided by
the company helps in
enhancing the
satisfaction level of
consumers.
The less availability
of the technologies is
termed as a weakness
in the working of
TCS.
The wider market
expansion is an
opportunity for the
company.
The increased
regulations and
competition is a
threat to the working
of TCS.
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Research
Risk management policy: These policies should be framed by the senior staff in such form
which involves implantation of the policy in the effective time period and the budget.
Risk management strategies: The risk management strategies should comprise the factor such
as risk advance, risk control, risk transfer, etc. In accordance with this the risks are analysed
and then the appropriate strategies should be selected (Peltier, 2016).
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Describe
(Source: Safari, 2018).
It is analysed from the case scenario of TCS that there are involved various forms of the risks
in its expansion plan. These are related to incompletion of the budget in the adequate time
period, successful completion of the expansion policy, etc.
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Stage Two – Analysing the risks
Risk Assessment table
Risks Likelihood Consequences Priorities Options
Financial risks
(Budget)
2 The interests of the
management are
affected at large.
2 The effective plan is
followed with
specific budget and
time frame.
Compliance
risks (non-
fulfilment of
expansion plan)
1 Herein the parties
affected are both the
employees and the
administrative
departments.
1 All the working
should be formulated
in the effective
manner and with
coordination.
Discussion with stakeholder:
The feedbacks are assessed from the customer to develop their views. The feedback which is
assessed by the customers includes the policy to review the application of theories before
applying it in the organisation. Similarly the suppliers views that there interests is not
affected with the expansion plan.
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Stage Three – Identifying measures to treat the risks
1. Risk Management Plan
Risk Assess Risk
(L, M, H,
E)
Controls Monitoring Timelines Responsible
Financial
Risks
M Can be
controlled
These risks
affects the
working of the
administratio
n
Board of
Directors
Operational
Risks
L Moderately
controlled
Working of
the
management
can be
affected.
Board of
Directors
Compliance
Risks
E Controllable Affects both
the employees
and the
management
Board of
Directors
IT and
Information
Security
Risk
H Moderate Affects the
internal and
external
environment
Board of
Directors
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2. Action Plan
(a) List all the people who will need to know your risk management processes.
Employees: Employees working in the TCS should know about the working of the TCS
which helps in the effective management of the expansion plans and the working.
Customers: Customers are the one who should know about the working of the company and
hence the risks management procedure is assessed by the company.
Investors: Investors invest in the working of TCS. Hence the risks associated should be
(b) Describe how you will file and store your risk management documentation so that it
can be easily accessed by those who need it.
The risks management documentation is such which helps in the easy access of the
information for the customers and the investors. The documentation is kept in virtual form
with the Id and password. This helps in the development of easy accessibility for those who
need to know about the risks management process.
(c) Describe the process you will use to evaluate your risk management on an on-going
basis.
The steps provided in the below image helps in the proper assessment and evaluation of the
risks management procedure. These also help in the assessment of the risks management
plans and the consequences to deal with the management.
(Source: Corbett, 2015).
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3. Monitor and evaluate the risk management plan
The monitoring and the evaluation of the effective risks management plan helps in the
effective development of framework regarding the factors assessed and developed. It also
helps in the improvement of those factors which requires consideration and the aspects.
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Stage Four – Implementing and monitoring the risk treatment plan
Task
The initial risks plan which is prepared by the TNC should consider the risks related to the
financial, operational, compliance and IT information risks. These risks identified are
assessed at that time which includes the proper appraisal and the formation. These factors are
such which are both controllable and uncontrollable for the business enterprises. There are
involved certain actions to monitor the working progress such as risk assessment and the
identification table which helps in the development of effective understanding regarding the
working of the company and the management.
The TNC has taken several measures for controlling the risks such as risk control, risks
retention, risks assessment which helps in the formulation of such ways that helps in the
development of strategies for the effective outcome.
The amendments are involved in the risk management plan as with the help of particular
audit it is assessed that the plan formulated is not implemented coherently and there are
involved certain issues in its formulation which need to be eradicated for the successful
implementation of the plan. The expansion project assessed at the Wagga Wagga involved
certain problems related to the furnishing of the office which is destroyed with the rain. There
are also involved the problems related to the recruitment in the working of the business.
The plan prepared also needs to be reviewed as this non-implementation of the planning
regulations by the local councils affects its working environment. This sort of delay is not
identified and provided in the expansion plan prepared by the company.
2. Provide the documents of the work you undertook as evidence that you implemented
the plan for managing the identified risks
The documents used as evidence in implementing and managing the identified risks are:
Stakeholder register: The stakeholders registers involves the entries which shows that the
risks are undertaken and appropriate risks are communicated to the individuals while
competing the risks assessment process.
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Risks assessment plan: Risk assessment plan prepared by the management is distributed to
the worker and the stakeholders for their feedbacks. This also holds as evidence which shows
that the risks identified are managed by the TNC (Haimes, 2015).
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Assessment 3 Practical Demonstration
The risks communication is a tool which is helpful in the dissemination of the information
which also helps in the development of effective understanding regarding the risks
management decisions. This also helps in delivering the risks management standards to the
employees.
The meeting is considered to be an important tool for communicating the risks assessment
procedure. In this there are included certain discussion regarding the risks assessment and the
arguments are involved regarding the application of the practices. This also helps in the
involvement of the certain discussion and the assessment of the feedback given by the
employees regarding the workplace and the risk assessment. These benefits the management
regarding the proper monitoring and the evaluation of the strategies used in he risks
assessment.
The tools which are used to identify the risks are provided thereunder:
Documentation reviews: The documents which are related with the project helps in the
identification of the specific risks involved in the standard practices.
Delphi Technique: In this technique there is involved the team consisting of the experts. All
the information are sent and the compiled for the generation of the further responses.
SWOT analysis: This analysis also helps in the assessment of the effective risks provider
measures. This also helps in the development of understanding regarding the existing strength
and the weakness that are possessed by the company.
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References
 Corbett, M., (2015). 6 Steps to a Good Risk Assessment Process, GenRe. Available
at: http://www.genre.com/knowledge/blog/steps-to-a-good-risk-assessment-en.html
[Accessed on: 22 February 2018].
 Safari, (2018). RISK MANAGEMENT PLAN, Safari. Available at:
https://www.safaribooksonline.com/library/view/riskhappens/9789814351805/
TitleLeftUppercase_15.htm [Accessed on: 22 February 2018].
 Haimes, Y. Y. (2015). Risk modeling, assessment, and management. John Wiley &
Sons.
 Peltier, T. R. (2016). Information Security Policies, Procedures, and Standards:
guidelines for effective information security management. CRC Press.
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