BSBRSK501 Manage Risk Assessment

Added on - 21 Feb 2021

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BSBRSK501 Manage riskBSBRSK501 Manage riskTABLE OF CONTENTASSESSMENT 2..........................................................................................................4Risk briefing report..........................................................................................................................4Introduction.................................................................................................................4Page1
BSBRSK501 Manage riskScope.............................................................................................................................4PESTLE Analysis........................................................................................................5Political Factors...........................................................................................................5Economic Factors........................................................................................................6Socio-Cultural Factors................................................................................................7Technological Factors.................................................................................................9Legal Factors..............................................................................................................10Environmental Factors.............................................................................................11Risks............................................................................................................................12Internal and external stakeholder analysis.............................................................14Team meeting minutes...................................................................................................................17Risk Management Plan...................................................................................................................18Definitions......................................................................................................................................18Risk management procedure..........................................................................................................19Risk assessment legend..................................................................................................................19Risk register....................................................................................................................................21Risk action plan..............................................................................................................................23ASSESSMENT 3........................................................................................................24Staff training report........................................................................................................................24Staff members training...................................................................................................................25Risk monitoring report...................................................................................................................26ASSESSMENT 4........................................................................................................27Risk management process evaluation report..................................................................................27Page2
BSBRSK501 Manage riskREFERENCES..........................................................................................................29Page3
BSBRSK501 Manage riskASSESSMENT 2Risk briefing reportIntroductionRisk is defined as the situation where the outcomes are based on actual return and iscategorised into different types. It is the possibility of losing something valuable. For instance,NatureCare Products is promoted using the training and knowledge given to the employees andbuild trust and loyalty among the customers. Their principles include managing and minimisingrisks to identify, analyse, execute for achieving the objectives of the chosen organisation. This isalso crucial in establishing the strategic and operational planning for smooth running of operations.Here, Nature Care Company is going to be considered.The purpose of risk analysis is gaining or losing about the uncertainties and the associatedrisks to implement good governance and fulfilling the CSR. It also focuses on removing thetriggering points that initiate the risk formation. This might be avoided by improving the knowledgeareas and the experience through training process that assure the risk identification process.ScopeThe scope of the risk management process of NatureCare Company is to recognise thepotential risks attached to its business procedures and assist in mitigating the risks before hand. Inaddition, there are three stages which focus on defining the strategy, recognising the risks withcomplete analysing each risk and executing the risk mitigated processes(Bouzon, Govindan andRodriguez 2018). Here this company is emphasising on the eco friendly packaging and has a veryreliable supply chain to distribute its products to the several health shops in all over Australia.For this, the risks is associated with the delivery aspects and also might include about thequality and maintenance of packaging and logistics part of the company. This might act aschallenges in fulfilling the assigned tasks. There is also provision of giving strategies to make thenecessary changes for systematic methodology of risk analysis. Thus, the risk-handling is essentialin mitigating the impacts.PESTLE AnalysisPestle Analysis is the model for gaining an understanding about the macro environmentalfactors and includes about political, economic, social, technological, legal and environmentalfactors. These has a direct influence on the working practices of the NatureCare company and theassociated risks that might impact the business scenarios.Page4
BSBRSK501 Manage riskPolitical FactorsFactorRisk treatments as applicablePolitical InstabilityDue to political instability in Australia,industry gets influence by the government andits authorities which in turn influence thebusiness activities of the NatureCareCompany. In order to reduce the impact ofpolitical instability, Company can closelymonitor the political conditions and structureand accordingly make changes in their policy.Customer Protection PolicyThis policy is prepared by the governmentand its health care authority which basicallydeals with the rights and protections of thecustomers of the Health care companies. Allthe companies under working health careindustry must have to follow this policy(Font, Guix and Bonilla-Priego, 2016). Also,NatureCare company has to follow this policyin order to provide the best health care to theircustomers and prevent it from any kinds ofpolitical risks. In order to reduce the politicalrisk, Company can follow the politicalrequirements and check the political trends inthe country. This lead company to analysisthe impact of political factors on thecompany.Economic FactorsFactorRisk treatments as applicablePage5
BSBRSK501 Manage riskUnemploymentDue to high unemployment rate, only fewercustomers are being able to use NatureCareproducts and services which impact therevenue and profitability of the company. Inorder to reduce the impact of unemploymenton the company, NatureCare company cando contract with government authorities forthe providing health care products andservices to the customers at low costs.NatureCare company can also do mergewith another government health carecompany so that health care required peoplecan take benefits from the company at lowcosts.TaxesDue to rapidly change in the tax policy bythe government, Company is not able toanalysis its investment opportunities becausefluctuations in tax rates affect theprofitability of the company which alsoinfluence the goodwill. This also affects therevenue structure and profit stability of thecompany. To mitigate the risks arise due tochange in tax policy and tax rates, companyshould make reserves and deposit some % oftheir revenue in that reserves.Socio-Cultural FactorsFactorRisk treatments as applicableCultural FactorIt affects the health major. Cultural valuesaffects the perception of customers towardsPage6
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