logo

Business Risk Management

   

Added on  2020-12-10

17 Pages4547 Words239 Views
 | 
 | 
 | 
Business Risk Management
Business Risk Management_1

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1A. Organisational processes, procedures and requirements for undertaking risk management inaccordance with current risk management standards.............................................................1B. Description of Business.....................................................................................................1C. The critical success factors, goals and objectives for business.........................................2D. Identify all external and internal stakeholders, their roles for business and issues...........2E. Which staff members need to participate in the creation of the risk management plan andwho is needed to approve the plan in business.......................................................................3F. PEST analysis ....................................................................................................................3G. SWOT Analysis ................................................................................................................4H. Meeting with relevant staff about the risk management process......................................4I. Email for a Manager to discussed outcomes of the meeting and risk management activities.5TASK 2............................................................................................................................................6A. Identify the external and internal risks for business.........................................................6B. Explain the process for how to identify the different types of risks..................................6TASK 3............................................................................................................................................7A. Analyse and evaluate each risk in terms of the likelihood and consequences of a riskoccurring.................................................................................................................................7B. Define the level of risk and what it means in terms of managing the risk.........................8C. Risk assessment matrix, evaluate risk and prioritise risk for treatment.............................8TASK 4............................................................................................................................................9A. Prepare a risk management action plan.............................................................................9B. Explain how you will implement your risk treatment plan.............................................10C. Documents that are required to be kept for the risk management plan and ensure alldocumentation is in order and appropriately stored.............................................................10D. Outline the monitoring process your business will use to monitor the risk managementplan. .....................................................................................................................................11E. Explain how you will evaluate the risk management processes of your business. .........11
Business Risk Management_2

TASK 5..........................................................................................................................................11A. Report to relevant stakeholders.......................................................................................11CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................14
Business Risk Management_3

INTRODUCTIONRisk management is the process of identification, evaluation and prioritization as well itinvolves several measures such as monitoring, minimizing and controlling unfortunate events.Business environment is dynamic in nature it involve several risk which must be manage inproper manner so that company can minimize their effect (Hillier, Grinblatt and Titman, 2011).For an organization it is necessary to manage risk in appropriate way for long term sustaining inenvironment as well generating more and more revenue. Risk can occur from several sourcessuch as project failure, financial market, natural causes and disaster etc.. Below mention report isbased on TESCO which is an retailing industry company founded in 1919 by Jack Cohen andthey are serving in UK, Ireland, Malaysia, Thailand, Czech Republic and Hungary.TASK 1A. Organisational processes, procedures and requirements for undertaking risk management inaccordance with current risk management standardsIn a business organisation, risk is determine as uncertain event that has positive as well asnegative impact on operational activities. In order to minimise negative impacts of these risk-fullactivities, management needs to create impactful strategies which helps to manage riskmanagement procedure which is given below:Identify risk – This includes the criteria of carefully analysing and evaluating overallprocedure to determine actual risk factors which may impacts negatively on TESCO. Analyse risk – In this part, it includes to thoroughly analyse particular risk factor and itsstrength to affect operational activities on TESCO. Evaluate the risk– This involves to evaluate particular threat in proper way in TESCO.Treat the risk –This includes to make effective strategy to deal with specific risk factor. Monitor and review risk – It involves to monitor and review risks elements or threats toreduce negative impacts of same on TESCO business (Hull, 2012). B. Description of BusinessThe TESCO plc is a kind of British multinational groceries and general merchandiseretailer which is headquartered in the Welwyn Garden City, Hertfordshire, England, UnitedKingdom. It is considered as third largest retailer at global level by gross revenues and ninthgreatest retailing firm according to measured- revenues. It was founded by Jack Cohen as a1
Business Risk Management_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Work Health & Safety and Risk Management
|19
|2596
|362

Manage Risk in Biz Ops Enterprises: Key Risks and Risk Management Strategies
|22
|4840
|182

Assignment - Risk Identification and Analysis
|9
|2109
|41

Risk Management in an Organization | Assignment
|12
|2454
|136

Risk Management Plan Template
|12
|2712
|84

Undertake Project Work - Assessment Guide
|40
|9134
|47