This document discusses the risk management policy for MacVille, focusing on banking risk, manager's travel risk, and by-law compliance risk. It also provides recommendations for mitigating these risks.
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MacVille Risk Management Policy 1.Likelihood of Risks a.Banking risk. The banking risks at Hurley’s café stemmed from the poor cash management at the café. The staff did not deposit cash into the bank and left immense amount of cash in the safe. There has been incidences of cash thefts. However, it the risk was termed as moderate. b.Manager’s travel risk: The road leading to the Hurley’s café was accident prone due to heavy traffic. Explain Physical injury and degree of risk involved: The café involved physical risks since the furniture pieces like chairs and tables were not maintained safely. The risk involved was moderate to high depending on the severity of accidents. c.By-law Compliance risk. The staff of the Hurley’s café did not maintain proper codes of operations which would attract reputation loss or brand value loss. The degree of loss was severe. 2.Consequence of Risks a.Banking risk. The management of the Hurley’s café did not deposit its cash in the bank which attractedbankingrisks.Therehadbeentheftofcashduetothisslackcash management.
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b.Manager’s travel risk The road leading to the Hurley’s café was prone to accident. The level of risk was very high. By-law Compliance risk. The non-compliance to environmental laws and wastage of water would attract government actions and fines. This would lead to consequence like lowering goodwill and business loss.
3.Priorities. a.Banking risk. Theft of cash left on premises – moderate #3. b.Manager’s travel risk. Physical injury – extreme #1. c.By-law Compliance risk. Reputation/brand loss and fines – high #2. Consequence Likelihood Insignificant Minor Moderate Major Catastrophic Almost certain LikelyWater ModerateBanking UnlikelyManager Rare d.Risk Management Policy For Banking risk – theft of cash left on premises.
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i.Change banks to a closer location ii.Install a safe. iii.Take out insurance for cash on premises.
For Manager’s travel risk – physical injury. i.Allow for overnight stay in Brisbane. ii.Allow manager to fly instead of drive. iii.Finish the managers meeting early. iv.Allow the Toowoomba to use video conferencing.
For Law Compliance
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i.Install a water tank for store use and change to native plants. ii.Introduce water saving devices – dual flush toilet, 5-6 star rated (WELS) dishwasher. iii.Change work practices – wash fruit and vegetables in still water, only run dishwasher when full, select economy cycle if only a light wash required.
iv.Apply to the council for time to ‘make good’ as the new owners. v.