Manage Business Risk: Framework, Policies, and Techniques

This article provides an overview of managing business risk. It covers the risk management framework, policies, and techniques to manage business risks. It also discusses the legislative and regulatory context of risk management and identifies tools and techniques to identify risks. A case study is included to illustrate stakeholder analysis and the scope of the risk management process.

Manage business risk

TABLE OF CONTENTS
ASSESSMENT TASK 1.................................................................................................................1
ASSESSMENT TASK 2 – CASE STUDY.....................................................................................7
1...................................................................................................................................................7
2...................................................................................................................................................7
3...................................................................................................................................................9
4...................................................................................................................................................9
5.................................................................................................................................................10
6.................................................................................................................................................11
7.................................................................................................................................................11
8.................................................................................................................................................12
9.................................................................................................................................................14
10...............................................................................................................................................14
ASSESSMENT TASK 3 – PROJECT..........................................................................................16
1.................................................................................................................................................16
2.................................................................................................................................................16
3.................................................................................................................................................16
4 and 5........................................................................................................................................16
6.................................................................................................................................................18
7.................................................................................................................................................22
8.................................................................................................................................................22
REFERENCES..............................................................................................................................23

ASSESSMENT TASK 1
1 Define the term ‘business risk’ using your own words. Yes No
The term business risk is used to refer to any activity or factor that is
capable of causing harm to the smooth conductance of operations of an
organization. The harm can be in form of low profit earnings by the company,
hindrances in its operations, threat to its reputation, inability to compile as per the
applicable laws (labour laws, employment laws, environmental laws or corporate
laws), and financial instability.
☐ ☐
2 Describe the risk management framework. Satisfactory
answer
Yes No
Every business faces some or the other kind of risk, it is impossible to run
a business without undertaking risks. It is mandatory to undertake risk in order to
have the aimed benefits. High amount of risk can have adverse level of impacts
over the operations of the firm to a great extent, it can even result in the failure of
the organization altogether. Risk management refers to an activity that is
performed by the businesses all over the world in order to balance the risk. In risk
management risk is first identified, then it is assessed and lastly prioritized based
on its impact over the business. Risk management framework (RMF) is
something that enables firms to manage such risks. In the developmental stage of
a system’s life cycle, RMF is a risk based approach that brings together the
important elements involved in the stage that are security, privacy and cyber
supply chain. This approach assures selection of the elements taking into account
the efficiency and effectivity and adherence to the applicable laws.
☐ ☐
1

3 Outline the legislative and regulatory context of the organisation in relation
to risk management.
Satisfactory
answer
Yes No
There are various kinds of risks to which a business organization is
exposed to this includes legal risks and regulation risks. The term regulatory
system to any sectors is combination of regulatory requirements and voluntary
standards that are involved in the production of products. It also includes laws and
rules that control the set requirements and standards. In regulatory context of risk
management, the risks associated with regulatory systems that have adverse
impacts on both internal and external stakeholders of the business are managed.
The regulatory risks affect security, industry or company because of the changes
in regulations or legislations. The changes in regulations or legislations that
affects the company are tariffs and trade policies, tax policy reform, minimum
wage laws, vacations and sick days compulsion and financial regulation.
☐ ☐
Assessor comments on decision made (if any)
4 Explain organisational policies, procedures and processes for risk
management.
Satisfactory
answer
Yes No
2

Organizational policies, procedures and processes for risk management
are the series of steps in a written format that the company follows in order to
ensure minimal amount of risks being faced by the employees during the
performance of their job roles. The process for ensuring this may be installation
of recent upgrades into equipment, etc. The risk management policies, procedures
and processes that the organization follows acts like the governing rules for it.
These explains to the employees the expectations of the company from them and
conveys them the protection that company assures to them to keep them safe from
the harm at the work roles might cause to them. The purpose of an organization
with this is to make the work place a safe place for its employees by making the
amount of risks attached to it minimal.
☐ ☐
Assessor comments on decision made (if any)
5 Identify risk management documents and explain document storage
procedure.
Satisfactory
answer
Yes No
The different documents that are prepared in the process of Risk
Management are: risk register, risk management plan, contingency and mitigation
plans, risk reports, response strategies and assessment matrix. The prepared
documents are stored by the file management team of the company, that follows
the procedures of the company for managing the files, information management
schedule is created for recording the documents. Company also have destruction
plan for document to destruct the documents when their purpose gets completed.
☐ ☐
Assessor comments on decision made (if any)
6 Identify and briefly describe types of business risks. Satisfactory
answer
Yes No
3

Strategic Risk – This type of risks occurs when business finds itself unable
to operate as per its plan or business model. Any business organization becomes
ineffective over time when it cannot operate as per the strategies, resulting in
generation of low profits. Compliance Risk – Businesses that are highly regulated
face this type of risk. The risk arises when business does not operate with
following all the laws that applies to it. Operational Risk – This kind of risk is
faced when the company’s operations are not performed by it. Reputational Risk
– Risk for a company that its reputation in the market gets spoiled because of any
event by the company that is not acceptable by the society, legal or regulatory
framework is classified as reputational risk.
☐ ☐
Assessor comments on decision made (if any)
7 Identify and briefly describe options for treating risks. Satisfactory
answer
Yes No
The various options that are related to treat risks are: Avoidance – Risks
can be prevented from happening by avoiding the activities that increase the
chances of occurrence of risk. Reduction – In the response of risk that is sure to
happen certain actions are performed by the organization to mitigate or reduce the
impact of risk over organizational performance. Transfer – In this the impact of
risk is transferred to a third party. Insurance companies are the example of third
part on which the companies can transfer their risk. Acceptance – The acceptance
way of treating the risk means to accept the fact that risk is present. For example,
the owner of the company accepts the fact that the amount invested in the
company may be lost by him if company fails. Sharing – In this the risk is treated
by distributing it to different organizations.
☐ ☐
Assessor comments on decision made (if any)
4

8 Describe the risk management process. Satisfactory
answer
Yes No
The process of risk management is bifurcated into five stages: Identification of
Risk – At this stage various risk that an organization is exposed to are identified
like legal, environmental regulatory, market risks, etc. Analysing the risks – The
risks that are identified in the first step are analysed in this step for knowing its
impact over the business. Risk Evaluation – At this step all the risks are evaluated
in order to rank them on the basis of adverse impact they can have over the
operations of the business. This have two parts assessment of qualitative and
assessment of quantitative risks. Treat the Risk – At the step four of the risk
management process the response actions for the identified, analysed and
evaluated risk is determined and executed. Monitor and Review – Certain type of
risks are always present to a business these cannot be eliminated such risks are
monitored and reviewed at this stage.
☐ ☐
Assessor comments on decision made (if any)
9 Outline the purpose and key elements of current risk management standards. Satisfactory
answer
Yes No
Current risk management standards are set up with the purpose of
providing guide to those carrying out risk management activities. These provides
standards to deal with the organizational risks. The key elements of risk
management standards are: 1. Risk Identification 2. Risk Analysis 3. Response
Planning 4. Risk Mitigation & 5. Risk Monitoring.
☐ ☐
Assessor comments on decision made (if any)
10 Identify and briefly describe tools and techniques to identify risks to scope Satisfactory
answer
5

risk management processes. Yes No
1. Documentation Reviews: Risks are identified by reviewing the documents
that relates to the project. 2. Information Gathering Techniques – Risk is
identified through the way of collecting information. Brainstorming,
Delphi technique and interviewing are ways to collect information. 3.
Root Cause Analysis – Main reason behind the risk is determined to
identify risk from it. 4. SWOT analysis – This model is used to figure out
the risks involved by pointing out weakness and threats to an organization,
further strengths and opportunities can be used for mitigating the risks.
☐ ☐
Assessor comments on decision made (if any)
References
Polinkevych, O. and et.al., 2021. Business risk management in times of crises and
pandemics. Montenegrin Journal of Economics. 17(3). pp.99-110.
Berry, C. T. and Berry, R. L., 2018. An initial assessment of small business risk management
approaches for cyber security threats. International Journal of Business Continuity
and Risk Management. 8(1). pp.1-10.
de Araújo Lima, P. F., Crema, M. and Verbano, C., 2020. Risk management in SMEs: A
systematic literature review and future directions. European Management
Journal. 38(1). pp.78-94.
Sharma, S. and Soederberg, S., 2020. Redesigning the business of development: the case of the
World Economic Forum and global risk management. Review of International
Political Economy. 27(4). pp.828-854.
6

Assessor comments on decision made (if any)
ASSESSMENT TASK 2 – CASE STUDY
1
From the evaluation of the overall performance of the organization it can be mentioned
that there are different types of the factors that influences the overall practices of the
organization. This includes political, political, economic, social, legal, technological and policy
related which hamper or boost the overall performance of the organization (Ullah and et.al.,
2021).
 There is different form of the political factors which hampers the functioning of the
organization that involves the political stability, government rule s& regulations
regarding work health safety, non-compliance with the water utilization policy,
 The economic factors which is highly required to focused for gaining the depth
understanding about it is that it is related with possessing that customers are having good
disposal income which shows that good level of sales can be made. The particular area
is having good trend of obtaining tourism that can boost the overall functioning of the
organization.
 Social trend is prevailing among the customers to have the good type of the foods such as
pizza, etc. which is offered by the cafe 65. There is as well attention is paid by the firm to
offer coffee, tea, etc. that is used for possessing significant pattern in area of socialization
practice.
 Technological aspects in the particular sector is required to be adopted for the purpose of
gaining higher profitability & sustainability so that greater efficient services can be
offered to the customers. It is not successfully cooperating with the industrial
requirement which is need to be overcome so that appropriate action of growth can be
obtained.
On the basis of this it can be articulated that policy is taken into the procedure by the
organization so that competitive actions are exerted for deriving compliance with consumer
protection, industrial requirement, effective work health requirement, etc. so that good
reputation in market can be maintained.
7

2
a)
There is distinct form of requirements which is need to accomplished by the firm in turn
attaining goal of eliminating irrelevant practices to uplift overall functioning can become
possible. The one of the significant role of risk identification is to possess knowledge regarding
the prevailing threats which can hamper its ability to coordinate with the changing business
environment. It aids in identifying the prevailing lacking areas so that particular execution of
reliable improvement techniques can be executed (Alabdullah, 2022). It helps in receiving
productivity via assuring that significant capability for eliminating negative impact leading to
losses. Improvement in the overall process can be achieved to have higher profitable situation.
b)
Stakeholder analysis is one of the significant technique that is helpful in identifying the
project risk so that accomplishing the goal of higher ability to coordinate with prevailing
circumstances can become possible. It comprises the four aspects such as keep satisfied,
manage closely, keep informed and monitor. From the assessment of the given case study the
stakeholders can be identified as below:
8

Keep satisfied: this possesses the high power and low interest which includes all the customers,
sponsors and regulators of the particular cafe.
Manage closely: this includes high power and interest in the operational activities of the
business which comprises managers, executives, supervisors etc. that are responsible for
managing functions of firm.
Monitor: this possesses the low power and the interest in the firm practice which involves
competitors, communities, etc.
Keep informed: low power but possess higher interest that includes, suppliers, etc.
on the basis of this, it can be mentioned that it is helpful in taking strategic decision for the
growth and development.
3
Scope of the risk management process is to get the significant identification and
documenting of the all-risk including their causes, probability and consequences so that quality
9

action for the improvement can be taken (Kim, Lee and Kang, 2021). This particularly helpful in
having the basic assumptions for the international and external environment that aids in
achieving the objectives of risk management process. It is concerned with having the particular
information regarding the controlling measures as well in turn getting assurance for eliminating
of risks can be done. The processes have the certain steps which can permit specific business to
achieve benefits of understanding the crucial requirements such as identification & controlling
of threats so that productive results can be offered. In addition to this, the focus is provided on
achieving the reliable monitoring action in turn good practices to uplift position of firm to
decline irrelevant aspects hindering organizational performance. The risk context in the specified
organization is found to be non-effective as there is no absence of formulating register, no
documentation for the monitored practices. On the basis of this it can be identified that there is
inappropriate level of action is implemented to meet goal of eliminating risks which is depicting
higher scope for having implementation of action for improving performance.
4
There are different types of the risk which is basically prevailing in the particular cafe and
required to be eliminated in turn significant level of quality work can be developed/
Risk Context Risk Stakeholder inputs/or methods
used to identify risk
Ability to eliminate the
unattractive aspects of
firm
Strategic risk Case analysis
Objective is to have
effective functioning of
operational actions
Financial risk Document analysis for cash
balancing
To avoid delay delivery
of goods
Reputation risk Case analysis
To obtain the
competitiveness via
optimum utilization of
resources
operational Case analysis
For avoiding incidents Security and fraud risk Case analysis
10

of operational aspects at
work
To deal with existing &
potential rivals
Competition Case analysis
To avoid over utilization
of water supply
Compliance risk Case analysis
On the basis of the provided information it can specified that good form of action with help of
gaining proper risk identification in turn taking appropriate improvement action can become
possible.
5
SWOT analysis is one of the significant technique that can be taken into the procedure
by the particular firm for the purpose of having accurate and reliable information so that taking
suitable strategy for improvement in order to derive competitive practice can become possible
(Anton and Nucu, 2020).
Strengths: there are various form of the strengths which is basically possessed by the particular
firm in turn accomplishing competitive edge in hospitality sector has become possible this
includes good cope up with prevailing trends, skilled labor, meeting customer expectations,
good working environment, mid-price offered menu, etc.
Weaknesses: there are few lacking areas which is required to be focused for the purpose of
achieving reliable strategy for growth & development. The lacking areas includes ineffective
evaluation of the risk, lack of coordination among employees, no compliance with the updated
policies, inaccurate records of the cash, absence of technological components to protect data,
etc. these all has the adverse level of the impact on the functioning of the organization.
On the basis of this the gap prevailing in the firm is that improper compliance with changing
situation & legal aspects, inappropriate execution of strategies to overcome risk, lack of
technological execution to protect information.
6
The scope of the risk management is to eliminate the irrelevant aspects and build
effective level of control in turn reliable & desirable outcomes for growth can be derived. There
is distinct type of the success factors which can help the particular firm to obtain the relabel
results so that effective b competitive position in market can be derived. From the assessment of
11

the case study it can be identified that the success factors comprise adopting of changing
marketing condition, good quality of food, higher customer satisfaction, empowered & skilled
labor, etc. The goal of the particular business plan is to identify and eliminate the prevailing risk
to have successful positioning in market. Objectives includes higher profitability, coordination
with legal requirements, effective meeting with market forces, strategic managing of resources,
etc. to get sustainability.
7
Cafe Risk identification person: there are different form of the risk that has been assessed from
the evaluation which is helpful in identifying that in distinct pattern it gets affected. The set of
the risk which is identified from the particular organization that includes operational,
competition, strategic, compliance, financial and reputation. These all have the major level of
impact on the overall performance of the firm which is required to be eliminated.
James (restaurant manager): it is very great that you have kept the required level of efforts for
identification of exiting issues in turn productive outcomes for growth can be obtained. These
all of the risk or there is potential of rising more?
Cafe Risk identification person: I have majorly focused on gaining insights to possesses
corrective results via studying the overall case of the company in turn taking precise strategy to
uplift performance can become possible.
James (restaurant manager): that's great that you have evaluated deeply in turn good
performance to meet goals & objectives can become possible.
Cafe Risk identification person: Yes, sir, I will majorly focus on having good performance by
eliminating these to get competitive position.
James (restaurant manager): That's good
8
C
on
se
qu
en
ce
12

s
1
Insignifica
nt
2
Minor
3
Moderate
4
Major
5
Catastroph
ic
Li
k
el
ih
o
o
d
1 Rare - Reputation
risk -
2 Unlikely - - - Operational
risk
3 Likely
Security
and fraud
risk
- - - Financial risk
4 Highly
Likely - - Strategic
risk - -
5 Almost
certain
Compliance
risk Competition
On the basis of the particular matrix the level of the risk can be identified so that understanding
its impact and likelihood, etc. so that reliable action can be taken.
Description of Risk Impact on the cafe
(Identification of
consequences)
Likelihoo
d
Impact Risk
rating/
Risk level
Strategic risk which
is created due to
inability to adopt
change, etc (Fraser,
Quail and Simkins,
2021).
Ineffective internal practice Highly
likely
Moderate High
Financial risk is
improper managing
inability to meet
organizational requirements
Likely Catastroph moderate
13

of available
resources
ic
Reputation risk is
concerned with
negative image of
brand in mind of
targeted audience
(Naseem and et.al.,
2020).
Losing competitiveness rare Minor low
Operational risk is
failure of internal
procedure,
employees errors, ,
etc.
Inability in meeting market
forces
Unlikely Major Moderate
Security and fraud
risk is related with
following the &
safety regulations
of firm
Legal complications rising Likely Insignifica
nt
Moderate
Competition risk is
arise of higher
number of players in
the specified
industry.
Lower sales & profitability Almost
certain
Catastroph
ic
High
Compliance risk is
associated with
inability to
coordinate with
particular imposed
regulations
Spoilage of reputation and
losing target audience
Almost
certain
Major High
14

9
On the basis of this, it can be interpreted that there are different types of risks which is
hampering the overall performance of the company. There is ranking among high, moderate
and low is given for all type of risks. There is high rating given to strategic, competition and
compliance. Moderate rating given to financial, operational security & fraud risk and low
provided in the categories of reputation respectively.
10
Establish the Context Risk Description Effectiveness of
Controls
Evaluatio
n
Risk
priorit
y
Organization
al Objective
Risk
Context
Risk Source Description Current
Control/s
Contro
l
Rating
Risk
Rating
To have
effective
processing to
meet
organizationa
Strategic
risk
Unattractive
chairs, etc.
processes
Ineffective
formulation
of policies
and
procedure
Focus on
implementatio
n of policies
2 High 5
Lower cost of
capital
Financial
risk
Ineffective
recording of
cash and
related
expenses
Irrelevant
managing of
resources
Having bank
deposits on
timely basis
3 moderate 3
Effective
image in the
market
Reputation
risk
Delay
offerings
Supply
chain and
other parts
delaying
processing
Offering
mid-price
menu
4 low 1
15

Significant
competitivene
ss to meet
demand
Operationa
l risk
Chances of
occurring
injuries
Ineffective
ability to
meet
organization
al
requirement
Using
effective
supply chain
1 Moderate 4
Security of
data and
resources to
possess proper
functioning
Security
and fraud
risk
Improper
documentatio
n processes
Lack of
care to
manage
resources
Policy
executing
3 Moderate 4
To get
leading
position in
market
Competitio
n
Rise of rival
near
operating
area
Rising of
competitors
Marketing
practices
5 High 5
To avoid
legal
complication
s
Complian
ce risk
Higher use
of water
Inability to
deal with
executed
laws and
regulations
System
execution
2 High 5
ASSESSMENT TASK 3 – PROJECT
1
There is different form of policies which includes effective utilization of the resources via
ensuring work health safety execution, paying attention on consumer protection law via focusing
on reliable price offerings, meeting customer expectations timely. These all are helpful in
executing reliable risk management and implementation.
16

2
For overcoming the risks such as changing trends, safeguard of stakeholders, availability
of resources, etc. the actions that can be taken is market research, diverse & strong supply chain,
etc. to meet objective.
3
The risk treatment options involve having TQM, encrypted data system, execution of
digital recording such as cloud computing, effective delegation of roles & responsibilities, etc. to
eliminate prevailing risks (Saeidi and et.al., 2019).
4 and 5
Risk Treatment
Risk
Context
Risk Risk
rating
(H, M,
L)
Risk controls Responsibl
e
person
Time
frame
Monitoring
actions
To
eliminate
h
unattractiv
e aspects
such as
ambience,
etc.
Strategic
risk
High accept Strategic
Manager
1 month Implementing
strategic
management
effective
functionin
g of
organizati
onal
practices
Financial
risk
moderat
e
Mitigation Financial
manager
1 month Diverse
source of
financing
Reputation low Acceptance Marketing 2 month Significant
17

Eliminate
delay
delivery of
goods to
have
higher
customer
satisfactio
n
risk marketing and
promotional
action
Competiti
veness
through
using
strategy of
resources
optimum
utilization
operational Moderat
e
Acceptance Operational
manager
2 month Reliable total
quality
management
strategy
Avoiding
harmful
practices
Security
and fraud
risk
Modera
te
reduction Human
resource
manager
1 month Training &
development
For
overcomin
g cut
throat
competitio
n
Competitio
n
High transfer Marketing
manager
1 month Affordable
pricing with
effective
quality
To make
sure
limited use
Complianc
e risk
High Acceptance Legal
compliance
manager
1 month Reliable
formulation of
standards via
18

of
resources
using variance
analysis.
6
Risk register
Descripti
on of Risk
(including
any
identified
‘triggers’)
Impact
(Identif
y
consequ
ences)
Assessment of
Assessment of
Grade (combined Likelihood and Seriousness)
Change
Date of Review
Mitigation
Actions
(Preventativ
e or
Contingency
)
Respo
nsibilit
y for
mitigat
ion
action(
s)
Cos
t
Timeline for
mitigation
action(s)
19

Irrelevan
t
preparati
on of
policies
and
procedur
e
Ineffect
ive
internal
practice
S
t
r
a
t
e
g
i
c
r
i
s
k
Inter
nal
envir
onme
nt
5 Ye
s
15/0
6/20
22
Proper
strategy
development
Strategi
c
Manag
er
$50
,00
0
1 month
Non-
significa
nt
managin
g of
resources
inability
to meet
organiza
tional
requirem
ents
F
i
n
a
n
c
i
a
l
r
i
s
k
Inter
nal
envir
onme
nt
3 Ye
s
15/0
6/20
2
Effective
managing &
controlling of
resources
Finan
cial
manage
r
$20
,00
0
1 month
Ineffecti
ve supply
chain and
Losing
competit
iveness
R
e
p
Exter
nal
envir
1 Ye
s
15/0
6/20
2
Effectual
marketing
actions
Marketi
ng
$30
,00
0
2 month
20

irrelevant
coordinat
ion
among
departme
nts
u
t
a
ti
o
n
r
i
s
k
onme
nt
Incapabil
ity to
achieve
organizat
ional
needs
Inabilit
y in
meeting
market
forces
o
p
e
r
a
ti
o
n
a
l
Inter
nal
envir
onme
nt
4 Ye
s
15/0
6/20
2
TQM
execution
Operati
onal
manage
r
$40
,00
0
2 month
Lack
of care to
manage
resources
Legal
complic
ations
rising
S
e
c
u
r
it
y
a
n
d
f
Inter
nal
envir
onme
nt
4 Ye
s
15/0
6/20
2
Encrypted
system
Huma
n
resourc
e
manage
r s
$40
,00
0
1 month
21

r
a
u
d
r
i
s
k
Inclinin
g of
competit
ors
Lower
sales &
profitabi
lity
C
o
m
p
e
ti
ti
o
n
Exter
nal
envir
onme
nt
5 Ye
s
15/0
6/20
2
Effective
awareness of
brand
Market
ing
manage
r
$80
,00
0
1 month
Nonco
mpliance
with
rules
and
legislatio
n
Spoilag
e of
reputatio
n and
losing
target
audience
C
o
m
p
li
a
n
c
e
r
i
s
k
Inter
nal
envir
onme
nt
5 Ye
s
15/0
6/20
2
Clarity of
adopting
process
Legal
compli
ance
manage
r
$10
0,0
00
1 month
22

7
It is concerned with the process of comparing risk against criteria to determine significance. It
has various benefits such as easy to conduct activities, formulating strategic policies, etc. to get
effective processing in firm. On the other side, it has drawback such as
8
Manager: there is formulation of the particular risk management process which has steps such
as identification, controlling, etc. to get effective practice in turn higher profitability
&sustainability can be obtained by café.
Stakeholders: that’s really nice what is the action for treatment of risk?
Manager: emphasis will be provided on having effective marketing action, TQM, proper
recording in encrypted system, training & develop to offer clarity of legal requirements, etc.
Stakeholders: Okay so how you going to monitor the implementations?
Manager: KPIs & variance analysis will be used to monitor performance.
Stakeholders: it shows good efforts. How will you do evaluation of the action & and risk
management process and documents used for it?
Manager: KPI and variance analysis for continuous monitoring to evaluate improvements. The
documents involve risk identification, treatment and register statements.
Stakeholders: it indicates that plan will work in respect to meet objectives.
23

REFERENCES
Books and Journals
Alabdullah, T.T.Y., 2022. Management accounting insight via a new perspective on risk
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