Manage Risk and Risk Management Assignment

Running head: MANAGE RISK
Manage Risk
Name of the Student:
Name of the University:
Author note:

1MANAGE RISK
Table of Contents
Risk Review........................................................................................................................... 2
Part 1...................................................................................................................................... 2
i) Identification of the scope of risk management............................................................2
ii) Identification of critical success factors, goals and objectives......................................3
iii) Stakeholders............................................................................................................ 4
iv) PEST and SWOT Analysis.......................................................................................5
v) Research.................................................................................................................. 6
vi) Completion of the analysis.......................................................................................7
Risk analysis and Management Plan......................................................................................8
Part 2...................................................................................................................................... 8
i) Assessing the likelihood of the risk occurring...............................................................8
ii) Assessing the consequences of the risk occurring......................................................8
iii) Prioritizing the risks..................................................................................................9
iv) Options for treating the risks..................................................................................10
Evaluation of Risk Management Plan...................................................................................12
Part 3.................................................................................................................................... 12
i) Plan........................................................................................................................... 12
ii) Implementation.......................................................................................................... 13
iii) Outcomes...............................................................................................................13
iv) Evaluation..............................................................................................................14
References........................................................................................................................... 16

2MANAGE RISK
Risk Review
Part 1
a) Macville Pty Ltd company’s risk management policies involve various types of
elements which help them in facilitating effective as well as efficient operation.
The several elements of the risk management includes various procedures
and policies, reviewing the risk management, budgeting and business
planning, external audits and monthly report for getting a clear view of the
company’s current position.
i) Identification of the scope of risk management
Being the risk manager of Macville Pty Ltd, there are various scopes for the
assessment of the risks. Various policies as well as procedures can be implemented
regarding the risk assessment. In addition to that, more strategies for internal control
are possible, which can be done by proper application of effective as well as
appropriate risk management strategies and skills. There is a huge scope for
strategic assessment in order to manage the risky issues of the company. It is
possible to evaluate and identify the areas where risk may occur. Moreover, updating
and reviewing the risk management strategies on a regular basis will help in
identifying the current issues. Implementation of effective strategies is possible only
when the issues are identified in an appropriate manner.
As the risk manager, it is very important to identify the risk management
areas, which are incorrectly addressed. Therefore, the manager can provide the
director with effective advice in order to take appropriate actions. The manager
needs to conduct an annual review of the company, in order to provide the directors
with the report regarding the current issues, along with recommendations. Thus, the

3MANAGE RISK
manager can undertake several strategies of risk management such as, identifying
the risk, quantitative as well as qualitative analysis, planning the risk management as
well as risk responses and lastly monitoring the risks (Arena, Arnaboldi and Azzone
2012).
ii) Identification of critical success factors, goals and objectives
Goals and Objectives: The objectives and goals of a risk manager in this
procedure of risk assessment are to identify the efficiency of the present procedures
and policies. If there are any issues with the risk management strategies, the
manager should advice the board members to resolve those.
Critical success factors: The managers are highly involved in identifying of
loopholes in the current procedures of risk management. The risk management’s
application requires five various types of activities such as, proper support from top
level management, various cultural imperatives, involving everyone in business
structure, measurements and lastly integral part of entire management structure as
well as processes. Furthermore, there are various success factors which are:
support and commitment from top level management, effectiveness in the
communication level among higher authority, staffs as well as customers, good
organizational culture by facilitating cooperation as well as collaboration, effective
and efficient organizational culture by facilitating good information flow, good
utilization of information technology and efficient training among workers for
implementation of effective strategies of risk management (Beasley, Clune and
Hermanson 2012).
iii) Stakeholders
Internal stakeholders: Suppliers, employees and customers.