BSBRSK501 Risk Management Assignment - Desklib

MANAGE RISK BSBRSK5011MANAGE RISK BSBRSK501Name:Institution:Course Code:

MANAGE RISK BSBRSK5012TASK 1: REPORT ON RISK.a.The effectiveness of the MacVille Risk Management Framework in supporting theprinciples and processes of risk management, set out in the risk managementstandard AS/NZS ISO 31000:2009. Outline the purpose and key elements of thestandard in your discussion.The concept of risk management in any organization need to be addressed so as to mitigate risks that can result to losses as well as poor performance of workers. For the case of MacVille Risk Management Framework, it is very important to indicate the main purpose of risk management. To start with, it is very important to identify risks that can bring loses to MacVille Cafés. Through identification of risk, the company will be in apposition to lay down strategies so as to mitigate those risks (Arnold, 2010). In that case, the process of risk identification become the initial phase of MacVille Risk Management Framework. Another concept that need to be addressed in this framework is risk evaluation. This is done by assessing the extent to which risks result to losses. I that connection, MacVille Risk Management Framework require qualifiedpersonnel to evaluate risks. It is also a core purpose of this framework to control and manage risk. It is advisable to the new outlet in Toowoomba to avoid cases that result to risks. Managing risks is the overall purpose of risk management framework.Another purpose of risk management framework is to identify the main threats that can affect theoperations of the company. Threats in this case would include unfavorable policies, practices andprocedures applied in Mac Ville. It also involves competition from other business operators. It is therefore important to ensure that potential threats are identified and managed (Kanungo & Manuel, 2014). In that connection, the purpose of risk management framework would as well include identification of opportunities. Through identification of opportunities, it is possible to fill in gaps that exist in the market for MacVille to fully exploit.The other purpose of risk management framework is to offer education to internal and external stakeholders of the company such as staff members, directors and senior management team. They will be in a position to adjust to their duties, roles and responsibilities. It also enhance reporting of procedures with regard to management of threats and risks.

MANAGE RISK BSBRSK5013Lastly, it is the purpose of risk management framework to integrate planning policies and procedures at all levels of organization. This purpose will promote risk mitigation across all levels of the organization.The key elements in risk management that can be applied in MacVille risk management framework include.1.Proper risk identification. 2.Proper risk evaluation.3.Proper risk control4.Proper management of risks.b.Identify and describe the scope of risk management required in your role.1.Policy implementation. As a manager ofthe new outlet in Toowoomba, I have various obligations to satisfy. These obligations lies under my scope as a manager to mitigate risk. First, I am mandated to initiate implementation of policies and procedures to manage risks. In that connection, I am required to initiate internal control process so as tofully mitigate risks that are likely to affect outlets such as Toowoomba.2.Risk identification and evaluation (Marylene, 2014). As a manager of the new outlet in Toowoomba, I am required by law to identify as well as to evaluate risks in areas of core value that are likely to affect MacVille Company. In that case, I am require to get assistance from directors so as to fully mitigate potential risks.3.Identification of weak areas. There are areas where the risk management fail to address adequately. As a manager, I am required to identify those areas and offer suggestions to directors on what need to be done in those areas to as to reduce adverse effects of risks.4.Review and update strategies applied in risk management. Based on the level of risks, strategies applied to solve the risks keep of changing due to dominancy of various risks. Thus, as a manager, I am required to undertake annual reviews so as to update these strategies.

MANAGE RISK BSBRSK5014c.Identify and describe the critical success factors, goals or objectives for areasincluded in the scope.The success factors in risk management include reduction of risks, prevention of risks from occurring, controlling of risks from bring further damages and management of risks to reduce cases of low performance and losses (Maslow, 2013). From that concept, as a manager ofthe new outlet in Toowoomba, I have to set goals or objectives that will be initiate the process of riskmanagement and creation of opportunities. These goals are strategic in nature.1.To increase output of the new outlet in Toowoomba. This will be achieved if all risking factors are mitigated.2.To promote growth, development and expansion of MacVille business. If risk are mitigated at the new outlet in Toowoomba, then the whole part of MacVille business will experience growth and development.3.Setting standard risk mitigation policies, practices, procedures and strategies that can be applied in all outlets of MacVille business not just in the new outlet in Toowoomba.d.Identify relevant internal and external stakeholders, their role in the risk managementprocess, and any issues or concerns they have raised. Complete the Table ofStakeholders Template (provided in Appendix 3 of this task) and attach to your report.stakeholderInternal/externalRole in processStake in process1.Directors InternalDetermining the types of risk which are acceptable and those unacceptable. Setting of policies, procedures, practices,strategies, standards and expectations of staff with respect to Receive feedbacks from senior management team and outlet managers.

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Assessment
Project
Carefully review the material presented in this unit and the activities you have
previouslycompleted.You should reflect on your learning, your own research, and your previous
case studywithinthisunit includinguseofinformationand templatesintheattachedworkbook.
Completethefollowingprojecttasks,andsubmit alltherequireddocumentation.
Task1
You have determined the scope for the risk management process and identified the risks as
partof your case study assessment for this unit.Analyse the risks by determining the likelihood
ofrisks occurring and the impact or consequence if risks do occur.Give each risk a risk rating
usingthetemplate providedinthe casestudy.
The danger distinguishing proof assumes a significant part in countering with hazard a few
vulnerabilities looked during the functional course of business. This stage is a consideration of
utilization of a few inside and outer examination, for example, SWOT or PESTLE investigation.
Through this, chiefs of a given authoritative firm can foster better understandings of its given market
and can likewise assess better essential tasks which can be utilized for growing better brand picture
of the said organization.
A retail industry to manage profoundly aggressive business climate need to make thought of this
stride. It helps towards better working of the hierarchical firm and furthermore grows better
principles for working. Functional division, by considering this progression can rate the danger factor
and can acquaint system with make legitimate moves for the specific danger factor.In this procedure
stage a few measures or outcomes are characterized for overseeing specific danger. It will help
directors of retail firm to take contemplations of a few related elements related with hazard. By
facing such result the executives of the firm can characterize well ahead of time appropriate systems
for countering with such danger factors. By embraced such danger factors administrators of the
retail firm can attempt successful functional exercises and conceivably can keep away from a specific
debates or clashes in the given functional design of the corporate firm. A few control measures are
being thought about. With respect to the said business being in retail area which offers office writing
material as their item deliverable should go through this progression through which proficiency of
functional working of the corporate firm can be accomplished.
In this last advance of vital danger the executives coordinative moves are made for empowering
better functional work at the hierarchical firm. In setting of the given retail industry, directors by
reception of this stage can foster better plans to survive and get ready for the danger factor that
have the likelihood to emerge and have the possibility to upset better efficiency of the authoritative
firm. This can guarantee considering a few significant components through which all the connected
danger factors are being assessed based on class and its procedures impacts with recurrence of
drawing nearer to given business association. The stakeholder that could also important for taking
their high measure about those various which might be important in taking their growth. While
having such things this could also essential for the organization in knowing about how they can work
and make sure for having their proper functional work in organization. While they are required to
keep the risk management while by following the proper process for the risk and easily managing

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their work. This could also led them for working with high potential activities and also make sure for
having their proper estimation about those variants which could be more effective at given in excel
about the register.
Task2
Work through the risk treatment.For each risk, ensure that you describe the treatment to
beapplied and the action plan to treat the risk.Identify a risk owner and a timeframe for the risk
tobe implemented.Identify too the documentation that is required to show how you
havecompletedthis process, includinghow itwill bestored.
This exploration investigation is devoted towards determination of the best option accessible for
the given firm. It guarantees execution of the given firm according to the ideal principles and
furthermore guarantees appropriate working conditions for the said business firm. As the given
firm is working in a retail industry it need to go through extraordinary rivalry in the given market.
Consequently, this examination technique helps supervisors of the firm to foster better
understandings of the given market and furthermore guarantees aversion of clashing
circumstances in the said labor force. Additionally, the result subsidiaries of the examination
strategy likewise helps towards advancement of better arranging and coordination structures in
the labor force. As the organization is being failure for delivering products and services through
which they have less range of customer. Action plan that could be taken for having the proper
educated staffing members and team working communication through which this could be easier
for having the proper connection among their working concepts. While such things also led them
for working with high impact and make their customer range. Loss of key staff members as they
are being retirement, accident that could take the action plan about hiring the better employees
for which they can easily make sure for having their high estimation about those sources which
could keep them for working with many terms. Failure to manage the conflict of interest while
having such things this could led them for working with high process and keeping them for
working with high estimation. Action plan as they are required for working with many thing and
they are acquired for keeping the backup plan for risk and that might be not essential for
completion about their goals.
This examination type is a consideration of undertaking or reading functional methodologies for
playing out a few danger the executives systems in the given business firm. Through this
technique an individual looks specific danger even than split or ventures it into two distinct
bearings. The table so framed portrays likely reasons for the danger towards the left side and
capability of outcomes of referenced danger towards the right side. This extreme show of
different danger occasions with their potential results permits firm to assess upon viable norms of
the business firm as far as hazard the board exercises. The significance of partners can't be
ignored while building up a few guidelines of hazard the board methodology in a business
association. With the way that partners are the most significant and important perspective in a
functional firm. This empowers better improvement of field-tested strategies and furthermore
empowers chiefs of the firm to characterize successful norms of attempting to empower better
useful results out of assets being put resources into the corporate firm. In the given setting the
significance of partner can be accessed through the initiative style embraced in individual firm.
Being in a vote based administration style wherein, imminent of different people are thought
about for characterizing a successful arrangement for the executives of hazard. Consideration of

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separate partner in inferring a few danger the executives techniques will help towards aversion of
contentions and disagreements about legitimate choices or changes being carried out in given
retail firm. Also, by giving satisfactory data or information on the significance of bringing new
functional arrangement will possibly build work environment relations in the hierarchical firm.
Accordingly, by connecting with partner in detailing of hazard the executives technique will
empower firm to advance adaptability in working and furthermore upgrades capacities of the
business firm to foster creative strategies to work in the given business market.