Risk Management Plan - Assignment
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Added on 2021-07-05
Risk Management Plan - Assignment
Added on 2021-07-05
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Made by: Amarjit KaurDevelop risk management planRisk management is a process in which businesses identify, assess and treat risks that could potentially affect their business operations.What is a risk?A risk can be defined as an event or circumstance that has a negative effect on your business, for example, the risk of having equipment or money stolen as a result of poor security procedures. Types of risk vary from business to business.You must decide on how much risk you are prepared to take in your business. Some risks may be critical to your success; however, exposing your business to the wrong types of risk may be harmful.The most common business risk categories are:Strategic –decisions concerning your business objectivesCompliance –the need to comply with laws, regulations, standards and codes of practiceFinancial –financial transactions, systems and structure of your businessOperational –your operational and administrative proceduresEnvironmental –external events that the business has little control over such unfavourable weather or economic conditionsReputational –the character or goodwill of the business.Others include health and safety, project, equipment, security, technology, stakeholder management and service delivery.Preparing a risk management planYour risk management plan should detail strategies for dealing with risks specific to your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business.You can develop a risk management plan by following these steps:Identify the riskAssess the riskManage the riskMonitor and reviewManage Risk
1.Identify the riskUndertake a review of your business to identify potential risks. Some useful techniques for identifying risks are:Evaluate each function in your business and identify anything that could have a negative impact on your business.Review your records such as safety incidents or complaints to identify previous issues.Consider any external risks that could impact on your business.Brainstorm with your staff.2.Assess the riskYou can assess each identified risk by establishing:the likelihood (frequency) of it occurringthe consequence (impact) if it occurredTo determine the likelihood and consequence of each risk it is useful to identify how each risk is currently controlled. Controls may include:eliminationsubstitutionengineering controlsadministrative controlspersonal protective equipment.A risk analysis matrix can assist you to determine the level of risk.3.Manage the riskManaging risks involves developing cost effective options to deal with them including:avoidingreducingtransferringaccepting.4.Monitor and reviewYou should assess and evaluate your risk management plan on a regular basis to ensure that the control mechanisms and insurance coverage are adequate. To be sure you're covered, talk to your insurer about your risk management strategy.Introduction of BusinessMehfil restaurant will sell a wide variety of Indian Cuisine from its secondary retail location which is the Earls court area of Melbourne. The different types of foods that will be served in the restaurant will include Samosas, Nan bread, Tandoori, rice, biryani, burgers, desserts, beverages, special dishes, and side
orders such as aloo and potatoes as appropriate for the different seasons as it unfolds. In addition, the restaurant will provide a free delivery service for orders above $10 within a 3-mile radius, and will also include a 10% discount for orders above $15. Suppliers will include retail outlets in the Earls court area that sell Asian foods such as Rajah and TRS products from wholesale suppliers in Earls court.Vision of company From preparation to presentation, we strive to ensure your experience represents the best India has to offer. We believe that food should not only please the plate but also the eyes hence we take the modern approach on traditional and endogenous Indian dishes from cooking to presentation.Mission of companyIndian Mehfil Restaurant has been at the forefront of authentic Indian cuisine for the past 6 years. A beacon of culinary excellence the brand has won several accolades establishing itself as the venue of choice among Ipswich community. Our mission is to create memorableexperiences for patrons by showcasing traditional Indian food and warm friendly service. We provide the guests with three choices to choose from including dinning at our restaurantwith the best ambience, take away option or from the convenience point of view, home delivery. Stakeholder analysisStart by brainstorming with your team a list of all possible stakeholders for your project. You can reduce this list later, but you don’t want to miss a potentially pivotal stakeholder at this early stage.The list of potential stakeholders could include:Executive staffMarketingSalesFinanceProductDevelopment/engineering/manufacturingProcurementThe heads of all affected business unitsConsultantsOperations/ITAs you can see, you will group stakeholders into four categories:
1.High power, high interest:These are your most important stakeholders, and you should prioritizekeeping them happy with your project’s progress.2.High power, low interest:Because of their influence in the company, you should work to keep these people satisfied. But because they haven’t shown a deep interest in your project,you could turn them off if you over-communicate with them.3.Low power, high interest:You’ll want to keep these people informed and check in with them regularly to make sure they are not experiencing problems on the project.4.Low power, low interest:Just keep these people informed periodically, but don’t overdo it.Critical success factorsCritical success factor is a management term for an element that is necessary for an organizationor project to achieve its mission. To achieve their goals, they need to be aware of each key success factor and the variations between the keys and the different roles key result area.1.Targeted marketing.Make sure your marketing focuses on your trade area, your customer demographics and their buying behaviours. Find ways to measure the success of each marketing program.2.Quality food.You’re only as successful as your last meal.3.Quality service.You’re only as good as your last customer interaction. Do you talk about good service or does everyone in your organization understand it and live it?4.Customer feedback.Do you actively encourage customers to provide feedback at the time they are served and do you act on any negative experiences immediately?
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