Manage Risk Task Sample Assignment

Added on - 21 Feb 2021

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Manage Risk
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Assessment Task 1...........................................................................................................................11. Scope of risk management process..........................................................................................12. Risk management process as per the business policy and procedure......................................13. Legislation and regulation context of the organization............................................................34. Identify Internal or external stakeholders with whom organization need to consult...............45. Evaluate strength and weakness of existing retail approach of the company..........................46. Analyse critical success factor for the expansion of business.................................................57. Evaluate PESTLE analysis to identify key factors which impact business environment........6Assessment Task 2...........................................................................................................................81. Meeting invitation....................................................................................................................82. Chair the risk consultation meeting.........................................................................................93. RISK MANAGEMENT PLAN...............................................................................................1Assessment Task 3...........................................................................................................................41. Training Report about training options and email to CEO.....................................................42. Email to staff advising them training options.........................................................................63. Evaluation report on the training emailed to CEO...................................................................64. Evaluation report of all assessment.........................................................................................7CONCLUSION................................................................................................................................7
INTRODUCTIONRisk Management refers to the task of identifying the potential risks in advance,considering them and taking major precautionary steps to reduce the risk. Basically riskmanagement includes the assessment, control, analysis and minimization or elimination ofuncontrollable risks. Nature Care is an Ayurvedic store in UK where customers can get all theAyurvedic products at the best price. Nature Care offers various products including body, skin,hair and home care products which are ethical and cruelty free alternative for the customers. SoNature care may use risk avoidance, risk assumption and risk transfer or any other strategy orcombination of various strategies for proper management of future events.This report includes three assessments in which first one includes the research regardingorganizational context. It includes the scope of risk management, policy, procedure, standards,analyse risk in context of legislation & regulation etc. Evaluate strength & weakness of thecompany and those factors which helps in expanding business. Along with this, evaluatePESTLE factors which impact business environment and identify risk. In addition, this reportinclude the action plan measurements for implementation and evaluation of risk.MAIN BODYAssessment Task 11. Scope of risk management processNature Care adopts various risk management strategies which are the basic parameters tomanage risk in the business. Scope of the risk management process already set which includebasis assumption and it will be taken by operation manager which totally depend of previousresults & trends. Main purpose is to identify potential problems and identify best alternatesolutions which helps the business to manage their operational or financial services. In context ofNature Care, employees have to follow all policies and it will be extended as per requirement ofcurrent or future opportunities.2. Risk management process as per the business policy and procedurePolicy & procedure of risk management:Risk management policies & procedures helps the NatureCare product company tominimise their risk in order to increase their efficiency. It will explained below:1
Risk assessment and analysis: Under this process, operational manager identify theuncertain events which impact the business and its day to day operational functions. Italso includes the evaluation where manager estimated the damaged revenue of theorganization. Effective estimation will increase organizational efficiency helps inprotecting business assets. Risk assessment & analysis will helps in decision makingprocess as well as improve business efficiency which save time, money, resources andefforts. In context of NatureCare, operational manager have to identify all the factorswhich can generate risk and reduce efficiency. After analysis, manager developstrategy in order reduce risk and try to control for longer period.Risk Evaluation: After analysing risk in the organization, next step is to evaluate andthen it will be compress with risk criteria. Risk criteria include various factors such ascost & benefit, social economic factor, legal requirements and malfunctioning in thesystems. In the NatureCare, operation manager evaluate risk on the bases of givencriteria and then measure that its effectiveness which impact the production and profitmargin as well. Operation manager have to develop strategy which required toimplement in effective manner.Risk treatment & responsibility: It is the last step where manager implement variousstrategies in the organization. Here management have to follow their organizationalpolicies and procedures which further helps in avoiding risk or minimising risk. Risktreatment also consider to transfer risk or financing risk. Operation manager ofNatureCare have to develop effective strategy for the business which minimise riskand help the organization to grow.Risk management is on going process where identification of risk is not sufficient toknow. Even they have to develop effective procedure to detect or mitigate from their roots. Forthis operation manager of the company have to enhance their presence and need to be updatedand develop policies according to it.Risk management principle:It is unique, independent and global function of risk management.All risk will be managed under their life cycle process.Each business units have to complete their responsibility in order to maintain their riskprofile.2
Infrastructure develop for risk control in terms of people, tools, database, information etc.Risk management for new opportunity:Risk is a kind of future estimation and it can be positive as well as negative which impactthe organization. But positive impact provide opportunity which beneficial for the organization.With the help of helps of risk management organisation able to identify the problems whichoccur in front of the business. So manager ensure that it will not repeated in the future and helpsin expanding business to maximise productivity as well as profitability. There are some pointsneed to consider such as potential upside, downside and investment required to grab thatopportunity.Risk management is the part of decision making process where it helps the manager todevelop strategy which minimise the risk and it totally depends upon the action which taken bythe organization as per their policies & procedures.3. Legislation and regulation context of the organizationAt the time of managing risk in the business, manager have to management have toensure that some regulation and legislation will impact the each actions of organization. Incontext of NatureCare, operation manager ensure that some regulations are need to follow whichhelps in dealing with disasters, emergency, occupational health & safety, environmental safety,employment opportunity and privacy. Risk management will be done with the help of somefollowing procedure which required to follow under business regulation. In context of NatureCare organization, company follow various regulations to save their rights regarding their ownproducing skincare products. Along with this, business has to follow, Drug and Cosmetic Actetc. Government ensure that beauty products include nature ingredients which make each itemsafe for its users. Skincare company have to follow various regulation because it is directlylinked with the health of an individual.Cosmetic ingredients labelling is the mandatory standards which cosmetic producers haveto follow and it came into effect on 29thOct, 1991. It was amended on May 2008, It includesvarious trade practices and standards. Cosmetic products fixed for replacement of any externalbody part including teeth & mouth. It has different purpose such as cleansing the body,Protecting & perfuming the body, maintain body in good condition etc.In addition, Industrial Chemicals (Notification and Assessment) Act 1989 is the compliedlaw with modified by another law. Under this act, government agency or body ensure that3
developed products are safe for customers, employees as well as for environment. AustralianGovernment identify the risk that associated with the cosmetic products or ingredients whichimpact production or imported into Australia.4. Identify Internal or external stakeholders with whom organization need to consultInternal Stakeholders are those individuals or groups who have an interest in thecompany such as owners, shareholders, employees and management. Even the internalstakeholders of Nature Care are always concerned about its ability to operate into the future andits advancement opportunities. External stakeholders are groups, individuals or organization suchas creditors, customers, government and competitors. The external stakeholders of Nature Careare also interested in the company as per their preferences like creditors are interested inknowing the company's ability to pay its debts.In context of Nature Care, when manager think to introduce new product in the marketthey have to analyse risk which is associated with the product. Before implementation of planorganization have to consult with risk consultant, customers through survey method and theiremployees opinion that if they develop new beauty product then what are the chances of theirsuccess. It help the business to analyse market trend or demand of customer regarding thatparticular product and market researcher also provide them rough idea about market trend,demand and future growth.Internal stakeholders of the NatureCare are their existing employees who already face theissue regarding risk adversity and reluctance to change. Here, change in the organization policywill impact the business where workers can reject the change and protest against organization.External stakeholders such as customers & suppliers, these are those people who get affected dueto change in the organization and any kind of activity. As per the given scenario, NatureCarecompany wants to open their retail stores in the various locations such as Sydney, Brisbane andMelbourne. Due to high price of the product5. Evaluate strength and weakness of existing retail approach of the companyBasisStrengthNo shop costsIt is the current strength of the company where online shopcosts are lower than opening a retail stores. Company focus ondemographic segment where they target women between 25 to4
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