Assignment on Risk Managemnet Plan

Manage Risk

Table of Contents
INTRODUCTION...........................................................................................................................1
Assessment 1....................................................................................................................................1
Section 1: The Risk Context............................................................................................................1
Section 2: Risk Identification...........................................................................................................3
Section 3: Risk Analysis and Evaluation.........................................................................................4
Section 4: Risk Treatment and Action Plan ...................................................................................5
Assessment 2....................................................................................................................................6
TASK 1:Implement, monitor and evaluation of action plan.......................................................6
TASK 2: Evaluation report.........................................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Risk management refers to an approach through a business aims to identify potential risk
to a business and formulates further steps so that they could be curbed. It is essential for a
business to carry out risk management so that harm which is coming way of business could be
eliminated. It takes into consideration processes and so that major obstacles to business are
identified and controlled (Hankins, 2011). This assignment takes into consideration working of
SmarTech. It an Australian based technology company which is headquartered in Sydney. This
assignment aims to form a comprehensive risk management plan so that major decisions relating
to investment are understood properly.
Assessment 1
Section 1: The Risk Context
Determination of Risk Management Plan
The scope defines the range to which a risk management plan finds its relevance with an
organisation. The policy which has been formulated by the management finds its relevance to the
various aspects of the business information and components. The company aims to construct risk
management policies and practices so that better performance based outcomes could be
ascertained. The purpose of formulation of risk management plan aims to applied such as
location, processes, technologies, business application etc. and it will affected by the changes
and modifications.
Internal and external stakeholder analysis
Stakeholder is an investor whose actions and activities can determine the actual outcome
of the business decisions. They are those individual who manage and control all risk factors
which occurs within an organisation and create barriers and conflicts. Internal stakeholder are
those people who committed to work for the company as a staff member, volunteers, board
members and donors (Stan and Humberstone, 2011). External stakeholders are an individual who
affect by the work such as clients, community and others.
Conduct Industry analysis
This is necessary for SmarTech is to analysing whole industrial factors which determine
actual position of an organisation in the large market place. Firstly they target the customers
whose they select for providing their innovative and creative products. There are various factors
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which directly or indirectly affect the business operations and its functions such as social,
technological, economical and legal factors. Firm need to adopt latest methods and techniques
for development and growth. Government made various laws and regulations which affect the
whole functions of business.
Strength and Weaknesses of existing arrangements
Risk management define as the process and culture for the systematic application which
manage and control all policies, procedures and practices for the tasks of establishing the
accurate context, analysing, assessing, monitoring, identifying and communicate risks (Pullan
and Murray-Webster, 2011).
Strength- Risk management is helpful in identify future opportunity by which they will
aware about upcoming issues and problems. This will also assist in protecting and preventing
various resources of an organisation. Risk can be easy to calculate and measure for overcoming
with this. Management system help in find out the risks which determines the actual risk factors
which occurs in the firm.
Weaknesses- An enterprise is responsible for loss which happen due to improper
schedule regarding management of risks. This is mainly depend on external entities which can
modulated within an organisation. Risk management is lengthy process for collecting necessary
information and data.
Success factors and goals for measuring risk
There are major five critical factors which help in measuring actual risk management
goals and objectives in better manner that are as follows:
 Developing common understanding of risk for managing different functions and business
so they easily analyse the cost effectiveness in wider basis.
 Reach the better understanding for managing risk within competitive advantages.
 Achieving the effective cost saving through better management of internal resources in
proper manner (Bates and et. al., 2014).
 Assigning and allotting capital more effectively of an organisation.
 Build safeguard for earning maximum amount of profitability.
Section 2: Risk Identification
There are major two techniques and tools which used for identify risk within the
SmarTech that are as under:
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