Manage Risks in ARHAM Snacks: A Risk Management Plan

Manage Risks

Table of Contents
INTRODUCTION ..........................................................................................................................3
Stage 1..............................................................................................................................................3
Company overview......................................................................................................................3
Context.........................................................................................................................................3
Scoping........................................................................................................................................4
Type of Stakeholders and their role.............................................................................................4
PEST & SWOT Analysis.............................................................................................................5
Research & Conclusion................................................................................................................6
Stage 2..............................................................................................................................................6
Analysing of risk .........................................................................................................................6
Stage 3..............................................................................................................................................8
Identifying measures to treat the risks.........................................................................................8
Stage 4............................................................................................................................................11
Implementing and monitoring the risk treatment plan...............................................................11
CONCLUSION .............................................................................................................................12
REFERENCES .............................................................................................................................13

INTRODUCTION
Risk management is a foundational element considered by the business entity when
developing any plans that contribute to the company's sustainability and progress. Risk
management is meant to recognize the potential ambiguity and its determination to what degree
it may impact the operations of the company (Bodnar and et.al., 2019). A higher risk factor is
regarded and then efforts are made to resolve from lower risk angle. The fundamental concept
underlying risk management is recognising and minimize the impacts of unexpected events that
can adversely affect the operations of the company.
Stage 1
Company overview
Name of new business which is going to introduce in the market is ARHAM Snacks that
is small cafeteria which offer various products such as coffee, tea, snacks, afternoon breakfast
etc.
Objectives:
 Main objective of ARHAM Snacks is to satisfy their customers through offering quality
products along with effective services.
 Also provide friendly or comfortable environment where customers can have their food
or make their experience more valuable.
 Try to generate more revenue through providing quality foods to consumers.
Context
At the time of introducing new business in the market, organization need to develop risk
management plan and it will be possible after analysing external factors which impact the
success. There are various factors which can affect operations of ARHAM Snacks and it
discussed below:
Political factors: Risk assessment will be done after evaluating factors which impact
ARHAM Snacks such as political stability, government rules & regulations, tax policies etc.
Economic factors: Managers of ARHAM Snacks should evaluate economic factors
because it can work as risk for company and impact its success such as growth rate, labour cost,
inflation or recession, interest rate etc.

Social factors: This factor include individual behaviour, attitude, lifestyle etc. so
managers need to evaluate these factors before making risk management plan (Brustbauer,
2016).
Technological factors: Change in the technology influence business operations but
managers need to identify that it will positively impact or negatively.
After analysing external factors they need to develop risk management plan and take
further actions accordingly.
Scoping
Goals & objectives:
 Ultimate goals of ARHAM Snacks is to generate profit which provide them market
growth, so they need to done technological innovation.
 Business offer quality food and service which satisfy their clients and provide them
friendly or comfortable environment (DuHadway, Carnovale and Hazen, 2019).
 ARHAM Snacks target Melbourne location which is situated in Australian State of
Victoria.
 In the beginning business have flat organizational structure due to less people. s
Scope:
ARHAM Snacks target Melbourne market and they ensure to focus on consumer taste &
preferences which helps in making their customer base more stronger or generate revenue. This
business deliver quality food such as Coffee, Tea and other snacks which helps in achieving their
goals & objectives.
Critical Success Factors (CSF):
Quality of Coffee, right location to open store, atmosphere, customer service etc. These
are the critical success factors which help ARHAM Snacks to get success or achieve business
goals & objectives.
Type of Stakeholders and their role
Every business has various stakeholders and it will be divided in two forms such as
internal or external and it mentioned below:
Stakeholders Internal / External Role in process Stake in Process
Hurley Internal Employee of ARHAM Contribute in business