Risk Management Action Plan Development

The assignment involves creating an action plan to reduce business risks by identifying potential risks, assessing their likelihood and impact, and implementing control measures. It also includes a report to CEO of MacVille on internal business conditions that need to be managed using a risk management matrix. The action plan is provided to supervisors to help them manage overall business-oriented risks.

Monitor Risk And Evaluate
Process -
Task 3

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1 Review of business scenario information of MacVille Simulated...........................................1
2. Developing a report to CEO relevant with risk management plan.........................................2
3. Submission of the relevant documents required for assessment.............................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
To execute the fair business operations which are to be safe and effective that it can be
easily meet it debts. Hence, there will need to analyse the various operational risks which can
influence the work environment of the organisation. There is need to make improvements in the
functional areas as well as enhancing the efficiency of workforce. In the present report there will
be discussion based on the various talks and relevant risk of MacVille and the report will be
presented to the CEO of the organisation which in turn reflects the necessary steps to be taken by
them
1 Review of business scenario information of MacVille Simulated
To acquire favourable risk management action plan for MacVille Pty Ltd there has been
variations in the operational activities of business where the numbers of operations held during
the period. The activities such as Financial controller who has taken out 5000 as insurance cover
on cash. The bank of the organisation which will going to be open in first week which are
actually operated for four weeks approximately a week (Clayton, 2016). Hence, it will promote
the same level of services in the Brisbane at the stores of MacVille. Firm has planned to install a
networking connection for the internal use in the organisation which are to be launched within 6
months of the planning for better teleconferencing systems which are being facilitated by federal
government's national broadband network.
However, the internal management of the organisation which in turn organise the weekly
meeting which are being closed at 3 pm as planned but sometimes the managerial professional
ahas to stay at the premises and says that they will not being allowed to move out before 3 pm.
Hence, it can be said that there is need to build up favourable communication chain with the
employees as well as building the effective harmony will help the firm in analysis the
requirements of the workers (Almeida, Hankins and Williams, 2016). There has been changes in
the managerial training which have shifted morning time as well ass gives authority to managers
to leave the premises before 1 pm. The board of directors in the organisation has been asked
which has facilitated laws on water conservation as planned and specific procedures which in
turn helps in achieving the compliance.
Hence, in accordance with such internal audits there can be changes in the operational
activities of the firm which are as the staff wearing uniform which in turn reflects that those are
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the original employees and helps the supervisors to took control over the operational activities.
There is need to implement the water saving program which will be beneficial for the managers
in securing the water resources at the utmost usage as well as at the level or reuse such water.
2. Developing a report to CEO relevant with risk management plan
To: CEO
(Brisbane Store)
From: Brisbane Assistant Manager
Subject: Analysing the ongoing risk managements plan
Introduction: Sir,
It is to inform you that there is need to make changes in the ongoing risk management
plans. Hence, there has been increment in the operational expense of the firm which in turn
need to be changed by the professionals as well as there will be requirements of implementing
new techniques to overcome such obstacles.
Plan: For the initial changes there is need to make the proper planning which determine
the shifts and the schedule the business operations such as managerial training and meetings in
the week. Hence, there is need to appoint the qualified professionals who will able to make
fruitful plans for the development of effective schedule for business operations. Thus, after the
time management process there will be need to analyse the requirements of costs and funding
for the functional areas of the business. Hence, it can be said that there is need to identify the
threat as well as assessing the level of risk implemented in such tasks (Cole, Giné and Vickery,
2017). Thus, after recognition of the risk factors the managers need to make adequate decision
which in turn helps them in evaluating the ways to recover all such risk factors. There is need to
analyse such factors as well as prioritising the effective element which will be beneficial in
overcoming such risks.
Implementation: In accordance with the various actions which are obtained as to make
reductions in the level of risks such as regular internal audit as well as auditing of the
company's bank account which in turn will be profitable for the firm in gaining the adequate
informations from all the areas operations (Glendon, Clarke and McKenna, 2016). Hence, it can
be said that there is need to make changes in such functional tasks such as implementation of
various kinds of techniques which in turn helpful in reducing risks in managing operational
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activities. Hence, it can be suggested that there is need to start with scheduling time
management for MacVille such as on the initial development such as organising the training of
managers on the very first level as well as implementing techniques to give them the adequate
education which in turn helps in making the effective efforts in their duties.
Outcomes:
 There is need to make the identification of all the risk management factors such as poor
time management in the organisation as well as scheduling the monthly audit of various
accounts and the bank related obstacles as well as utilisation of the resources such as
water tanks and the uses of it.
 An analysis should be made over the risks which are being found and highly rated over
the scale of risk factors in context with the daily business operations (Cohen,
Krishnamoorthy and Wright, 2017).
 After analysing the risks there is need to build-up an action plan which will help the
employees, managers or supervisor to make the essential efforts which in turn benefited
in completing the business operations.
 In context with implementing the actions for preventing entity from the various risk
there is need to have adequate execution in monitoring such tasks.
 Action plan prepared for monitoring such need to be controlled as well as managers ned
to make several decisions which in turn helpful for making variations and changes in
such plans or decisions.
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Illustration 1: Risk management action plan
Source: (What’s Your Risk Management?, 2016)
Evaluation:
The evaluation of risk which can be analysed with the help of matrix diagram which denotes the
chances of occurrence of risks as well as its impacts and likelihoods. Hence, these can be
understand by the below mentioned diagram (Sadgrove, 2016). It can be said if the performance
leads the organisation as the extremely higher level of the risks than it will need the adequate
attention which are to be done by the professionals. Thus, with the help of such managerial tool
one could easily analyse the actual strength as well as the main obstacle in managing the risks
for the business.
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Illustration 2: Risk management matrix
Source: (WH&S Risk Management, 2017)
3. Submission of the relevant documents required for assessment
There is need to submit the monitoring report which must be relevant with the risk
management action plans as well as contains all the details with the risks and the outcomes the
managers faced in completion of such tasks. Hence, such action plan must include favourable
reading skills, interpretation of the actions as well as authenticated information about the risks
which ahas been faced by the professionals. There is need to have the effective mathematical
skills which will calculate the level of risks as well as have the adequate results which bring the
ability to monitor the problems (Clayton, 2016). Thus, the report must consists of the adequate
data which are to be relevant with the information of time schedule in the organisation as well as
the managers of the firm need to make efforts in controlling such issues. Hence, these are the
informations which are needed to be analysed by professionals as well as needs to be have proper
execution.
CONCLUSION
On the basis of above mentioned report it can be said that there will be need of making
the adequate decision and implementation of the fruitful action plan which in turn helps in
reducing the risk elements of the business. Hence, there will be use of various risk managements
techniques such as identification n, action, monitoring and controlling of the plans. Further, the
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report to CEO of MacVille over the internal conditions of business which are need to be
managed by the professionals in context with the risk management matrix. Hence, such actions
plan are being provided to supervisors which will help them in reducing the overall business
oriented risks.
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REFERENCES
Books and Journals
Almeida, H., Hankins, K. W. and Williams, R., 2016. Risk management with supply contracts.
The Review of Financial Studies.
Clayton, D., 2016. Collaborative risk management: as organizations consolidate their risk
processes, internal audit may not be able to continue to stand alone. Internal Auditor. 73(2).
pp.22-24.
Cohen, J., Krishnamoorthy, G. and Wright, A., 2017. Enterprise risk management and the
financial reporting process: The experiences of audit committee members, CFOs, and
external auditors. Contemporary Accounting Research. 34(2). pp.1178-1209.
Cole, S., Giné, X. and Vickery, J., 2017. How does risk management influence production
decisions? Evidence from a field experiment. The Review of Financial Studies. 30(6).
pp.1935-1970.
Glendon, A. I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc
Press.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Online
WH&S Risk Management. 2017. [Online]. [Available through]
:<http://streetbuild.com/services/whs-risk-management/>.
What’s Your Risk Management?. 2016. [Online]. [Available through]
:<https://www.pei.com/2016/04/whats-your-risk-management/>.
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