One Pharmacy Risk Management Framework and Evaluation Report

BSBRSK501 SIMULATION
BASED PROJECT

TABLE OF CONTENTS
PROCEDURE 1...............................................................................................................................3
Effectiveness of One pharmacy risk management framework...................................................3
Identification and description of scope of risk management......................................................4
Identification and description of critical success factors, goals and objectives..........................5
Identification of internal and external stakeholders, their roles and issues or concern raised....5
PROCEDURE 6...............................................................................................................................7
Risk Management Evaluation Report.........................................................................................7
REFERENCES..............................................................................................................................11

PROCEDURE 1
Effectiveness of One pharmacy risk management framework
The risk management framework at One pharmacy involves the following:
 For the creation and protection of value as per the requirement of the standard, One
pharmacy carries out the task of risk management in three stages, that is review of risk,
analysis and plan for the risks identified and monitoring these risks for mitigation and
elimination.
 Board will manage the strategic and investment risks associated with the project. So that,
systematic, structured and timely review of the risks could be done for better risk
management to satisfy one of the principles of risk management mentioned in the
standard (Enshassi and et.al., 2019).
 Consideration of risks that may affect the human resource management, financial
operations, WHS, supply chain, local governance and overall compliance issues. The
principle mentioned in the standard satisfied here is that risk management should take
into account the human and cultural factors.
 To reduce risks, review of statistical information will be done by engaging specialists to
ensure proper investigation to ensure tailored risk management which is one of the
principle mentioned in AS/NZS ISO 31000:2009.
 To explicitly address uncertainty to ensure risk management, One pharmacy has a series
of policies underpinning the internal process control.
 Decisions are made at regular meetings of senior management team regarding
rectification of the problem. This particular of the framework satisfies the principle
mentioned under the standard which says that risk management is part of decision
making.
 The review of risk management related to internal controls is done through the reporting
of FARM committee at board meetings which ensures management of risk through best
available information as required by standard.

 To meet the objectives mentioned in the business plan, the progress of these objectives
are monitored regularly by senior management team and board of directors. Accordingly,
contingency planning is done (Zhang and Mohandes, 2020).
 Financial statements in controlled by an external chartered accountant who provides
feedback on various financial matters and risks to the FARM committee.
All the above mentioned points are indicating the risk management framework at
One pharmacy and its comparison has been done with what standard says regarding the risk
management to demonstrate the effectiveness of One Pharmacy's risk management framework.
Purpose of the standard
The purpose of AS/NZS ISO 31000:2009 is to integrate risk management processes in existing
and future standards. It aims to provide with a common approach with regard to specific risks
and sectors without replacing the standards.
Key elements of the standard are as follows:
 Creation and protection of value
 Regular monitoring and review of risk management is necessary.
 Execution of process by establishing a context, identifying risk, analysing risk and
evaluating it to take necessary actions.
Identification and description of scope of risk management
While acting as a manager in ASH, the scope of risk management can be identified and
described through demonstrating the role that is needed to be performed by senior management
team and store managers, which are as follows:
 identification of areas of potential risk faced by One Pharmacy to be considered by board.
 Ensuring appropriate addressing of risks by providing advice to the directors (Rane,
Potdar and Rane, 2019).
 As a manager, it is the basic responsibility to ensure that the risk management is in place.
 One of the most important role of a manager forming part of the FARM committee is to
ensure that the review of the action plan is being done regularly on six month basis.
 It is responsibility of the manager to manage risk and provide continuous advise to the
board on all the appropriate controls that can be established to mitigate risks.
 All the policies and procedures as approved by the directors for risk management must be
appropriately implemented and supported by the manager.