Comprehensive Risk Management Report: Price Beat Store Analysis

This report provides a comprehensive risk management analysis of Price Beat, a departmental store, identifying key areas of risk such as lack of supervision, verbal policies, and non-compliance with trade laws. It includes a critical analysis of a case study, outlining goals and objectives for risk management, and conducting SWOT and PEST analyses to assess internal and external factors. The report details risk management plans, legislative and regulatory requirements, and a risk analysis matrix, offering consequence treatments and prioritization. Communication plans for delivering risk treatment plans are also discussed, emphasizing the importance of communicating risk management within the company's workforce. The overall objective is to ensure business process continuity and mitigate potential losses through effective risk management strategies and improved organizational policies.

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Risk managemnt
Name of the student
Name of the University
Author note

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Scope of risk from the case study
According to the case study, a large scope of risk lies for which the business process of
the company might be disrupted. Lack of supervision over banking and accounts and records
might create major challenges hampering the business process of the company. The other
identified problems like verbal policies, non-fulfilling the trade laws and regulations, improper
business cultures creates large scopes of risks (Pritchard & PMP, 2014). Moreover the improper
management along with the identified problems will lead the company to a huge loss. All the
issues identified by the case study are major and might cause the business to fail.
Critical analysis of the case study
As mentioned in the case study, Price Beat is a departmental store in Australia that offers
discounts on the products it sells. The case study analyzed every aspect of the business operation
of the company. The purpose of the case study was to identify the loop holes of the business
process of company. Thus it is seen that the case study highlighted every minute detail and
analyzed them so that it impact of the business can be understood. After analyzing the en tire
business process of the company, the case study mentioned the major key problems. Thus it can
be rightly said that case study has given an effective case study through which the risk analysis
can be done.
Goals and objectives related to risk management
Based on the case study the goals or objective in terms of risk management would be
ensuring that the business process of the company is not disrupted (Hopkin, 2017). The main
objective of the risk management would be mitigating the risks of loss of profit by implementing

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a proper management team which will be monitoring the entire business operation of the
company.
SWOT, PEST and Risk analysis
SWOT
Strength – The major strengths of the company are its location and the training session for the
mangers.
Weakness – lack of monitoring, verbal policies, non-fulfilling the trade laws and regulations,
improper business cultures.
Opportunities – Similar training to the employees like managers in order to improve efficiency
and productivity.
Threat – There is a major threat of fail of the business due to lack of supervision.
PEST
Political factors – The major political factors are the non fulfillment of trade laws and
regulations.
Economic factors – The major economic factors affecting the business are the inefficient
monitoring of banking, cash handling and
Social factors – Lack of employee security is one of major social factor for the company which
might result in major disruption in the company.

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Technological factors – the technologies like ERP are not properly maintained which let the
customers in facing unnecessary delays.
Risk analysis
Since the proper business operation is not followed, it results in customer dissatisfaction
which can turn into serious issue for the company. The accounts and assets of the company are
not properly controlled and monitored thus there is a huge risk of fraudulency and discrepancy in
the entire business operation of the company.
Risk Management plans
In order to manage the risk, certain measures can be taken in order to assure that the
business process of the company is not disrupted. Firstly, to manage the risks of monitoring,
there must be a management team. Similarly, in order to manage the risks related in handling of
banking, accounting, and handling of liquid money, there must be a proper implication of proper
accounting software like ERP. Instead of verbal policies, all the policies and guidelines must be
in written format so that employee retention with productivity can be assured. Along with that,
the in order to reduce the risk related fulfilling the norms, the company must be act or operate its
business process in accordance with the trade laws and regulations (Sadgrove, 2016).
Legislative and regulatory requirements related to risk management
In order to assure a successful risk management plan within the business of the company,
there are some legislative and regulatory required. In terms of legislative requirements, the
company must have all the relate laws and regulation in a written format. In order to implement
the proper ERP system, the company must buy the software service in a legal manner otherwise

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any time the whole business process may get affected due to untimely collapse of the ERP
system. More over the regulatory board must be developed which will monitor the business
process of the company and mitigate all the risks.
Part 2
Likelihood of risk
Risk-related Likelihood of risk
Monitoring High
Laws and
regulations
High
Business culture Medium
Policies High
Lack of recording High
Customer
dissatisfaction
High
Risk analysis
Risk-related Likelihood of risk Consequence treatments Risk
prioritization
Monitoring High Discrepancies Proper
management team
Primary
Laws and
regulations
High Fraudulence Proper
implementation of
laws and
Primary

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regulation
Business culture Medium Low productivity Training and
development to
employees
Secondary
Policies High Employee
inefficiency
Written form of
policies and
guidelines
Primary
Lack of recording High Disputes Maintaining of
records
Primary
Customer
dissatisfaction
High Business loss Timely delivery of
service
Primary
Communication plans of delivering risk treatment plans
In order to communicate the risk management plan, the higher authority or the
management personnel in charge of the risk management will need to ensure the successful
implementation of risk management plan. In order to do that the company need to communicate
the importance of risk management within the workforce of the company (Wolke, 2017). the
plan that has been designed to mitigate risk factors must be explained by the experts or the
management team to the employees. Even before communicating the risk management plan, the
risks and its impact on the business of the company needs to be elaborated.

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References
Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach
Publications.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.
Wolke, T. (2017). Risk Management. Walter de Gruyter GmbH & Co KG.