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Assignment on Risk Management

   

Added on  2020-05-04

28 Pages6237 Words68 Views
Leadership ManagementProfessional Development
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Running head: RISK MANAGEMENTCiti store cafeName of the student:Name of the university:Author note
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1RISK MANAGEMENTTable of ContentsIntroduction:...............................................................................................................................3Task 1.........................................................................................................................................3a.Effectiveness:..................................................................................................................3Purpose:..................................................................................................................................4b.Legislative context:.........................................................................................................4Task 2.........................................................................................................................................4a.Scope:..............................................................................................................................4Internal and external stakeholders:.........................................................................................5b.Role in risk management:................................................................................................5Task 3.........................................................................................................................................5a.PEST analysis:................................................................................................................5SWOT analysis:......................................................................................................................5b.Objective:........................................................................................................................6c.Management support:......................................................................................................6Risk assessment:.........................................................................................................................64.a. Identification:...................................................................................................................64.b. Brainstorming session:....................................................................................................74.c. List of risks:.....................................................................................................................7Task 5.........................................................................................................................................8a.Analysis and evaluation:.................................................................................................8
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2RISK MANAGEMENTb.Likelihood matrix:.........................................................................................................10c.Consequence matrix:.....................................................................................................10d.Risk mitigation:.............................................................................................................11Risk implementation and monitoring:..................................................................................13Task 6:......................................................................................................................................14a. Suitable Risk treatment methods:.........................................................................................14Initial risk identification and analysis process:....................................................................15Implementation of Action plan:............................................................................................15Monitoring and evaluation phase:........................................................................................15b. Risk management action plan:.............................................................................................15c. Risk register:.....................................................................................................................16d. Risk treatment and stakeholder support including communication plan:............................16Appendices:..............................................................................................................................17Reference..................................................................................................................................27
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3RISK MANAGEMENTIntroduction:The subject matter of the present report is to discuss over the issues of riskmanagement, identify the possible risks, and critically evaluate the same. In case of openingany cafe or restaurant, all available risk materials are to be analysed properly to avoid anyfuture problems and therefore, it can be stated that the purpose of the risk management is toverify the problems and consists of certain activities to resolve the adverse impacts of thebusiness. It is obvious to state that the risk management is essential for the continuance of abusiness (Bohari, Hin & Fuad, 2017). It is important to identify the risks properly so that therisks can be avoid with highest priority and the essence of risk management should be appliedon both the external and internal sources. An effective risk management can be categorisedinto three parts: identify a strategy; examine the risks and implementing necessary plans forthe effective imposition of the same (Hoffmann, Schiele & Krabbendam, 2013). Task 1 a.Effectiveness:In this report, it has been observed that a new cafe is going to be opened within thepremises of Citi-stores. There are certain common risks available regarding the cafe and thatshould be framed under perfect management strategy. The objective of risk managementpolicy is to ensure the interest of the clients and stakeholders and to provide quality service tothe customers. Risk can be occurred from the contractual obligations of the cafe and to avoidthis problem, it is important to verify all these risks. Considering all the effectiveness of therisks management, it becomes an integral part of an establishment. This report has stated thescope of the risk management process and communication between the stakeholders(Giorgetti et al., 2013). Another issue regarding the cafe is the political, economic, social and
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4RISK MANAGEMENTtechnological analysis that plays an important role regarding the running of business. Themanagement standard as provided in the case (AS/NZS ISO 31000:2009) will help tounderstand the legality of the standard and will prove its strong base.Purpose:The standard AS/NZS ISO 31000:2009 will provide generic guidelines regarding therisk management in this case and this standard is not specific in nature. Any company canapply for the standard. The purpose of the standard is to provide context, structure, processesand services of the particular project. It should be kept in mind that the purpose of thestandard is not providing certificate. b.Legislative context:Two types of legislative contexts can be observed in this case such as professionalstandard legislation and professional indemnity insurance. Under the professional standardlegislation, an attempt has been made to improve the standard of the professionalism. It willhelp to deliver standard protection service for the customers and work for the interest of thecustomers. There are certain legislatures enacted to reduce the risk criteria such as TradePractice Act 2006 etc.Task 2a.Scope:There are two scopes present in the risk management process. The process willnarrate the risk management criteria in the new project and the it will deliver the products orservices that generalised the regular operation. The report will demonstrate certain riskmanagement planning and identification process. It deviates the projection failures and helpsto chalk out the management policies regarding the improvement of the standard of the cafe.
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5RISK MANAGEMENTInternal and external stakeholders:There are two types of stakeholders in a cafe such as the internal and the externalstakeholders. Owner of the cafe is the internal stakeholder and suppliers, customers and theother staffs are fall within the category of the external stakeholders. b.Role in risk management:The administrative work of the cafe is depending on the stakeholders and the caferuns its business through them. Therefore, they are playing an important role in riskmanagement. Every outcome of the risk will be discussed with them and it is their duty tomaintain all requirements properly for the benefit of the society and the business. Task 3a.PEST analysis:It includes political, economic, socio-cultural and technological factors appropriatefor a cafe business. There is no link in between the company and the country and thereforethere is no direct control of the political factors can be observed. The economic factorsinclude inflation rate, exchange rate or the calculation of the expenditures that can be affectedthe cafe business from economic aspects. Among the socio-cultural factors, the current trendsregarding the cafe or the tastes of the customers are responsible. The developed machinesregulate all the modern cafes and therefore, technological factors are playing important role. SWOT analysis: In this competitive world, it is required to do something new and therefore SWOTanalysis is effective in this case. The impeccable locations or the fruitful services can bestrength of the cafe. On the other hand, the quality of the product or the poor feedback from
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