Assignment on Risk Management: Citi Store Online

Risk management: Citi Store online Ladies Fashion
Name
Date

Context of the Risk Management Plan
Online ladies fashion is the trending thing right now in the market. Doing business online has taken over the past conventional
way of doing business especially selling of ladies wear. Many business entities have gone online to promote and sell their products and
services. These businesses create a website which has become a must for any business as it offers a direct contact with their customer.
It is through the website and other social media platforms such as Facebook, instagram, WhatsApp among others where customers can
be able to enquire, buy, query and recommend contents related to the company/seller. Companies on the other hand are also able to
associate with their customers in a more direct interactive way in the online social platforms. However, even with the ease of online
business, there are several risk factors involved when one wants to start and establish an online business platform. These risks are such
as what approach is needed to manage the online business, the languages used for interaction, links that are created, security risks,
risks dealing with time and cost and also the doubt of possibility the business might not serve its intended purpose.
Task 1: Risk Management Framework
a) Risk can be defined as an effect that casts uncertainty on a well set project objective and thus can make a project not to be
completed or not to meet set goals and objectives. Risk should be contained and managed and therefore risk management is
vital to a company. Risk management should always incorporate risk treatment options so as to be able to reduce, avoid and
remove any of the uncertainties that might affect project objectives in any way. According to the AS/NZS ISO 3100: 2009, it
shows 11 fundamental risk management principles which are mandatory to be followed so as to protect values in a
business/company, used as a part of decision making process, should be able to address the uncertainty aspect, systematic,
should be well structured and timely and should be able to give best information required. Risk management measures should
be well established to be able to consider human and cultural factors, the measures should be honest and inclusive, adaptable to
change, follow a systematic process that will enhance improvement of a company or business (Young 2013). The risk

management of Citi store online ladies fashion is aimed to improving and following relevant legislation as well as regulations
in accordance to information security.
b) Citi store online ladies fashion is mandated to follow relevant legislation and is to adhere to the Australian Online business
policy framework that will enable the online ladies fashion business to be legitimate and secure. Citi store online ladies fashion
will use different online apparatus such as Facebook account and instagram to sell its products. The online ladies fashion will
ensure it captures and manages its clientele private information online using Protective Security Policy Framework (PSPF).
This will go hand in hand with the Australian Privacy Act 1988 which main aim is to manage and regulate any personal
information of the customers passed in the online media sites.
Task 2: Scope and Stakeholders
a) The risk management of Citi stores online ladies fashion will follow Citi stores strategic objectives of developing an online
business platform that is safe and secure to sell its products to customers. The objective of risk management in the online ladies
fashion will have a main purpose of ensuring that the customer information gathered is tightly secured since it is an e-
commerce business. Citi stores online ladies fashion will also focus on securing customers’ private details and any transaction
details involved when doing business. The other function of risk management of Citi stores online ladies fashion will be to
pick up and mitigate any risks that can threaten or jeopardize the business and its objectives from being achieved. The risk
management process will mainly be identification of the risk, analyzing the risk and then introducing a risk treatment suitable
for the risk presented. The risk management process will also deal with risk evaluation and appropriate risk treatments. All
these risk assessments will lead to generating a conclusive risk report about the risk management process and hence reduce or
eliminate any risks to the business.

b) Communications plan
Name of
Project Citi store online ladies fashion
Group
Participants
Name of
stakeholder and
position (internal or
external)
Role in risk
management process
Issues or
concerns raised
Method of
communication
When and
how often
Project
Sponsor(External
Stakeholder)
Provides the necessary
financial and resource
support to the business
so that project
objectives are achieved
Timely and
sufficient
funding for
activities
Communication
through e-mail
and Telephone
Weekly
IT experts(External
stakeholder)
Provide IT expertise
and online site set up
page for the business
Attend meetings
on discussions
on IT related
issues
Verbal
communication
during meetings
E-mail
communication
Daily during
daily briefing
meetings on
project
progress

Project manager/
product owner
(Internal
Stakeholder)
Ensuring objectives
are met and project is
run professionally in
order to satisfy the
customer requirements
Ensuring
product is tested
to meet
development and
business goals
Verbal during
meetings
Telephone
Daily
Weekly
Developer team
(Internal
Stakeholder)
Ensure the technical
component of project
meet functional and
non-functional
requirements
Ensure the online site
is running
Correcting
mistakes in the
online site
Verbal during
meetings
Telephone
E-mail
Daily
Customers(Externa
l stakeholder)
Testing the online site
and ensuring they are
comfortable with using
it
Use site
correctly and ask
questions
E-mail
Verbal
Fortnightly
during
testing

Task 3: Strengths and Weaknesses
a) PEST
Policies
Set regulatory legislation relating to online
ladies fashion business
Rules and legislation on customer information
safety
Economic
Cost savings by using online sites to sell ladies
fashion wears.
Increased revenues coming from more
customers reached through intensive online
marketing.
Social
Increased customers’ use of internet sites to
gain access to online ladies fashion products
and the sellers.
Technological
Use of secure sites for safety on customers’
information and interactions in the online
business.
SWOT
Strengths
Established and fictional online sites that is
easy to handle and navigate for the customers.
Creating an attractive and easy to use interface
Weaknesses
Inability to sample the products before actual
purchase.
Inability of face to face interaction with your

for the customers. customers.
Use of a single language (English)
Opportunities
Fast way of doing business
Products are sold at the comfort of your
‘home’ hence reduced costs such as transport.
Marketing of products is easier
Online marketing and business is the trending
thing in this era.
Threats
Customer information security risks.
Increased online fraudulent cases.
b) Aims and Objectives, critical Success factors
The main purpose and aim of developing Citi online ladies fashion was to ease marketing of ladies fashion wear in terms of use of
conventional ways such as going to a physical market place to sell. Also it saves on cost of renting or leasing a physical store to sell
from. Another important purpose for the online business is that many people are now tech savvy and many trust online purchases as it
saves on time. There is also direct interaction between the customer and the company through use of online transactions and
communication. Use of an online platform for the sale of ladies fashion products by Citi store enables them to reach a wider scope of
clientele as it’s not just limited to the customers of the near areas but online platforms are international and reach a wider market. The
advantage of using online platforms to sell products is that it is the trend nowadays and more and more people get their products
online. The objective of Citi stores online ladies fashion is to ensure they reach a broader market scope and sell their ladies products
much faster and in big volumes. Ensuring the customers’ sensitive information regarding transactions and other documentations is

secure is one of the main critical success factors of Citi stores online ladies fashion. Providing quality products that are satisfactory to
their customers is their responsibility and objective.
c)
Citi store online ladies fashion set up a project management office so as to aid in coordination of the project activities as well as
stakeholder management (Basu 2017). It is important to engage and ensure there is ample communication with key stakeholders such
as executives and project sponsors. This PM office was important as helps in reporting project progress to the stakeholders to keep
them up to date on management’s plans including risk management plans. Keeping the stakeholders abreast with the project progress
and risk management process will enable them to support the project from the beginning to the end and deal with risks involved.
Task 4
a) Stakeholders
The work of the stakeholders in this project was to come up with a stakeholder management plan which is used to
highlight the project scope and deliverables. The stakeholder management plans is also used to come up with the
project objectives and deliverables used by the project team to aid them know what is required of them, the challenges
to be expected and the risks to be avoided which can affect the project. A risk management plan was made and then
presented to the stakeholders for approval or changes made to manage any risks involved. Any risks identified were
dealt with by experts.
b) The list of risks was generated using brainstorming sessions where a combination of Delphi technique was used and
experts were selected and consulted anonymously. The experts were provided a list of necessary information that was
needed for project risk management and then their responses on the matter was compiled. With the required
information, results were taken back to the experts where they reviewed them and come up with a collective agreed

decision on risks and ways to manage them. Brainstorming techniques was mainly used by the project team during
internal responses compilation and risks were separated and defined. This isolation and definition of risks enabled
them to know the relevant risks and hence ease in identifying their impact. Risks with significant impacts were
managed as a priority after anonymous consensus with selected experts.
c) Risk Identification
Risk One: Insufficient preparation before engaging in online business.
Risk Two: Lack of enough IT experts for setting up the online site
Risk Three: Lack of trust initially by customers in the online business due to hearsay on online fraudulent cases
Risk Four: Customer information security not being well established and tight enough.
Risk Five: High budget cost in initial set up.

Task 5: Risk Analysis
a. Risk Evaluation (Criteria)
ID Risks Consequences Mitigation Ratin
g of
Cons
eque
nce
Likelih
ood
Risk
level
Monitoring Risk Owner
1 Insufficient
preparation before
engaging in online
business.
Delays, change in
project objectives,
failure to meet
objectives in time.
Get necessary
information before
starting the project.
VH H VH Sufficient time for
preparation
Project
manager
2 Lack of enough IT
experts for setting
up the online site
Delays and hence
project objectives
suffer.
Credibility of the
online site is
doubted.
Get enough IT
experts before
starting the project.
Ensure the online
site has all
necessary
information of your
VH M H Hire experts in IT
who are tech
savvy and possess
business
knowledge
Project
manager

business
3 Lack of trust
initially by
customers in the
online business due
to hearsay on
online fraudulent
cases.
Business trust is
broken
Business revenue is
low due to no
business
Create a good PR
with your customers
H H H Set up security
features in the
online business to
promote trust of
customers.
Business
sponsor
The company
4 Customer
information
security not being
well established
and tight enough.
Loss of business
credibility
Loss of customers
Reduced customer
trust
Set up a tight
security customer
information system
Establish a
customer and
company
confidentiality
approach
VH VH VH IT experts to get
involved in
setting up security
measures in the
online sites
The company
5 High budget cost in
initial set up.
Delays in
establishing the
Effective budget
plan and enough
VH VH VH Cost control Financial
controller/

business
Business failure
available resources.
Controlling the
budget effectively
Business
monitoring
Project
accountant
b) Risk Likelihood
Matrix
Impact
Very Low Low Medium High Very High
Likelihood
Very High
Insufficient
preparation
before
engaging in
online
business.
Lack of enough IT
experts for setting
up the online site.
High
Lack of trust
initially by
customers in
the online
business due
to hearsay on
online
fraudulent
cases.
Customer
information security
not being well
established and tight
enough.
Medium
High budget cost in
initial set up.
Low
Very Low

c) Consequence matrix (See Appendix C)
d) Risk levels
Risk Level (1 to 5, where 5 is very high and 1 very low)
Insufficient preparation before engaging in online business. High (4)
Lack of enough IT experts for setting up the online site Very High (5)
Lack of trust initially by customers in the online business due
to hearsay on online fraudulent cases.
High (4)
Customer information security not being well established and
tight enough.
Very High (5)
High budget cost in initial set up. Very High (5)
Task 6: Risk Treatment Options and Risk Implementation and Monitoring
a) Risk treatments
Risk Risk Treatment
Insufficient preparation before engaging in online
business
Effective preparation for the project ahead by gathering all
information on the business by IT expert consultations and

stakeholder participation.
Lack of enough IT experts for setting up the online site Ensuring there are enough IT experts to handle the project and
they should be professionals and good at their work to avoid
risk
Lack of trust initially by customers in the online business
due to hearsay on online fraudulent cases
Ensure the online sites used are secured tightly by use of
necessary security features to curb any fraudulent cases.
Customer information security not being well established
and tight enough
Customer personal information online should be well secured to
reduce likelihood of breach of customer information
High budget cost in initial set up Budget control and management should be done before
commence of project to avoid misappropriation of project
funds.
b) Risk Action Plan
Risk Action Plan
Risk Item Insufficient preparation before engaging in online
business.
Recommended Response Sufficient preparation before starting business

Proposed actions Effective preparation for the project ahead by
gathering all information on the business
Resource Requirements Gather sufficient information and check on the
online site regularly
Responsibilities through implementation of the
plan
Business owner should be responsible of the risk
implementation plan.
Time frame for implementation of the plan Daily stakeholders meetings to discuss proper
preparation and implementation plan.
Reporting and monitoring requirements Continuous testing of online site. Frequent
meetings.
Compiled By: Date: Reviewed by: Date:

Risk action plan
Risk item Lack of enough IT experts for setting
up the online site.
Recommended response Having enough IT team for the online
business
Proposed actions Enough IT team.Ensure online sites have all
necessary information required for business
Resource requirement Gather adequate online information
Responsibilities through implementation of the
plan
IT expert and the project manager
Time frame for implementation of action Daily IT meetings
Reporting and monitoring requirement Stakeholder management document and
stakeholder communication document to be
used.
Compiled By: Date: Reviewed by: Date:

Risk action Plan
Risk item Lack of trust initially by customers in
the online business due to hearsay on
online fraudulent cases.
Recommended response Creating a good PR with customers will
help in bringing back customer trust into
the business and this will increase
business profitability
Proposed actions Creation of good PR with the customers to win
their trust back on the business.
Ensuring the online site is secure and customer
information is safe and confidential
Resource requirement Secured online site and investing in an IT team
of expertise.
Responsibilities through implementation of the
plan
Project manager
Time frame for implementation of action Daily meeting with IT team on progress of

securing the online sites
Daily monitoring of the online site
Reporting and monitoring requirement Daily monitoring of online site.
Monitoring user requirement document.
Compiled By: Date: Reviewed by: Date:
Risk Action plan
Risk item High budget cost in initial set up.
Recommended response Undertaking accurate cost estimations
before starting and controlling and
close monitoring of the budget.

Proposed actions Strict monitoring of progress of activity
execution and budget control
Resource requirement Effective budget
Responsibilities through implementation of the
plan
Project financial controller and Project manager
Time frame for implementation of action Stakeholder meetings and weekly progress
review reports
Reporting and monitoring requirement project management plan
project management software
Compiled By: Date: Reviewed by: Date:
c) Risk Register (See Appendix B)
d) Risk treatment was met through extensive consultation with experts and project team. The experts and project team
brainstormed on the consultations. Risk management plan was handled by the stakeholders by holding weekly meeting

and constant communication. Stakeholders were involved at all stages of risk management plan and their support and
approval was used for risk treatment option.

Part B
Task 7: Risk Monitoring and Evaluation
a)
Risk Monitoring Tool Monitoring Performance after risk treatment
Being unprepared before
starting the web development
process
Sufficient time for
preparation
Good preparation for project, risk impact reduces
Lack of enough IT experts for
setting up the online site
More IT hiring Enough IT team and online sites are informative
for business
Lack of trust initially by
customers in the online business
due to hearsay on online
fraudulent cases.
Creation of good PR with
customers
Set up security features for the online business to
promote customer trust.
Customer information security not
being well established
Tight security on
customer information
system
IT team to be vigilant on matters online security
for customer trust in the business.
High budget cost in initial set up Cost control and business
monitoring
Costing done accurately using suitable tools
Risk reduced significantly but not eliminated
b) See Appendix B

c) See Appendix B
Task 8: Recording and Storage Policy
Policy Statement
Citi stores online ladies fashion should have a document management policy that adheres to legal duties to retain documents.
Citi Stores and its contractors/ consultants will implement document management policies that comply with regulatory and legal
duties. The risk management document will be part and parcel of the inputs for the online ladies fashion business where input from the
document will be used to enhance the delivery of a quality project and general project management.
Recording Policy
All necessary information and data concerning the project should be entered into the risk management document. The SCRUM
master is responsible for entries, adjustment, and removal, alterations of records and liaising with project manager weekly. Initial risk
management record should be electronic to make room for changes, then later printed and stored. At the end of the project a
conclusive report is made.
Document retention policy
The project team duty is to ensure that the project progress and execution is of high quality and recorded and risk management
document is well kept for regular use. The risk management document should be filed in both soft and hard copies and retained by the
company.
Task 9: Risk Implementation and Monitoring Report

The project risks should be identified and corrected before the project starts. This is for the purpose of avoiding being caught
off guard by risks that can cause delays of termination of project. The risk context should be established before developing the risk
management framework. Risk should be managed by ensuring relevant legislation, regulations and standards as well as information
security is adhered to. A PEST and SWOT analysis is normally established to identify the risks of the project. Identification of the risk
aids in establishing project objectives and deliverables. Risk analysis is done to establish if the risks identified are considered risks.
Risk analysis is performed to identify risk, the risk consequences and appropriate measures to be taken to avoid those risks or deal
with them. The mitigation process is to manage risks established by removing, preventing or reducing the impact. The risk levels are
established in terms of them occurring again and monitoring is done to apply treatment on the risks. Risk evaluation is done to find out
effectiveness of risk treatment. In the Citi stores online ladies fashion, the risk monitoring process is continuous and treatment is done
accordingly so as to ensure customer satisfaction is met and business trust is established. When the project was starting, risks were
higher due to uncertainty but towards the end of the project the risks reduced. Regular monitoring was done during the project process
and risks involved were identified and treatment applied as we can see in the monitoring reports.

References
Basu, R. (2017). Managing Quality in Projects. Abingdon: Routledge
Young, T. L. (2013). Successful Project Management. London: Kogan Page.

Appendices
APPENDIX B: CITI STORES ONLINE LADIES FASHION
Risk Register
Category
Risk
description
Consequence
Likelihood
Existing
controls
Mitigation
actions
Cost
Risk level
Risk priority
Risk owner
Risk rating
after
Review date
Risk control
reviewer
Provide
a
unique
ID no.
Describe the risk & impact on
org.
e.g.
serious
e.g.
likely
Any existing
management /
treatment control
already in place
Specify planned
strategies. May be
preventative or
contingency
$
e.g.
hig
h
e.g.
1
e.g. Name
of person
& position
e.g.
high to
low
Date Name
1
Being unprepared before
starting the online site
consequences are Delays and
failure to meet objectives
Very
Seriou
s
High
Effective
preparations by
project manager
Gather all possible
and required
information upfront 100
0 VH 4.5
Mr. Shaw
Project
owner Medium
Scrum
master
and
project
manager
2
Lack of enough IT experts for
setting up the online site
consequences are delay and
lack of credibility of the online
site
Very
Seriou
s
Very
High
Get enough IT
experts Hiring expert IT
team 450 VH 5
Mr.
Harrison
IT Expert
Low Project
manager

3
Lack of trust initially by
customers in the online
business due to hearsay on
online fraudulent cases.
Seriou
s High
Create good PR with
customers by
organizing
fortnightly meetings
Secure online
features 700 H 3
Ms. Becky
IT team
Very
Low
Project
manager
4
Customer information security
not being well established and
tight enough consequences are
loss of business credibility
Very
serious
Very
High
Setting up online
security measures by
consultation between
project manager and
IT team
Close monitoring of
online progress 500 VH 5
Mrs.
Rowland
Project
manager
Medium Project
manager
5
High budget cost in initial set
up consequences are delay in
establishing business
Very
Seriou
s
High
Effective budget by
project manager and
project owner.
Monitoring budget 100
0 VH 5
Mrs.
Rowland
Project
manager
Medium Project
manager

APPENDIX B: CITI STORES ONLINE LADIES FASHION CONSEQUENCE MATRIX
Consequence
Critical Success Factors
Completion of
project within
time and budget
Meet
marketing
and sales
needs
Ease of use
and
administratio
n/
performance
Customer
service and
improved
operations
IT integration Improve
company bottom
line
Very High Lack of enough
IT experts for
setting up the
online site
Security
needs not
met
Online site
difficult for
customers to
use
Customer
dissatisfaction
Complicated site for
customers
Increase in cost
decrease in
profitability
Very High Customer
information
security not well
established and
secured.
Sales needs
not met
Delay in
project
objective
Customer
dissatisfaction
Poor security features Increase in breach
of security on
sensitive
information