Risk Management for Greenville Enterprises: Examples of Legislation, Key Risks, and Action Plan

This report evaluates the risk analysis and risk register of Greenville Enterprises. It includes examples of legislation, regulations, standards, and codes, key risks, and an action plan for monitoring and review. The report also provides a risk register and summary statement.

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Risk Management
Student Name
University Name

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Table of Contents
Introduction......................................................................................................................................3
Examples of legislation, regulations, standards and codes..............................................................3
Key risks..........................................................................................................................................3
Action Plan for monitoring and review...........................................................................................6
Risk Register....................................................................................................................................6
Populating the risk Register...........................................................................................................10
Summary Statement.......................................................................................................................11
Summary Report to the organization with updated Risk Register................................................12
References......................................................................................................................................14

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Introduction
The given report evaluates the risk analysis and risk register of the organization Greenville
Enterprises. The organization is facing various types of risks and therefore, it is of utmost
importance for the firm to analyze and prioritize the risks and take appropriate action
accordingly. Based on the risks, a risk register will be prepared for the organization so that they
can take appropriate action for the given different types of risk.
Examples of legislation, regulations, standards and codes
There are various examples of legislation, regulations, standards and codes of risks that the
organization Greenville Enterprises can implement in order to management their risks in an
effective manner. These are as follows:-
 Hazardous Waste Act, 2017
 ISO 31000:2009
 AS/NZS 4360
 Performance and Accountability Act (PGPAA) 2013
 Privacy Act 1988
 Public Service Act 1999 (Wynne 2016)
Key risks
There are different types of risk that the organization can face while undergoing its
business operations (Khan and Hashemi 2017). One of them is legal risk for toxic or banned
chemicals in their products. Accordingly to Hazardous Waste Act, 2017, a permit needs to be
taken in order to incorporate banned chemicals in the respective products. Without application of

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the permit, such banned chemicals cannot be used. Therefore, it is the primary duty of the
organization Greenville Enterprises to identify and eliminate such foreseeable hazards in the
respective chemicals. The organization also needs to maintain and implement the risk measure in
an effective manner. Another type of risk which the organization Greenville Enterprises can face
is political risk. The suppliers of the organization are from different countries and it may happen
there is political unrest in the given countries. Therefore, it is of great essence for the
organization to evaluate and measure the political risk before selecting a prospective supplier
from a different country (McNeils, Frey and Embrechts 2015)
The organization Greenville Enterprises can also have social risk while undergoing its
business operations. It has been observed that the customers are spending less on products due to
the wide impact of Global Financial Crisis. Due to this reason, the sales and profits of the
organization has suffered by a large extent (Glendon, Clarke and McKenna 2016). Due to this
reason, it is of great essence for the firm to understand the mindset of the firm and take
appropriate steps accordingly. Apart from this, the organization needs to set up its prices based
on the needs and requirements of the customers. On the other hand, the organization needs to
abide by the risk assessment standard of ISO 31000:2009 in order to minimize their respective
risks. Another risk that the firm can face is related to internal business environment risk. It has
been seen that there has been an increase in complaints from customers about online purchasing
system problems/disconnections. Therefore, it is of great importance for the firm Greenville
Enterprises to take appropriate measures in order to minimize their respective internal risks. The
organization can also implement the risk management standard AS/NZS 4360 in order to
manage their respective risks (Sadgrove 2016). Apart from this, the organization needs to train
their employees regarding Public Service Act 1999 so that they are all aware about the

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respective rules and legislation of risk management and can perform their organization activities
in an efficient manner.
There are various economical risks that the firm can face as well. Australia is going
through a stage of global financial crisis. The GDP of the country is not moving forward. These
kind of economic risk can affect any organization in a negative manner. Therefore, Greenville
Enterprises needs to take some positive steps in order to ensure that these kind of market
economy risks do not hamper their operations (Drennan, McConnell and Stark 2014)
Apart from the above risks, there are various forms of technological risks as well which
the firm Greenville Enterprises can face in their respective short run and long run of business
operations. It has been seen that the firm’s information systems and logistics systems are more
than 10 years old. This is not considered as a good sign for them as they are unable to get a
competitive advantage over its respective stakeholders (Galliers and Leidner 2014). The
sustainability of the modern business organizations depends how well they can adopt to the
modern technology due to the competitive business environment. Therefore, it is of great essence
for the company to adopt modern forms of technology in order to compete in this competitive
business environment. Lastly, there is another form of risk which is policy risk. It is of great
essence for the firm to introduce and implement new set of policies so that they can achieve their
respective long term and short term goals. However, it has been seen that the customers of the
firm are unhappy with the services and policy of the organization regarding their online website
and manufacturing process. Therefore, the organization needs to improve their respective
policies in order to avoid any kinds of risks within or outside the organization.

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Action Plan for monitoring and review
The action plan for monitoring the risks are as follows:-
 Risks can be monitored with the evaluation of operating activities of the firm and
feedback of their respective suppliers throughout the world
 Sales and profit figures for the next 2 years
 Feedback from the customers
 Monitoring the performance of the firm globally
Risk Register
Risk identification Risk assessment Risk treatment Risk monitoring and
review
Political risk It is of great essence for
the organization to
evaluate and measure
the political risk before
selecting a prospective
supplier from a different
country. Therefore,
political risk is on the
higher side for any
global business
organization. The
Political risks is
unsecured and the
organizations cannot
do anything to prevent
it completely.
However, Greenville
Enterprises should
avoid those countries
or areas where there is
political unrest taking
place. In this manner,
Such risks can be
monitored with the
evaluation of operating
activities of the firm
and feedback of their
respective suppliers
throughout the world
(Niven and Bardsley
2013)

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organization needs to
tackle these kind of risks
in a smart way, so that
their operations is not
hampered and they can
meet their goals and
objectives in an
effective manner.
they can successfully
carry out their
business and can attain
their mission and
vision accordingly.
Social risk It has been observed that
the customers are
spending less on
products due to the wide
impact of Global
Financial Crisis. The
revenue of the firm is
going downwards due to
lack of interest of the
customers.
The organization
Greenville Enterprises
needs to gain a
competitive advantage
among its competitors
by improving their
operations and market
their products and
services in a rigorous
manner. In this
manner, they can
present their retail
products as a regular
necessity among the
minds of the
These kind of risks can
be measured from the
feedback of the
customers and total
amount of revenue
figures of the
organization. If the
revenue of the firm
increases in the coming
years then it can be
inferred that the firm
has successfully
eliminate these kinds
of risks.

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customers.
Internal business
environment risk
It has been seen that
there has been an
increase in complaints
from customers about
online purchasing
system
problems/disconnections
and employees are
dissatisfied with their
respective jobs.
The management of
Greenville Enterprises
needs to take
appropriate feedback
of all the employees
and sought out all
their grievances so
that they are again
motivated towards
their work again.
This can be measured
with the help of the
productivity of the
employees and proper
feedback from them.
Legal Risk Legal risk for toxic or
banned chemicals can
be huge cause of
concern for the
organization. These
risks needs to be
avoided.
The organization
needs to follow certain
ethical standards and
avoid usage of banned
chemicals in their
products.
These risks can be
monitored with
effective feedback
from their customers.
Economical Risk Economic risk can
affect any organization
in a negative manner.
Greenville Enterprises
must take some positive
The organization
needs to set the prices
of products in
accordance to the
current condition of
These kind of risks can
be measured by
evaluating the net
profits of the firm. The
profit margin of the

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steps in order to ensure
that these kind of market
economy risks do not
hamper their operations.
the market economy.
Apart from this, they
need to minimize their
cost of production
(Magnan 2015)
firm needs to be
evaluated on monthly
or quarterly basis.
Technological Risk The risk of technology
is on the higher side, as
the success of any
modern business
organization depends
upon how well and fast
they can implement
modern forms of
technology. Greenville
Enterprises needs to
adopt various forms of
technology in order to
compete in this
competitive business
environment.
Organization needs to
do proper research and
development
regarding modern
forms of technology
(Kurnia et al. 2015)
After proper R&D,
the organization needs
to implement various
forms of modern
technology in terms of
new information and
warehouse systems.
Apart from this, the
organization
Greenville Enterprises
needs to provide
adequate training and
This risk can be
monitored with the
help of 360 feedback
approach from all the
respective
stakeholders. Apart
from this, the
organization can also
take feedback from its
employees and its
customers regarding
the effectiveness of
new and modern form
of technology.

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development to all its
employees so that they
get accustomed to the
modern forms of
technology.
Table 1: Risk register of Greenville Enterprises
Populating the risk Register
Risk Id. Risk Description
1 Political risk
2 Social risk
3 Internal business environment risk
4 Legal Risk
5 Economical Risk
6 Technological Risk

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7 Operational
8 Supplier
Summary Statement
Friends Accepte
d
Justification
Political risk Medium Yes It can be considered as
medium
Social risk Medium No Sales depends on customers
Internal
business
environment
risk
Low Yes It can be solved easily
Legal Risk High Yes Its high
Economical
Risk
Medium Yes It is not controllable
Technologic
al Risk
High Yes It gives competitive
advantage
Operational Medium Yes It is controllable
Supplier Low Yes It is controllable
Table 2: Summary report of suggestions with justification

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Summary Report to the organization with updated Risk Register
From the above analysis, it can be concluded that the firm Greenville Enterprises is
facing various forms of risks. The organization needs to take some positive measures in order to
avoid these kind of risks. The given risk register will help the firm to evaluate and measure the
risks in an effective manner.
Risk Id. Risk Description Likelihood of
occurrence (e.g., %, or
high / medium / low)
1 Political risk Medium
2 Social risk High
3 Internal business environment risk Low
4 Legal Risk High
5 Economical Risk Medium
6 Technological Risk High
7 Operational Medium

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8 Supplier Low
Table 3: Updating the Risk Register

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References
Drennan, L.T., McConnell, A. and Stark, A., 2014. Risk and crisis management in the public
sector. Routledge.
Galliers, R.D. and Leidner, D.E. eds., 2014. Strategic information management: challenges and
strategies in managing information systems. Routledge.
Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc
Press.
Khan, F. and Hashemi, S.J., 2017. Introduction. In Methods in Chemical Process Safety (Vol. 1,
pp. 1-36). Elsevier.
Kurnia, S., Choudrie, J., Mahbubur, R.M. and Alzougool, B., 2015. E-commerce technology
adoption: A Malaysian grocery SME retail sector study. Journal of Business Research, 68(9),
pp.1906-1918.
Magnan, A., 2015. The financialization of agri-food in Canada and Australia: Corporate
farmland and farm ownership in the grains and oilseed sector. Journal of Rural Studies, 41, pp.1-
12.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts,
techniques and tools. Princeton university press.
Niven, R.J. and Bardsley, D.K., 2013. Planned retreat as a management response to coastal risk:
a case study from the Fleurieu Peninsula, South Australia. Regional Environmental
Change, 13(1), pp.193-209.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.

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Wynne, B., 2016. Misunderstood misunderstanding: Social identities and public uptake of
science. Public understanding of science.