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

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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