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Risk Management Assessment PDF

   

Added on  2020-05-16

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RISK MANAGEMENTASSESSMENT TASK – 1: RISK REVIEW REPORT1.Principles and Procedures of Risk ManagementI believe that risk has undergone a change from being considered as a chance ofsomething happening which can have an impact on our objectives to the effect of theuncertainty on our objectives. So, while considering the possibility of a risk occurring,we should apply risk treatment to ensure that the uncertainty of the company meeting itsobjectives is either reduced or removed. Clause 3 of AS/NZS ISO 31000:2009standardstates the following 11 Risk Management Principles to be effectively implemented. 1.Create and Protect Values 2.Be an integral part of the organisation’s Risk management planning processes3.Be part of decision making 4.Explicitly address any uncertainty5.Be structured, systematic and timely6.Use the best available information7.Be tailored8.Take human and cultural factors into account9.Be transparent and inclusive 10.Be dynamic and responsive to change 11.Facilitate continual improvement of the process The Policy Document of MacVille Pty. Ltd. also states that Risk Management must bemade the integral part of management process. Based on the principles of riskmanagement cited above and within the framework of the policy of the company, I setthe following Goals and Objectives for the new outlet of the company at Toowoombaand in this report I have tried to explain the procedures and process I adopted formeeting the ISO Standard for Risk Management, as per Bamber, Braun & Harrison,(2009).2.Goals and Objectives
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I have identified four main key areas for making this project a success. The first is tomaintain visibility of the stores in the high capacity tourist location. The second is topromote effectively our unique value-for-money products and services. The thirdconcerns my team’s focus on maintaining a superior customer education and service andthe fourth key area is retention of employees through better training and the process ofinternal promotion, as stated by Kaplan & Norton, (2013).I believe in MacVille’s policy of sustained employee welfare, participation and training.For our continual success, each employee needs to be treated fairly, with dignity andutmost respect. It has been MacVille’s responsibility in providing its employees acomfortable yet challenging work environment and offering opportunities for mutualgrowth and development.3.Scope of Risk ManagementIt is the responsibility of the Senior Executives within the organisation to provide astrategic direction for risk management in the company. At MacVille, this approach hasbeen in practice for a long time and has been instrumental in providing a clear visionand scope for risk management and realising the outcomes achieved so far, assertsCollier, (2009).
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4.Internal and External StakeholdersEqually important participation has been contributed by the internal as well as theexternal stakeholders in MacVille right from its inception (See Annexure – D).5.PEST and SWOT Analysis: Method of ResearchWhile carrying out a SWOT and PESTEL Analysis of the new branch of MacVille atToowoomba, I looked inside and explored the strengths and weaknesses of themanagement. I also took into consideration the competition MacVille was likely to facein the new place and went out in assessing the economic status of the area as well as thespending habits of the locals and the tourists since Toowoomba is a good touristdestination, asserts Venanzi, (2011).TABLE SHOWING SWOT ANALYSISFactors Helpful in Achieving theCompany’s VisionChallenges Hindering Company’s Progressive Achievements
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INTERNALFACTORSSTRENGTHSWEAKNESSESGreat Brand VisibilityBrand not InternationalBest Quality ProductsDirect Deliveries Not PossibleEfficient and Courteous ServiceLimitations of BudgetQuick DeliveryRange of Products LimitedSupportive ManagementNeeds to Employ more StaffAffordable PricesDetailed Plans not in placeEXTERNALFACTORSOPPORTUNITIESTHREATSDevelopment of New ProductsImpact of LegislationsIncreased Business PotentialCompetition Getting StrongCustomers Prefer the ServiceTourist inflow is SeasonalExpending EconomyRetaining key staff difficultSupportive SuppliersCore Suppliers desertTechnology ApplicationsNegative Customer ResponseTABLE SHOWING PESTEL ANALYSIS6.Summary of Risk ManagementIn my analysis, I have found that MacVille’s risk factors can be broadly attributed to thefollowing Factors – 1.The company management should accept full accountability for the possible risksand hence develop the required treatment strategies for their control.2.Across all sectors, an increased emphasis is now being placed on the continuousimprovement of risk management. Hence, MacVille management should also setthe performance goals for mitigating risks.Political instability in the Countries producing Coffee and MilkPExposure to fluctuations in the Prices of the Raw MaterialsEPeople in Different Regions have Diverse ChoicesSCompany Needs to Constantly Adapt to Technology Changes TeTechnolorendsTCertain Brewing Materials are not Bio-degradableELConstantly Evolving Patents and Anti-Trust Laws
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