Overview of Risk Management - Report

Running head: RISK MANAGEMENT
Risk management
Name of student
Name of University
Author note

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Table of Contents
Assessment 2: Risk management project...................................................................................3
Assessment 3............................................................................................................................14
Assessment 4............................................................................................................................19

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I have been assigned with the role of an Operations Manager at NatureCare Products so as to
develop a proper risk management briefing report that is related to the expansion of business.
This will also allow for researching various risks and associated risk treatment options
required to manage successful expansion of business while undertaking the project.
Assessment 2: Risk management project
Development of risk briefing report
From the case study, it is clear that NatureCare Products Company is aiming at
expanding the business through focus on strategic priorities including the growth and
diversification of business. Because of the growing demands in the marketplace for the skin
products, the company has made sure to deliver skin care products that are made from
environment friendly ingredients and various other components (Lam, 2014).
Introduction
To expand its business, NatureCare has enabled emphasis on the introduction of
multiple retail chain outlets in Melbourne. Sydney and Brisbane. Moreover, the management
of online website could also benefit the company’s ability to market the products and services
easily to the customers while the Risk Management Policy and procedures incorporate the
AS/NZS ISO31000:2009 Risk Management Principles along with the rules, regulations and
guidelines associate with it (Hopkin, 2018).
The purpose of risk analysis is to identify and manage the potential issues and risks
while at the same time, strengthen the management and implementation of business
initiatives required during the project undertaking. The purpose of risk analysis has also been
to determine the potential threats as well as estimate the probable likelihood and impacts
created about the materialisation of these threats furthermore. The other purpose of risk
analysis process has also been higher costs associated with the expansion of infrastructure

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and other business process management, competitive risks, decline product or service quality,
etc (Pritchard & PMP, 2014). The underdeveloped operational infrastructure could also be a
major risk while undertaking the project and thus it could affect the work procedures,
communication process as well as the decision making process and create performance
management issues too.
The scope of risk management process is that it has been applied in the area where the
Information and Communication Technology has been implemented so as to deal with the
new projects and also ensure that the risk management procedures are applied properly in
various stages to prevent further issues associated with it and also could help in constantly
monitoring every stages and make those free form any risks (Glendon & Clarke, 2015). The
ingredients and environment friendly components to be used for the NatureCare products
must also be checked properly and ensure that those meet the desired quality standards too
for sustenance in the marketplace much conveniently. Not only does the scope of research is
to check for understanding whether the environmental risks and human health, but also make
an assessment about whether opening the retail chain outlets in the concerned locations could
bring in enough customers or not (McNeil, Frey & Embrechts, 2015).
The critical success factors include the production of eco-friendly and high quality
skin care products that are skin friendly and have also contributed to the higher demands in
the marketplace too. The products are sold at the retail stores and also online, which have also
been major critical success factors that have enhanced the convenience and accessibility to
the products and services quite easily. Moreover, the relationship, positively managed, with
the various health food shops aims at managing long term growth in terms of revenue
generation and ability to attain competitive advantage in business as well (Cardona, 2013).
The diversification of products and the own brand have also ensured better management of
products and services along with easily influenced the purchasing behaviours of clients too.

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The risk management process, as stated in the case study, has been integrated with the
policies, which incorporated the AS/NZS ISO31000:2009 Risk Management Principles and
Guidelines, which are needed to be followed by NatureCare Products so as to gain growth
and ensure production of healthy skin care goods too. By aligning the process with the
standards of risk management, it has also become effective for using the ingredients that meet
the quality standards as well as facilitated the company’s ability to resolve the issues and
risks quite effectively too (Ho et al., 2015).
PESTLE analysis
Factors Aspects
Political Influence of Government policies,
environmental laws, tax rates, exchange
rates that have contributed to the use of eco-
friendly and natural ingredients for the
production of good quality products.
Economic Rates of inflation, rates of exchange, interest
rates and economic condition, which has
been quite stable in Australia. Thus the
purchasing demand are higher as well for
the products (Aven, 2016).
Social Lack of awareness among people in some
areas of Australia could be a major problem
whereas the lifestyle choices and buying
patterns among people could enable
NatureCare to ensure promoting green
products for protecting the environment and

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also fulfil the customers’ demands
sustainably.
Technological The technological advancements have
favoured NatureCare to promote innovation
and prioritise on the development of
ecommerce for easing down the
accessibility of products for the customers
online (Bolton, Chen & Wang, 2013). This
would also facilitate the distribution of
those and ensure higher revenue generation
and competitive advantage too
Legal Legal aspects such as the rules and
regulations have been integrated with the
business functioning whereas the
Government policies and principles are
associated with the employment laws and
tax regulations, which support the business
functioning (Chance & Brooks, 2015).
Environmental Most of the products of the company have
been made by using natural and eco-friendly
ingredient s and components, which include
environmental concerns’ management and
emphasis on the management of
sustainability too.