Risk Management Plan for Oakwood Espresso Coffee Shop
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Added on  2023/04/21
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This document provides a risk management plan for Oakwood Espresso Coffee Shop, including an overview of the company, identification of internal and external stakeholders, review of external factors, risk assessment, risk identification, and SWOT analysis.
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Running head: RISK MANAGEMENT PLAN Assessment 1: Risk Management Plan Oakwood Espresso Coffee shop Name of the Student: Name of the University:
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1RISK MANAGEMENT PLAN Table of Contents Task 1...............................................................................................................................................2 a. Company overview and Objectives.............................................................................................2 b. Identification of internal and external stakeholders.....................................................................2 c. Review of external factors.......................................................................................................3 Task 2...............................................................................................................................................5 Risk assessment...............................................................................................................................5 Task 3...............................................................................................................................................6 Risk identification............................................................................................................................6 c. SWOT analysis........................................................................................................................6 Task 4 and Task 5........................................................................................................................8 Task 6.............................................................................................................................................11 Task 7.............................................................................................................................................12 Bibliography..................................................................................................................................14 Appendix........................................................................................................................................15
3RISK MANAGEMENT PLAN b. Identification of internal and external stakeholders StakeholderRoleStakeholder’s agenda for risks OwnerInternalTheagendaoftheOwner (Tony) is to offer reasonable servicesconsideringthe consumersdemandsothat maximum profit with positive ReturnonInvestment(ROI) can be generated CashierInternalAgendaofacashieristo implementmucheffective payment processing method to satisfytheconsumersand makethepaymentprocess smoother and quick CustomerExternalAgenda is to provide timely feedbacksothattonyand teamcanimprovetheir businessandcommercial revenue as well Local residenceExternalAgenda is to support and give feedback to the food products
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9RISK MANAGEMENT PLAN Task 4 and Task 5 Risk Register Part A.Risk register:Oakwood Espresso Coffee shop Function(activity e.g. department):Compiled by:Date: Date of risk review:Reviewed by:Date: Risk Reference (unique identifier code) What is the risk? (Risk) What can happen? (Event) How can it happen? (Cause) What can happen? (Consequences/level of impact) Current control strategies A (Adequate) M (Moderate) I (Inadequate) Current risk level analysis Risk priority (refer to risk matrix and attach matrix in appendi x) Accepta bility Treat Risk Yes or No LikelihoodConsequences Levelof risk R1The cafe price stock is declining Growing local competitors Similar new shops are opening in the nearby location High level competitionA Likely(60%) Moderate(1.5) level of risk (60*1.5= 90) MediumUnccept able Y
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10RISK MANAGEMENT PLAN R2Lack of technology usage The numbers of customers will be decrease Not availability of online service and product delivery The numbers of consumers will decrease MLikely(60%) Moderate(1.5) level of risk (60*1.5= 90) MediumAccepta ble Y R4No use of social media for advertising products No promotion of products If social media platforms are not used by the cafe owner Fail to grab new consumers outside the neighbourhood ILikely(50%) Minor(0.75) level of risk (0.75*50=37.5) Lowacceptab le Y R10Not following some of the legal regulations and rules legal risksMay require to hire external legal advisors Legal issuesMPossible(60%) Catastrophic (2.5) level of risk (2.5*60)=15 LUnaccep table N R5No use of advanced business strategies Commercial revenue will not be gained If professional business analysts are not hired face commercial lossesMLikely(50%) Catastrophic(0.75) level of risk (0.75*50=150) ExtremeUnaccep table Y R4Insufficient security measures Confidential financial data can be hacked Insufficient data protection mechanism Confidential data would be hijacked AUnlikely(30%) Minor(0.75) level of risk (0.75*30=22.5) LowAccepta ble Y R6Improper resource allocation Overrunning cost The allocated budget rate will increase Fail to implement expected outcomes IUnlikely(30%) Minor(0.75) level of risk (0.75*30=22.5) HighUnaccep table Y
11RISK MANAGEMENT PLAN R9Lack of manpower Failed to offer timely services to the present consumers Long leave taken by the employees Fail to serve food products to the consumers who are within the cafe IPossible(45%) Major(0.75) level of risk (0.75*45=33.75) ModerateUnaccep table Y R12Less opening time span theconsumers will not be able to visit the cafe whenever interested Loss some consumers Fail to offer services whenever they require MUnlikely-30% Minor (0.75) Risk level-(30*0.75=22.5) LowAccepta ble Y R15No interest in new recipes consumer lossIf the cafe fails to show interest in producing new quality and tasty food products Fail to grab new consumers and retain consumers from Toronto IRare15% Moderate 1.5 Risk level-(1.5*15=22.5) LowUnaccep table N
12RISK MANAGEMENT PLAN Task 6 Risk register Part BRisk register (Metro Inc) Risk reference (Unique identifier code) Potential treatment options Person responsible for monitoring the risks Cost to implement risk treatment Time frame to implement treatment Monitors to measure the effectiveness of the risk treatment Treatment of risk complete (Y/N) R1The Product price stock is declining Tony$1002 monthsFace to face survey and interviewY R2Lack of technology usageTony and team$20015 daysStatus report analysisY R4No use of social media for advertising products Tony$801 weekDiscussion on Facebook age implementationN R10Not following some of the legal regulations and rules Tony$10020 daysMonitoring all newly implemented legal rules and regulations N R5No use of advanced business strategies Tony and team$8010 dayscurrent business strategies analysisN R4Insufficient security measures Tony and team$15012 daysStrongsecurityimplementationforthe system Y R6Improper resource allocationTony$5020 daysProper allocation of resourcesN R9Lack of manpowerTony and team$8001 weekHiringnewemployeestosupportthe customer traffic Y R12Less opening time spanTony$1002 weeksIncreasing time frameN R15No interest in new recipesTony and team$4001 monthIntroducing new snacks and beverages after discussion with rest of the regular customers Y
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