Risk Management Plan and Processes in Commonwealth Bank Report 2022

Running head: RISK MANAGEMENT PLAN AND PROCESSES IN COMMONWEALTH BANK
Risk Management Plan and Processes in Commonwealth Bank
Name of the Student
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RISK MANAGEMENT PLAN AND PROCESSES IN COMMONWEALTH BANK1
Table of Contents
Part A: Risk Management Plan........................................................................................................3
Introduction to Commonwealth Bank of Australia.....................................................................3
1. Undertaking Risk Management...............................................................................................3
2. Scope Identification.................................................................................................................3
3. Identification of Internal Stakeholders....................................................................................3
4. Identification of External Stakeholders...................................................................................4
5. Raised Concerns......................................................................................................................4
6. Review over following contexts..............................................................................................5
7. SWOT Analysis.......................................................................................................................5
8. Critical Success Factors...........................................................................................................7
9. Goals and Objectives for different areas.................................................................................8
10. Help from relevant Parties and Stakeholders.........................................................................8
11. List of Potential Risks............................................................................................................8
12. Feedback from Relevant Parties and Stakeholders................................................................9
Part B: Risk Management Process...................................................................................................9
1. Identification of Risks..............................................................................................................9
2. Likelihood of Risks................................................................................................................10
3. Impact or Consequence of Risks...........................................................................................10
4. Action Plan for Implementing Risk Treatment.....................................................................11
5. Monitoring over Implemented Action Plan...........................................................................11
6. Evaluation of Risk Management Process..............................................................................11
7. Communication Processes.....................................................................................................11
Forms to be implemented in a Workplace of CBA.......................................................................13
1. Hazard Report Form..............................................................................................................13
References......................................................................................................................................14

RISK MANAGEMENT PLAN AND PROCESSES IN COMMONWEALTH BANK2
Part A: Risk Management Plan
Introduction to Commonwealth Bank of Australia
The Commonwealth Bank of Australia (CBA) had been established under the
Commonwealth Bank Act of 1911. This act was primarily introduced by the Government that
had served the purpose of bank nationalization. CBA serves the purpose of being the leading
provider of different form of financial services that includes retail banking, business banking,
premium banking, funds management, share-broking services and products and major
investments.
1. Undertaking Risk Management
The organizational process followed at Commonwealth Bank are followed with certain
set of organizational processes. The commitment of Commonwealth Bank at addressing risks
had been defined within the Prudential Inquiry into the Commonwealth Bank of Australia (CBA)
Final Report (Lodhia, 2015). The management of the program was mainly based on building a
mature kind of framework based on managing of projects. The program mainly focused over
identification, assessment and responding to certain situations of risks.
2. Scope Identification
The scope of the risk management process that would be followed within CBA is to
mitigate the various situations of risks that would occur and approach towards the bank. They
would mainly strive towards strengthening government facilities served to customers based on
investing on new capabilities (Subramaniam et al., 2015). The strengthening of management
based on mitigating operational risks had also been determined within the framework.

RISK MANAGEMENT PLAN AND PROCESSES IN COMMONWEALTH BANK3
3. Identification of Internal Stakeholders
The internal stakeholders based on the identification of risks have been identified as:
1. Accounts Team
2. Technical Team
3. Risk Managers
4. Identification of External Stakeholders
The external stakeholders based on the identification of risks are:
1. External Sponsors and Shareholders
2. Investors
3. Customers
5. Raised Concerns
The different kind of concerns that would be raised by internal and external stakeholders
are discussed as follows:
1. Loss of money in case any kind of external threats affect the internal processes of the
bank.
2. Loss of customer data and other employee data whenever a hacker would hack within
the website of the bank.
3. Breach of data would further lead to breaking into other financial aspects in relation to
the bank and thus gaining access to the important data of customers.