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Risk Management Plan for JM Transport

   

Added on  2021-05-30

13 Pages2204 Words30 Views
Running head: RISK AND WORKPLACE SAFETYRisk management plan for JM TransportName of the studentName of the universityStudent NumberDated:Author Note:

2RISK AND WORKPLACE SAFETYTable of ContentsIntroduction......................................................................................................................................3Advantages of a risk Management Plan..........................................................................................4The Legislative Framework.............................................................................................................4Section 2 Risk..................................................................................................................................6Management in JM Transportation..................................................................................................6The different types of risk and hazards are;.....................................................................................6Insurance..........................................................................................................................................7Strengths/weaknesses of the current Risk Management Process....................................................8Section 3 Risk Assessment..............................................................................................................9Risk Identification...........................................................................................................................9Section 4........................................................................................................................................11Risk Treatment Plan......................................................................................................................111. Internal and external stakeholders.............................................................................................112. Key Responsibilities and Timeframes.......................................................................................113. Communication and Participative arrangements.......................................................................114. Monitoring and Evaluation........................................................................................................12References......................................................................................................................................13

3RISK AND WORKPLACE SAFETYSection 1IntroductionRisk Management is considered to be the process of identifying, assessing andcontrollingthe threats of the capital and the revenues of the organization. The following kinds ofthreats and risks can occur froma large number of different sources that includes the likes oflegal liabilities, strategic management errors, financial instabilities and many more as such.Risk management plans are thus becoming a necessary for the efficient running of theorganization in the modern world (Kameshwar and Padgett 2014). The planning has to be donein such a way that it increasingly includes the company’s processes for the identification andcontrolling of the threats to the digital assets that also includes the different types of corporatedata and many more as such. Advantages of a risk Management PlanAccording to, Beven et al., (2015)the formulation of a risk management plan has becomeone of the topmost priorities of the business in the modern times. Each and every businessorganization irrespective of their size and nature of business must formulate a proper riskmanagement plan to avoid any complications that can complicate the smooth functioning of thebusiness. Some of the main advantages are as follows;a.Can see the risks that are not apparentb.Provide proper insights and support to the board of directorsc.Reduce the liabilities of the businessd.Frame regulatory issues

4RISK AND WORKPLACE SAFETYe.Get the necessary credit for cooperationf.Reduce the wastage of money and resourcesThe Legislative FrameworkAS/NZS 4360:2004 Risk management (superseded by AS/NZS ISO 31000:2009)-The purpose of the following act was to put greater emphasis on the importance ofembedding risk management practices in the organizational culture and also layinggreater emphasis on the management of potential gains as well as different potentiallosses (Dupont Ganesan and Theodore 2017). Duty of care- The purpose of duty of care is to enable the organizations around the worldto benchmark or legalize the following set of practices with the others and also to developa range of proper and effective practices to safeguard the interests of the employeesglobally.Company law- The company law seeks to identify the risks inherent to businessoperations of the organization and provides standard set of different guidelines that helpsthe management of the companies to define, assess, measure and control the differenttypes of identified risks. Contract law- Contract Law seeks to identify the responsibility for a loss arising fromthe loss of its own actions. It also identifies the persons who are responsible behind thealleged incidents. Environmental law- The laws and legal decisions are the different factors that aim todefine the basis for the risk of the agency (Duggan et al. 2015). The environmental lawsmust be maintained more appropriately as because the mentioned company is a

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