Risk Management Plan

This presentation discusses the importance of risk planning in the Oakwood Espresso Coffee shop and provides insights on the risks faced by the organization. It covers strategies to manage risks related to advanced business strategies, absence of a website, insufficient space for customers, and not using social media. The presentation also emphasizes the negative impact of not addressing these risks and provides next steps for effective risk management.

Risk management plan
Name of Student
Name of University

About the sector and why risk
planning must be implemented
• Oakwood Espresso Coffee is a beverage store
• It serves beverages like coffee, tea, lemon tea and many
more
• The Oakwood Espresso Coffee shop is gaining commercial
revenue and competitive advantages due to neighborhood
resident rush who are heading to work looking to get the
caffeine fix before initiation of the commute

Risks faced by organization
• use of advanced business
strategies
• No website
• enough space for
customers to eat in
• No use of social media
for advertising Image 1: risks in banking
sector
(Source: Jeucken and Bouma
2017)

SWOT analysis

PESTEL analysis

Managing risk of not using
advanced business strategies
• What- No use of advanced business strategies
• How- If professional business analysts are not hired .
• Consequence- face commercial losses Prevention- correct assessing of the likelihood of
default on various steps
• Next steps- develop a team that would carry out the particular task of assessing these
risks and mitigating them

Managing risk of no website
• What- absence of a website page
• How- they do nit have any availability of any sort of online
services such as website
• Consequence- decrease in brand awareness
• Prevention- correct assessing of the likelihood of default on
various steps
• Next steps- develop a team that would carry out the particular
task of assessing these risks and mitigating them

Managing risk of less space
• What- insufficient space for customers
• How- insufficient tables, chairs
• Consequence- reduction in customers
• Prevention-correct assessing of the likelihood of default on
various steps
• Next steps- develop a team that would carry out the
particular task of assessing these risks and mitigating them

Managing risk of not using
social media
• What- not using social media
• How- social media platforms are not utilized
• Consequence- failed to attract new customers
• Prevention- provide proper training to the staffs regarding various processes. Mistakes
must be investigated
• Next steps- developing a cross functional team meeting where the consequences and
the mitigation strategies would be discussed

Managing risk of less
manpower
• What- less manpower
• How- leaves taken by employees
• Consequence- losing loyal customers, bad relation with clients
and customers
• Prevention- monitor the staff to ensure proper carrying out of
tasks, creating action plan and noting the issues form
feedbacks
• Next steps- initiate regular team meetings to collect feedback
and monitor the activities

Overview
• Negative impact on the overall business
• Dissatisfied customers lead to bad relation with the organization
• Stakeholders are the basic platform for the organization
• If the risks are not accessed well and they are not acted upon
properly the organization would be at higher risk

Next steps
• Risks must be categorized
• Risks with higher priority must be
managed first
• Risks with lower priority can be
mitigated at the end
• Risks that have negligible impact on
the organization can be neglected or
ignored
• The progress of risk management
must be recorded Image 6: operational risks in banking
sector
(Source: Jeucken and Bouma 2017)

References
• Larson, E.W. and Gray, C.F., 2017. Project
management: The managerial process. McGraw-
Hill Education.
• Sadgrove, K., 2016. The complete guide to
business risk management. Routledge.