Risk Management Plan Template

This Risk Management Plan Template provides a framework for identifying and analyzing risks in a business. It includes a categorization matrix, risk control and treatment measures, and an implementation plan. The template is suitable for small scale retail companies like BizOps Enterprises.

Risk management plan template
Background:
BizOps Enterprises is one of the renowned small scale retail companies that operated
in Australia. This national retail business organisation has adequate number of retail
outlets along with online purchasing facility. Both the online and offline shopping
opportunity help the organisation to expand its market extensively. There are more
than 150 retail outlets that BizOps Enterprises has across Australia. Besides this, the
organisation is also employed more than 1300 employees. However, there are full
time, part time, casual and contractual staffs within the entire employee strength. As
far as the mission of the organisation is concerned, providing green products and
services with keeping an eye on the change in customer behaviour is considered to be
the most important aspect for the organisation. Besides this, adopting sustainable
work practice is also listed within the aims of the organisation.
Context:
BizOps Enterprises has recently came up with a number of internal and external risks
that damages the healthy business orientation of the company. In the internal sphere
lack of innovative products and due to the natural calamities like floods
transportation of goods is creating a challenge for BizOps Enterprises. In addition to
this, there are poor training facilities for the employees and budgetary cut off in all
departments degrading the morale of the employees.
Externally, the regulatory framework of the Australian government such as imposing
more taxes on citizens poses a threat to the customer retention policy of BizOps
© Aspire Training & Consulting Page 1 of 9
Document date: April 2015
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Risk management plan template
Enterprises. Furthermore, the data breach of customer information is seemed to
violate the privacy and confidentiality law of the Australian government.
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Document date: April 2015
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Risk management plan template
Identification and analysis
Risk likelihood legend
Grade Level of likelihood
A. Website
glitches
Expected (will occur regularly)
B. Delay in
delivery service
Probable (will occur at some stage)
C. Irregularities in
supply of raw
materials
Possible (could occur)
D. Lack of skills of
the employees
Improbable (could occur but unlikely)
E. Data breach Rare (may occur but in limited situations)
Risk impact/
consequence legend
Grade Level of impact
A. Data breach Insignificant
B. Lack of skills of
the employees
Minor
C. Website
glitches
Moderate
D. Irregularities in
supply of raw
materials
Major
E. Delay in
delivery service
Catastrophic
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Document date: April 2015
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Risk management plan template
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Risk management plan template
Risk categorisation matrix
Level of
likelihood
Level of impact
1
(Insignificant)
2
(Minor)
3
(Moderate)
4
(Major)
5
(Catastrophic)
A (Expected) Medium Medium High Extreme Extreme
B (Probable) Medium Medium Medium High Extreme
C (Possible) Low Medium Medium High High
D (Improbable) Low Low Medium Medium High
E (Rare) Low Low Low High Medium
Risk categorisation table
Priority Risk Likelihood Impact Level of risk
1 Delay in delivery service B Extreme Catastrophic
2 Irregularities in supply of materials C High Major
3 Website glitches A High Moderate
4 Lack of skilled employees D Low Minor
5 Data breach E Low Insignificant
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Document date: April 2015
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Risk management plan template
Risk control/treatment
Activity: Developing a better service system
Risks Skilled employees, financial strengths, communication, website glitches and
delay in supply
Control measures/
treatments
Control measure Strength Weakness
Conducting effective
recruitment
Strong HRM team Poor wages
Procuring calculative
financial measures
Transparent finance team Lack of resources
Bring effective
communication
Online and offline
communication system
Problems in the online
communication system
Website design Expert IT team Lack of monitoring
Increase the number of
suppliers
Good reputation among
the suppliers
High market
competitiveness
Impact of risk/s on
areas outside your
responsibility
It can be stated that the delay in the delivery can be caused by natural calamities or
the unavailability of the customer
Personnel involved A monitoring team will be responsible to evaluate the customer feedbacks and inform
directly to the CEO
Expected outcomes of
risk treatment plan It will maximise the business revenue by 15% by the end of the financial year
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Document date: April 2015
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Risk management plan template
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Risk management plan template
Implementation plan:
At first, an induction with the service will be conducted. In this meeting, the top
management will brief the organisational objectives and expected outcomes. Then, a
training facility for the employees will be conveyed after a discussion with the
finance team about the expenses. The next step will be facilitated a communication
plan that meets both the in-house communication and direct chat with the customers.
Then the IT department will take the initiative to develop a better website both in
performance and get up. Finally, looking forward to get alternative suppliers will be
conducted in order to make a contingency plan when some suppliers remain off.
Purpose Action Responsible
persons
Resources Expected
outcome
Time
frame
Developing better service system
Recruitment HRM
Departmental
head
CEO
Conference
room
Resume of
the Aspirant
Recruiting
efficient
person
2 weeks
Financial
stability
CFO
CEO
Market
analysis
Revenue
Balance
sheet
Increase the
profitability by
15%
12 months
communication Department
heads
CEO
Service team
Online and
offline tools
Maximisation
of customers
3 months
Website IT department Website Increase the 1 month
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Document date: April 2015
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Risk management plan template
designing Marketing
team
development
tools
online buyers
up to 5%
Increase
suppliers
Operation
manager
Online and
offline tools
Bring 5
alternative
suppliers
5 months
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Document date: April 2015
[unit code and title]...........................................................................................................................................
[student name].......................................................... [id].................................... [date]..................