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Essay on Risk Management

   

Added on  2020-07-23

11 Pages2030 Words71 Views
Task 1REPORT ON RISKS

TABLE OF CONTENTSReport to CEO.............................................................................................................................1Email to stakeholders..................................................................................................................6Email to CEO..............................................................................................................................7Discussion with CEO..................................................................................................................8Summary notes of meeting with CEO........................................................................................8REFERENCES................................................................................................................................9

Report to CEOFrom: Assistant Manager – AshTo: CEO – Paula KinskiRe : New Toowoomba StoreThank you, ma’am, for your regards. This is to provide you all the information that I gatheredabout our new project of store in Toowoomba. I would like to seek your attention to thefollowing areas as discussed below.The evaluation of the risk management framework of Mcville provided with the followinginformation:As per the risk management principles ISO 31000:2009, the guidelines are not for any specificindustry. These principles can be applied to any risk. These principles are used to harmonizeprocess of risk management. The risk management framework of Mcville includes number ofelements that help the organisation in undertaking its business operation more effectively andefficiently. The policies and procedure under risk management framework includes policies likeHR policy, Financial policies and corporate Governance policies. However, after the survey ofthe place and all records, it has been found that the organisational cultural policies are not beingimplemented effectually that resulted in less participation of employees. Along with thesepolicies, framework also comprises monthly reporting and business planning and budgetingsystem. Under these business objectives are standardised, action plans are undertaken alongwith allocation of required resources. From the analysis of these policies and systems, adrawback that is visible in the organisation is that the records of the employees are not beingmaintained properly. And also, committee requires to make some guidelines for the staff so thatthey know how to carry their work.Role and scope of senior management under risk management process:Senior managers are required to implement policies that are essential in riskmanagement at the appropriate areas (Pritchard and PMP, 2014). This will includeimplementation of internal control over operational activities of the organisation.1

Identification and evaluation of risky areas and making them consider to the directors.Providing suggestions regarding the areas where risk management is not being properlyaddressed and how to implement the process.Upgradation and reviewing of risk management strategy.In order to follow up all these roles, following risks are identified in the expansion of newbusiness plan:There is lack of internal control policies, no cash management and maintenance ofrecords.Policies and procedures have failed to meet the requirement of the compliance ofindustrial relation and privacy laws.In order to make new plan successful, following factors need to be considered:Location of the store, that need to be feasible for locals as well as outside customers.Quality of food need to be fresh. Delivery of pastry from the central bakery should berevised as it would take at least 2 hours to reach at new store.Improvement of cash management system and maintaining the operations of banking.Establishment of medical aid store at the organisation for dealing with any injuries thatcan happen at store.Development of innovative range of dishes.Protecting the computer with password where all the information about employee andtheir salary record has been stored.Goals and objectives of risk management:Main objective of managing the risk would be approaching to all the areas and identifying ballthe risks that are associated with each function of the organisation along with providingsuggestions in order to overcome all risks in an effectual manner (Glendon, Clarke andMcKenna, 2016). The goal is to minimize risks as much as possible and providing suggestionsin order to increase the performance and profitability of the organisation.Here is the table of relevant stakeholders for the new store along with their role in riskmanagement process:2

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