Case Study on Risk Management in Wal-Mart

Running Head: Wal-Mart- Case Study on Risk Management
WALMART
RISK MANAGEMENT
Study on Wal-Mart
System04128
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Wal-Mart- Case Study on Risk Management
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Table of Contents
Question 1..................................................................................................................................2
Question 2..................................................................................................................................2
Question 3..................................................................................................................................4
Project 1.....................................................................................................................................4
Scope of Risk Management Plan............................................................................................8
Bibliography.............................................................................................................................12

Wal-Mart- Case Study on Risk Management
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Question 1
ISO 31000 enables associations to build up a risk management standard to adequately
recognize and relieve dangers, in this manner upgrading the probability of accomplishing
their goals and expanding the security of their advantages. Its objective is to build up a risk
management culture where workers and partners know about the significance of observing
and overseeing hazard. At present ISO 31000: 2018 is risk management standard in Australia
and New Zealand. These standards are used by the small and big scale organisations in
Australia. These standards are applied at all levels of decision- making. This information is
available at SAI Global’s official website
(https://infostore.saiglobal.com/en-au/Standards/AS-ISO-31000-2018-
1134720_SAIG_AS_AS_2680492/). The purpose of managing the risk is to improve
execution, empowers development and backings the accomplishment of targets. Standard
incorporate the prerequisite for the risk management activity should be (1) redone; (2)
comprehensive; (3) organized and complete; (4) coordinated; and (5) dynamic1. Key elements
of risk management are-
1. Creates and ensure esteem
2. Be an essential piece of authoritative procedures
3. Be a piece of basic leadership
4. Expressly area powerlessness
5. Be deliberate, organized or opportune
6. Should be supported by the latest information
7. Be custom fitted
8. Take into record human variables
9. Be straightforward and absolute
10. Adaptive to change.
Question 2
The legislation outlines what is and is not legal for a business to do. Therefore, it is important
for the business to know what are their legal rights and responsibilities2 otherwise; it can get
1 Institute of Risk Management, A Risk Practitioners Guide to ISO 31000:2018 (2018)
2 ASIC, Small business-why complying with the law is important (2018) < https://asic.gov.au/for-business/your-
business/small-business/small-business-overview/small-business-why-complying-with-the-law-is-important/>

Wal-Mart- Case Study on Risk Management
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them into serious trouble. Ignorance of the law is no excuse (Ignorantia Jursi Non Excusat)3.
The laws and legislation apply in retail sectors like Wal-Mart are-
1. Fair Work Act 2009- This act focuses on terms and conditions of employment, rights,
and responsibilities of employees and employer4.
2. Competition & Consumer Act 2010- This act aims to give businesses a fair and
competitive operating environment5.
3. Australian Consumer Law- the Australian Consumer Law is the principal consumer
protection law in Australia6.
4. Commerce (Trade Descriptions) Act 1905- The concerns trade descriptions applied to
certain imported and exported goods, and includes a head of power whereby
regulations may prohibit the importation and exportation of goods unless a trade
description is applied to them7.
5. National Trade Measurement Legislations- There are various laws for maintaining
national measurement standards with international standards8.
6. Anti-Money Laundering and Counter- Terrorism Financing Act 2006- The act puts
light on all the fiscal and staking sector, mass dealers and others9.
7. Retail Leasing State Regulations- There are various retail leasing laws for every state
in Australia, which provide dispute resolution mechanisms if there is dispute arises10.
8. Greenhouse and Energy Minimum Standards (GEMS) - It concerns with the handling
of Greenhouse and energy minimum standard Act, maintenance of register and
looking over the act11.
Apart from the above mention, legislation, which can affect retail business, are -
1. State Liquor Legislation
2. Spam Act, 2003
3 Legal Crystal, Law Dictionary (2019) <https://www.legalcrystal.com/dictionary/definition/97634/ignorantia-
facti-excusat-ignorantia-juris-non-excusat>
4 Fair Work Act, 2009
5 Competition and Consumer Act, 2010
6 The Australian Consumer Law
7 Commerce (Trade Descriptions) Regulation, 2016
8 National Measurement Institute, Measurement Legislation <
https://www.measurement.gov.au/measurementsystem/Pages/MeasurementLegislation.aspx>
9 Austrac, AML/CTF Act (2019) < http://www.austrac.gov.au/businesses/legislation/amlctf-act>
10 Legal Vision, Retail Lease Summary – Australia (2017) < https://legalvision.com.au/retail-lease-summary-
australia/>
11 Australian Government Directory, Greenhouse and Energy Minimum Standards (GEMS) Regulator (2018)
<https://www.directory.gov.au/portfolios/environment-and-energy/greenhouse-and-energy-minimum-standards-
gems-regulator>