Analysis of Risk Management Barriers at Harrods: A Research Report

This report presents a comprehensive analysis of the barriers hindering effective risk management within Harrods, a case study focusing on the HR department. The research employs an interpretivism method and descriptive approach, utilizing both primary and secondary data collection methods. The study investigates various risk factors, including poor management, inadequate employee skills, and insufficient training programs, through a survey of 20 Harrods employees. The findings reveal significant challenges in risk identification, assessment, and mitigation. The report includes a detailed analysis of the survey results, presenting themes related to risk perception, management practices, and employee satisfaction. Based on the data analysis, the report offers recommendations for overcoming these barriers, emphasizing the importance of improved communication, continuous HR policy improvements, and enhanced training programs to foster a robust risk management framework within Harrods. The report concludes by summarizing key findings and suggesting actionable strategies for the organization.

Research Project

Table of Contents
Task 1: Research proposal...............................................................................................................3
2. Background.............................................................................................................................3
3. Research aims and Objectives.................................................................................................3
4. Research design methodology................................................................................................4
5 Research implementation plan..................................................................................................4
6. Conclusion...............................................................................................................................5
Task 2...............................................................................................................................................5
1. Literature review......................................................................................................................5
2. Research methodology.............................................................................................................7
Task 3 Data collection and analysis/recommendation and conclusion.........................................10
1. Summary of data findings......................................................................................................10
2. Analysis and itnerpretation....................................................................................................13
3 Recommendations...................................................................................................................19
4. Conclusion.............................................................................................................................19
TASK 4..........................................................................................................................................20
4.1 Agreed format and appropriate media to present the outcomes of the research..................20
Reference.......................................................................................................................................21

Task 1: Research proposal
1. Research title
Topic: To analyse the barriers faced in effective risk management. A case study on Harrods
2. Background
Risk management is known as the process through which risk can be identified, analysed and
evaluated in order to overcome the issues. To manage risk within the firm is not new concept and
it is one of the essential aspects that help in overcome issues faced by the firm. Risk in business
can also increase due to changes in economy and political environment. Due to drastic changes
in the economy such as introduction of Brexit lead to impact overall business and also minimise
customer base (7 barriers to effective risk management. 2016). It shows that success of business
can be done through effective implementation of risk management. The present research is based
on analyse the barriers faced by HR department in effective risk management. The present
research will help in developing a deep understanding related to the issues due to which chances
of risk increase in Harrods. In respect to select the topic, there are various factors which has
influenced the researcher to select this area. Here, below are the factors
Personal interest: The selected topic is fall under the operation department of the form.
Therefore, all the operation related to risk management is handled by management in which I
have interest.
Experience and knowledge: The present research will help in developing my understanding over
the strategies which can be implemented by the firm in respect to avoid risk from the firm.
Future scope: Cited firm will get benefit from this research and they can easily avoid risk from
the company.
Aim-To analyse the barriers faced by HR department in effective risk management. A case study
on Harrods
3. Research aims and Objectives
Objectives are based on aim
 To understand the importance of risk management

 To identify various risk factors that can affect Harrod company
 To evaluate barriers faced in implementing risk management in Harrods
 To recommend strategies to overcome barriers and for successful implementation of risk
management
Research question
 What is the importance of risk management?
 What are the risk factors that can affect Harrod company?
 What are the barriers faced in implementing risk management in Harrods?
 What are the strategies to overcome barriers and for successful implementation of risk
management?
4. Research design methodology
In respect to carry out research in a systematic manner the scholar will used
interpretivism method. It is one of the effective method in respect to accomplish the research
objectives. Along with this, descriptive method will be used which help in describing the
population covered in the study. It will help in understanding different risk factors that are
impact the firm (Stevenson, 2010). The researcher can make use of any of the hypothesis in
order to conduct the research. Further, the investigator has used inductive approaches that help in
focus on collecting specific information first. At last both primary as well as secondary method
will be used in order to gather information and reach valid outcome. Questions will be asked in
survey from 20 employees of Harrods hotel through random sampling method.
5 Research implementation plan
Activities 1st
Week
2nd
Week
3rd
Week
4th
Week
5th
Week
6th
Week
7th
Week
8th
Week
9th
week
10th
Week
Formation of
the research
proposal
Making the

objectives
and aim
Developing
research
questions
Identifying
and selecting
method of
data
collection
Literature
review
Designing
Research
Methodology
Collecting
primary data
Data
analysis
Finding of
collected data
Recommenda
tions and
conclusion
6. Conclusion
From the above research it is analysed that in order to complete research it is essential to
prepared aims and objectives. To complete the entire research a systematic procedure, need to be
followed.
Task 2
1. Literature review
According to the Marcelino and Villanueva, (2014), risk is known as the possibility of
injury of loss. In business context risk is directly affect the entire business operation due to
occurrence of risk event or loss. Former risk can be easily measured and overcome with the

suitable action. It can be critically evaluated that can be minimised but cannot be removed from
the workplace completely. Risk lead to create issues in respect to manage potential changes in
which company need to take right action in order to distribute high quality of services for the
large number of customers. Reason for risk management is that customers are being more
conscious regarding quality. Pickard, (2012) Reason, (2016) argued that risk elimination is one
of the important aspect which shows that firm is taking management aspect in order to solved the
issues related to the products ad services. For an organisation it is essential to be prepared
different types of risk which can be occurred anytime. For instance, Harrod company has various
venture such as retail, hotel etc. Therefore, it is essential for the management to have proper risk
management for its each venture.
Risk within the firm take place due to different reasons such as flexibility, project failure
etc. There are various types of risk factor which are involved in the retail industry (Reason,
2016). One of the main factors it related to the subscription economy that reflects the perception
of buyer with the changes of time. Low growth consumer market is one of another risk in the
business (Schwalbe, 2015). Company need to put efforts to resolve issues of buyer and then hold
them for long time. It is critically evaluated that availability of number of brands lead to force
customers to switch from one brand to another company. This issue can affect the overall
business because budget which is invested for marketing strategies get wasted. There are various
risk management approaches which are formulated by the company with the help of personnel in
different departments. For the frim it will be effective to communicate and develop
understanding related to the business risk so that action can be taken on time. However, if
effective communication is done between management and employees then risk management
plan can be easily implemented. Mellahi, and Collings, 2010. argued that there are different
types of risk which can be faced by business that are growth and development, profit and loss
and sales and marketing. These all are important element which are considered by the firm in
respect to make sure smooth flow of production with increased in rate of return. The first
element of risk is slow performances which occur due to lack of skilled employees. In this
context business need to make sure implementation of effective plan. Not only has this
operational risk also affected the firm and its overall performance. For example, of management
and employees are engaged with production activities which are not active and it can unable to

measure the defect in product. Hence customer cannot be satisfied with the defective product and
it is important to take appropriate action.
2. Research methodology
Research methodology provides various tools and techniques that assist in carrying out research
in an systematic research. Here below are provided different tools and techniques that are as
follows:
2.1 Research philosophy:
Research philosophy is based on assumption of the investigator over the research. It is
classified into four types that are positivism, interpretivisms. Realism and pragmatic. The present
research is based on analysing the barriers faced by HR department in effective risk
management, therefore interpretivisms philosophy has been applied by the scholar. The reason
for selecting this technique is that it will help in understanding the concept of and the topic of the
investigation and reach valid outcome. Hence this way, objective of the research can be
accomplished.
2.2 Research approach: There are two types of research approach that are inductive and
deductive. The present research is based on to analyse the barriers faced by HR department in
effective risk management, therefore inductive approach has been used by the researcher
(VanPatten and Williams, 2014). This help investigator to focus on constructing new theories
which helpful to link up with the data. Along with this, it will help in developing a deep
understanding related to the risk management and its impact on the firm operations. Different
theories are developed for each aspect that is being assist company in its success.
2.3 Research design: It is a process of collecting, evaluating and analysing the information by
the investigator. Research design is classified into three types that are exploratory, explanatory
and descriptive research design (Wachinger and et. al.,2013). The present research is based on
analysing the barriers faced by HR department in effective risk management therefor descriptive
research design is used. It helps in understanding issues related to the risk management. Along
with this all the population which is covered in the study will be describe in an effective manner.
2.4 Data collection: Data collection method is important which help in provide wide range of
the information from different sources. There are two sources of data collection that are primary
and secondary. Primary information is basically new information which is collected newly. This
type of information can be gather through questionnaire, survey, observation etc. For the present

research both primary and secondary method is used by the scholar. Primary information is
basically new information which is collected newly (Wieland and Marcus, 2012). To collect
primary information survey method is used in which questions will be asked from the employees
of Harrod company. On the other side secondary information is collected from books, journals,
and internet. Reason for selecting both the sources is that it helps in gathering specific
information as well as general information which proven to be effective to reach the goal
2.5 Sampling: There are two methods of sampling that are non-probabilistic and probabilistic.
For the present research probabilistic method is used by the investigator in which random
sampling method is considered. Here, as a sample, 20 employees of Harrod have been selected.
The provided sample size is enough in order to gather specific information related to the risk
management. Reason for selecting random sampling method is that it reduces chances of bias
and provides equal chance of being selected.
2.6 Data analysis: When data is collected it is important to analyse it in order to get valid
outcome. There are two techniques through which information can be evaluated that are
qualitative and quantitative (Zou and et. al., 2014). For the present research qualitative method
has been used by the investigator in which thematic analysis is taken into consideration. In this
different theme are prepared on the basis of results and interpretation done. Along with this,
tables and charts are also prepared for presenting the findings in a systematic manner.
Name
Age
Gender
1. Is there any risk faced by management of Harrods?
Yes
No
Do not know
2. What type of risk is faced by Harrods company?
Improper financial management
Poor management
Poor skilled employees

3. Appropriate risk management is the key of success of Harrods
Highly agree
Agree
Neutral
disagree
Highly disagree
4. According to your opinion poor skilled employees is the barrier in in effective risk
management?
Yes
No
Do not know
5. Does Harrods company provide training and development program to enhance skills?
Highly agree
Agree
Neutral
disagree
Highly disagree
6. Are you satisfied with the training and development program provided to you?
Highly satisfied
Satisfied
Neutral
dissatisfied
Highly dissatisfied
7.) Do you agree that effective communication between employees ad management device
effective risk management plan?
Highly agree

Agree
Neutral
disagree
Highly disagree
8.) Is continuous improvement in HR policies required for the management of risk?
Highly agree
Agree
Neutral
disagree
Highly disagree
9.) Does poor inventory management impact operation of business?
Highly agree
Agree
Neutral
Disagree
Highly disagree
Task 3 Data collection and analysis/recommendation and conclusion
1. Summary of data findings
In the present research there are various factors which are identified by the researcher
which can impact the effective risk management. There are few methods used in the present
research which help in making research effective (Uyarra and et. al., 2014). Qualitative
techniques are used by the investigator in which different themes are prepare in order to reach
the valid outcome. Various questions were asked regarding risk factors from employees of
Harrods company. Along with this, all the respondents are selected randomly so that all
employees get equal chance to be selected. In this section the investigator has selected the most
appropriate method which help in conducting a research in an effective manner (Vaismoradi,

Turunen and Bondas, 2013). In this context, the researcher has make used of inductive approach
which help in gathering specific and general information related to the topic. All the information
which is considered from different sources will be authentic and help in reaching the outcome.
Therefore, both primary and secondary sources is considered in order to make research effective.
Theme 1: Risk faced by management of Harrods
1. Is there any risk faced by
management of Harrods? No. of
respondent
Yes 10
No 6
Do not know 4
20
Theme 2: Poor management is the type of risk faced by management of Harrods
2. What type of risk is faced
by Harrods company? No. of
respondent
Improper financial
management 5
Poor management 10
Poor skilled employees 5
20
Theme 3: Appropriate risk management is the key of success of Harrods
3. Appropriate risk
management is the key of
success of Harrods? No. of
respondent
Highly agree 4
Agree 8
Neutral 2
Disagree 3
Highly disagree 3
20
Theme 4 Poor skilled employees are the barrier in an effective risk management

4. According to your opinion
poor skilled employees is the
barrier in effective risk
management? No. of
respondent
Yes 12
No 5
Do not know 3
20
Theme 5 Harrods company do not provide training and development program to enhance
skills
5. Does Harrods company
provide training and
development program to
enhance skills? No. of
respondent
Highly agree 5
Agree 4
Neutral 2
Disagree 6
Highly disagree 3
20
Theme 6 Dissatisfied with the training and development program provided to employees
6. Are you satisfied with the
training and development
program provided to you? No. of
respondent
Highly satisfied 5
Satisfied 4
Neutral 3
Dissatisfied 6
Highly dissatisfied 2
20
Theme 7: Agree that effective communication between employees and management device
effective risk management plan