BSBRSK501 Manage Risk: Diploma of Business Project

This project is a comprehensive risk management analysis conducted for a business, likely a cafe, focusing on various operational aspects. The assignment begins with identifying potential risks within the business context, such as job scheduling, record management, supply chain management, employee training, and customer felicitation programs. Each risk is assessed based on its potential consequences, impacting operational, strategic, and financial aspects. Stakeholders are identified, and a risk assessment matrix is created, evaluating the likelihood and impact of each risk. A detailed action plan is then developed for a specific risk area, namely employee shortage due to ineffective job scheduling. This plan includes proposed actions, implementation strategies, expected outcomes, budget, resource requirements, and a timeline for execution. The project also outlines reporting and monitoring processes to ensure the effectiveness of the risk management strategy. The provided bibliography lists the sources used in the assignment.

Running Head: DIPLOMA IN BUSINESS MANAGEMENT
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Task 1
Identified Problem/ risk
area
Context of Risk
e.g. operational,
financial strategic
Possible consequences of not treating the
risk or of making changes to address the
current problem ( contingency planning)
1 Job Scheduling Operational If the problem is not addressed it will
develop employee shortage which will lead
to customer dissatisfaction that will
ultimately impact the revenue of the café.
2 Record Management Strategic Improper record management gives birth to
chances of fraud and improper assessment
of the records will develop difficulty in the
development of strategic plan and even
cause trouble during legal battles.
3 Supply Chain
Management
Financial Improper assessment over the supply chain
is leading to delay in the delivery of the
goods that may lead to shortage of
resources in dire situation leading to
financial lose. Furthermore, low quality
will impact the perception of the customers
and decrease the customer base.
4 Employee Training Operational Improper management of customers and
delay is leading to decreasing of the
customer satisfaction which is impacting
the customer inflow and is harmful for the

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long term sustainability of the firm.
5 Felicitation Program Strategic With better options, discounts and
incentives, the customers are getting
attracted towards other firms that is leading
the café to lack behind in the competitive
leadership and is undesirable.
Task 2
Stakeholder Risk context area
Permanent employee Job Scheduling
IT service provider Record Management
Suppliers Supply Chain Management
Owner Employee Training
Owner Felicitation Program
Task 3
Risk Likelihood Impact Level of
Risk
Rank
Job Scheduling A 5 Extreme 1
Record Management B 5 Extreme 2

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Supply Chain Management A 4 Very High 4
Employee Training A 5 Extreme 3
Felicitation Program C 4 High 5
Task 4
Prepared By: Date:
Business Activity Area:
Resource and Scheduling
Risk Identified
and likely impact:
Shortage of employee
If the problem is not addressed it will develop employee shortage which will lead
to customer dissatisfaction that will ultimately impact the revenue of the café.
Summary of risk
treatment options
The discussed risk is very crucial because it will lead to shortage of human
resource that will in turn lead to halting or delayed operations which will impact
the customer satisfaction and in the process eventually impact the revenue of the
firm.
Action plan for
treatment option:
Development of proper Job Scheduling Framework.
 Meet with the employee and discuss their availability.

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Proposed actions
Implementation
Strategies:
 Understand the Peak hours at restaurants.
 Estimate the need of employee.
 Schedule the employee accordingly.
 Meeting with the employee to collect there feedback.
 Monitor the customer arrival hours and record it.
 Apply Hit and throw method to calculate the number of employees need
for one week.
 Accordingly schedule the employee.
Expected
outcome:
It will mitigate the threat of unavailability of the employees because both the
employees need and the organisational need have been taken into consideration.
Budget: It will consume a budget around 200 dollar because the requirement of the
proposed strategy is excel tool that will be used for recording different aspects
that have been mentioned above. Furthermore, miscellaneous expenses may incur
in interviewing the employee and other similar aspects. So, a total of $200 is
considered as the budget.
Resource
requirements:
Human Resources.
Computing System and tools.
Miscellaneous tools such as voice or video recorder, notepads and extras.
Responsibility
(show all)
Manager
Permanent employee
Timeline: 2 week- The first week for monitoring and the second for planning the

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framework.
Reporting and
monitoring
requirements
The manager will monitor the customer inflow and time along with other needs of
the process. Finally, the manager will report to the owner who will monitor the
progress.
The risk management will be explained to the associated parties through a group as
well as individual meeting. The group meeting will be conducted to explain and explore the
needs of risk management. Furthermore, the scope post management of risk will also be
defined. Finally, the individual meetings will be done to explain the associates with the
responsibilities that they need to assess. The feedbacks of the associates, previous cases of
similar strategies and other relevant information will be used for the reviewing of the
effectiveness of the strategy. The data will be store into digital mode and hence, use of other
digital tools such as analytic software can be used to measure the accuracy.

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Bibliography
Glendon, A. I., & Clarke, S. (2015). Human safety and risk management: A psychological
perspective. Crc Press.
Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative Risk Management: Concepts,
Techniques and Tools-revised edition. Princeton university press.