AS/NZS ISO 31000:2009 Risk Management in Business Management Diploma

This report provides an analysis of the AS/NZS ISO 31000:2009 risk management standard, focusing on its purpose, useful features, and the importance of stakeholder participation. It discusses the goals and objectives of a training organization, potential risks to these goals, and the impact of systematic and unsystematic risks. The report emphasizes the role of staff and stakeholders in risk management, highlighting the principles outlined in the standard. It evaluates the role of a risk manager and the significance of a risk register in identifying, describing, and prioritizing risks. Furthermore, the document covers the creation of effective meeting agendas, the impact of meeting formats on goal achievement, and strategies for overcoming challenges in business meetings. It also addresses the handling of confidential information and the use of cloud-based systems for storing meeting minutes. The report includes references to support its findings and recommendations.

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A.

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A.
1. Purpose of the standard:
 To utilize for harmonize risk management processes in existing and future
standards;
 To provide a common approach in support of standards dealing with specific risks
or sectors and does not replace those standards.
2. Most useful features of the standard:
 It is systematic, timely and structured;
 It is an integral part of all organizational processes;
 It creates and protects value; and
 It is a part of decision-making.
B.
1. Goals and objectives of the training organization enrolled with:
 To give employees the skills they require for becoming better workers which in
turn will provide certain financial benefit;
 Creating the supportive workplace so that employee can know they are valued and
feel more satisfied within their workplace (Curado, Et al, 2015).
2. Goals and objectives could be put at risk by:
 Maximize threats and reduce opportunities; and
 Not identify, evaluate, mitigate and control potential problems.

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3. No, it is not a risk if a bad situation does not affect the organization’s goals and
objectives as it is learned that risk occurs due to instability, imbalance and impossibilities
of business and finances of the company.
4. Systematic risks such as business risk, financial risk, liquidity risk, exchange risk,
country risk directly impact the objectives or goals and unsystematic risks indirectly
impact the goals as the risks arises tends to serious loss of the profits and changes of
things in business plan. Yes it is important to manage both the risk to define the
objectives for the future and helps to achieve the primary goals or objectives.
C.
1. Staff and stakeholder participation is important as there feedback is valuable source of
information which can be used to better the design of project and outcomes and helps to
identify and mitigate the external risks (Bourne, 2016).
2. As stakeholders and staff are the key persons of the organization and they handle the risk
associated with their activities at each stage of risk management process. The
stakeholders must be informed about these stages as they are also having shares in the
company and face the same loss or profits when occurred.
3. As per the standard AS/NZS ISO 31000:2009, the stakeholder participation helps to
translate the needs of stakeholder into the organizational goals and also creates the basis
of successful strategy development. the principles in the standard are:
 Can be used by private, public enterprises, group or individual or associations;
 Promote uniformity of risk management across organization (Purdy, 2009).
D.

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1. Yes, this statement is true as the manager identifies the potential issues which could
results in trouble and takes action to risk prevention that can avoid and minimize the ones
which we can’t.
2. Successful risk manager:
 Decrease cost and improve efficiency;
 Stay in the know;
 Maintain organization healthy; and
 Enhances communication (Hopkin, 2018).
E.
1. Risk is registered to provide the manager of project with the list of identified risks, stated
clearly and assesses as to their importance to fulfil the objectives of the project. The risk
register can also lead directly to handle the risk such as mitigation of risk.
2. The risk register are used in risk management through:
 Identifying the risks
 Describe the risks
 Impact of the risks
 Respond to the risks
 Prioritize the risks
 Ownership of risks
 Notes of risks (Aven, 2016).
F.
1. Agenda items are determined by:

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 Creating the meeting agenda before three days to ensure that people who will
attend meeting must have time to prepare or make reading of notes required
before the meeting;
 Begins with the simple information or details that are the places or the dial-in
details and information for accessing a meeting;
 Writing of goal of meeting for getting the important pieces accomplished;
 Time limit per topic for example introduction will be of 2 minutes;
 Keeping agenda to less than five topics as no one wants to spend hours in the
meeting; and
 Including any other important information for a meeting for example information
about person taking the meeting or documents that need to be present before the
meeting.
2. No I did not find it difficult to agree on the items that needed to be included in an agenda
as these are important for making decision on the business related facts and relevant
points to be dealt with in the good order and the good time. These items help in preparing
the tasks and enable the meaningful contribution. These items included in the meeting
helps in achieving its objective or purpose for which the meeting is held and the tasks to
be done.
3. The meeting agenda must allow particular amount of time for each item. If no time is
specified then everything on meeting agenda seems to be of equal importance. An
unfortunate result is that too much time shall be spent on the least significant agenda
items. Allot time for meeting agenda based on its importance. The items are like work in
general as they will expand to fill whatsoever time is offered. Ways of allocating time:

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 Identify number of individual possibly to attend. Then estimate total amount of
time needed if each made one 30-seconds comment. It is the minimum amount of
time we required; and
 For each items identify activities which will be needed and factor these into total
time required for each agenda item.
Yes I checked that the time allocated added up to the time allowed for the meeting.
G.
1. The meeting format has great impact on the achievement of meeting goals as meetings
are held both in formal and informal manners within an organization. The various points
are to be discussed in a proper format which is called agenda that are prepared before the
meeting for covering the points that need to be put in the meeting for action. This
meeting format helps in achieving the meeting goals that is for which purpose the
meeting is organized and everything that must need to be present in the meeting are
discussed with the board or panel so that they can take action against those points or
issues and the purpose of meeting could be successful or goal of the meeting shall be
achieved.
2. Yes it is important to determine the format of meeting prior to making the arrangements
as it helps in making clear the duty of the person to perform their actions. This provides
the complete outline of topic that will be discussed in meeting. The format of meeting
assists in communicating the important news before making the arrangements and
provide the opportunity to informs the members by announcing about the critical goals,
events and tasks then make arrangement for the organizing the successful meeting. The

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format of meeting includes the date, time, topic to be discussed in meeting, list of
members attending the meeting and records of last meeting discussions (Olechowski, Et
al, 2016).
H.
1. I have attended business dealers meeting in London and that meeting was well conducted
as in that meeting everything was pre-arranged or pre-planned effectively and efficiently
from starting to the end of the meeting. Firstly they invited all the successful dealers and
make small presentation to entails the purpose of meeting. The points that needed to be
discussed are recorded in a proper manner so that each point was well discussed and there
is no skip of any point that can create confusion further. All the things were presented in
well manner so that it can be better understood by people in the meeting and consumed
less time. The goals of the meeting also achieved as they get the work for which the
meeting was held with the dealers.
2. Some meetings are found to be frustrating and waste of time as these meeting does not
have proper agendas of meeting which is essential for every successful meeting. The
discussion is made on unnecessary topics instead of the topic for which the meeting is
organized with the people and kills the time of people who came to attend the meeting
from several places. No content is pre-arranged or prepared prior to the meeting that
exceeded the time of the meeting and no conclusion came in its way which are
completely frustrating and waste of time (Weimann and Brosius, 2015).
3. Challenges:
 Lack of preparation;
 Many meetings on daily basis;

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 Monopolization of meeting;
 Lack of focus;
 Starting the meeting late; and
 Meeting taking too much time
Strategies used to overcome these challenges:
 Improve meeting clarity;
 Reduce the number of meetings;
 Revisit the decisions at key points or milestones;
 Wrap up meeting with next steps and owners; and
 Meet when everyone is ready (Agapi, Et al, 2012).
I.
1. In such situation I would take one on one meetings and share meeting minutes which
contains highly confidential information and do proper labelling and insert the non-
discloser provisions regarding the minutes of meeting that contains the information which
are confidential (Witten, Et al, 2016).
2. The best solution for storing the minutes of meeting is a cloud based system which is
available to both the board members and the managers making the documents available
to all relevant parties. The keeping minutes of meetings on centralized system permits
24/7 access to the members of board and the managers and solve the problems of
misplacing, losing and not being able to use the minutes (Flores, Et al, 2016).

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References
Agapi, C., Bodin, W.K., Cross Jr, C.W., Goodman, B.D., Jania, F.L. and Shaw, D.
(2012) Signaling correspondence between a meeting agenda and a meeting discussion. U.S.
Patent 8,214,242.
Aven, T. (2016) Risk assessment and risk management: Review of recent advances on their
foundation. European Journal of Operational Research, 253(1), pp.1-13.
Bourne, L. (2016) Stakeholder relationship management: a maturity model for organisational
implementation. Routledge.
Curado, C., Henriques, P.L. and Ribeiro, S. (2015) Voluntary or mandatory enrollment in
training and the motivation to transfer training. International Journal of Training and
Development, 19(2), pp.98-109.
Flores, R.H., Katzen, E.H. and Patel, S. (2016) Intelligent meeting enhancement system. U.S.
Patent Application 14/521,820.
Hopkin, P. (2018) Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Olechowski, A., Oehmen, J., Seering, W. and Ben-Daya, M. (2016) The professionalization of
risk management: What role can the ISO 31000 risk management principles play?. International
Journal of Project Management, 34(8), pp.1568-1578.

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Purdy, G. (2009) Raising the Standard—the new ISO Risk Management Standard. In Society for
Risk Analysis, Wellington Meeting.
Weimann, G. and Brosius, H.B. (2015) A new agenda for agenda-setting research in the digital
era. In Political Communication in the Online World (pp. 26-44). Routledge.
Witten, I.H., Frank, E., Hall, M.A. and Pal, C.J. (2016) Data Mining: Practical machine learning
tools and techniques. Morgan Kaufmann.