Report on Risk Management Strategy for Mitolo Wines Staff Party

This report, prepared for Mitolo Wines, addresses the risks associated with organizing a staff party, focusing on the project's lifecycle and alignment with the company's strategic goals and objectives. It identifies various potential risks, including transportation issues, budget overruns, equipment failures, communication gaps, quality issues, environmental concerns, and poor arrangements. The report utilizes a risk register to document these risks, their probability, and their potential impact, using a scoring system to prioritize them. It then outlines a comprehensive risk management strategy, encompassing risk identification, analysis, treatment, control, and closure. Furthermore, the report details Mitolo Wines' strategic goals and objectives, such as maintaining innovation, adhering to budgets, enhancing market share, and ensuring compliance with standards, emphasizing how the staff party contributes to achieving these goals. The conclusion stresses the importance of a defined risk management process for successful business operations and the attainment of strategic objectives.

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Mitolo Wines
Risks & Risk Management
3/4/2019

Mitolo Wines
Table of Contents
Introduction...........................................................................................................................................2
Details of the Risks................................................................................................................................2
Risk Management Strategy....................................................................................................................2
Strategic Goals & Objectives.................................................................................................................3
Conclusion.............................................................................................................................................3
References.............................................................................................................................................4
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Mitolo Wines
Introduction
Mitolo Wines is an organization that is in business since 1999. In October, the brand nestled
brand new space that is clean and sharp. It is located in McLaren Vale and building a cellar
door over there was planned since 18 years. The project is to organize a staff party at
Mitolo’s to support the goals and objectives of the organization. The report covers the risks
and the risk management strategy associated with the project.
Details of the Risks
There are various risks that may occur in organizing the staff party for the organization. The
details of these risks are included in the risk register below.
Risk
ID
Name Description Probability Impact Score
1 Transportation Risks There may be improper
transportation arrangements
that may lead to the
deterioration of the experience
of the guests.
2 4 8
2 Schedule/Budget
Overrun
The estimated and actual
values may have variances.
3 5 15
3 Equipment-related
issues –
technical/operational
faults and errors
There may be technical faults
or operational issues in the
tools and equipment.
3 5 15
4 Communication
Issues
The organizing committee
members and stakeholders
may witness gaps in
communication.
4 4 16
5 Quality Issues Non-adherence to the quality
standards and parameters.
2 4 8
6 Environmental
Issues
There may be climatic changes
and environmental conditions
that may lead to difficulty in
2 5 10
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Mitolo Wines
organizing the party.
7 Poor Arrangements The overall arrangements in
terms of interiors, food &
drinks, program sequence, etc.
may not go as per the plan.
2 5 10
The above risks will be associated with the project. The probability and impact scores are
rated on a scale of 1 to 5 with 1 being the lowest and 5 being the highest value. The score is
derived on the basis of the probability and impact scores (Spangenberg, 2009).
Risk Management Strategy
The risks associated with the staff party will be managed using a defined process. The
identification of the risks will be done in the first step followed by risk analysis. The analysis
will include the determination of the probability and impact scores for each risk to derive the
overall risk score (Selim, Yousef & Hagag, 2019). The risk treatment strategy will be mapped
on the basis of the nature of the risk and the risk score. The risks shall be treated as per the
treatment strategy and there will be monitoring and control performed to ensure that the
treatment strategy is applied adequately. The risk closure will then be performed to mark the
risks as closed (Simister, 2014).
Strategic Goals & Objectives
The strategic goals and objectives for Mitolo Wines are as listed below.
 To maintain innovation in the business operations and activities to achieve
competitive advantage.
 To adhere to the schedule and budget constraints associated with the projects.
 To capture enhanced market shares, customer experience levels, and return on
investment.
 To adhere with the legal, regulatory, and quality standards at all times.
 To achieve 100% compliance in terms of ethics and professional code of conduct
(Linder & Foss, 2018).
The organization of the staff party for the organization will contribute towards achieving the
strategic goals and objectives.
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Mitolo Wines
Conclusion
There are certain risks that are associated with every business operation and activity. It is
necessary that these risks and attacks are managed through a defined process. It is also
essential that the information collection during risk management is done adequately. The
same shall be followed in the case of Mitolo Wines to make sure that the staff party is
successful and it contributes towards the attainment of strategic goals and objectives. The risk
management process shall include identification, analysis, treatment, control, and closure as
the major steps.
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Mitolo Wines
References
Linder, S., & Foss, N. (2018). Microfoundations of Organizational Goals: A Review and
New Directions for Future Research. International Journal Of Management Reviews,
20, S39-S62. doi: 10.1111/ijmr.12154
Selim, A., Yousef, P., & Hagag, M. (2019). Risk allocation for infrastructure projects by
PPPs - under environmental management and risk assessment mechanisms.
International Journal Of Risk Assessment And Management, 22(1), 89. doi:
10.1504/ijram.2019.096698
Simister, S. (2014). Managing Project Risk and Uncertainty. International Journal Of Project
Management, 22(3), 269-270. doi: 10.1016/s0263-7863(03)00007-3
Spangenberg, S. (2009). An injury risk model for large construction projects. Risk
Management, 11(2), 111-134. doi: 10.1057/rm.2009.5
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