BSBRSK501: Risk Management Report on Business Expansion Project

This document presents a comprehensive risk management project for Nature Care Products, focusing on their business expansion. It includes a review of the risk context, legislative and regulatory considerations, stakeholder identification, and a PESTLE analysis to identify key factors impacting the business environment. The report outlines the risk management process, aligning with organizational policies and risk management standards. It also analyzes the company's strengths and weaknesses in its existing retail approach, identifies critical success factors and objectives for the expansion project, and develops a risk management plan based on consultative meetings. The report further details the implementation and evaluation phases, including training options for customer service representatives and an assessment of the effectiveness of the risk management process. The document also contains a role play and email correspondence related to the risk management process.

BSBRSK501 Manage risk
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Contents
Assessment Task No. 1 – Project...............................................................................................6
1. Review the risk context and conduct research.......................................................................6
Review the case study information provided to you to determine the scope of the risk
management process required, as well as the company’s risk management policy and
procedure and information on risk management standards........................................................6
Legislative and regulatory context of the organisation in relation to risk management............6
Identification of internal and external stakeholders with whom you will need to consult to
identify potential risks, as well as issues they are likely to raise as part of the risk
management process..................................................................................................................7
An analysis of the strengths and weaknesses of the company’s existing retail approach
namely, online and through health food shops...........................................................................8
Analysis of critical success factors, goals or objectives for the business expansion project.....9
Following, this you are required to conduct a PESTLE analysis for Nature Care Products in
order to identify key factors that impact on the business environment in which the company
operates and their relevance in identifying risks. Make notes for use in your report..............10
2. This part of the assessment task requires you to develop an initial report for the CEO about
the risk management project and processes and to seek approval to proceed.........................12
Introduction..............................................................................................................................12
Scope of the risk management process....................................................................................12
Outline of the risk management process as per the organisation’s policy and procedure, as
well as how the organisation’s process aligns with the risk management standards as
identified in the link provided to you.......................................................................................13
Legislative and regulatory context of the organisation in relation to risk management that you
have identified in your research...............................................................................................14
PESTLE analysis identifying the key factors that impact on the environment in which Nature
Care Products operates and their relevance to the risk management process..........................15
Identification of internal and external stakeholders with whom you will need to consult to
identify potential risks, as well as issues they are likely to raise as part of the risk
management process................................................................................................................16
An analysis of the strengths and weaknesses of the company’s existing retail approach
namely, online and through health food shops.........................................................................17
Analysis of critical success factors, goals or objectives for the business expansion project.. .18
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Critical success factors- The success factors of Nature Care includes their financial rate,
marketing, employees attitude and many more........................................................................18
Goals- The goal of Nature Care is to provide fresh and innovative health and beauty products
to their customers.....................................................................................................................18
Objectives- Their objective is to provide good quality of products at a low cost for attracting
wide range of customers...........................................................................................................18
Assessment Task No. 2 – Role Play.........................................................................................19
3. Send an email to the Marketing Manager and the Office Manager inviting them to the
meeting with a brief explanation of the purpose of the meeting and the input you would like
them to provide; as well as the details of time, date and location (your assessor will provide
you with the date and time for this assessment to take place).................................................19
4. Chair the risk consultation meeting......................................................................................21
5. From the risks identified in the consultative meeting, develop your risk management plan
for the top five risks.................................................................................................................23
6. Send your risk management plan to your assessor for approval as the CEO; and once it is
approved send to the Marketing Manager and the Administrative Manager advising them of
the outcome of the meeting; their roles in the plan and how they need to implement these
actions and by when.................................................................................................................25
Assessment Task No. 3 – Report.............................................................................................30
Part A- Implementation............................................................................................................30
Review the case study information and research a range of potential training options for the
customer service representatives. Identify three suitable options............................................30
2. Develop a short report to the CEO (your assessor) outlining your recommended option/s
for the training, including a rationale for your recommendation/s. Include the details of each
recommended training option, including a summary of the training to be provided and
outcomes, location, costs and duration as applicable. Include details of how you will monitor
the training and ensure the outcomes will be met. If you have recommended on-the-job
options you will need to outline a brief plan for undertaking this form of training.................31
3. Send your report to the CEO (your assessor) via email with a covering email explaining the
purpose of the report and seeking agreement to proceed with your recommended options....33
Part B- Evaluation....................................................................................................................34
1. The next part of this assessment task requires you to review the effectiveness of the
implemented treatment by reviewing the following information............................................34
2. Write an evaluation report about the entire risk management process and how you feel
you managed it.........................................................................................................................34
Include an evaluation of: The research you undertook and sources used................................34
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The meeting with your colleagues to identify and agree on risks including treatments and
actions......................................................................................................................................35
The development of your risk management plan, monitoring, and evaluation processes.......35
3. Discuss what you believe you did well, how you may be able to improve next time you
manage risk and what you learned from the process. Submit this evaluation to your assessor.
..................................................................................................................................................35
4. Send a screenshot to your assessor of all of the documentation for this project filed and
stored in electronic folders neatly labeled and organized to demonstrate that you can manage
and maintain project documentation........................................................................................35
References................................................................................................................................37
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Assessment Task No. 1 – Project
1. Review the risk context and conduct research.
Review the case study information provided to you to determine the scope of the risk
management process required, as well as the company’s risk management policy and
procedure and information on risk management standards.
Legislative and regulatory context of the organization in relation to risk management
Legislative and regulatory factors are determined by the development of risk management
within the organization. Various legislative and governing laws in the context of risk
management are underneath:
Australia Council Act 2013- The Australia council act 2013 is an act which runs council for
a purpose associated with the support of the advancement of art and related purpose. It offers
both threat and opportunity and must, therefore, be managed appropriately.
Commonwealth Risk Management Framework- The commonwealth risk management
policy funds the public governance, act which requires to accountable authorities of entities
for establishing an appropriate system within the organization (Commonwealth of Australia,
2018).
Protective Security Policy Framework- The protective security policy framework has been
made to assist the Australian government units to protect their public, evidence, external and
resources. It provides policy, guidance and other practical advice for physical and
information security (Australian Government, 2015).
Work Health and Safety (Model) Act- The main purpose of work health and safety act is to
offer a stable consistent outline for securing the health and safety measure of workers along
with the workplace.
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Identification of internal and external stakeholders with whom you will need to consult
to identify potential risks, as well as issues they are likely to rise as part of the risk
management process.
It is important to identify the potential risks while developing the risk management process.
Internal stakeholders with whom the potential risks will be consulted are employees,
managers and the board of director. On the other hand, the external stakeholders who are
responsible for providing support for the identification of potential risks are suppliers,
investors, and customer. The risk management process is used for identifying, monitoring and
managing the potential risks in an effective and efficient manner. The stakeholders are
sometimes affecting the risk management process in a negative way. Conflicts between
employees and employer can be responsible for affecting the monitoring process. The
external stakeholders like investor; the customer can also affect the process by discontinuing
the funding process (SolarWinds, 2016).
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An analysis of the strengths and weaknesses of the company’s existing retail approach
namely, online and through health food shops.
Company name- Nature care products
Strength Weakness
The strong performance of special care
products provides support to the top line
growth of the organization.
Nature Care is using e-commerce as a source
for marketing of their product and services.
Strong advertisement for the product and
services ensure strong brand recognition
(Mind Tools, 2018).
Nature care product has a strong management
team.
They provide product donations to different
volunteer sector.
The strong performance of personal care
product.
Intense competition in the marketplace.
Different fake products are sold under this
brand name.
Eco-friendly products require a huge cost.
The management of Nature Care products is
not friendly with new marketing purpose.
Their profit margins are low then the
competitors.
Nature care product has too much
subdivision.
Nature care product is suffering the brunt of
competition (Mind Tools, 2018).
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Analysis of critical success factors, goals or objectives for the business expansion project
The expansion of the business project needs to be developing in an effective and efficient
manner.
Success factors The critical success factors are same to
most industries which assist the
management in calculating whether the
factors are on their right track or not. The
key success factor of Nature care products
includes employee attitude, technology
utilization, financial rate and marketing
consistency (Nielsen, 2018).
Goals The main goal of the business expansion
project is to be clear what the customers want
and also make sure that whether the goal can
be measured.
Objectives The objective of the business expansion
project of nature care is to achieve acceptable
profitability of the firm.
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Following, this you are required to conduct a PESTLE analysis for Nature Care
Products in order to identify key factors that impact on the business environment in
which the company operates and their relevance in identifying risks. Make notes for use
in your report.
PESTLE analysis is a marketing concept used for understanding the external influences
which are responsible for affecting the business. Nature Care is Australia based health and
beauty organization. It is not for profit organization which represents and develops the
interest of more than 3,000 organic farms.
PESTLE analysis
Factors Description
Political Many employees of Nature care are part-time
workers. With the sudden changes in
government rules and regulation, their
workers are leaving the organizational place
which affects the business environment as
well as the productivity rate of the firm.
Economic The key areas of economic factors include
inflation rates, interest rates as well general
economic downturn. The current economy is
relatively weak and the customers are not
feeling sufficient wealth to spend their
income on health and beauty products (Pestle
analysis, 2018).
Social This part of PESTLE analysis includes age,
culture, gender, and others. In this case, the
management of Nature care is doing
extremely well. With the growing demand
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for beauty products, a large number of
younger people are demanding these products
for their personal use.
Technological The technology development is not relevant
to the health and beauty product business.
Customers are becoming more demanding in
the area of beauty and health product. It is
important that the company needs to use
digital technology for overcoming the key
issues.
Legal It is important to fulfill the basic health and
safety regulation while providing product and
services to their customers. Nature care is not
adopting these rules and laws within their
firm.
Environmental Nature Care is familiar with the organic and
natural product. Many customers are paying a
huge amount for the natural products.
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2. This part of the assessment task requires you to develop an initial report for the CEO
about the risk management project and processes and to seek approval to proceed.
Introduction
This report includes the risk management project along with its process. It is important to
follow each and every rules and regulation while the development of project process. This
report includes the internal and external stakeholders. PESTLE analysis is discussed in this
report.
Scope of the risk management process
The scope of risk management process is to define the techniques and methods for resolving
the general risk charge of the organization.
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Outline of the risk management process as per the organization’s policy and procedure,
as well as how the organization’s process aligns with the risk management standards as
identified in the link provided to you
The risk management processes of Nature care are as follows:
Identify the risk- In this step, different issues are described and recognize that might affect
the project outcomes in a negative way.
Analyse the risk- Once the risk is identified, different consequences of risk needs to be
analyzed.
Evaluation- The evaluation of risks includes the combination of various consequences within
the project.
Monitoring- Monitoring and review is the final stage of risk management process. It
understands the impact of the control mechanisms developed on the hazard and the risk it
poses.
Nature care is using different principles of risk management which are as follows:
 Creates and protects price
 Be an essential part of organizational processes
 Be clear and comprehensive
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