Australian Smart College BSBRSK501: Risk Briefing Report - NatureCare

This report is a risk briefing report template focusing on NatureCare Products' retail expansion strategy, conducted for the BSBRSK501 unit at Australian Smart College. It includes a PESTLE analysis identifying political, economic, technological, legal, and environmental factors impacting the business. The report assesses various risks associated with the expansion, offering potential treatment options. It also analyzes internal and external stakeholders, their roles, and their influence on the risk management process. The report further examines the company's strengths and weaknesses, critical success factors, and provides supporting documents such as sales data analysis, staff survey results, sustainability reports, team meeting minutes, and usage reports. The aim of the report is to effectively manage risks and minimize their impact on revenue generation and business growth.

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Australian Smart College
7 Greenfield Parade, Bankstown NSW 2200
ABN 45 607 618 244
RTO ID: 45302 CRICOS Code: 03661E
Phone: [phone]
Website: www.ascollege.nsw.edu.au
Email: [e-mail]
Australian Smart College Pty. Ltd.
BSBRSK501- Manage risk
Student’s Resources
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
NatureCare Products
Risk Briefing Report
Introduction
Enterprise risk management has emerged as the indispensable part of the core decision making
operations of business organisations. Florio and Leoni (2017) mention that business organisations
should enhance their capacities to manage the risks they face in order to sustain in the extremely
competitive and volatile market. They also mention that adopting ERM enables the business
organisations to minimise the impact of risks on their respective revenue generation and business
growth. The aim of the report would be conducting a risk analysis of NatureCare Products, an
environment friendly of skincare products manufacturing firm based in Brisbane., Australia. The
company had been dependent on third party health food shops besides its own official website with
built in ecommerce capability to market its products. The company restructured its marketing channel
strategy to incorporate its own chain of retail outlets to market its products directly to consumers. The
operations manager on behalf of the company would conduct risk assessment on behalf of the
company pertaining to the retail outlet launch strategy.
Scope
The scope of the risk management process at NatureCare Products which the operations manager
would undertake would take into account the risks which the company would encounter while
launching its chain of retail stores to market its skincare products. The risks management process
would include different types political risks and supply chain risks. The objective of the risk
management process would be effectively managing the risks identified and the risks which would be
identified in the future to ensure that their impact on the revenue generation of the company could be
minimised.
There had been critical success factors of the risk management procedure of NatureCare
Products which came to the forefront upon conducting the analysis. First, the firm was financially
strong which meant that it was in the position to invest immense capital in the risk management
process. The second success factor was that the firm had a strong organisational structure aligned to
enterprise risk management. This was evident from entrusting of the responsibilities of conducting risk
assessment of the retail expansion strategy with the OM. The third critical success factor of the RMP
of NatureCare was involvement of stakeholders like shareholders in making important decisions like
business expansion and risk management.
PESTLE Analysis
Conduct a PESTLE analysis as per the procedure outlined in the Risk Management Policy and
Procedure.
Identify at least 6 key factors that impact on the environment in which NatureCare Products operates
and associated risks as relevant.
Identify potential risk treatment options for each of the risks you identify.
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Political Factors
Factor Risk treatments as applicable
Deteriorating in bilateral relationship of
Government of Australia would result in
companies losing markets Entering new markets
Terrorist attacks would result in damage to
the properties of the company, death of
employees, loss of information and financial
losses Seek government help
Economic Factors
Factor Risk treatments as applicable
Falling GDP in Australia
Foreign expansion
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Technological Factors
Factor Risk treatments as applicable
Modern technology may render existing
technology redundant and require
companies to invest in modernisation of
technology. Modernisation
Hackers may infringe the data security
system of the company and steal
confidential data. Data may include financial
details, customer detial, IPR laws or a
combination of these. Tightening data security
Legal Factors
Factor Risk treatments as applicable
The government may change laws like
increasing the rate of taxes like GST.
1. Risk training of employees
The companies should comply with
workplace safety acts like Safe Work Act
Australia 2008 (Safeworkaustralia.gov.au.
2020). Failing which would have several
negative impacts
2. Installations of risk management equipment
like fire extinguishers
Environmental Factors
Factor Risk treatments as applicable
The companies would be required to
comply with the Environment Protection and
Biodiversity Conservation Act 1999. Failing
to comply with the law would attract
infringement charges (Environment.gov.au.
2020)
Compliance
Risks
Identify at least five risks identified with the expansion and at least one potential risk treatment options
for each of the risks you identify.
Risk Treatment
Deteriorating in bilateral relationship of Government
of Australia would result in companies losing
markets Entering new markets
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Terrorist attacks would result in damage to the
properties of the company, death of employees, loss
of information and financial losses Seek government help
Fall in GDP would lead to fall in demand for high
end organic skincare products Foreign expansion
Changes in customer preferences may render the
current products redundant in parts or entirety. Innovation and NPD
Modern technology may render existing technology
redundant and require companies to invest in
modernisation of technology. Modernisation
Hackers may infringe the data security system of the
company and steal confidential data. Data may
include financial details, customer detial, IPR laws
or a combination of these. Tightening data security
The companies would be required to comply with
the Environment Protection and Biodiversity
Conservation Act 1999. Fialing to comply with the
law would attract infringement charges
(Environment.gov.au. 2020) Compliance
The government may change laws like increasing
the rate of taxes like GST. Compliance
The companies should comply with workplace
safety acts like Safe Work Act Australia 2008
(Safeworkaustralia.gov.au. 2020). Failing which
would have several negative impacts
1. Risk training of employees
2. Installations of risk management
equipment like fire extinguishers
3. Providing gloves and protective wearables
to employees
4. Deploying risk manager
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V2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Internal and external stakeholder analysis
Identify at least three internal stakeholders and three external stakeholders and then conduct an
analysis issues they may have that are likely to impact on the risk management process.
Stakeholders Role in the
process Role in the process Stake in the process
Managament of
NatureCare Internal The management of the body
would make risk management
policies
Higher profits
Employees of
NatureCare Internal
1. Implements risks strategies
made by the management.
Performance appraisals,
promotions, higher salary
and professional
opportunities
2. Interacts with external
stakeholders like
patients(customers), suppliers of
coffee and dairy products
3. Communicates the feedback
from external stakeholders to
managers
Government of Australia External
1. Forms bilateral agreements with
other countries which allows
companies get access to
technology Taxes, Employment
opportunities generation
3. Encourages innovation in
sustainable medical service
provisions to people in Australia
Government of
Australian states External
1. Forms collaborations with other
state governments which allows
food firms get access to modern
technology to operate outlets and
to implement NPD
Taxes, Employment
opportunities generation
2. Makes IPR laws for cafes and
restaurants offering products and
allows them protect their
innovations from infringements.
3. Encourages innovation in
sustainable manufacturing of
products by providing facilities
like tax rebates and awards
Customers External
Supports government by
pressuring companies to operate
in more sustainable ways
Appropriate conduct as a
corporate citizen
Can directly reduce revenue
generation by preferring products
of competitor companies
Superior quality skincare
products
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Can give feedback on products Co-creation of products
Suppliers
External
Supply superior quality raw
materials which go into
production of skincare products
1. Receiving of repetitive
orders for raw materials
used in manufacturing of
skincare products
2. Timely payments as per
procurement contracts
Financing companies
External
Provides financial products to
company, manages its
investments, insures its assets
against risks and provide fintech
gateways to the company
Purchase of more financial
products
Society
External Encourage companies to
manufacture sustainable products
Operate in ways to reduce
environmental damage
Investors External Capital Higher ROI
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V2_MAY_2019
Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E

This document is Risk Briefing Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.
Strengths and weaknesses
Analyse the strengths and weaknesses of the company’s existing retail approach.
Costs
Profits
Inventory
Competition
Marketing
Critical success factors
Document your analysis of the critical success factors, goals or objectives for the business expansion
project.
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Australian Smart College Pty. Ltd.
RTO ID: 45302 CRICOS Code: 03661E