TACC610 Risk Assessment and Management Assignment: Risk Register

This document presents a completed risk register assignment. The assignment requires the creation of a risk register and a risk map, detailing ten identified risks. Each risk entry includes document control information, a risk identifier, category, description, likelihood, impact, response category, owner, response action, due date, and monitoring details. The risks cover various areas, including recruitment, legalities, accounts management, occupational health, IT infrastructure, asset management, resource management, business continuity, and research and development. Each risk is assessed based on its likelihood and impact, with corresponding response actions and monitoring plans. References to relevant literature are provided to support the risk assessment and management strategies. The assignment aims to provide a practical application of risk management principles, including risk identification, analysis, and mitigation planning. The risk register is a valuable tool for identifying, assessing, and managing potential threats, as well as formulating effective strategies to minimize their impact. The document is designed to provide a comprehensive understanding of the risk management process and offers a practical guide to the implementation of risk mitigation strategies. This assignment is designed to enhance the understanding of risk management principles and their practical applications.

RISK ASSESSMENT AND MANAGEMENT

RISK REGISTER
ID Document
Control
Information
Risk Identifier Risk
Category
Risk
Description
Likelihoo
d of Risk
Impact
of Risk
Risk
Response
Category
Owner of
the Risk
Risk
Response
Action
(where
applicable)
Owner of
Risk
Response
Action
Due Date
for the
action to
be
completed
Details of
Monitoring
Activity
Frequency
of
Monitorin
g
Responsibl
e Manager
for
Monitoring
1. Recruitment
Employment
report
It has been
identified from
changed terms
and conditions
related to staff
along with an
inflexible
workforce.
Political Inability in
responding to
the short
noticed
industrial
actions due to
the constant
changes taking
place in the
initiative taken
up by the
government.
It has led to an
increased
expenditure
and negative
impact on
timely delivery
of services
(Chapman,
2011).
High High Mitigation Investors Effective and
early
engagement
with the
teams as well
as the
member of
trade union
(Mace et. al.,
2015).
Recognising
suitable legal
options and
get effective
legal advices,
both
internally and
externally.
Operational
manager
30th
November,
2019
Timely
submission of
proposal to the
Chief
operation
officers along
with other
involved
members of
industrial
relation
committee.
Quarterly HR Head
2. Recruitment
Legalities
record
Failure in
effective
consultation
with the staff,
Legal Inability to
fulfil the
requirements
related to the
Medium High Mitigation Director Immediate
reporting of
any incident
related to
HR
manager
1st
October,
2019
A forward
planning is
expected by
the HR
Quarterly HR Head

as and when
required,
leading to direct
and indirect
discrimination.
legislative
norms like
Equality Act
2010.
It is however
due to
unawareness
about the
legislative
norms.
Human error of
deficient
understanding
is found to be
yet another
resultant factor
of this risk.
inequality at
the
workplace.
Conducting
training
sessions to
inform the
workers about
the process of
reporting and
hierarchy to
be followed
as an
effective
measure to
eliminate any
such incident
of abuse,
discriminatio
n or
mistreatment,
etc., (O'Har,
Senesi and
Molenaar,
2017).
It is along
with yet
another
concern of
clearing
doubts related
to partial
management
team as a way
to make
professional
updates.

treatment at
work as well
as notifies the
employees
about the
same.
3. Accounts
management
report
Increased
expenses due to
the hiring of
agency worker
and reduced
quality of
services.
Operational Ineffective
strategies of
recruitment as
well as
retention
making it hard
to retain few
important
positions of
welfare officer.
Beside this,
there is an
increase in the
fluidity of
marketplaces
that has in turn
increased the
demand with
reduced supply
of products
(Griffiths,
2016).
However, it is
also due to less
proficient staff
members.
High Mediu
m
Mitigation Operationa
l Manager
A prime way
to monitor
this is to
undertake an
effective
scanning
procedure to
anticipate the
requisite
changes and
meet the
recent market
trends by
together
staying
updated about
it.
This is
basically to
complement
the
personnel’s
and adopt the
recent
measures of
hiring.
HR
Manager
15th
October,
2019
Implementing
the concept of
“Grow your
own initiative”
will be the key
aspect of
monitoring the
mitigation of
this risk.
This will
involve the
monitoring of
progressions
done by senior
practitioners
held
responsible to
research the
current trends
of market to
hire
professionals
and implement
the same at the
workplace by
conducting
Half Yearly HR Head

timely sessions
of training.
4. Occupational
health record
No
identification of
workers having
safeguarding
related
concerns.
This has
increased the
concerns of
safeguarding
causing harms
and injury to the
workers.
Personnel It is basically
due to a fraud
in the ID of
agency
workers and no
prior
monitoring
over it (Reim,
Parida and
Sjödin, 2016).
It has also led
to poor
measures
resulting to
ineffective
checks on the
agency
workers.
High High Transfer Director NA HR Head 30th
September
, 2019
Verification
checks by a
specifically
appointed
executive to
ensure the
identity of
employees
arriving at
work. It is with
a special
concern of
agency
workers who
then need to
present a copy
of their
employment
along with
their identity
proofs.
Quarterly HR Head
5. IT and
Infrastructur
e report
Unable to
access the pay
reports as well
as the records of
personnel’s
Data and
information
Failure of IT
system is a
major cause
behind it.
Another is
breach of data
or cyber
attacks leading
High Mediu
m
Mitigation Director NA IT manager 15th
October,
2019
Backup
procedures of
payroll
systems and
regularly
saving of
information
about
Quarterly Operational
manager

to no changes
showing in the
payments done
(Reim, Parida
and Sjödin,
2018).
There together
exists a
restricted HR
support
resulting in
delayed
payment to
workers and a
decreased
morale of
employees at
work.
personnel’s on
resource link,
without fail.
6. Asset
management
record
Illegal budget
set
Operational This is mainly
due to no
external checks
for ensuring
accurate
estimation of
figures and
other related
calculations to
invest into the
business.
Medium Low Transfer Director NA Operational
manager
31st
October
Appointing a
specialised
team of
accounting and
finance to
suitably record
the inflow and
outflow of
income
(Popov, Lyon
and Hollcroft,
2016).
Half yearly Finance
Manager
7. Resource
management
Mismanagemen
t of ongoing
Personnel This involved
the process of
Low Mediu Mitigation Director NA HR Head 1st
October,
Management
of altered
Half yearly HR Head

report transactional
and
transformationa
l changes
require at the
workplace.
commissioning
, redesigning of
services and
alternative
options of
delivery
(McShane,
Nair, and
Rustambekov,
2011).
This is
however due to
ineffective new
service models
which are not
fit for the
purpose
leading to
increased
expenses and
breached
regulatory
norms.
Lack of
proficiency and
unexpected
delays with
changes in the
practiced
strategic
direction is
referred to be
m 2019 processes in
place and build
capacity as
well as added
resource for
supporting the
changed
procedures.
This is also
needs to be
accompanied
with effective
strategies of
communicatio
n and staff
engagement.
Lastly,
followed by a
formal
procedure of
consultation,
regular
meetings are
required with
not only the
departments
but also with
their
representative
bodies.

yet another
reason behind
it.
This has also
shown a deficit
ability of
timely
undertakings
by the
organisational
bodies,
responsible for
it.
8. Business
continuity
report
Depletion of
resources
resulting in
increased
outflow of
possessions and
expenditure to
repurchase.
Environmenta
l
This is also
apparent to
hinder the CSR
measures of the
organisation.
Low Low Mitigation Director NA HOD 15th
September
, 2019
A steady flow
of resources as
per the exact
requirement is
needed to
minimize its
over
exploitation
(Hoyt and
Liebenberg,
2011).
Continuous
observation is
required to
avoid
excessive or
surplus usage
of resources.
Yearly Operational
Manager

For which, a
special
supervisory
team needs to
be appointed
by the HOD of
asset as well as
resource
management.
9. Research and
development
(R&D)
records
Delayed or no
fulfilment of
changing
consumer
demands.
Social This indicates a
major risk of
failure in terms
of combating
an increased
state of
competition in
the market.
High Mediu
m
Transfer HOD NA HR
Manager
30th
October,
2019
A newly
appointed
R&D team is
required to
conduct timely
research of the
market and its
changing
trends
(Bromiley
et.al., 2015).
This is
basically to
acknowledge
the changing
taste of
customers with
an urge of
meeting their
requirements
on time and
accelerate the
level of profits
Half Yearly HR Head

and revenues.
10. IT and
Infrastructur
e reports
The main
computer room
is affected by
huge
temperature
related
fluctuations.
Operational There are
chances of
explosion and
fire that has
also made it
fatal.
Medium Mediu
m
Mitigation
/ Transfer
Director NA Operational
/ IT
manager
1st
October,
2019
Both
mitigation and
transfer
measures are
need to be
taken over
here (Lam,
2014).
This is
basically to
mitigate the
chances of
disaster with
effective
measures of
control and
buy an
insurance of
both the
equipment and
workers in that
particular
department.
Quarterly IT Manager

RISK MAP

REFERENCES
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., (2015). Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Chapman, J. R., (2011). Simple tools and techniques for enterprise risk management. 2nd Ed. John Wiley & Sons.
Griffiths, P., (2016). Risk-based auditing. Routledge.
Hoyt, R.E. and Liebenberg, A.P., (2011). The value of enterprise risk management. Journal of risk and insurance. 78(4). pp.795-822.
Lam, J., (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.
Mace, G.M., Hails, R.S., Cryle, P., Harlow, J. and Clarke, S.J., (2015). Towards a risk register for natural capital. Journal of Applied Ecology. 52(3). pp.641-653.
McShane, M.K., Nair, A. and Rustambekov, E., (2011). Does enterprise risk management increase firm value?. Journal of Accounting, Auditing & Finance, 26(4), pp.641-658
O'Har, J.P., Senesi, C.W. and Molenaar, K.R., (2017). Development of a risk register spreadsheet tool for enterprise-and program-level risk management. Transportation research record. 2604(1). pp.19-27.
Popov, G., Lyon, B.K. and Hollcroft, B., (2016). Risk assessment: A practical guide to assessing operational risks. John Wiley & Sons.
Reim, W., Parida, V. and Sjödin, D.R., (2018). Managing risks for product-service systems provision: introducing a practical decision tool for risk management. In Practices and Tools for Servitization (pp. 249-266).
Palgrave Macmillan, Cham.