Risk Assessment: Detailed Analysis and Answers for Business Success

This document provides comprehensive answers to a series of written questions focused on risk assessment within a business context. The assignment begins by discussing the purpose of risk management standards and provides an example, highlighting their importance in identifying and mitigating potential threats to an organization's capital and earnings. It then outlines the AS/NZS ISO 31000:2009 Risk Management Principles and Guidelines, detailing each of the 11 principles. The requirements of WHS legislation in relation to risk management are explained, including the legal responsibilities of employers and standards for managing specific risks and hazards. The assignment further explores factors for determining risk control measures for hazardous manual tasks, the purpose of risk management policies and procedures, and the impact of unidentified risks. A step-by-step procedure for analyzing risks is provided, along with sources of information for gathering data on potential risks. The document concludes with examples of tools and techniques for risk identification and options for controlling risks within a company.

Manage Risk

Assessment Task 1: Written Questions
1. Discuss the purpose of risk management standards. Include an example of a risk
management standard in your answer.
Risk management refers to a process of determining factors that create threats for
capital and earnings of an organisation. It includes financial uncertainty, failure of a
plan, legal liabilities, natural disasters and more (Teece, Peteraf and Leih,2016).
Therefore, the main purpose of such management in an organisation is to identify the
potential threats before occurrence of them so that chance of failure of business can
be reduced. It also helps in preparing plans for risk-handling activities and mitigating
the adverse impacts on achievement of business objectives. As an project manager
or team member organisation have to manage risk on a daily basis and it plays major
role in organisational growth and enhancement. To access risk for an organisation
there are some definite steps to eliminate risk factor because uncertainty is exist in
every organisation and for that risk management handling program should be
conducted to get appropriate results. Risk management is very much obligatory for
Nature Care Products because they aimed to expand its business in market of
Sydney (Bates and et.al ., 2014) (. So in risk management all standards are very
important to keep relevant at time of changing time and save cost because it is very
much important to remain always competitive in marketplace. It deals in organic
products which are rare in nature so that products are high in demand so they have
vast opportunity for that to enlarge business opportunities to gain higher level of
profitability.
2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each
of the 11 principles.
The Australian New Zealand Risk Management Standard (AS/NZS ISO 31000:2009)
outlines the following main objectives:-
Coordinate activities in order to control activities of an organisation to reduce
occurrence of risk
Offer an appropriate system for risk oversight as well as management for an entity
Develop an effective system to control internal organisational factors that create threat
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for company’s capital and profitability
Involvement of stakeholders are very much important for an organisation while
accessing risk because it helps in taking decision at every step of an organisation.
While deal with risk assessment organisation have to importantly keep in mind about
the organisational objectives by accessing risk management process.
In risk assessment organisation have to communicate in proper manner by sharing
authenticate knowledge and information with potential so that proper decisions
should be utilised.
3. Explain the requirements of WHS legislation in relation to risk management.
Safe Work Australia has developed a single set of laws within WHS in order to be
implemented across the nation, to become binding in legal manner. World Health and
Safety Law for improvement the labour condition, has developed national policy which
must be adhere by every running organisation within territory. Here, this act provides
an overview for corporates to make their workplace safe and healthy(Blunden and
Thirlwell, 2012). It outlines the legal responsibilities of employers as well. Along with
this, it also sets out standards for meeting the specific risks and hazards that create
threat for business entities. WHS legislation are very much important for keep
employee safe and secure from any kind of hazardous effects on work and behaviour
of an employee in that case after securing their rights and health they can be able to
give their best in organisational growth and enhancement. It helps in improving
working conditions and keep proper measures to deal with changing working
environment and give them health measures to imply with changes occur in dynamic
environment.
4. List the factors that must be taken into account in determining risk control measures for
hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011.
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Risk control measures are the steps that are implemented by an organisation to eliminate or
minimize probability or chances from that any employee got injured at job or workplace, it helps in
reduce chances that anything that cause of harm to community while provide services at work
place(Bromiley and et. al., 2015). In that risk control organisation follows some major steps and
factors that helps in keep update and moving to keep updated and relevant at time of changing
environment.
At a workplace, there are various factors that can arise threats for workers as-
 Work area design and layout
 System of work
 Working environment where manual task is performed
 Application of high force
 Manually handling the heavy loads that leads to injuries
5. Explain the purpose of risk management policies and procedures in the workplace.
The main purpose of risk management policies and procedures in any workplace is to provide
safety to associated people and prevent them from those risks, that have potential for injuries and
threat for life. It sets out rules that must be adhere by employers and managers of a company to
prevent their workplace from potential of hazardous. The main purpose of risk management
policies and procedures at workplace is very much helpful in keep health and safety, governance
is an organisational framework, procedures and regulations for both employees for strategic level
to mange or coordinate the performance of employees to keep employees always healthy and
they can give their duties and functions in a proper way(Brown, Medlock and Murray, 2014). Risk
management policy are intended to provide a full fledged framework that helps in access
associated risk and helps in enhance awareness with help of council and helps to managers and
responsible for reporting of risk and for better identifying the control measures in within risk area.
Hence they play major role in organisational growth and enhancement by following rules and
procedures to gain competitive advantage by eliminating risk at maximum level.
6. List three examples of the impact of risks for a workplace if risks are not identified or
actioned.
It is important for an organisation to conduct risk analysis so that it will be identified and company
can take major step in relation to this. There are some negative impact of risk within workplace if
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it will not identified in advance. Explanation of these are as follows :-
1. Damages and frayed electrical codes
2. sometimes machine in industry start creating notice in relation of this it is necessary to
identify reason behind it and have to take major step for maintenance. Because Noisy of
machineries may result damaging hearing capacities of workers or other staff members.
3. Safety Equipment are necessary in industry so it is necessary to continue check that there
is appropriate equipment available or not.
7. Outline a step-by-step procedure that companies can use for analysing risks.
It is necessary to analyse risk for taking important steps so that company can minimise their
negative outcomes. There are proper steps related to risk analysis explanation of these are as
follows :-
 First step is to Monitor or examine entire aspects of workplace for analysing risk.
 After analysing risk it is important to take major step in relation of identified risk such as
concern in term of machinery or any other equipment maintenance, repair as well as
cleaning procedures.
 It is necessary to identify how work is conducting in organisation so that if risk is
analysing in manner of doing work then it will get modify.
 Gathered information related to each hazardous activity so that it will be minimise
in effective manner and major step in relation of risk deduction can be taken.
 Approach the consequences of each and every hazardous activity as well as
minimise their negative impact.
8. Outline three sources of information that a company could use to gather information on
potential risks.
Business impact analysis: It predicts the outcomes received by the disruption of a business
function and process and collect data which will be useful to frame an effective strategies and
plans. Potential loss scenarios can be identified through risk assessment. It consists of two
components which includes exploratory part and the planning part. It operates on the basis of two
assumptions which includes that every element of an organisation are much dependent on
continued operations of all other components and these components are likely to required huge
fund allocation if any possible risk occurs.
Internal and external reviews: Internal risk can be identified by an organisation from within its
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organisation and occur during the normal operations of an organisation (Chiarini, 2017). These
kind of risk can be forecasted with some reliability and thus, the company have good opportunity
to minimise internal business risk. It can be related with human, technological and physical
factors. External risk can be occur due to economic events that may occur from outside the
corporate structure. It lead to external risk which can be controlled by an organisation or cannot
be forecasted thus difficult to reduce associated risk.
Audit report: The information related with risk can be gathered through analysing the report which
contains all details about every transactions made by an organsation with their clients. It includes
reviews of the management risk approach which enable an organisation to identify the level of
risk so that proper action can be taken to managr and control risk.
9. Describe three examples of tools or techniques that a company could use to identify risks as
part of a risk assessment process.
Risk assessment techniques refers to a supporting standard for ISO 31000, that provide
guidelines to organisations how to apply systematically apply techniques for risk analysis.
For this purpose, many processes can be taken as-
 Brainstorming to identify potential hazards and risks
 Checklist for control failures and internal environment
 Fault Tree Analysis for identifying and analysing risk factors
In today's context there are various assessment techniques that are refer as a supporting standard
which consist of various guidelines within an organisation that help in applying different and
effective systematic techniques that are associated with risk analysis. Herein for such purpose
many organisation few effective risk assessment are brainstorming. It is one of the effective
techniques that are used by organisation in order to know what are its hazards risk that are
associated with business purpose (Covington and Thamotheram, 2014). Apart from this
checklist help an organisation to manage the pitfalls of both internal and external business
environment so that they can maintain its productivity and profitability in competitive marketplace.
Along with brainstorming and checklist many organisation adopt fault tree analysis in order
analysis different risk factor that are associated with business. As it is necessary for an
organisation to analysis different risk which are essential in identifying what are the internal and
external risk factor that may effective business operation in competitive marketplace.
10. Explain four options that a company could take to control risks.
As a risk management is a on-going process therefore, for controlling risks, a company can use a
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number of options explanation of these are as follows :-
 Accept risk: If any project has a strategic importance and a large scope of business
growth then risk for failure of same be accepted. Because in business environment
without risk it is not possible to gain growth as well as success.
 Mitigate risk: To reduce occurrence of risks it is necessary to frame actions plan in
relation of this so chances of hazards can be minimise. For example: to execute a task
successfully, a company can assign professionals who are expert in handling a project.
Along with this, risk management team should be hire so that occurrence of risk can be
minimise if their will be any then it will minimise (Dierker, Kang and Seo, 2013).
 Eliminate risk: A risk can reduce to nil only by identify the activities which generates risk
as well as stop doing such activities in working of company.
 Transfer risk: A risk can also be transferred to other activities or individual. For example:
Assets that are at higher risks can be insured so that if it will damage or destroyed than
money can be claim in against of such assets.
 Transfer risk: A risk can also be transferred to other activities or individual. For example:
Assets that are at higher risks can be insured.
11. Explain four procedures that a company could use to minimise risk.
It is necessary for achievement success in business environment is to minimise level of risks that
creates threats to business, a company can apply following main procedures:
Put appropriate risk planning efforts into project schedule for increase chance of success of
executing a project
For identifying potential risks a company must involve participation of its stakeholders
Make plan to avoid, accept or mitigate risks
Weekly regularise the risk assessment activities
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Assessment Task 2: Risk management project
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Risk Briefing Report (Final Version)
Introduction
Risk management is considered as a process to control internal and external activities of business
that might create threat for an organisation. It helps a company in identifying risk, developing
plans for reducing the same and preventing workplace from potential of hazards. In context with
NatureCare Products of Australia a company is going to launch its e-business to sale products
online. Therefore, its managers have made a plan that covers entire activities and resources need
to open the same.
The risk related to NatureCare Products Risk Management Policy includes a proper guidance
on how to manage risk. This policy is aligned with AS/NZS ISO31000:2009 that includes a
commitment to implement risk management within business effectively by:
 Minimising as well as managing risk
 Incorporate the policy into effectively decision-making processes
 A commitment to review progress and track records of risk management
Scope of risk management process
As there is a high scope for to earn high income and generate profitability. But it covers various
type of risks that may impact on capital of respective company. As opens up a new branch
requires much investment of capital but to shortage of same, may lead to project failure also.
Along with this, there are many factors present in business environment that create risks for
success of this project.
PESTLE Analysis
Political Factors
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Factor Risk treatments as applicable
Personal Care Product Safety Act Apply hands-on approach to ensure product
safety and production must be designed for skin-
care treatment that not harms others.
Government stability and involvement
in trade unions
Make alternatives plans to coverage risks that
lead to project failure. Along with this, buying
political risk insurance also consider as an
important way for managing political risk and
reduce risk exposure as well. It is essential for a
Nature care company to analysis as well as
monitor political climate in order to check
stability that is ongoing.
Taxation Increase or decrease in taxation also considered
as important economical impact that affect
decision policy, so nature care needs to concern
on shifts in interest rate for analysing patterns of
marketplace, where it currently wants to expand
it business. Along with this it is necessary for
respective company is to monitor political climate
which help them in keep updating their initial
policies as well as tax that is updated by
government. Through this they also able to adapt
properly change.
Economic Factors
Factor Risk treatments as applicable
A recession-resistant industry Develop policies related to pricing strategies to
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meet demand of price conscious. Along with this
change in economic condition also impact on rate
of export as well as import.
Demand and supply This factor may affect business of Nature care
more negatively. Therefore, company needs to
offer products on reasonable rates that increase
demand of cosmetic products as well as must
preserve proper stock as well. Moreover, by
reviewing economic condition on regular basis
respective company able to adopt growth by
decline projections.
Rise in global development As this factor showcase high income of customers
that aid to increase profitability of business. But it
also might increase labour and material costs
which might raise production cost of respective
company as well. Along with this through grow in
economic condition respective company able to
generate employment for local, nation as well as
international candidates.
Factor Risk treatments as applicable
Legal Factors
Factor Risk treatments as applicable
Tax policies In order to managing business activities,
organisation requires to identify impact of tax
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policy and its changes that can influence
business activities in effective manner. As well
as it is necessary for respective company to
adopt legislation in effective ways so that that
they adopt it properly and meet all essential
requirement.
Regulation For a firm it is required to implement regulation
and policies properly so that they can build
alliances with government. Along with this there
are various regulations which are develop by
government in order to protect right of
customers such as it is essential for Nature care
to handle complain of customers effectively so
that they can attract customers and reduce
likelihood of litigation which impact on their
business.
Policies These are the most effective factors that needs
to be manager properly. It is necessary for
respective company to review as well as analysis
changes in policies so that they can adopt it
appropriately and reduce its impact.
Environmental Factors
Factor Risk treatments as applicable
Pollution For a firm it is required to make strict rules to
the management of business activities from
anti- pollution activities. Along with this now a
day customers are more attracted towards eco
friendly products so it is opportunity and
essential for respective company to produce
goods in same ways.
Strict policy These are the effective management policy that
needs to be consider by firm for the
management policy. It is also essential for
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Nature care to adopt eco friendly process so
that they can attract more and more customers
and sustain in market for a long term.
Eco-friendly services These are required factors for the effective
management of business activities. It is
essentials for Nature Care to produce those
products which are environment friendly.
Technological factor
Risk Treatment
Technological development relevant to
products
It is necessary for Nature care conduct review on
regular basis and determine new and innovate
technology in order to produce attractive products
and services.
Technological department in software By regularly evaluation respective company can
determine whether new technology will improve its
business.
Technological development in working
pattern
Along with this by adopting technological factor
respective company also able to improve working of
their employees by providing more effective
training.
Risks
Risk Treatment
Technological risk In order to reduce technological risk,
organisation requires to implement advance
tool and techniques in their business practices
through which they can manage technological
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issues easily. Along with this through it
respective company able to develop as well as
implement business practices in more proper
way.
Social media risk These are the most effective factors that can
influence organisational promotional and
marketing strategies. For its effective treatment,
firm needs to manage social media alliance that
assist them in managing business opportunities
through different platforms. That will help
Nature care to offer more attractive offers as
well as conditions to customers.
Buying behaviour of customers In order to identify customers buying behaviour
of customer it is required to analyse changes in
trends and fashion. Through this firm can
manage its sale by providing quality services to
customers. For this Nature care can develop as
well as maintain effective contact with real
estate agents.
Risk Treatment
Technological risk In order to reduce technological risk,
organisation requires to implement advance
tool and techniques in their business practices
through which they can manage technological
issues easily. Along with this through it
respective company able to develop as well as
implement business practices in more proper
way.
Internal and external stakeholders
Stakeholders are the person through which organisation run their business and activities in
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effective and efficient manner. They both work for company in order to achieve goals and
objectives. Here, internal stakeholders are teams or employees working inside organisation who
shows their concern in strategy program, project, plan, process and products. Similarly, external
stakeholders are those who work outside organisation and focusing in achievement of goals and
objectives. They are not part of organisation but their activities can impact business. They are as
follows:
Relevant internal stakeholders are as follows:
 CEO:
 Account Manager
 Marketing Manager
 Sales Manager
 Customer Service representative
 Office Manager
 Administration Assistant
 Operation Manager
 Shareholders
CRM team includes managers and employees who are regarded as customers of internal
services. For example, requires internal customers for handling their IT department to carry out
task and activities. They are executives of who conduct internal investigation and need data and
information and participation of staff. They focus on achievement of goals and objectives and
work for welfare of business. Accountants are considered as most important stakeholders of
who need information of internal risk and control management. Through provide information
and data they work made decision. Business Units are another stakeholders are considered as
teams who are responsible for costs and revenues. There are many activities running in
organisation, so they need to make proper coordination with team for revenues and cost
management. Operational manager are responsible for manufacturing process. These type of
stakeholders manager all operating activities with help of team. Here, is manufacturing nature
care products for their consumers so need proper team to guide them regarding processing.
Regulatory bodies are considered as stakeholder who sees various areas like consumer
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protection, health and safety, competition. It is important for to manufacture goods and service
as per regulation of government in order to survive their business. While customers are regarded
as primary stakeholders because they are related to risk related to performance. need to
analyse their consumer properly and accordingly provide goods and services to them. All the
activities are depended on consumers. They are person who ultimate buy products. Thus, it is
very important for business to consider need and demand of consumers and produce
accordingly. Similarly, Investors and Creditors are stakeholders who are involved in organisation
in one or another way. They are person who make investment in business and aim to earn profit.
Similarly, creditors are those people from whom buy raw materials. Both of them should be
treated in good manner for achievement of goals and objectives.
In NatureCare Products, external stakeholders include customers and distributors who distribute
its products in targeted market. Here, health food chain and shareholders are current
distributors of given firm. Therefore, issues related with external stakeholders are-
 Customer's complaint that decrease their engagement with business
 Unfair trade practices that increase distributors' issues which occurs due to
establishment of new retail stores.
Strengths and weaknesses
 Launching online business will increase online presence of NatureCare products and
reduce the cost that acquire more by physical stores.
 It helps in increasing customer base and reach targeted audience more easily.
 There are many competitors within e-commerce site which increases threats for
NatureCare Products.
 The products quality is not up to standard where consumers decide a lot while
purchasing products.
Critical success factors
 Will increase market share by enhancing customer base that helps in generating more
profitability for business.
 E-business helps in reaching targeted customers more easily as compared to physical
stores.
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 It also increase diversity in business.
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Email (Risk briefing report attached)
To: CEO
From: Jerome B
Subject: Risk management briefing report
Dear CEO.
I hereby inform you that risk management is important for an organisation which need to reduce in better
manner. In this meeting, manager discuss the risk factors and how to deal with this.
Regards,
Jerome
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Email (Meeting Invitation to Team Members)
To: Team
From: Jerome B
Subject: Risk management brainstorming session
Dear Team.
I am hereby inform you that risk management sessions is conducted by company manager. Kindly come
to participate in this meeting for give accurate suggestion and ideas.
Regards,
Jerome
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Meeting Notes
Date: 2-2-18
Present: All Staff
Apologies: None
Purpose of meeting: Discuss new business expansion project
Summary of key points
 Establish a value preposition to sustain in the new market place for gaining growth.
 Identify desired and ideal customers who are willing to purchase company goods and
services.
 It is required for company is to recognise their key indicators which affect growth
of the business.
 Identify income and revenue while expanding new new business at international level.
 Analysing major competitors and rivals who are create major impact on business
growth.
 Recruit and hire talented employees who are able to manage and maintain business
operations.
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Risk Management Plan
NatureCare Products
Risk Management Plan
A risk management plan is the document which a project manager prepare and develop
to foresee risks and major issues and problems within an organisation. Risk assessment
should be periodically reviewed by the project team to avoid having analysis became
stale and it is not reflective of actual potential of new project risks.
Definitions
This is that plan and procedure which contain in analysing risks factors with both high and low
impact effectively along with this, mitigating strategies which assist project in avoiding derailed in
this common issue are occurs. As per Australian and New Zealand Risk Management Standard
As/NZS 4360:2004, some definitions can be described as:-
Risk
In an organisation, there is an internal risk which create issue for their employees safety and
security. It can be analysed that, some of the technologies and equipments are old which create
risk while using this by the workers.
Likelihood
It is seen that there are certain risk which occurs in an organisation while using of
technologies and equipments by employees. Some of the risk occurs when company
does not focus on such type of internal issues such as health and safety. It is one of the
main issue which are faced by staff members in many organisations. For overcome with
this, the company manager required to maintain and manage all safety needs in better
manner.
Consequence
With this effect, organisation face many issues and risks which occurs while promoting their
company in another area. It is required for company is to analyse and examine the risk which
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occurs while conducting project at international level.
Risk assessment
For overcoming with this risk, they need to focus on safety and security factors which are helpful
in dealing and managing with major issues.
Risk treatment/control methods
They can control such risk which includes risk management, prediction and estimation of
upcoming risk within an organisation.
Risk management process
Risk management process is defined as identifying, monitring and managing desired risks in
order to reduces the negative impact of such factors within an organisation. For example,
potential risk which involves security breaches, data loss, cyber attacks, system failure and so
more.
Risk assessment legend
It is that risk which is used during risk assessment to define the level of risk by determining the
category of probability and likelihood against the category of effect severity. It is essential for an
organization is to manage all risk which arise while expanding new business in another area for
gaining high growth and success.
Risk register
See risk management procedure.
You must document at least five risks and treatment measures using your research and review of
team minutes, feedback from CEO and brainstorming meeting.
Evaluate each risk as to whether it is high, medium or low priority and assign an order for treating
risks.
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Scope of assessment: Expansion of business: Nature care is
opening its business in Sydney.
Critical success factors:  Through this respective company
able to expand its market shares.
 Respective company also able to
expand its existing products
range.
 Along with this it will also help in
expansion of numbers of
customers as well as diversity.
Internal & external stakeholders: Internal stakeholder of respective
company are account manager,
marketing manager, sales manager.
Operational manager of Nature care are
CEO and Two stakeholders.
External stakeholder of this company are
shareholder, customers and distribution.
Risk Consequences Severity
Rating
Likelihood
Rating
Treatment
or control
methods
Priority
rating (high,
medium or
low)
Order of
priority
Shortage of
high profile
staff in
technical
team
Customers are
dissatisfied
Catastrophic Occasional Provide
attractive
and
innovative
term and
condition
High 1
Competitors Market shares
is low
Significant Frequent Marketing
communic
ation is
effective
High 2
Ratio of sales
get low
Leads to
failure of
business
Catastrophic Occasional Marketing
communic
ation and
research
High 3
Overheads is
high
Profit margin
is low
Low Remote Close
retail
outlets
Low 4
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Damage or
theft of
products
Leads to loss
in profits as
well as
reputation
significant occasional Check
proper
inventory
and
provide
sufficient
insurance
Medium 5
Risk action plan
Description of risk Shortage of highly qualified staff in technical team
Summary of recommended response
and impact
Unique Terms and Conditions
Proposed actions Offer high quality products as per Industrial standard terms
and conditions
Resource requirements Finance and latest technology
Responsibilities Managers in Operation department
Timing Immediately
Reporting/Monitoring Performance review as per standard of business
Risk management process
 Avoid risk
 Reduce likelihood of occurrence
 Reduce consequence of occurrence
 Transfer the risk
 Accept risk
Risk Management Process
Risk management process consider as an important activity for every project which help
business organization to minimise the chances of arising any kind of risk factors. Mainly, risk is
a part of overall planning activities that occur at the time of implementing project. It is related
with the planning activities of the project which start with planning process. In this context, is a
beauty industry offer Nature Care products to large number of customers with the aim of
attaining success at market place. For attaining the same, company needs to effectively manage
risk factors associated with ingredients that involve in the products. With the help of this
company can easily improve their products quality and at the same time also make it more
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popular in customers mind. This will directly contribute in enhancing the profitability level of
the company at market place. Apart from this, company also use risk management process which
help organization to improve performance level of the company at market place. This can be
understood by following steps:
Evaluation of overall risk management process:
Step 1: Identify the risk: Under this process, manager as well as project team determine and
recognize the risk related with Nature Care products which offered to its customers. In this, main
risk create by the ingredients that used while making the beauty products. It directly affect the
final outcomes of the company at market place. For managing this type of risk manager includes
number of techniques to to determine the project risk.
Step 2: Analyse the risk: It is also an important step which used to analysis the risk. Once risk of
the project are determined then project team can easily evaluate the impact as well as
consequence of the risk. With the assistance of this, project team can easily improve the quality
of the products at market place.
Step 3: Evaluate or rank the risk: In this, when risk occur at the time of manufacturing the beauty
products it is important for project team to determine weather it is positive of negative on the
overall outcome of the products.
Step 4: Treat the risk: Under this, project team create an effective planning to effectively handle
risk within the business organization. At the time of preparing plan company needs to make the
alternative ways to minimize the risk within the ingredients of Nature Care products of company.
Step 5: Monitor and review the risk: Under this final stage, risk is evaluated by project team with
the aim of making the overall project successful. This can be effective for making brand image
of the company more productive and at the same time also invite large number of customers
towards the Nature Care products.
Risk Assessment Legend
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Current risk management policy and procedures sufficient to guide the risk management process
used for the business expansion project
As the risk identified is of the ingredients in the Nature cares product manager needs to
effectively mange the risk for effective expansion of project. Main purpose of risk management
policy is to identify the problem before they occur by effectively formulating the plans. n
Managers need to needs to adopt policies and assigns roles and responsibilities to all the
individuals to work effectively and manages the risk. Moreover resources should be effectively
allotted so that products can be purchased with high quality and leads to maximum customer
satisfaction.
Manager at Nature Care product should effectively check the quality of the ingredients
without purchasing the beauty products, this will reduce the risk and increase the brand image of
the company. Moreover this will leads to target larger customer base and enhances profit
margins. Risk management standards provides a safer working environment by creating
awareness to the employees about the risk associated with Nature Care product. This also helps
minimising the risk at the work place and lead to happy employees.
In order to reduce the risk of bad quality of raw materials, managers at Nature acre product
should adopt the effective technology to check the quality of the raw materials before using them
up on the customer. This will ensure proper purchasing of products, moreover standardised
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authority of raw material should be purchased by the respective company so as to make the
customer satisfied by choosing and purchasing of company's products.
Principle of risk management in the Nature Care products risk management policy and procedure
It is important for business organization to manage the risk factors within the project in
order to improve the overall performance of the company at market place. In this use principle
of risk management that help in making project more successful and at the same time also reduce
the risk factors within then project.
AS/NZS ISO31000:2009: It is one of the important principle of Risk Management which help
organization to reduce the uncertainty within the ingredients of Nature Care products. It provide
better support in encouraging proactive management to identify the opportunities and threats
towards the products offered by the company at market place. Along with this, it also support in
reducing the minimize the losses create through the products of beauty. It is more discretionary
that includes deep knowledge towards the risk and at the same time also help organization to
improve the chances of attaining success by reducing the uncertainty within the project activities.
Recommended change to the risk management process
From the above mentioned description it has been recommended that, project team needs
to analysis entire factors that may create negative impact on the products manufacturing. This
may become more effective for beauty industry to make quality products that help organization
to improve overall performance. Along with this, involvement of principles and process
company can easily minimize the risk related with the Nature care products offered by the to its
customers. It help in establishing the positive image of the company at market place.
Furthermore it also recommended that Good risk management contributes to the achievement of
an agency’s objectives through the continuous review of its processes and systems.
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Assessment Task 3: Risk implementation project
Staff Training Report
Staff Training Report
Introduction
The staff training can be considered as an important aspects of an organisation because overall
profitability of specific business depends upon skills and efficiency of work force. It involves
the criteria of conduct evaluating of actual training requirements by analysing abilities of staff
members which facilitate to organise more effective as well as efficient learning sessions
respectively. In context with this, it is necessary to conduct appropriate learning programs
which are helpful to reduce risk factors in order to improve the quality of product and services
respectively. It will focus on number of more accurate training sessions focussing on important
aspects in order to carrying out risk management. The training and learning programs are
required to be organised in order to make people know the effective ways of reducing risk along
with avoiding their negative impacts of operations and productivity.
Option 1: Training session for risk avoidance
Proposed mentoring arrangements are as follows:
Summary: The risk avoidance can be described as to apply accurate methods and technique in
the plan by making certain modifications in respect of avoiding risk factors, it will provide
support to reduce chance of occurring problems in operations which is favourable for maintain
quality of products manufactured in . However, it involve to conduct effective learning sessions
for staff members in given company which are helpful for them to generate appropriate skills as
well as abilities to make proper changes on prepared plan of action. In addition to this, it also
make employees capable to utilise the risk management strategy in accurate way which
facilitate to decrease chance of occurring issues.
Outcome: The training session of risk avoidance will results into reducing occurrence of
problems which is favourable for improving quality of product which facilitate to achieve
customer satisfaction. It is also favourable to secure wastage of funds and efforts of employees
which can be used further for increasing productivity in regular basis. Location: Chinatown,

Sydney Costs: 22000 AUS$Option 2: Learning program for acceptance of
riskSummary of training: The learning programs for accepting risks is very important
because some times it is not possible to avoid the same by making changes. It involve the
criteria of applying several modifications in order to accept the risks by making several
modifications in plan to turn the risk factors in an opportunity for welfare of business.
However, the strategy of risk acceptance can be considered as better one option as it facilitate to
generate new opportunity which is suitable for increasing effectiveness of product
manufactured by . It will provide support to address actual needs and demands of people and
make them loyal and that is favourable to gain a long term profitability for company. Outcome:
The training session conducted for making people using strategy of risk acceptance is beneficial
in terms of developing new opportunity which can be improving number of customer for brand.
It will provide support to boost up goodwill of brand which is helpful to gain more market share
in order to gain better profitability. Moreover, it will facilitate to and improve effectiveness of
products and gain customer satisfaction as well.Costs: 25000 AUS$Location: Garden
Island, Sydney
Option 3: Training programs for mitigating risk
Summary of training: The mitigating risk strategy can be known as unique strategy in which
risk factor is used as risk management strategy itself which is helpful to save time and utilise
the problem as strength for improving product effectiveness. It involve to implement several
changes in plan of action which is favourable due to utilising risk components to be used as
method of conducting risks management in appropriate manner. In addition to this, this
technique is commonly used by organisations and it is suitable in order to make people more
capable for managing risks in order to maintain appropriate quality of products for increase
sales as well as profits.
Outcome: The training for using mitigating risk strategy will results into increasing profitability
and customer satisfaction. It will facilitate to increase goodwill of brand and facilitate to grab
more profit share in market.
Location: Kings Cross, Sydney
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Costs: 20000 AUS$
3. Head office sustainability measures
a) Environmental Sustainability and Resource Usage issues and record
In order to run business successfully and launch e-business in efficient way, it becomes
highly essential for management of NatureCare Products to concern on those factors that impact
on its sustainability. By conducting the inspection process, it has been analysed that after stores
are closed in night, then some computers have been left over without switching off. So, it reflects
how consumption of energy is increased or wastage that impact on environmental sustainability
adversely. Another issue as evaluated by inspection is improper wastage management which
increases pollution and also impact on production of this company.
3

Environmental Sustainability and Resource Usage Record
Areas of RTO & practices reviewed A brief description related to issues
Use of consumables/ materials/ technology/
equipment
 Identify equipment that use energy and
determine which equipment uses the
most/least energy?
 Are switches left on overnight/weekend?
 Do staff use the sleep mode/screen saver?
 What practices are currently in place to
help minimise energy wastage?
Some Computers and AC are left overnight which
consumes most energy
Energy usage e.g. water, electricity gas
 How is energy used on a daily basis?
 What things/tasks use up the most energy?
 Are switches left on overnight/weekend?
 Are staff using energy sensibly?
 What practices are in place to support
effective energy use?
LED bulbs are used in entire area of business
which consumes less electricity. But since some
switches are generally left over in night. So, it may
increases energy usage
Waste
 Describe workplace waste.
 How is it disposed of?
 Are staff conscious of waste management
practices e.g. recycling, reuse, disposal?
Garbage bags are also not properly placed
therefore, recycling process will be adopted
Date of inspection or review: 14/07/18 Completed by: Jerome
4

b) Risk control
In order to gain sustainability, it becomes highly essential for management of NatureCare
Products to implement different risk control procedures. This would help in earning high
sustainability in business. As it majorly deals in cosmetic sector where wastages impact most
adversely on environment, therefore, to manage this system, managers are needed to concern on
optimization of resources in effective manner. Hereby, by implementing some policies, not even
wastages can be reduced but also sustainability can be gained as well. For this purpose, some
suggestion are given for head office staff to focus on below -
Reuse and recycling: It is highly essential for management of NatureCare Products to develop
policies for reusing and recycling the wastages as much as possible. This would help in reducing
the process carbon footprint from production and product deliverable process, that increase
sustainability in business as well.
Green purchasing requirement: As usage of plastic and other toxic products in packaging and
deliverable process, highly impact on nature and ecosystem. Therefore, it is extremely important
for respective organisation to develop policies like Environmental Preferable Purchasing concept
for procurement of products and services. This would help in better managing the available
resources and improving efficiencies of production as well. Since NatureCare products is going
to launch e-business soon therefore, for green purchasing concept it can adopt the policy related
to e-Procurement. It refers to process of selling or buying goods through electronic methods, that
helps in vendor management, e-tendering and more.
'Green' transport practices: For saving ecosystem from industrial pollution and other factors, it
becomes also necessary for managers of NatureCare Products to use green transportation for
purchasing and selling. For this process, cycles, high-speed electronic train, e-vehicles and more
can be used for fuel efficiencies.
A poster/sign about energy use -
5

Steps of measuring sustainability or wastage management -
It is necessary for staff members of NatureCare Products to concern on following main
steps for reducing wastages and introducing sustainability in business as -
 Step 1: Source Reduction & Reuse- To reduce waste at the source, it is essential to
avoid generating the same. So, it is essential for store members to concern on optimising
the resources in efficient manner.
 Step 2: Recycling / Compositing: To collect items for reprocessing and further
manufacturing the same into new products, staff members must concern on collecting the
wastage in appropriate form. Hereby, three garbage boxes can be placed where wastages
in terms of solid, liquid and toxic one can be placed separately so that proper
management for Recycling or Reusing can be done.
 Step 3: Energy recovery: Hereby, non-recyclable waste materials can be transferred for
useable heat or fuel.
 Step 4: Disposable management: It is last step, which concerns on disposable of
wastages in proper form.
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4. An email to the CEO -
Email (risk management report)
To: CEO
From:
Subject: Risk management briefing report
Dear CEO,
I hereby attach all the documents for earning sustainability and managing risk, in business to gain your
approval for enforcement of the same.
Staff training options report
Customer questionnaire
Environmental Sustainability and Resource Usage Record
Sustainability Policy
PowerPoint Presentation Slides
Thanks and Regards,
…
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