BSBRSK501: Risk Assessment Register for NatureCare Products Project

This document presents a risk assessment register for the implementation of a Niche Markets and Product Diversification Project. The assessment identifies critical success factors, internal and external stakeholders, and potential risks. The register details risk descriptions, likelihood, consequences, rating levels, potential impacts, required actions, resource requirements, timelines, responsibilities, monitoring processes, and priority ratings. Risks include lack of management goodwill, insufficient funds, poor adherence to timelines, changes in regulations, and potential sabotage from competitors. Mitigation strategies involve proactive communication, financial planning, project monitoring, legal compliance, and security measures. The report aims to provide a comprehensive overview of potential risks and mitigation strategies to ensure successful project implementation for NatureCare Products.

Risk assessment register
Scope of assessment: The implementation of the Niche Markets and Product Diversification Project
Critical success factors: Goodwill from management, availability of funds to implement project, stable regulatory environment
Internal & external stakeholders: Management, employees, customers, competitors, regulators
Risk Description Likelihood
Consequences
Rating
Level of
risk
Potential
Impact
Actions and
resource
requirements
Timeline Responsibility
Monitoring
process
Priority
Rating
(order to
impleme
nt)
 Lack of sufficient
goodwill from
management and
employees to
embrace this
project and
implement it
fully.
Moderate High High High
Willingness to
participate in
this project fully
1 month
Chief
executive
officer
Interview
managem
ent and
employees
to gauge
their
willingnes
s level
1
 Insufficient funds
to fully
Low Low Low Low Sufficient funds
disposed to
Six months Chief executive Check if
project
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implement this
project that has
significant
financial
implications
implement the
project
plus officer
Finance officer
funded
activities
are well
executed.
Receipts,
local
purchase
order
copies and
other
financial
documents
 Poor adherence to
project activities
implementation
timelines which
may lead to
lopsided and
haphazard
Moderate High Moderate High Ensuring that
tasks are carried
out at the
required time
4 months Project Team Check if
activities
under
project are
executed
within the
required
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implementation
of the project.
timelines
 Changes in
legislation and
regulations
regarding the
operation of
businesses may
affect the
company’s
decision and its
implementation
(i.e. changing
business
strategy).
Low Low Low Low Checking
regulations and
legislation to
ensure that the
company is
constantly within
the law
6 months Company legal
officer
Ensuring
that
company
activities
under this
project are
within the
law
3
 Other rivals who
are already
Low Low Low Low Funds 6 months Company
security team
Ensuring
that the
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selling the items
that AISC is
already dealing
with or wants to
begin dealing
with may feel
threatened by
AISC and may
therefore seek to
sabotage the
project.
Vehicles
Communication
Surveillance to
look out for sings
of sabotage of
our activities e.g.
vandalizing of our
new branded
advertisements
company
does not
suffer
sabotage
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