Risk Management Report: NatureCare Company - BSBRSK501 Assessment

This report, focusing on NatureCare Company, presents a comprehensive risk management analysis. It begins with an introduction and defines the scope of the risk management process, emphasizing eco-friendly packaging and supply chain reliability. A PESTLE analysis is conducted, examining political, economic, socio-cultural, technological, legal, and environmental factors and their associated risks, along with mitigation strategies. The report identifies and analyzes several risks, providing treatment options. It covers internal and external stakeholder analysis, team meeting minutes, a risk management plan including definitions, procedure, and a risk register. Furthermore, the report includes a risk action plan, staff training report, and risk monitoring report, culminating in a risk management process evaluation report. The content is well-structured, covering various aspects of risk management, from environmental factors to staff training, making it a valuable resource for understanding risk assessment and mitigation within a business context.

BSBRSK501 Manage risk
BSBRSK501 Manage risk
TABLE OF CONTENT
ASSESSMENT 2..........................................................................................................4
Risk briefing report..........................................................................................................................4
Introduction.................................................................................................................4
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BSBRSK501 Manage risk
Scope.............................................................................................................................4
PESTLE Analysis........................................................................................................5
Political Factors...........................................................................................................5
Economic Factors........................................................................................................6
Socio-Cultural Factors................................................................................................7
Technological Factors.................................................................................................9
Legal Factors..............................................................................................................10
Environmental Factors.............................................................................................11
Risks............................................................................................................................12
Internal and external stakeholder analysis.............................................................14
Team meeting minutes...................................................................................................................17
Risk Management Plan...................................................................................................................18
Definitions......................................................................................................................................18
Risk management procedure..........................................................................................................19
Risk assessment legend..................................................................................................................19
Risk register....................................................................................................................................21
Risk action plan..............................................................................................................................23
ASSESSMENT 3........................................................................................................24
Staff training report........................................................................................................................24
Staff members training...................................................................................................................25
Risk monitoring report...................................................................................................................26
ASSESSMENT 4........................................................................................................27
Risk management process evaluation report..................................................................................27
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BSBRSK501 Manage risk
REFERENCES..........................................................................................................29
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BSBRSK501 Manage risk
ASSESSMENT 2
Risk briefing report
Introduction
Risk is defined as the situation where the outcomes are based on actual return and is
categorised into different types. It is the possibility of losing something valuable. For instance,
NatureCare Products is promoted using the training and knowledge given to the employees and
build trust and loyalty among the customers. Their principles include managing and minimising
risks to identify, analyse, execute for achieving the objectives of the chosen organisation. This is
also crucial in establishing the strategic and operational planning for smooth running of operations.
Here, Nature Care Company is going to be considered.
The purpose of risk analysis is gaining or losing about the uncertainties and the associated
risks to implement good governance and fulfilling the CSR. It also focuses on removing the
triggering points that initiate the risk formation. This might be avoided by improving the knowledge
areas and the experience through training process that assure the risk identification process.
Scope
The scope of the risk management process of NatureCare Company is to recognise the
potential risks attached to its business procedures and assist in mitigating the risks before hand. In
addition, there are three stages which focus on defining the strategy, recognising the risks with
complete analysing each risk and executing the risk mitigated processes (Bouzon, Govindan and
Rodriguez 2018). Here this company is emphasising on the eco friendly packaging and has a very
reliable supply chain to distribute its products to the several health shops in all over Australia.
For this, the risks is associated with the delivery aspects and also might include about the
quality and maintenance of packaging and logistics part of the company. This might act as
challenges in fulfilling the assigned tasks. There is also provision of giving strategies to make the
necessary changes for systematic methodology of risk analysis. Thus, the risk-handling is essential
in mitigating the impacts.
PESTLE Analysis
Pestle Analysis is the model for gaining an understanding about the macro environmental
factors and includes about political, economic, social, technological, legal and environmental
factors. These has a direct influence on the working practices of the NatureCare company and the
associated risks that might impact the business scenarios.
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BSBRSK501 Manage risk
Political Factors
Factor Risk treatments as applicable
Political Instability Due to political instability in Australia,
industry gets influence by the government and
its authorities which in turn influence the
business activities of the NatureCare
Company. In order to reduce the impact of
political instability, Company can closely
monitor the political conditions and structure
and accordingly make changes in their policy.
Customer Protection Policy This policy is prepared by the government
and its health care authority which basically
deals with the rights and protections of the
customers of the Health care companies. All
the companies under working health care
industry must have to follow this policy
(Font, Guix and Bonilla-Priego, 2016). Also,
NatureCare company has to follow this policy
in order to provide the best health care to their
customers and prevent it from any kinds of
political risks. In order to reduce the political
risk, Company can follow the political
requirements and check the political trends in
the country. This lead company to analysis
the impact of political factors on the
company.
Economic Factors
Factor Risk treatments as applicable
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BSBRSK501 Manage risk
Unemployment Due to high unemployment rate, only fewer
customers are being able to use NatureCare
products and services which impact the
revenue and profitability of the company. In
order to reduce the impact of unemployment
on the company, NatureCare company can
do contract with government authorities for
the providing health care products and
services to the customers at low costs.
NatureCare company can also do merge
with another government health care
company so that health care required people
can take benefits from the company at low
costs.
Taxes Due to rapidly change in the tax policy by
the government, Company is not able to
analysis its investment opportunities because
fluctuations in tax rates affect the
profitability of the company which also
influence the goodwill. This also affects the
revenue structure and profit stability of the
company. To mitigate the risks arise due to
change in tax policy and tax rates, company
should make reserves and deposit some % of
their revenue in that reserves.
Socio-Cultural Factors
Factor Risk treatments as applicable
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BSBRSK501 Manage risk
Cultural Factor It affects the health major. Cultural values
affects the perception of customers towards
illness, birth and death, approaches to
treatment and types of treatments etc. Thus,
company should understand the cultural
values and implement it on their service
providing style. If company will not follow
or respect the cultures, it can lead company
to face a lot of backlashes and opposition
from its clients and stakeholders. This will
cause the image of the NatureCare
Company.
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BSBRSK501 Manage risk
Technological Factors
Factor Risk treatments as applicable
Technological Trends Due to technological advancement,
NatureCare Company has to take care of the
technological trends existing in the health
care sector. Due to technological devices
being used, company is able to protect and
understand the patients' data which lead
doctors and nurses working under the
company to understand the problems, causes
and treatment of problems easily. Also,
technologies are changing at the rapidly speed
which influence the company's cost structure
and in turn profitability. But due to lack of
awareness, Company is not being able to
protect their customers' details which are
harmful for the company's reputation and
services provided. In order to prevent from
this risk, Company can make a new
department name, IT department in which
make focus is on the protection of data of
customers as well as employees. Also, with
the help of this department, company can
understand the advance health care techniques
which lead them to use these techniques
easily and optimum.
Legal Factors
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Factor Risk treatments as applicable
Health Insurance Company has not yet provided health
insurance to their employees as per the
government requirements which lead
company to face some lawsuit in case of any
accidents or illnesses with employees. In
order to prevent from this kind of risks,
company can hire compliance officer and do
contract with insurance companies in order to
provide health insurance to their employees.
Also, company can give training to their
employees regarding the importance of health
insurance and its related every aspects.
Employment law This legislation deals with the employment
structure and system of the organisation and
relationship between employees and
companies. NatureCare company must have
to follow these employment laws such as
Minimum wages act, discrimination act,
health & safety etc. at work place act, contract
act and data protection act etc. Avoidance of
these acts can lead company to face legal
actions and pay heavily penalty (López-
Gamero and Molina-Azorín, 2016). This will
impact the brand image of the company. In
order to mitigate the risks, Company can
make their health and care policy according to
the rules and regulations of government. Also,
company can provide training to their
employees regarding these acts.
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BSBRSK501 Manage risk
Environmental Factors
Factor Risk treatments as applicable
Consumer Attitude towards sustainability The risks involved lack of education or
learning that might affect the maintenance of
surroundings. It also reflects upon the
imparting education to make consumers
aware about the sustainability and organise
conferences, sessions and events (Crowther,
2018). Moreover, the focus is on giving a set
of guidelines to highlight the risks ad give
training for overcoming with it as well. Thus,
it is essential for the employees of the
company to understand the customers' attitude
in order to maintain the sustainability of the
organisation.
Government approach towards
environmental issues
Australia's Government is worrying about the
environmental issues such as rapidly changing
in weather, increasing in pollution and
wastages of natural resources etc. which in
turn influence the social life of the community
(Andriof and Waddock, 2017). In order to
reduce the risks arising out of environmental
issues, government is constantly changed in
usage of materials as well as standards of
quality policy of the products which lead
company to be change in their structure as
well as quality of products. Also, company is
making green and recyclable products which
are being promoted by government.
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BSBRSK501 Manage risk
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
Increasing number of competition This makes the staff in maintaining quality in
their packaging and delivery services to
establish transparent and reliable mediums
(Widya Yudha and Tjahjono, 2019)
Technology updation This is required by the technical team to be
upgraded from time to time updation in order
to reach an upper hand and build credibility
among the customers'
Eco friendly packaging The production department must be vigilant
in packaging the products in systematic ways
by proper evaluation and review processes
Maintenance of quality and delivery of
services
The sending off the products to the company's
distributors via packaging it and the
production team must use the tools properly
in detecting any damaged or unwrapped
product to avoid any conflicts or minimise the
reputational risks
Acceptability rate of customers This is avoided by making the customers
release the authenticity through proper
channels of promotion via digital platforms
like email, Whatsapp message etc.
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BSBRSK501 Manage risk
Internal and external stakeholder analysis
This analysis is done to gain insights about the on-going activities of the company and give
a clear picture to each responsible individual in reaping benefits. Here, the external and the internal
stakeholders are important that shape the decision making and make the important change to
minimise the risks associated with it.
INTERNAL STAKEHOLDERS
1. Managers- Their role is to make the entire procedure of risk management in proper
manner to bring feasibility while completing the tasks (Rastogi and Trivedi, 2016). It is
possible that different departments has separate roles and responsibilities to function and
thus, it is necessary to adopt a strategic planning in fulfilling the entities.
2. Employees- The staff plays crucial role in shaping the performance management with
integrated contribution in generation profits. For instance, technology updation would require a
specific skills set and must be in accordance wit the market trends. However, they sometimes resist
and influence the changes in the operations' management.
3. Board of Directors (BOD)- Their role is important in decision making and assist in policy
formulation. For instance, if the company is required to promote eco friendly packaging then this
must be done under the decisions made by the BOD They also must be in unity while working
together but there might be the onset of conflicts when there is issue resolving
EXTERNAL STAKEHOLDERS
1. Suppliers- The suppliers help in maintaining and managing the distribution channels to
make the delivery time of goods and products in viable modes. The supply chain is to
provide the high quality products to the customers through the direct channels. The risks like
eco friendly packaging has an integral contribution in making the changes more robust.
2. Customers- The customers are key entities for any business and has the capacity to help in
retaining the financial risks. When this company initiated the use of organic and eco friendly
products then its focus area was growing probability by making a loyal customer base (Patel
and Moore, 2017). Moreover, their contribution is significant in reaching the expectations of
the employer in terms of revenues and profits.
3. Government- The government of any country has the role in making the legislations and
policies to be followed with strict adherence and the organisation here is taking initiatives
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