Comprehensive Evaluation of MacVille's Risk Management Plan

This report provides a thorough evaluation of MacVille's risk management plan, examining various aspects of its implementation and outcomes. The plan faced several challenges, including higher insurance premiums, delays in opening a bank account, and issues with telecommunication system installation. Other problems included management not getting permission to leave early, non-compliance with water conservation bylaws, and difficulties with internal audits. The report assesses the actions taken to mitigate these risks, such as opening an account in another bank, installing a telecommunication system, shifting training times, and addressing water usage. It evaluates the effectiveness of these measures and the overall success of the risk management plan, highlighting areas where implementation was quicker and more successful. The report concludes by assessing the overall effectiveness of the plan and offering recommendations for future improvements.

Running head: EVALUATION OF RISK MANAGEMENT PLAN
EVALUATION OF RISK MANAGEMENT PLAN
Name of the student:
Name of the university:
Author Note:

1EVALUATION OF RISK MANAGEMENT PLAN
Plan:
MacVille has faced financial issues as it did not have ample amount of money in
operating in the competitive market. The financial controller has taken initiative to take out
$5,000 on the insurance cover as planned. However, the insurance premium had been $2,500 per
year that is excessive for the company to spend on insurance. Secondly, the bank account of the
company was planned to be opened within a week but it delayed for another four weeks. Despite
this initiative, the company could not open its account with its regular bank but had to open
account with the bank two shops down the street. Therefore, the company will not be able to get
the similar quality service which it used to gain previously in Brisbane. Thirdly, the company
had to install a teleconferencing system for the development of the communication among the
employees as well as the other stakeholders. This was planned for six months after the settlement
but this teleconferencing system has not been installed yet. This is due to the delay of National
Broadband Network rollout of the Federal Government. Fourthly, the management of MacVille,
do not intend to stay till 3 pm but they are completed to stay late in the office. In this respect the
risk is that the CEO of the company has not yet issued an excusal letter to the manager. Despite
the fact, that in the meetings, this issue had been discussed and the CEO had agreed upon with
this matter, he has not issued the letter which makes the managers feel that they do not have the
authority to just walk out at 3:00pm. It has been a risk for the company that the managers are not
available after 1 pm. Due to this communication gap they have shifted the assistant management
trainings to the mornings so that they can leave the office by 1 pm.
Fifthly, despite the new policy regarding compliance with the Toowoomba has been
included by the board and the CEO of the company, has not been written which may cause the
company to fall in the risk category of breach of contract. The stakeholders associated with this

2EVALUATION OF RISK MANAGEMENT PLAN
compliance may lead to hamper their reputation and future contracts. Sixthly, the company had
taken the measure that all the plants will have to be changed to the natives which require a
minimal water according to the plan of the company. The connection of the dual-flush toilets had
been planned for the completion of 6 months after the settlement. The company faces risk as the
dual flush toilets have been ordered but cannot be installed due to strike by the district plumbers.
Seventhly, the grace period to comply with the application by the Goldsmith Partners on behalf
of the company, ends within a fortnight. This application has yet not been written by the
management which can lead the company to engage in a problematic situation. Moreover,
MacVille store has been exceeding the acceptable benchmark for the water use. Finally, the
store’s internal audit has been identified as the auditors do not intend to travel the distance of the
store and are overloaded with work. This can enhance the legal risk for the company as it cannot
show internal audit properly.
Implementation:
In order to manage the identified risks, first the financial controller has taken initiative to
take out $5,000 on the insurance cover as planned. Secondly to mitigated the bank account
opening issue, the company has opened the account in another bank not depending upon the
previous one for better quality. To solve the issues of communication with the stakeholders and
others, the company has initiated to install teleconferencing system and National Broadband
Network rollout of the Federal Government had given permission. To mitigate the issue of
leaving out of the management early in the workplace, the excusal letter from the CEO had been
urged. However, this was not given and to manage the situation the management had shifted the
assistant management trainings to the morning shift. To mitigate the issue of over use of water in
the stores of the company, the management has initiated to have the connection of dual-flush

3EVALUATION OF RISK MANAGEMENT PLAN
toilets that reduce the water usage of the firm in a successful way. For managing the issue of
exceeding the water use in the firm, it had initiated to write an application to make good by its
Goldsmith Partners. Finally, to mitigate the audit related issues in the stores, the management has
initiated to ask for internal audit. This can analyse the opportunities as well as the areas of
development for the firm.
Outcomes:
Issues Actions Outcome
Higher insurance premium The financial controller has
taken out 5,000 dollars on the
insurance cover for the cash
held on overnight as planned
previously.
This had managed the
financial fraudulence as
accused by the stakeholders.
Unavailability of MacVille’s
regular bank
The company has opened its
account in another bank other
than the previous one.
This had a positive result fir
the company. The process of
opening company bank
account was getting delayed
but this initiative had
mitigated this issue. Other
than this, the account opening
measure would have been
later.
Planning of installing
teleconferencing system six
Due to delay in delay in the
Federal Government’s
This will reduce the
communication gap among

4EVALUATION OF RISK MANAGEMENT PLAN
months after settlement National Broadband Network
rollout the process has not yet
started.
the stores of the company,
reduce the problems among
the stakeholders and enhance
the pace of growth of
MacVille.
Management did not get
permission for leaving the
workplace before 3 pm.
The assistant management
training has been shifted in
the morning.
The problem of leaving office
by the management has been
solved.
The company aims to reduce
water usage in the stores. The
company has initiated to
write a new policy
concerning compliance with
the Toowoomba by-law on
water conservation
The board and CEO have
permitted this particular
procedure.
The company has changed
the plants to the natives
which require negligible
water. Moreover, the 5-star
rated dishwasher has been
installed by the supplier to
reduce water usage.
Toowoomba by-law on water
conservation has helped the
company to solve the issue of
compliance.
The issue of daily banking on
the part of the company
The company initiated to
conduct a training on daily
banking.
The training on the daily
banking has managed the
issue of day’s sales.
MacVille aims to mitigate the
issue of internal audit
The company has initiated to
arrange an internal audit by
This has managed the
problem of internal audit

5EVALUATION OF RISK MANAGEMENT PLAN
the store and there might have
been call every two months.
issue and the auditor may call
if they do not visit the store.
Evaluation:
The plan has been implemented in the company and be followed by the responsible
persons. The risks are however mitigated in some areas as the implementation has been quicker
on those places. Firstly, as the premium of the insurance is higher, the financial controller is not
intending to continue with the plan. Secondly, the bank account issue has been mitigated by the
decision of making one in another bank. Thirdly, the communication process is uplifted by the
installation of the telecommunication system. However, the process is delayed but the firm has
got the assurance to get this system. Fourthly, weekly management meetings and trainings has
been solved by shifting the training in the morning. Finally, the issue of water management along
with internal audit process has been solved completely according to the risk management plan in
MacVille.