BSBRSK401 Risk Management: Macville Project, Implementation & Audit

This project addresses the BSBRSK401 assessment tasks related to risk management within the Macville scenario. The project includes a schedule of monitoring activities, implementation of risk management plans, and a portfolio of evidence, including policies, procedures, and role descriptions for team members. The student also prepared a complete risk audit report, identifying risks related to suppliers, demand, and the workforce, along with control measures and objectives. Furthermore, the project provides a write-up with recommendations for continuous improvement of risk management, emphasizing regular evaluation, the use of tools like scorecard analysis, and the appointment of responsible personnel to monitor and evaluate potential risks. The project also includes completed risk audit reports and a monitoring schedule that outlines control measures, monitoring activities, responsibilities, and timelines for each identified risk. The project uses references to support the findings.

January 23, 2019 [BSBRSK401 Identify risk and apply management processes]
ASSESSMENT TASK 2- Submission date – 22th Jan
Review the Macville scenrio /Appendix 1/
- A Project: - Macville in Papua New Guinea
- Duration:
 Beginning of the first quarter of the financial year now
 Schedule monitoring activity for end of the second
quarter
1. Create a schedule of monitoring activities
o Three risks, one control for each risk and all relevant monitoring
activity, as you identified in Task 1
2. A portfolio of evidence of your implementation /Implement risk
management activities as per the risk treatment action plan you
completed in Task 1 and monitor the success of controls
o Policies
o Procedures for team members to follow
o Role description of team members
o Signage
o Communication to team members
3. A complete risk audit report /Appendix 2/ Note: leave the result column
blank at this stage/
4. A write report for continuous improvement of risk management in
the organisation /at least three recommendations for improvement of risk
management/
5. A complete risk audit report /appendix 2/ the result column
1. Monitoring schedule at MacVille
/Complete the template based on identified risks in Assessment Task 1 /
Control Monitoring Activity Responsibility Timelines
For risk 1:
Engaging with new
international and
local suppliers to
ensure quality and
avoid on relying on
too few suppliers
Collect and research
information about new
suppliers Operation Manager Every
quarter
Quarterly report on
production
Include demand Inventory Manager Every

January 23, 2019 [BSBRSK401 Identify risk and apply management processes]
For risk 2:
Engage with
demand planning
such that adequate
supply of raw
materials can be
maintained
planning Quarter
Demand scheduling
with inventory manager
Preparing reports on
supplies
For risk 3:
Engaging with
workforce and
devising a suitable
HR plan with
appropriate policy
Prepare HR policies and
procedures
HR Manager Every
Quarter
Implement polices
Undertake training
2. A portfolio of evidence of your implementation
Answer:
Implementation of risk management activities can be understood by means of implementing
the policies such as demand scheduling, supplier policies and HR policies. Procedures will be
given to team members such that they can implement risk management plans appropriately
and control risks (Nechaev, Antipina, and Prokopyeva, 2014, p 570). Role of team members
is most important while controlling risks. Each members from different teams will be given
responsibility to document, evaluate and monitor implementing risk management plans.
Continuous communication will be maintained with the team members to ensure that they
can carry out the implementation procedure in an appropriate manner.
3. MacVille incomplete risk audit report
Risk
description
Control’s
Implemented
Objectives
/targets
Measures Result
Risk1:
Supplier
issue….
Regular contact
with supplier
All managers
informed of
policy to have
monthly contact
with supplier
Number of
manager email
sent to
Number of
managers
agreed to policy
-
…. -
-
Risk2:
Demand
related risks
Regular contact
with customers
Inventory
managers are
updated
Sending
numerous
emails
-
-
-

January 23, 2019 [BSBRSK401 Identify risk and apply management processes]
regarding the
demands
Risk3:
Workforce
related risks
Regular training Employees and
staffs needs to
be aware
regarding new
policies and
procedures
Conducting
meetings
-
Regular
interaction and
meeting with
workforce
Sending
numerous
emails
-
Performance
review
Performance
reviews
-
4. A write report for continuous improvement of risk management
Introduction
In order to manage risks in a continuous manner within the organisation,
improvement has to be adopted. Risks can be considerably harmful in case not
managed in an appropriate manner, hence a risk management plan for evaluation and
monitoring of risks needs to be undertaken.
Analysis
Each and every risks’ impacts has to be understood along with the impacts that is
created by it (Ennouri, 2013, p 290). Hence a comprehensive risks management plan
for the organisation can enable it to suitable manage risks and handle its possible
impacts.
Recommendation
Recommendation for improvement of risk management within the organisation
includes continuous evaluation and monitoring of risks and application of risk
management techniques for such monitoring activities.
Another recommendation for improvement on risks includes inclusion of risk
monitoring activity such as the scorecard analysis or Delphi matrix for detailed and
in-depth analysis of risks.
A manager or personnel needs to be appointed who can effectively decide course of
action and subsequently evaluate and monitor possible risks and its implications
thereof.

January 23, 2019 [BSBRSK401 Identify risk and apply management processes]
Lastly, the organisation needs to include KPI (Key performance indicator) matrix for
complying to the risk management processes and procedure.
5. MacVille risk audit report
Risk
description
Control’s
Implemented
Objectives
/targets
Measures Result
Risk1:
Supplier
issue….
Regular contact
with supplier
All managers
informed of
policy to have
monthly contact
with supplier
Number of
manager email
sent to
Number of
managers
agreed to policy
All managers
sent email
…. -
-
Risk2:
Demand
related risks
Regular contact
with customers
Inventory
managers are
informed
Emails are sent
to managers
and made to
agree with the
policy
All managers
are informed
though emails
-
Risk3:
Workforce
related risks
Regular
interaction with
workforce
All HR
managers are
informed and
they conduct
performance
appraisals
Emails are sent
to managers
and made to
agree with the
policy
All HR staffs
and managers
receive
overview
regarding the
risks facing the
organisation
-
-

January 23, 2019 [BSBRSK401 Identify risk and apply management processes]
References
Ennouri, W., 2013. Risks management: new literature review. Polish journal of management
studies, 8, pp.288-297.
Nechaev, A.S., Antipina, O.V. and Prokopyeva, A.V., 2014. The risks of innovation activities in
enterprises. Life Science Journal, 11(11), pp.574-575.