Risk Management Assessment: Policies, Procedures, and Analysis

This assignment delves into the multifaceted realm of risk management, encompassing a wide array of topics essential for effective business operations. It begins by defining the purpose of risk management standards and then outlines the AS/NZS ISO 31000:2009 risk management principles and guidelines, providing a detailed overview of each of the 11 principles. The assignment also explores the requirements under WHS legislation to manage risks, detailing factors for determining risk control measures for hazardous manual tasks as stated in the model Work Health and Safety Regulations 2011. It further examines the purpose of risk management policies and procedures, lists examples of risk impacts, and outlines step-by-step procedures for analyzing risks, including identifying information sources and employing various tools and techniques like SWOT and PESTLE analyses. The assignment provides options for controlling and minimizing risks, followed by a case study involving NatureCare, a company seeking market expansion, and demonstrates the application of risk management through reports, emails, and a risk management plan. The assignment concludes with discussions on staff training options, highlighting on-the-job and off-the-job training methods, and includes risk management evaluation reports and communication protocols.

Management risk

TASK 1....................................................................................................................................................4
1. Purpose of risk management standards.........................................................................................4
2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each of
the 11 principles...................................................................................................................................4
3. Outline the requirement under WHS legislation to manage risks.................................................4
4. Outline 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...............4
5. Outline the purpose of risk management policies and procedures in the workplace....................4
6. List three examples of the impact of risks for a workplace if risks are not identified or actioned.
4
7. Outline step by step procedures that companies can use for analysing risks................................4
8. Outline three sources of information that a company could use to gather information on
potential risks.......................................................................................................................................4
9. Outline three examples of tools or techniques that a company could use to identify risks as part
of a risk assessment process.................................................................................................................4
10. Outline four options that a company could take to control risks...............................................4
11. Explain four procedures that a company could use to minimise risk........................................4
TASK 2....................................................................................................................................................5
1. Risk briefing report.......................................................................................................................5
2. Email to CEO................................................................................................................................5
3. Email to team................................................................................................................................5
4. Team meeting................................................................................................................................5
5. Risk management plan..................................................................................................................5
6. Email to CEO................................................................................................................................5
TASK 3....................................................................................................................................................5
1. Report on staff training options.....................................................................................................5
2. Email to CEO................................................................................................................................5
3. Email to staff member who will undergo training........................................................................5
4. Training evaluation report.............................................................................................................5
5. Email to the CEO..........................................................................................................................5
6. Monitor risk control measures......................................................................................................5
7. Email to CEO................................................................................................................................5
TASK 4....................................................................................................................................................5
1. Risk management evaluation report..............................................................................................5
2. Folders and files............................................................................................................................5
3. Email to assessor...........................................................................................................................5

TASK 1
1. Purpose of risk management standards
Risk management is the procedure of identifying, assessing as well as controlling threats to an
organisation capital and earning. By implementing risk management Standards Company can take
major steps before occurring risk as well as can save money and their future.
2. Outline the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each
of the 11 principles.
ISO 31000:2009 has provided general guidelines and principles on risk management. It can be use
by any private, public enterprise, association, individual or group. So ISO 31000:2009 is not
particularly for any industry or sector. It can be applied through life of company as well as in wide
range of activities, operations, processes etc.. Moreover, can be applied to any kind of risk whether
having positive or negative consequences. Its intention is not to promote uniformity of risk
management within organisation. Along with this, ISO 31000:2009 can be use for harmonize risk
management procedure within existing and future standards. It is not intended for the purpose of
certification.
3. Outline the requirement under WHS legislation to manage risks.
Safe Work Australia developed a single set of WHS laws which implemented across Australia as
well as it is known as model law. The main object of Act is to provide for a balanced as well as
nationally consistent framework to secure the health and safety of staff members as well as workplace.
Respective legislation helps in managing risk within organisation
4. Outline 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.
There are several type of risk which should be consider while determining risk control measures.
Factors which need to be consider are technical and non-technical aspects of business, financial
policies as well as other major issues related to this. Moreover, it is important for business firm to
identify the nature of risk for minimising its impact on the working of business firm.
5. Outline the purpose of risk management policies and procedures in the workplace.
Risk management policies as well as procedure within workplace have some purpose as it help in
identifying potential problem before their occurrence. In simple term it can be said that, purpose of
risk management policies and standards is to provide guidance regarding management of risk for
accomplishing objectives of company, protecting staff members, business assets and ensure financial
stability of company.

6. List three examples of the impact of risks for a workplace if risks are not identified or
actioned.
There are several type of risk for workplace which may impact working of overall organisation.
Explanation of these are as follows ;-
 Financial – It have wide impact on business firm such as lost of revenue, cost and expenses.
Financial impacts may be modeled as single estimate or probability distribution.
 Sustainability – risk to the environment like estimation of potential damage to ecosystem.
 Time – Project often estimate risk which impact in term of cost as well as time. For instance,
project team may estimate the impact of technical risk in relation of delays to schedule.
7. Outline step by step procedures that companies can use for analysing risks.
The procedure of risk analysis involves identifying as well as quantifying uncertainties. There is
proper process of risk identification explanation of these are as follows ;-
 Identifying and quantify uncertainty
 Compute the impact of uncertainty
 Completed a risk analysis model
 Explore the model with simulation
 Analyze the model results
 Make decision to better manage risk
8. Outline three sources of information that a company could use to gather information on
potential risks.
There are several sources which company can utilise for gathering information related to potential
risk. These are mention bellow :-
 Risk register and risk report – It provides foundation for evaluating existing risk and their
potential risk to an objectives.
 Audit reports – Independent view of adherence for regulating guideline which include review
of compliance preparation, security policy, management of risk and so on.
 Internal and external review – review undertaken for evaluating the suitability, adequate and
effectiveness of department’s system and look for opportunities.
9. Outline three examples of tools or techniques that a company could use to identify risks as part
of a risk assessment process.
There are several tool and technique which provide assistance to an business firm in identifying
risk. Explanation of three techniques are mention below :-

 SWOT analysis – It stands for strength, weakness, opportunity and threats. SWOT analysis
utilise by a business as analysing tool and also help in approaching internal and external
factors through which firm can identify risk.
 PESTLE – Utilise as planning tool for identifying and categorising risk involved in
external environment. Here PESTLE stands for political, economic, social, technological,
legal and environment.
 Brainstorming – It is creative technique helps in gathering risk spontaneously by group
members. As group members verbally identify risk involved in environment.
10. Outline four options that a company could take to control risks.
It is important for an organisation to control risk because it have negative impact on working of an
business firm. There are several was through which business firm can control risk explanation of these
are as follows :-
 Accept the risk
 Avoid the risk
 Mitigate the risk
 Transfer the risk
11. Explain four procedures that a company could use to minimise risk.
From large to small scale organisation every single business carriers many type of risk along them.
Risk may be consumer market transitions, legal issues as well as personnel safety. There are several
ways through which business firm can minimise risk such as obtain insurance, expand the offerings of
business, practice safety at all times and stick to short term commitments.

TASK 2
1. Risk briefing report
NatureCare is medium size Australian company which is based in Brisbane. It was commenced in
19996 and manufacturing high quality and eco-friendly beauty as well as skin care products. Risk
management process has five major steps which will provide assistance to NatureCare is identifying
as well as managing risk which is related to their product. Explanation of steps are as follows :-
 Identify potential risk associated with their product
 Measure frequency and severity
 Examine alternative solution
 Decision making related to the use of solution
 In the end results or outcomes will be monitor
Thus, For NatureCare company market expansion will be more suitable approach as it is less risky and
help company in enhancing their market share by 10%.
2. Email to CEO
To CEO
Respected Sir/madam
We had conducted risk management process for analysing risk related with the company in
both launching new product and market expansion. After determining risk it has been analysed that
market expansion is more suitable approach because in launching new product it is possible that
customers will like it and there will be chances of failure.
Thank you
Operation manager
3. Email to team
To team member’s
This Email has been forwarded to telling you that meeting will be conducted tomorrow at
10:00 AM sharp. For some major discussion about risk identification process and increasing market
share of company.
Thank you
Operation Manager
4. Team meeting
Motive behind conducting this meeting is to discuss that company want to increase their market
share by 10% and for this purpose there are two option i.e., market expansion as well as launching

new product. Thus, for finding better option risk identification approach has been implemented after
going through this it has been determine that market expansion is suitable. Because launching new
product is market is risky as it is not possible that their new offering which is diverse will be like by
customers. Thus, it may result in failure for NatureCare so for them market expansion will be suitable.
As respective business firm is well known for their quality Eco-friendly beauty care products so for
them diversified offering is not suitable.
5. Risk management plan
Risk – Product diversification may be risky for NatureCare as their new offering may not be like
by customers. Because they are well known for eco-friendly beauty products.
Risk assessment - Risk management process has five major steps which will provide assistance to
NatureCare is identifying as well as managing risk which is related to their product. Explanation of
steps are as follows :-
 Identify potential risk associated with their product
 Measure frequency and severity
 Examine alternative solution
 Decision making related to the use of solution
 In the end results or outcomes will be monitor
Risk treatment/risk control – NatureCare should have to try for avoiding risk by not moving
towards product diversification for increasing their market share.
6. Email to CEO
To CEO
Respected Sir/Madam
This risk management plan has been attached
Risk – Product diversification may be risky for NatureCare as their new offering may not be like
by customers. Because they are well known for eco-friendly beauty products.
Risk assessment - Risk management process has five major steps which will provide assistance to
NatureCare is identifying as well as managing risk which is related to their product. Explanation of
steps are as follows :-
 Identify potential risk associated with their product
 Measure frequency and severity
 Examine alternative solution
 Decision making related to the use of solution
 In the end results or outcomes will be monitor

Risk treatment/risk control – NatureCare should have to try for avoiding risk by not moving
towards product diversification for increasing their market share.
TASK 3
1. Report on staff training options
There are mainly two type of training method i.e., on the job training method and off the job
training method. Explanation of these in relation of NatureCare are as follows:-
 On the job training methods – It is an training method in which employees skills as well as
knowledge enhance through performing task on work place. There are several on the job
training methods such as job rotation, coaching, mentoring and many more.
 Off the Job training methods – It is also an training method in which employees get trained
outside of the workplace. There are several methods of off the job training such as case study,
role playing, management games, instruction and many more.
So, for staff members of NatureCare on the job training method is more suitable because with the
assistance of this employees get trained in effective manner as well as practical knowledge will gained
by them.
2. Email to CEO
To CEO
From: Human Resource manager
There are mainly two type of training method i.e., on the job training method and off the job
training method. Explanation of these in relation of NatureCare are as follows:-
 On the job training methods – It is an training method in which employees skills as well as
knowledge enhance through performing task on work place. There are several on the job
training methods such as job rotation, coaching, mentoring and many more. On the job training
method is effective because it result in enhancing practical knowledge of staff members
because they learn through working on workplace.
 Off the Job training methods – It is also an training method in which employees get trained
outside of the workplace. There are several methods of off the job training such as case study,
role playing, management games, instruction and many more. By off the job training method

staff members will gain theoretical knowledge which sometimes creates difficulties for them in
conducting day to day operation within business firm in effective manner.
So, for staff members of NatureCare on the job training method is more suitable because with the
assistance of this employees get trained in effective manner as well as practical knowledge will gained
by them. But for them it is important to focus that daily basis operations of business will not get
affected in negative manner. Because it may result in negative impact on profitability and productivity
of business firm.
3. Email to staff member who will undergo training
To staff members
From: Human Resource manager
For you all training and development session has been designed by human resource
department which will provide assistance to you all in developing your skills as well as knowledge.
So, from tomorrow 15 days training session will be there on workplace only because it is an on the job
training session. So be on time tomorrow and I hope this session will be effective for you all and some
specialist also hire by company as they will guide you in effective manner. But along with this, we all
should have to ensure that while doing on the job training daily operations which conduct within
organisation will not get disturb. Because it may result in negative impact on profitability and
productivity of business firm.
4. Training evaluation report
5. Email to the CEO
6. Monitor risk control measures
7. Email to CEO
TASK 4
1. Risk management evaluation report
2. Folders and files
3. Email to assessor

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