TACC610: Risk Assessment and Management Report for Andrew McDonald

This report presents a comprehensive risk assessment and management plan for Andrew McDonald Shoemaker, a sole trader specializing in handcrafted footwear. The report begins with an introduction to risk management, emphasizing its importance in mitigating business uncertainties and potential losses. It then provides background information on Andrew McDonald Shoemaker, highlighting its history, core principles, and product offerings. The purpose of the risk management plan is outlined, followed by a detailed explanation of the Enterprise Risk Management (ERM) structure, including its components (risk architecture, strategy, and protocols) and the steps involved in the risk management process (establishing context, risk identification, analysis, evaluation, and treatment). The report identifies key risks faced by the organization and proposes mitigation strategies, with a focus on improving product differentiation and introducing innovative product lines. Finally, the report includes an organizational review and process management section, followed by a conclusion summarizing the findings and recommendations. The report draws on relevant literature to support its analysis and recommendations, offering valuable insights into the practical application of risk management principles in a real-world business context.