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    BSBRSK501 Risk Analysis Management Help

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    BSBRSK501 Risk Analysis Management Help


    BSBRSK501 Risk Analysis Management Help

    Introduction

    Risks are integral part of the organization and they cannot be eliminated. However, their assessment is crucial to reduce their occurrence. The risks can be analyzed through the strategic tools such as PEST and SWOT analysis (SHTAL et al, 2018). The organization growth is measured by how effectively it manages them by planning and forming policies. The report emphasizes on the management of the risks that recur in the organizational functions and threaten the fluent growth. Furthermore, the report monitors the implemented plan of the organization that is placed for the management of the risks. It is difficult to eliminate the risks because the market and other internal as well external factors are uncertain (Aven, 2015). They keep occurring; therefore, their management is a preventive measure that would protect the organization from being prone to the impact of the risks.

    Assessment 2:

    Risk analysis

    The risks that are analyzed by the company before establishing the café are discussed next. Along with the identification of the risks, their management and remedies are also described. The risks that are most severe that require mitigation for acquiring the Hurley’s café are discussed below along with their consequences.

    1. Travel risk of managers

    The case study displays the risk to the managers who will have to travel to Toowoomba branch for meeting. The traffic and the heavy carriers are risk to even the most competent drivers in the day hours as well. It is described that the meetings can only be end after 6 in the evening. This will pose a risk to the safety of the travelling managers. However, it is not that the incident will surely occur but due to the winding roads, the chances increase. In the evening and after dark, the risk of accidents further increases. Therefore, it is not safe for the managers to travel after dark.

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    1.1 Likelihood

    The probability for the occurrence of the risk is moderate. The chances of presence of this risk is when the manager will have to travel from Brisbane to Toowoomba branch for weekly meetings. The managers can meet accidents because the road is winding, and heavy vehicles run on it can cause harm. Furthermore, the meeting will end in the evening and the return is a two- hour journey. Therefore, the accident probability increases.

    1.2 Consequence

    The one-sided drive from Brisbane to Toowoomba is two hours long. This risk can have damaging consequences. The person can have an accident. Such mishaps can lead to damage of life; therefore, the consequences are very risky. The organization can provide guarantee to the managers for preventing them from the risk. Then only the consequence of the risk can be reduced.

    1.3 Priority

    The risk of travelling from Brisbane to Toowoomba is of high priority. This is because the risk in travelling this lengthy ride is medium. However, catastrophic mishaps can occur that increase the consequence of the risk. therefore, the assessed risk priority is high in this case and need to be remediated for the protection of the skilled staff of the organization.

    1.4 Options

    There are various options that can be deployed for the sake of the management of the risk in travelling a lengthy ride from the headquarter to the branch of the café such as:

    -The use of digital media such as video conferencing can be installed, so that the managers are not required to present physically at the branch office for meetings (Wilcox, 2017).

    -The time of ending the meeting can be shifted to before 3 in the evening so that the managers can reach headquarter before it gets dark and chance of accidents scale up.

    -Instead of conducting the meetings in the late hours, the company can reschedule them in the morning time so that the managers do not find it difficult to attend them and end it on appropriate time.

    -The managers who travel can be provided accommodation so that they do not have to travel in the late hours. In this way, the travelling risk can be managed effectively.

    2. Risks of legal compliance

    Legal risks arise when the company is under the threat of the legal penalties and they can be imposed fines for not integrating the importance of the laws and regulations in their functions. The company is using water more than the set limit. This exposes the company to face penalties in form of fines. However, this risk can be minimized and managed effectively to become sustainable. The sustainable growth marks success to the company but the surpassed use of water puts the company in a lower place.

    2.1 Likelihood

    The presence of the risk affects the sustainability image of the company and requires the higher authorities to take strict actions and application of strict policies. The impact of the risk is medium as the surpassed use of water can lead to water misuse and reduction in the water level. therefore, the company will face legal compliances for going against the laws and regulations on water use as set by the government

    2.2 Consequence

    The presence of the risk can generate grave consequences for the smooth running of the organization. Some of the consequences are:

    -High penalties in the form of fine that the company will have to pay for operating against the laws.

    -The imposition of the penalties can harm the reputation and image of the brand.

    -Penalties can add to the increased and uncontrolled cost.

    -The asset distribution of the company also suffers and become inefficient.

    2.3 Priority

    The management of the risk, by seeing its consequences, can be regard as of medium priority. The effects of the surpassed water use are not causing damage to the life and neither it is catastrophic. The consequences are of minor classification. Therefore, it is of moderate priority to deal with.

    2.4 Option

    The ways in which the risk can be managed and mitigated are:

    -The company have accommodated non-native plants in the company that requires high amount of water for growth and maintenance (Maggioni, 2015). So, native plants can be grown so that the use of water can be minimized.

    -Water conservation techniques such as making tanks for conserving rainwater can be made. This will harvest the rainwater and can be utilized in plantations.

    -The single flush in the company is using excess water so the company should adopt a double flush system. The double system of flush will save water that goes unnecessarily waste.

    -The dishwashing system adoption can also save huge amount of water.

    -Checking for the appropriate use of water can save excess use and loss of water. Policies can be made for use of water and the staff can be educated for the importance of saving water.

    3. Risks of banking

    The banking risks are rising in the company because there is no strict framework of using and drafting the money. There is no such activity of registering the amount taken for the personal use form the obtained money (Nagin and Telep, 2017). This prevents from having an appropriate record of the cash collected. Furthermore, the amount is not always saved in the bank because the company bank is little far, and it is time consuming to go their everyday. Therefore, many times the money is kept in the register as there is no safe in the café. This can give rise to theft activities and café will suffer a grave loss (Losiewicz-Dniestrzanska, 2015). Therefore, such risks are necessary to mitigate by forming strict policies and checking their follow-up.

    3.1 Likelihood

    The likelihood of occurrence of such risks is, however, medium. $4ooo were left on the premises and were not saved in the bank. These chances of burglary cannot be predicted but there is high possibility that the money can be stolen from the premises as there is no safe in the café.

    3.2 Consequence

    The company requires high cost to manage the major and minor risks of the company. Therefore, the company need high amount of money. If is cannot manage the collected amount properly, the money can be stolen, and the company will face loss in incurring expenses. The other consequences are: - Such irresponsible actions of the company can attract theft activities. It will be a plus factor for thieves as there is no safe where money can be protected. The thieves will steal the money and other resources with ease. - There are no records kept for who takes how much money. This can give rise to fraudulent activities in the company as the representatives will take as much amount they need from the collected money. - The family owned business keeps no record on how much money the family have taken. This makes the identification of the stolen money as fraudulent activities difficult. Keeping record can only protect the company from such activities.

    3.3 Priority

    The risk of not keeping record of the expenses can be categorized of medium priority. The consequence of the risk is however, major because not keeping the adequate risks can affect the income of the company and there will be no identification of the fraudulent activities.

    3.4 Options

    The changes deployed to mitigate and manage the risk are as follows:

    - The policies such as recording all the inflow and outflow of the cash along with the date can be used to manage the risk of fraudulent activities (Soboleva et al, 2018).

    - A safe can be made with reliable security code so that the cash can be safely kept if it is not submitted in the bank.

    - The company can shift its bank to the near one so that time can be saved and everyday income can be submitted there without failing. Thus, the money can be protected from the fraudulent activities and the unrecorded data.

    Risk management planning

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    Implementing treatment for risk management

    All the risks that are discussed above are threat to the fluent running of the organization and prevent a lot of cost outflow in the form of penalties (Hopkin, 2018). The risk management plan can be formulated for determining the impacts of overusing water and how it can be reduced so that water can be conserved as per the set policies and regulations of the government. This can be managed in following ways:

    - The managers can conduct training program for the employees to understand the importance of conserving water.

    - Water harvesting techniques can be articulated to the employees.

    - The tanks can be constructed to harvest rainwater. This water can be used to the water the plants and for cleaning purpose.

    - Policies can be made that will ensure that the water consumption is minimal.

    - Posters can be pasted to make the staff aware of the importance of saving water.

    - Taking actions against those who do not stick to the policies.

    The implementation of these strategies to manage the surpassed use of water is not too difficult and neither of it requires much expenses. The higher authorities can give responsibility to the specific employees every week so that they can check for those who are working against the set policies.

    Conclusion

    By dealing with the above highlighted risks in order of priority, Macville Company will be able to deal with them and reduce any occurrences of negative impacts on the running of the new café. If implemented successfully, Macville will also be able to use this risk analysis management plan as a benchmark for future business acquisitions.

    Assessment 3:

    Evaluation of risk management plan report

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    Plan

    As discussed, the risks are an integral part of the organizational functioning and every organization face one or other risks due to various internal as well as external factors. The risks, however, cannot be eliminated from any firm but there are number of ways in which they can be managed (Pereira, Silva and Pereira., 2018). The café is facing unnecessary loss in the income due to the penalties and other risks. The café is planning to reduce them by making strict policies. The various risks that are faced by the company that required management are banking issues. The deposition of the cash in the bank is a problem because it is time consuming and sometimes all the employees are busy due to which the cash is not deposited. This increases the chances of fraudulent activities as the cash incoming and outgoing are not recorded. Another risk is in the manager’s time in the lengthy rides from Brisbane to Toowoomba. The traffic on the road can lead to the safety issues of travelling in the late hours. Furthermore, the company is also facing problem in the water conservation. The 3 level dishwashers, single flush system in the restrooms and the watering of the non-native plants lead to the high consumption of water. The company is planning to implement strategies to manage the risks.

    The company is planning to manage the risks as no one can eliminate them. The plans of the company include:

    - Making effective use of the rainwater.

    - Reducing the time of meeting for the managers who drive from the headquarter in Brisbane to the branch office in Toowoomba.

    - Preparation of the record for the cash income and used in expenditures.

    - Setting up budget to reduce the extra costs.

    - Making the deposits as everyday activity.

    These are the plans that the company wants to implement so that the risks can be managed.

    Implementation

    The risk management plans formed by the company needs effective implementation. Simply planning is not the only way to manage the risks but they are required to be implemented as well. The implementation of the plan is to achieve the effective management of the company which is the underlying objective. The implementation can save a lot of cost of the company as the risks are causing loss of the natural as well as monetary resources (Araz et al, 2020).The implementation of the plan will be as follows:

    - Educating the employees about the importance of the resources and to indulge in the ethical business practices.

    - The company can hire people for budget preparation and effective record of the cash inflow and outflow.

    - Making tanks for the conservation of the rainwater that effectively can be used in the process of plantation.

    - Shifting to dual flush style to save extra loss of water. - A 5-6 dishwasher adoption to prevent loss of water.

    - Reducing time to 3pm from 6pm so that the managers do not have to drive in the rush hours and the safety of the managers can be ensured.

    - Providing guarantee to the mangers by the CEO for the safety while travelling in the peak hours.

    - Formation of the policies for the water conservation.

    Outcomes

    The plans for the management of the risks were implemented to achieve the underlying objectives such as risk management, formation of the policies, safety of the employees, and so on. The outputs that were achieved from the implementation of the plan are shown below. These outputs were analyzed by the audit team hired by the company. the auditors found out the following outcomes of the implemented plan:

    - The time of the meeting for the managers was shifted to 3pm and the employees do not suffer any safety concerns. However, the CEO have not provided the copy of the safety agreement to the managers who travel for meetings, but the agreement is already formed.

    - The company have shifted to the dual flush system for the sake of the conservation of water. However, they are not yet installed due to the backlog of the plumbers in the place. The water policies has been developed in the 6 months’ time but they are not yet specified in the written form. The 5-6 level star standard dishwashers are also adopted to reduce the water consumption and are installed in the given time.

    - The tanks were built for harvesting the rainwater. The water is can be used for the watering the plants (Goerlandt, Khakzad and Reniers, 2017). However, the plumbing work is still pending and the company had made no updates on it for the past three weeks.

    - The non-native plants are replaced by the native plants that grow in comparatively less water.

    - The video conferencing for conducting meetings is not yet installed due to the government’s delay in settling the broadband network. But for the sake of the safety, the time of the meeting’s end is shifted earlier time than before.

    - The banking issue of the company is also resolved. The report showed that the cash is deposited at the end of the day and only twice it happened that there were no entries. This is an achievement because earlier there were no records of the cash but now in the period of the six months, the company have everyday detail except two.

    - The audit occurred only once while it should happen every two months. The store manager has reasoned the distance that the auditors had to traverse for auditing. That is why the infrequency in the auditing occurred.

    Evaluation

    In the process of evaluation, the risks were evaluated. There type, damage they tend to cause, and their importance of management were analyzed and evaluated. The company identified the category of the various risks and classified them based on severity.

    The banking issue was classified as a medium risk factor and it impacted the income of the store. The risk was of major intensity because its occurrence gave rise to the fraudulent activities. The travel of the manager from headquarter in Brisbane to the branch store in Toowoomba was risky and classified as high-risk factor. The manager had to travel 2 hours straight to reach the store. The road and the heavy transports were potential risks as even the most competent manager was not sure of the safe ride (Glendon, Clarke and McKenna, 2016). The company, therefore, focused on this issue and mitigated this risk by shifting the time of the meeting completion before 3 pm instead of 6 pm. At last, the water management risk was of minor category. The risk did not affect the life of the people, but it affected the natural resource that is already at depleting levels. Therefore, the company is determined to manage this risk as well.

    The company was impacted gravely due to the presence of the risks, therefore, there management was a grave concern for it. The company was losing its income in the penalties as the water consumption surpassed the set limit. The banking inability of the employees and no availability of the records were also the factor that there was no appropriate track of the use of the money. Therefore, these risks gave rise to the development of several policies that will manage the risks and prevent the unnecessary exploitation of the monetary resources.

    The company however, predicted the loss and articulated strict policies that will manage the risks and reduce their occurrence (Sadgrove, 2016). If this realization was not quick, the company must have lost most of its resources in the form of penalties. Therefore, the prediction of the requirement saved the company’s cash inflow that resulted in the raised income of the company. The formation of the agreement for the employee’s safety was also important as the company cannot risk the life of the skilled managers, therefore, it made the strict changes in the meeting timings (Aven, 2016). The water was also saved from wastage by installing 5-6 star rated dishwashers and by shifting to the dual flush system.

    The importance of evaluating these risks is necessary as the company is determined to reduce them to increase the competitive strength and sustainability. The practices that deployed by providing training to the employees where they were taught of the water conservation, banking practices and the business practices to further reduce the occurrence of these resources. According to the audit report, only twice the company did not deposit the amount in six months. Therefore, it is evident that the banking risks that were high in the past will not be repeated. Furthermore, waste of water is also prevented by the installation of the water saving devices such as dual flush, 5-6 starred dishwasher, water harvesting tanks and so on. Therefore, the potential risks will not be repeated. However, the company cannot ensure the safety of the managers because the external factors are out of the control and they cannot be prevented. But the company is still engaged in installation of the video conferencing that will prevent the travel of the managers from Brisbane to Toowoomba.

    Conclusion

    The risks in the organization are integral part and their presence drives the company towards the adoption of the innovative and reliable methods. The risks cannot be eliminated from the organizational environment, but the organizations put their efforts to minimize them to greater extents. For minimizing the risks, the organizations choose strategic methods. In this report, it can be concluded that the Hurley’s café is facing many issues that result in the occurrence of the risks. The company can deploy risk management system to manage and mitigate the risks. The various risks are the banking issues that arise due to the inconsistent deposition of the money and lack of records. Furthermore, the water conservation risks were also faced. This can also be concluded that the risks are mitigated by forming the policies for using the resources effectively and carefully. The report proves that the company has successfully mitigated the risks by amending policies and installing innovative ways to manage the risks of high consumption of water.

    References

    Araz, O.M., Choi, T.M., Olson, D. and Salman, F.S., 2020. Data analytics for operational risk management. Decision Sciences.

    Aven, T., 2015. Risk analysis. John Wiley & Sons.

    Aven, T., 2016. Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research, 253(1), pp.1-13.

    Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.

    Goerlandt, F., Khakzad, N. and Reniers, G., 2017. Validity and validation of safety-related quantitative risk analysis: A review. Safety science, 99, pp.127-139.

    Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

    Losiewicz-Dniestrzanska, E., 2015. Monitoring of compliance risk in the bank. Procedia Economics and Finance, 26, pp.800-805.

    Maggioni, E., 2015. Water demand management in times of drought: What matters for water conservation. Water Resources Research, 51(1), pp.125-139.

    Nagin, D.S. and Telep, C.W., 2017. Procedural justice and legal compliance. Annual Review of Law and Social Science, 13, pp.5-28.

    Pereira, P., Silva, E.S. and Pereira, A., 2018. Operational risk management: the basel II. The International Journal of Business Management and Technology, 2.

    Sadgrove, K., 2016. The complete guide to business risk management. Routledge.

    SHTAL, T.V., BURIAK, M.M., AMIRBEKULY, Y., UKUBASSOVA, G.S., KASKIN, T.T. and TOIBOLDINOVA, Z.G., 2018. Methods of analysis of the external environment of business activities. Revista ESPACIOS, 39(12).

    Wilcox, J.R., 2017. Videoconferencing: The whole picture. Taylor & Francis.

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