Risk Management for Business

Critical Success Factors

Thank you for submitting your assessment task. It is clear that you have done a great dela of research on the theory of Managing risk for business. These ideas should be able to assist you in applying this theory to a company of your choice to complete the assessment task as required. Step 1 required you to 1. Give me an overview of a company you have chosen. 2. Identify the critical success factors of that company 3. Identify the strategic objectives of that company 4. Discuss the things that impact on the external and internal context of the company. Within each of these categories context you need to provide information about the financial, social, political, and other contexts as identified in the ISO31000:2009 standard . You then need to resubmit this to me along with step 2, by Wednesday 26 August, 2015.Conduct a risk assessment to identify, analyse and evaluate risks. The outcome of your risk assessment exercise should be documented in a risk register and annexed to the risk management plan.

1.      Risk identification

For each risk category:

a.         Identify the factors that should be considered and information sources used when researching risks that apply to scope

b.        Provide evidence of the tools, techniques or methods used to generate a list of risks that apply to the scope

c.         For each risk identified write a statement that defines the risk, and consider the possible causes and consequences (or impacts).

d.        Use a risk identification log to document the outcome of the risk identification exercise. The log should be annexed to the risk management plan

2.      Risk analysis and evaluation

For each risk, provide evidence of:

a.       The risk analysis system/processes and tools used to:

i.  Estimate the possible consequence or impact on objectives

ii.  Estimate the likelihood of the risk occurring

iii.  Determine the level of risk

b.       The risk evaluation processes used to determine if risk treatment is required and rank the risk in order of priority

c.        Internal and/or external stakeholders participation in the risk analysis and evaluation

d.       Using  the risk register to document the outcomes of your risk analysis and evaluation

Part 3 – Risk treatment and control

3.      For each risk provide evidence of:

a.      Selecting the most appropriate control (action) for treating the risk

b.      Developing and implementing risk treatment (or action) plans

c.       Referring risks having an impact beyond own work responsibilities and area of operation to an appropriate authority within the organisation

d.      Using a risk treatment plan template to document the outcomes of a, b and c. The risk treatment plan should be annexed to the risk management plan.

Part 4 – Monitoring and review

4.      Provide evidence of taking the appropriate measures to regularly monitor and reviewrisk treatment plans

5.      Provide evidence of how you would improve the treatment of risks using the review results

6.      Explain how you would ensure that all documentation relating to the risk management process is in order and appropriately stored.

7.      Outline your strategy for reviewing and monitoring the risk management process in your area of operation.

Critical Success Factors

The event titled, risk identifier and risk management process is being organized by Mr. John Duarkan and will take place on the 25th of September, 2015.

The objective of the event is

•    To analyze the risk that is involved in the operation of the business
•    To analyze the risk factors concerning the competitors of the business

The context within which this plan has been developed is the plan has been developed in order to meet the requirement of the customers and to overcome the risk that is faced in the organization concerning the business activities that are ascertained in the business (Acharyya & Brady, 2014). As Coles Supermarket is dealing with the retail products, it needs to prepare the plan concerning the variety of products and need to manage the customer affair as well.
 
Background / Event Scope

As per the case, the event in the current context relates to the launch of new range of line products in the field of electronics by Coles Supermarket along with its existing business activities.

Detail Activities of the event:

The risk involved is concerning the launch of new line products in the sector of electronics apart from fruits and veggie, financial services and liquor land’s low. The Coles Supermarket app includes the electronics range starting from laptop, tablets and mobile phones (Crouhy, Galai & Mark, n.d.). There are several brands involved in relation to the launch of these products like Samsung, Apple iPhones, etc. Therefore, the risk is involved in regards to the launch of these new products in the market giving a cut throat competition to the various competitors in the market that already exist.

Environment: What is the location/layout?

The current marketing layout is carried out in the region of America after Australia (Gupta, 2014). The new strategy of business is adopted concerning launch of the new products in the market.

Activities requiring permits?

In order to launch the product in the international market, the trade license for carrying out the business in the international market is required. Furthermore, the activity for the marketing of the product is required by the company that shall aid to launch of the product in America (Komu, Sethi & Beijar, 2015). On the other hand, the auditing section of the company also requires permission from the government of America for showing its taxation and profit percentage.

Organizational Details

Organization coordinating and responsible for the event:

Name of individual responsible for organizing the event

John Duarkan, managing director of the company along with it has taken the responsibilities himself concerning the launch of the new range of products for its customers (Louth & Boden, 2014).