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Discuss and formulate the objectives of your plan
Outline critical factors that will contribute to the success of the risk management plan (factors will be critical in successfully achieving the objectives).

Risk identification

Explain how you researched risks included in your scope, and what tools/techniques you used to identify and generate a list of risks to analyse. Include your list of risks.

Risk analysis

Assess the likelihood of the risks occurring (almost certain, likely, possible, unlikely, rare) and the potential consequence of these risks (catastrophic, major, moderate, minor, insignificant).

Stakeholders and Risk Management Plan

The report focuses on the importance of risk management activities and the manner in which organisations take precaution about managing risks. Risk identification is one of the main factors that every manager needs to analyse. The managers need to predict the risks that may befall the organisation by analysing the business environment. The report provides such analysis and takes into account an organisation that needs to maintain the risk management policies. The organisation that the report focuses on is Excelsia. Excelsia is a retail company that provides all types of retail goods to the customers. The company was established in 2015 and is trying to make an impact in the business market of the retail industry. Currently, the risk management policy of the company ensures that a complete framework is established that prevents employees from being at risk while working at the organisation. The company is in regular compliance with the best practice that is involved with the risk management policies. The risk management procedure followed by the company ensures that the company is governed in accordance with the AS/NZS ISO 31000:2009.

Excelsia aims at developing the business by gaining more profit and expanding in the global market. To do so it is required that the company get ample support from the stakeholder. In this regard, it can be said that the external stakeholders of the company include the customers, Government, suppliers, society and the shareholders; whereas the employees, managers and the owners act as the internal stakeholders of the company. To make any type of business decision it is necessary that the company seek the advice from the stakeholders. This can be done by approaching them directly via feedback forms or discussions. The risk management plan of the company includes a systematic analysis of the risk. However, the issue that the stakeholders identified in the plan includes analysing the risk. Taking more time to analyse the risk may increase the chances of the risk being of more threat. Hence, it is necessary to predict the possible risks that may take place in the organisation.

The risk management plan includes an analysis of the basic factors that affect a business. These include the political, economic, social, technological and legal factors. These affect an organisation in a way that it may hinder its growth and cause serious problems for the organisation.

Political: The analysis of the political factors of Australia indicates that the Government may pose a barrier to the establishment of the organisation. This is mainly because Excelsia is connected with the import and export of materials. Political ties with other countries need to be healthy in order to continue the trade practices that may help the organisation as well as the economy of the country.

Risk Factors: Political, Economic, Social, Technological, and Legal

Economic: The economic factor of Australia may undergo massive fluctuations depending upon the value of dollars. This may lead the organisation to bankruptcy as without the required revenue it may difficult to fend off the loans that the company have undertaken. Moreover, the customers may also be reluctant to purchase products at random due to the low-income rate. Thus, the social aspects of the company come into context with this factor.

Social: The social context is one of the most important factors that affect a business. Customers are a major stakeholder in the success of Excelsia. Hence, it is necessary for the company to maintain customer satisfaction. However, in this regard, the threats may come from the competitors that exist in the market and the economic condition of the people. Excelsia needs to ensure that they have a developed technology that can help the company to reach the customers.

Technological: In the modern day, one of the most updated factors that every organisation need to consider is the technology. Without technology, a business organisation may struggle to establish itself in the market. Excelsia is a new company and needs to ensure that it is technically advanced. However, the risk involved in this context includes finding the right talent that can help the company maintain its technical stability. Moreover, the cost of installing high tech software is expensive that may be a problem without many opportunities to earn revenue.

Legal: The legal factors include the laws and regulations of the country and the organisation. It is important for Excelsia to follow the protocols stated under the Corporations Act 2001, along with the Work Health and Safety Act 2011. The continuous changes in the policies need to be kept in mind at all times to ensure that none of the codes is violated. This can help the company to remain true to the law of the country and pose a risk-free environment for the employees as well as the customers.

The risk management plan will help to analyse and predict the possible risk factors that may affect the organisation. The scope of the plan is that it can help Excelsia to remain aware of the factors that may bring upon risk in the organisation. The factors that have been considered while formulating the scope includes the external factors that affect the business environment.

The objective of the risk management plan of Excelsia includes:

  • To ensure that the organisation has a mitigation technique ready for any type of risk
  • To comply with the legal laws of the country and the policies of the organisation

In this regard, it can be said that the factors that may lead to the critical success of the risk management plan include the support of the stakeholders, corporation and coordination among the employees, risk metric assessments and technology to detect risks. 

Risks Identified for Excelsia

The research behind the identification of risk factors was made after analysing the business environment. The analysis included getting feedback from the customers, conducting a face-to-face interview with the Government of the country, identifying the legal rules and conducting a group session within the organisation. Hence, it can be said that the risks that are needed to be analysed may arise from the external factors of the business environment.

Political ties with other countries: This risk can be considered as a moderate threat as the Australian Government does not indulge in bad political ties with foreign nations. However, the treatment for such a risk is to open up business branches in other countries. 

Fluctuation in the economy: This a major risk for the company as without stable economy, revenue may decrease. The treatment for this risk is to generate enough savings to combat the recession period.

Competition: This is another major threat as Australia has many other famous retail stores. The way to beat the competition is by being technically active and by providing good quality services. 

Lack of technical expertise: Although the modern world, technology is important this threat is moderate as most people are aware of technologies. Hence, any lack of technical expertise can be dealt by recruiting people from outside the country.

Lack of finance: Without finance, a company cannot survive. To treat this threat it is necessary that Excelsia analyse the market and segment the customers so that they can be reached properly.

Continuous changes in legal rules: This is an insignificant risk and so the treatment for this is to be aware of any changes that may take place in the legal establishments.

The reason behind these judgements being effective is based on the analysis of the internal strength of Excelsia. With a capable workforce and responsible people in the organisation, Excelsia can mitigate the risks that pose a serious challenge for the company.

The internal stakeholders of the company can be communicated by conducting a group discussion session. In this session, every detail of the risk management plan needs to be written down so that consultation can be made in the future. Emails can be sent to the responsible person about the roles they have to play in ensuring that the risk does not hamper the organisation.

The risk plan can be maintained by continuously checking the progress made in improving the organisation. The plan can be maintained by documenting every detail that exists in the implementation plan. Any changes that need to be made must be reported to the superiors via email. The evaluation of the risk management plan that is currently being adopted can be evaluated by identifying any progress that the organisation has made in mitigating the technique.

Implementation of Risk Management Plan

Conclusion

Thus, it can be concluded that the report provides a proper analysis of the importance of identifying risks and the process required to mitigate it. Excelsia needs to analyse the environmental factors that hamper the growth of a business. In this regard, recommendations can be made that states that the managers need to focus on other risk factors as well. Hence, an alternate risk management plan needs to be developed to mitigate the hidden risks. The risk management process is effective for Excelsia however; changes could be made by including more details about the method to manage the risks.

Individuals who are conducting an undertaking will have health and safety duties to manage the risks. An effective risk management of health and safety manages and operates the business. The worker's cooperation is also an important part of the management. Plenty of hazards and risks have been well determined in an undertaking. The risk management documentation involves four steps that should always be well stored and updated. Firstly, identifying the hazards is the basic step for the risk management procedure. Secondly, after identifying the hazards, risks are then assessed in a business. Thereafter, controlling these risks become important since it can injure anyone in the organisation. Fourthly, for controlling the risks, measures are adopted. Risk controlling tools are applied for and put to use for reducing the level of risk in an undertaking. Therefore, this risk management documentation can be securely stored among the employers and the employees in a business by making them aware of the procedures of risk management. If any new risk controlling measure or tool is being established, it must be added up in the documentation. It should be organized and updated so that individuals working in the undertaking can refer to it when needed.

The AS/NZS ISO 31000:2009 has several principles for managing risks in a business. Firstly, it creates good risk management and protects the value. The management is formed for achieving the purposes of the agency with the help of continuous review of the system. Secondly, it assists the decision makers to make informed choices and identifying the priorities so that appropriate actions are selected to diminish the risk. Thirdly, it manages risks by identifying potential risks so that agencies can execute and implement proper controls and treatment for minimizing the chance of loss. Fourthly, for managing risks effectively, it is essential to comprehend and consider the relevant information available to an activity and to be aware of the limitations as well. It recognizes the cultural factors and humans into account while reducing the risk factors in an organisation. It must ensure that the process of managing risk is flexible. Stakeholders must be engaged since it recognizes the communication and consultation for identifying and analysing and monitoring the risks. Therefore, risk management is an integral part of an agency in the planning and operational process of managing risks.

Privacy law: As per the privacy law, the privacy management framework provides steps to the Office of the Australian Information Commissioner for ensuring the risk management at an organisation. A culture of privacy is embedded for enabling compliance. This is referred to a situation where personal information is respected as a valuable asset for managing and protecting the business. Mechanisms are implemented to ensure that the senior management is informed about privacy issues. Privacy procedures, practices and systems should be established. These procedures are introduced to ensure effectiveness in maintain privacy

WHS Regulation: The Work Health and Safety Rules have an impact in managing the risk at a workplace. The regulations have an impact on managing risks. The WHS policies identify the hazards at the workplace. It finds out the root cause of the harm that is being caused in the workplace. The risk identified is being assessed. The type of the harm caused and how serious it is. Effective measures are taken to control the risks. Therefore, these policies have an impact in controlling the risk in the business.

Contract law: According to the Contract Law, a contract has the ability to protect the risk depending as to how it has been drafted. The conditions of a contract establish the level of risk at an undertaking. A poorly drafted contract has a damaging impact on an undertaking if things are not planned accordingly. Therefore, a contract is amended to protect the business. It makes sure that no dispute arises.

There are written policies and procedures for the organisation’s risk management strategy for the staff members because it falls under the ethical norms of an organisation. Secondly, every individual of an organisation must be aware of the policies and procedure since it will reduce the probability of risk and lastly if the number of risks is diminished and the company is kept well organized the goodwill of the organisation remains consistent.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). The Essay On Risk Management And Analysis Of Risk Factors For Excelsia Is Crucial.. Retrieved from https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk-and-assessment-information.

"The Essay On Risk Management And Analysis Of Risk Factors For Excelsia Is Crucial.." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk-and-assessment-information.

My Assignment Help (2020) The Essay On Risk Management And Analysis Of Risk Factors For Excelsia Is Crucial. [Online]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk-and-assessment-information
[Accessed 26 May 2024].

My Assignment Help. 'The Essay On Risk Management And Analysis Of Risk Factors For Excelsia Is Crucial.' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk-and-assessment-information> accessed 26 May 2024.

My Assignment Help. The Essay On Risk Management And Analysis Of Risk Factors For Excelsia Is Crucial. [Internet]. My Assignment Help. 2020 [cited 26 May 2024]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk-and-assessment-information.

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