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BSBRSK501 Manage Risk

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Questions:

Task 1

Introduction

An investigation was recently conducted at the at the Toowoomba MacVille café, in order to find out numerous things involved with opening a new store such as:

Scope

Scope of risk management required in my role as follows:

  • Project – MacVille to expand their operations in Queensland and purchase and rebrand an existing cafe in Toowoomba.
  • Business unit – MacVille cafes Queensland.
  • Risk in relation to functions – human resources management, financial operations, WHS, supply chain, local governance and compliance issues.

Goals

The purpose of the risk management is to ensure a smooth transition to the Macville Pty Ltd and give ongoing support for company’s risk management initiatives.
Some of the aims are listed below:

  • Ensure a smooth transition to the MacVille systems.
  • Employ all existing staffs and get everyone to understand his/her role & responsibilities.

Task 2

Part A

Risk Analysis Report

In this report I am analysing four different risks in our company by finding ways to treat these risks.

On this section we will be clarifying the major risks of the project defying them by

Likelihood - For each risk, assess the likelihood of the risk occurring. (Low [1], Medium [2], High [3], Extreme [4])

Consequence - For each risk, assess the consequence of the risk occurring. (Insignificant [1], Minor [2], Major [3], Catastrophic [4])

Catastrophic Risk: death, multiple injuries, regulatory intervention, net revenue loss or asset damage for large amount of money, damage to reputation at international level and long-term environmental damage.

Major Risk: single stakeholder, breach of licenses, legislation, regulation or mandated standards; net revenue loss or asset damage for significant amount of money, damage to reputation at national level and medium-term (1-5yr) environmental damage.

Minor Risk: breach of internal procedures, net revenue loss or asset damage for a minimal amount of money, adverse news in local media and environmental damage which requiring up to $250,000.

Insignificant Risk: no breach of licenses, standards, guidelines or related audit findings; net revenue loss or asset damage for insignificant amount of money, public awareness may exist, but there is little public concern and negligible environmental impact.Priorities - The likelihood and consequence of risk are combined to determine the rating of priories. A risk table is shown below, where the identified consequence meets the identified likelihood, a risk rating is given between 1 and 16.

  • Very Low Priority – Rating 1
  • Low Priority – Rating 2-3
  • Medium Priority – Rating 4-6
  • High Priority – Rating 8-9
  • Extreme Priority – Rating 12-16
  • Options - For each prioritised risk, outline options for treating the risk.

From meeting conduced regard the business risk management and strategy review three main criteria’s are being considered as a major concern over the course of acquisition of Hurley’s Café in Toowoomba by ranking from its severity to the moderate one, are as followed;Manager’s travel risk.

Part B

Implement the risk management treatment of your identified risk:

Risk 1: Banking Risk

  • Create a training program (not required to deliver the training program but need to design it)
  • More points

Risk 2: Manager Travel Risk

  • Create a Mentor program
  • More points

Risk 3: By-law Compliance Risk

  • Plan for training and mentoring program.
  • More points

Task 3: Monitor Risk and Evaluate Processes

Manager’s Travel Risk
Law Compliance Risk
Plan

These issues are including water saving, dealing with local council which included as follows:

  • Installing native plants to cut down water use
  • More points

Cite This Work

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My Assignment Help (2020) Manage Risk [Online]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/australian-cafe-serving.html
[Accessed 23 July 2021].

My Assignment Help. 'Manage Risk' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/australian-cafe-serving.html> accessed 23 July 2021.

My Assignment Help. Manage Risk [Internet]. My Assignment Help. 2020 [cited 23 July 2021]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/australian-cafe-serving.html.


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