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Review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards
Determine scope for risk management process
Identify internal and external stakeholders and their issues
Review political, economic, social, legal, technological and policy context
Review strengths and weaknesses of existing arrangements
Document critical success factors, goals or objectives for area included in scope
Obtain support for risk management activities
Communicate with relevant parties about the risk management process and invite participation
Invite relevant parties to assist in the identification of risks
Research risks that may apply to scope
Use tools and techniques to generate a list of risks that apply to the scope, in consultation with relevant parties

Assess likelihood of risks occurring
Assess impact or consequence if risks occur
Evaluate and prioritise risks for treatment
Determine and select most appropriate options for treating treatments risks
Develop an action plan for implementing risk treatment
Communicate risk management processes to relevant parties
Ensure all documentation is in order and appropriately stored
Implement and monitor action plan
Evaluate risk management process

This unit describes skills and knowledge required to manage risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.It applies to individuals who are working in positions of authority and are approved to 
implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.

Current Risk Management Standards

Outline the purpose of key elements of current risk management standards.

The current risk management standards include the ISO 31000 that relates to a family of risk management adopted by the international organisation for standardisation (Lalonde, 2012). The standards serve the purpose of providing generic principles and guidelines for managing risk in organisations. The standards provide a universally accepted paradigm for the risk managers to employ in the organisations during risk management processes. Furthermore, the standards replace and simplify the many existing risk management principles.

The key elements of the current risk management standards include the principles and guidelines on implementation (Brockett, 2012). The guidelines help the risk managers to understand the various approaches to monitor and control risk. Additionally, the element helps to identify the persons to involve in the risk management approach.

Another element includes the risk assessment technique that helps in setting the procedures to use in the identification of risks. Furthermore, the element standardises the methods that risk managers use to identify the risks. Therefore, the organisations achieve success in the risk management by establishing the most important risks affecting the organisation.

Furthermore, the standards set the risk management vocabulary that sets the uniform description of generic terms. The standard allows a mutual and consistent understanding of the risk management activities. The element helps various parties including people involved in risk management and ISO activities (Bai Xue, 2013).

Outline the legislative and regulatory context of the organisation in relation to risk management.

The Bounce and Fitness organisation operates within a regulatory and legislative context that requires the organisation to ensure safety for the employees (Griffin, 2018). The regulations include such as the workplace health standards that require the organisation to ensure total safety for the employees and other persons using the premises. The risk management regulations require the organisation to ensure that the buildings and work equipment do not cause harm to the employees. The organisation should install fire exits, fire extinguishers, emergency evacuation guides and taking breaks at work to avoid harm to the premise users.

Additionally, the organisation should pay taxes to the county and national governments during the required time. The business should pay the taxes at the required rate to avoid fines and legal proceedings. Furthermore, the organisation should operate within the set of international trade laws to avoid conflicts with the set quality standards such as the ISO (Hung, 2010).

The Bounce Fitness has set policies, procedures and processes for risk management to mitigate loss on the business (Boag, 2018). The various policies, procedures and processes include.

  1. Bounce Fitness evaluates the risks involved in the activities and informs the employees on the best way to avoid harm.
  2. Additionally, Bounce Fitness has set guidelines for the employees and the customers to follow when using equipment to prevent risk.
  • Bounce Fitness trains the employees to equip with the necessary knowledge and skills to avoid the happening of risk.
  1. Bounce Fitness provides the right tools for work and performs constant repairs to prevent broken equipment from injuring the employees.
  2. Bounce Fitness will equip the employees on emergency procedures to enable quick response to injuries at the Fitness centre.
Processes, procedures and requirements for risk management

Bounce Fitness organisation will require that risk management follow the set risk processes and procedures. The risk manager should follow the steps without omission to avoid failure in solving the problems facing the organisation (Boyer, 2018). Furthermore, the risk manager should ensure that the method used aim at minimising the risks or reducing the effects of inherent risks.

  The processes and procedures used at Bounce Fitness include such as the development of a risk management plan. The management plan will require the risk department to come up with elaborate methods dealing with organisational risks. Furthermore, the risk manager should set standards to ensure that the risks do not happen at the organisation (Bridges, 2014).

Legislative and Regulatory Context

The other procedure includes the identification of risks present at the organisation. The identification of risk will require the risk manager and the employees to establish the sources of risk in the operations (Brooks, 2011). The identification will happen through research and data collection from the operations.

 The other procedure will involve the analysis of risk to identify the impact on the operations. The risk analysis will require checking both qualitative and quantitative methods (Cherry, 2017). The qualitative analysis will check on the injuries and harm on the customers and the employees using the equipment. On the other hand, the quantitative analysis will involve the checking of the financial losses arising from the risks in the organisation.

The final procedure and process will involve the response to risk and the monitoring and control (Clarity of Roles Within a Team, 2018). The response to the risk will involve coming up with solutions to the risk and preventing harm to the employees and customers. The response to risk will require the risk manager to involve the employees in coming up with solutions and working towards risk elimination. Furthermore, the organisation will undertake monitoring and control to ensure that the risk solutions work accordingly. The monitoring and control will require the organisation to collect data on the performance of the organisation.

The AS/NZS ISO 31000:2009 could help in the development of the plan by setting the standards to include in the risk plan. The standards include such as the principles and guidelines on the implementation of the risk plan (Lalonde, 2012). The guidelines will assist the organisation to come up with universally accepted standards for plan implementation. Furthermore, the ISO 31000 will enable the risk department at Bounce Fitness to develop risk management techniques that result in elimination and mitigation of risk. Moreover, the ISO standard enables the development of a risk management plan that has a uniform language within the organisation. Therefore, the organisation employees and customers will have a quick understanding of the set requirements.

The Bounce Fitness will use the Australia Fitness standards to develop the management plan. The Australia Fitness standards define the national scope for the practice of registered exercise professionals. Therefore, Bounce Fitness will operate within the set standards to avoid legal and regulatory violations. Additionally, the risk plan should help the customers avoid risk while achieving the goal of Fitness (Cole-Ingait, 2018).

The risk management has various strengths to the organisation such as the mitigation and elimination of risk (Cox Samuel, 2013). Bounce Fitness will avoid injuries to the employees and customers by providing an exercise environment that is free from risk. Furthermore, the business will experience less liability that arises from the breaking of set laws. Another strength of the scope includes the coverage of all the risk standards within the plan. The following of the Australian Fitness standards allows Bounce Fitness to adopt all the risk measures within the management plan.

However, the scope has the weakness of not specifying the exact actions that the business should take to develop an effective risk plan (Foundas, 2010). The Australia Fitness standards only give the standards to follow and the consequences of non-compliance, which proves difficult due to the failure to specify the actions that the organisation should take. Additionally, the scope puts heavy financial penalties for the business that arise from the legal proceedings and cash fines for non-compliance.

Organizational Policies, Procedures, and Processes

The risk management plan has various stakeholders who shape the development. The internal stakeholders include the employees and the owners (Gleeson, 2018). The employees influence the risk management plan by requiring protection from harm and injuries. The employees require the plan to ensure that the equipment and buildings do not cause injuries. On the other hand, the owners require the plan to ensure the reduction of losses arising from the occurrence of risk to avoid profit reduction.

The external stakeholders for the business mostly include the competitors who also shape up the plan. The competitors require the business to avoid ethical risks, which means that Bounce Fitness should engage in fair competition (Greenberg, 2018). Therefore, the market will operate fairly without unethical marketing activities.

The political context requires risk management by complying with the set laws and requirements (Marketing Theories-PESTEL Analysis, 2018). The government requires Bounce Fitness to pay taxes from the revenues earned during a financial year. Therefore, to avoid risk, the business should constantly pay taxes to both the local and national government.

Furthermore, the economic factors also influence the risk management plan. The business should check the interest rates on the borrowings to avoid the risk of high liability (Marketing Theories-PESTEL Analysis, 2018). The increase in liability arises from the inflation rates that result in higher interests on borrowings. Therefore, the business should sign agreements with lenders to ensure the interest rates remain low at all economic conditions.

The social factors relating to the risk management plan include the lifestyle levels of the customers (Griffin, 2018). The customers do not engage in physical Fitness activities, which makes the attraction of customers difficult. Therefore, the risk plan should focus on drawing the customer attention and increasing the use of the Fitness centre.

On the other hand, the legal factors include such as the application of the employment laws that require the business to ensure the safety of the employees (Griffin, 2018). The employment laws require that the risk plan focuses on creating a safe workplace that protects the workers from injuries. The safety plans include such as the development of emergency plans to help in the case of accidents. Furthermore, the technological factors require the plan to ensure the installation of new and advanced equipment for the customers to use. The new equipment protects the employees and customers from old and ineffective equipment. Therefore, the business should ensure the appropriate installation of the technologically advanced equipment.

Bounce Fitness has many activities that function to provide services to the customers. The critical success factors should exist to ensure quality and customer satisfaction (Grote, 2011). The critical success factors, goals and objectives include.

  1. Serving customers in an efficient manner to meet the expectations.
  2. Avoiding unethical behaviour that portrays a negative image for the business.
  • Ensuring that the Fitness centre has the required trainer and fully serviced equipment.
  1. Identify the customers affected by the periods of no operations.

The best party to involve in the risk management plan include the employees, customers, technical experts and the owner (Jondle Douglas, 2013)s. The various persons should help in the development due to the various knowledge about the risks that face business. The different knowledge about risk management will assist in coming up with an effective risk plan. The risk manager will communicate to the members through memos and face-to-face meetings to discuss the requirements. Furthermore, the meetings help to understand the powers of each shareholder. The various parties will get invites based on the experience and knowledge of risk management.

Assessment 2

Various risks apply to the scope of Bounce Fitness centre and the planning team should identify each and develop solutions to avoid failure (Juneja, 2018). An example includes the physical risk that involves personal injuries, weather and the business assets. The injuries cause pain and medical expenses on the customers and the business while the business assets could also harm the users when poorly maintained.

On the other hand, the plan faces legal risks, which refers to the responsibilities placed on the business (Juneja P. , 2018). Bounce Fitness should ensure the observation and fulfilment of all the legal standards since failure could result in legal expenses. Moreover, the business faces financial risks arising from the lack of money to finance the activities.

Bounce Fitness will use various tools and techniques to establish the various risks exposed to the business. The tools and techniques used will ensure that the business identifies the risks that threaten the survival of the business (Krishnan, 2018). Furthermore, the business will apply the most affordable tools to avoid increases in expenditure beyond the budget. Therefore, the business will apply methods such as interviewing the employees and customers to get feedback about the risks (Leach, 2018). Additionally, the interviewer could interview other persons working in the Fitness industry to get information about the market. The external persons could increase the scope of risk identification due to identifying risks that the internal employees fail, to identify.

Moreover, the business could use the Delphi technique that refers to sending anonymous questionnaires to the experts for comments about risk (Lundstrum, 2014). The facilitator then summarises the comments and resends to the experts for further commenting. The technique arrives at the best response to due to the minimising of the influence of the experts on the responses. Therefore, the technique arrives at unbiased information about the risks facing the business.

An additional technique includes the root cause analysis to identify the problems within the business and the industry (Maloney, 2015). The technique works by identifying the sources of the risk by establishing the root cause that resulted in the risk. After the identification of the root cause, the team identifies the extent of causing risk within the business.

Furthermore, the Bounce Fitness uses the checklist analysis technique to identify the risks facing the operations. The checklist uses the critical success factors to identify the problems that would lead to failure (Les Lampe, 2013). The checklist checks the areas that do not operate as intended and ensure corrections within a short time before the occurrence of a loss to the business.

The selection of techniques will include the risk manager, Bounce and Fitness staff and the management. The various persons would help to identify the best methods that would lead to proper information about the business. Additionally, the various persons such as the management would ensure the proper funding of the project to avoid failure (Mandviwalla, 2015).

The risk assessment involves checking the likelihood of risk happening within the organisation. The assessment plan plays a major role in identifying the possible risks that could happen to an organisation (Mendez, 2015). Therefore, Bounce Fitness will have the ability to identify the various risks that could happen to the business based on the environment. The risk assessment requires the rating of risks on a scale to identify the various levels of likelihood to occur.

The Scope of the Risk Management Plan

The scale rates the risks on a scale of five starting from the rare risks that may only occur under exceptional circumstances (Nigel Slack, 2013). The risks put under the category by Bounce Fitness have a 0-5% likelihood of occurring. Therefore, the risks do not require much investment or attention due to the low chance of happening.

Bounce Fitness categorises the unlikely risks after the rare risks. The unlikely risks have a chance of occurring although at a low percentage. However, Bounce Fitness still observes the risks to prevent danger among the employees and the customers (Olsen, 2018). Bounce Fitness also considers the possible risks in the management plan. The possible risks represent the events that would occur and require proper attention during the planning of events. For example, a possible risk of having muddy grounds after rain could occur on the day of an outdoor event.

Furthermore, the business will categorise likely risks that refer to the events that could happen once or more during the life of an activity (Penn, 2018). The likely category has a chance of 40-80% chance of happening. Therefore, the business should focus on the risks and develop methods of solving the problems facing the organisation.

The final category includes the almost certain risks that refer to events that will occur during a project’s lifetime (Perks, 2017). For example, Bounce Fitness could consider the event that the business would experience crowding at the reception during the beginning of Fitness sessions. The almost certain risks have 80% and above chance of happening in the organisation. Therefore, Bounce Fitness will put much attention and resources in the mitigation of harm caused by the business.

After the assessment of the likelihood of risks, the impact assessment was necessary to identify the results of each risk (Gourio, 2012). Additionally, the impact assessment allows the business to identify the specific results of various risk categories to avoid concentrating on risks that could not lead to much harm. Therefore, Bounce Fitness will have the chance to concentrate on the risks that cause the greatest harm and develop methods of prevention.

The first level of impact that Bounce Fitness could face include the catastrophic rank (Suzanne de Treville, 2016). The catastrophic impact could result in death or multiple harms to the customers and employees. Additionally, the risks could result in legal interventions trying to seek payment for the damages caused. For example, the collapse of the building during the Fitness sessions could result in death and injuries to the employees and customers in the building.

The other level of impact includes the major that could happen when the business damaged an essential asset or the withdrawal of a major shareholder (Smet, 2018). The impact could mean that the business losses finances in the bid to replace the lost items of shareholder capital. Therefore, the business will ensure adequate measures towards the control of the risks that would cause the major risks.

Furthermore, the business experiences minor impact from the risks that do not result in much harm (Wieczorek-Kosmala, 2014). The minor impact mostly arises from the risks that do not cause substantial damage to the assets or other essential property. However, Bounce Fitness still requires to control the risks from happening since even the minor impact could damage the business.

The final impact includes the insignificant that come by due to risk happening on entities that do not directly relate to Bounce Fitness (Thompson, 2018). The risks do not result in significant damages to assets or loss of finances trying to reduce the impact. However, the business should ensure that the insignificant risks do not happen to the operations.

Bounce Fitness will use various methods to evaluate and prioritise the risks that could happen to the business (Appraisal Methods, 2018). Bounce Fitness will use the probability theory to calculate the rating of a risk. The evaluation formula will consider the likelihood and the consequences of the risk to come up with a rating for a particular risk. However, Bounce Fitness will also use a risk matrix to evaluate the risk by identifying the consequences and likelihood of a risk to give the rating. The various evaluation methods result in the rating of risks as high, low, moderate and extreme.

The table represents a risk matrix for use by Bounce Fitness to identify the risk ratings.

    Impact

Insignificant

Minor

Moderate

Major

Catastrophic

Almost Certain

High

High

Extreme

Extreme

Extreme

Likely

Moderate

High

High

Extreme

Extreme

Possible

Low

Moderate

High

Extreme

Extreme

Unlikely

Low

Low

Moderate

High

Extreme

Rare

Low

Low

Moderate

High

High

On the other hand, Bounce Fitness will prioritize the risks by using risk scores for the various factors. The business will consider the risks with the highest scores as the first priority and the low score risks will have a lower priority. Therefore, the Bounce Fitness will leave the risks with low scores for later attention while first taking care of the risks with a high potential of causing harm.

Bounce Fitness has various ways of dealing with the risks facing the operations in an effective manner to prevent losses and harm to people (Bai Xue, 2013). The options for risk treatment include avoiding, reduction, transfer and acceptance of the risk that faces the business. However, to come up with the best method of treating risk, Bounce Fitness will require to perform a cost-benefit analysis on all the choices. The analysis assists the business to identify the best method of solving risk without experiencing losses while getting value for the finances invested in the treatment.

The best insurance for Bounce Fitness involves both the life insurance and a general insurance. The policies benefit the business by covering all aspects of the business.  The life policy manages risk and disability while the general insurance covers the other risks such as physical damage, compensation of the employees and vehicle insurances (Brooks, 2011). Therefore, the business experiences full coverage against the risks that could occur to the business. Furthermore, the insurance policy could help the ounce Fitness reduce the financial losses incurred in the case of risk.

Bounce Fitness has insured with TAL life limited insurer due to the registration with the Australian Prudential Regulatory Authority. Additionally, the insurer provides timely feedback and processing of compensation in the case of the insured risk happening. TAL Life Insurance Company also offers a wide range of policies required by Bounce.

Bounce Fitness developed a plan that aims at proactively dealing with the risks facing the business. The proactive nature arose from the need to deal with the risks before happening to avoid losses after the occurrence of risk (Cox Samuel, 2013).

The actions required during the development of the plan include developing a risk rating and priority table to ensure that the business handles the most important risks first (Wieczorek-Kosmala, 2014). Additionally, the business develops the treatment procedures to apply when the risks occur in the business. The actions aim at eliminating or reducing the effects of risk to the business.

The risk plan involves various parties with different responsibilities to ensure a proper response to the risk (Bai Xue, 2013). The people involved include the Bounce Fitness management team who have the responsibility of approving the various stages of the risk plan. Additionally, the management provides advice and finances for the development of the plan. Furthermore, the risk plan will involve the risk manager and department with the responsibility of coming up with the best way of handling risks at the business. The risk department forms the management matrix and priority tables to identify the risks that could cause extreme harm to the business. Likewise, the business will involve the employees and customers in dealing with the risks at the company. The customers and the employees have the role of giving suggestions and following the set standards to avoid risk.

Furthermore, the plan will require timelines to ensure proper implementation without delay. The execution of the plan will take 3 months to accommodate all the activities of the risk management plan. The identification of the risk and the risk rating activities will take one month to avoid delays in coming up with a specific problem facing the organisation. Furthermore, the business will ensure that during the period, the risk team identifies all the important risks that could lead to extreme impacts on the business (Hung, 2010).

The development of a risk plan will take one month due to the many actions involved and the need to come with a comprehensive plan (Audit Plan Activities: Step-by-Step, 2018). The stage involves the selection of the risk planning team and the roles of each person. Therefore, the activities will run smoothly without failure since the members know the actions to take at every point.

The last one month will involve the execution of the risk management plan, which requires the undertaking of the set actions. The actions include the procuring of the insurance policies and setting the necessary standards to prevent risk.

The monitoring of the plan will happen through data collection and observation to identify whether the plan runs as planned (Olsen, 2018). The risk team will collect the data from the employees and customers using the facilities to identify the areas that still pose a risk. Furthermore, the team will use observation to identify whether the plan works as required.

Bounce Fitness will communicate the plan through meetings with the key personnel involved in the risk management plan (Brockett, 2012). The meetings will allow the communication of the plan to the various parties involved in the development. The explanations involve talking about the most important points to ensure that each party understands the requirement and responsibilities. Furthermore, the communication will take the form of short training to the parties to increase the understanding and willingness to work by the set standards. The various parties will include the owners, supervisors, risk department staff, the employees and the customers of the business. The inclusion of all the members will allow adequate understanding of the plan to prevent failure.

The risk plan requires proper documentation to prevent loss of the information. The documentation should follow various strategies to offer adequate security (Hung, 2010). Therefore, the Bounce Fitness will ensure that all the required parties get a copy of the risk plan and the details taken to enable future identification of the holders. Additionally, the plan require storage in computer systems as software and backed up in storage devices to ensure that the business has the plan even after events that could lead to a loss. The business should ensure proper care of the plan stored in the computers by preventing unauthorised access. Furthermore, a copy of the plan should stay in the filing department with proper labelling for quick identification when needed.

The various parties involved in the risk management plan should take initiative to ensure that the plan takes off and achieves the necessary objectives (Boag, 2018). Therefore, the plan will develop a master checklist that details all the actions necessary for the plan. The checklist will allow the parties to tick each achievement of the plan and head to the next action. The list will depend on the risk factors identified and the actions chosen by the risk department. The implementation will require that each person fulfils the requirements to avoid failure or lagging behind with the plan. However, the team will also undertake monitoring actions to ensure that the plan meets the set objectives. The monitoring actions will include observation and data collection to identify the performance. Finally, the team will undertake changes to the plan in the case of failure.

The evaluation of the risk management process will happen continuously by going through the plan form the beginning to the end (Appraisal Methods, 2018). The process will require the identification of the various parts of the plan to identify whether each achieves the set goals. Furthermore, the evaluation will report to the management and the planning team on whether to continue with the plan or develop a new one.

Bounce Fitness will use external experts and internal employees to evaluate the system. The experts and employees will form a team that reports on the performance of the team. Additionally, the team will give information on the points needing improvement with the solutions to the problems. The evaluation will keep accurate records to ensure that the information reflects the true nature of the risk management plan (Boag, 2018).

The legislation, codes of practice and the national standards considered in the plan

Bounce Fitness should follow the environmental laws set by the legislature. The laws require the business to protect the surrounding by preventing actions that pollute the environment (Brockett, 2012). Therefore, Bounce Fitness should engage in green activities to ensure environmental observation. Furthermore, Bounce Fitness should educate the employees and the customers in the importance of maintaining the environment.

On the other hand, the risk plan should follow the codes of practice that require fairness and equity when dealing with various parties (Maloney, 2015). The plan should not oppress any party through unfair dealings or unethical behaviour. Therefore, the business will develop a plan that ensures the protection of the rights of the employees and customers.

Likewise, the national standards also require observation during the development of the plan. The national standards include such as work health and standards that require the prevention of harm and injuries to the employees. The work health standard will require Bounce Fitness to have emergency procedures to prevent injury and to ensure that the employees work with safe equipment (Hung, 2010).

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My Assignment Help (2020) Risk Management Standards, Processes, And Procedures Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/organizational-policies.html
[Accessed 19 July 2024].

My Assignment Help. 'Risk Management Standards, Processes, And Procedures Essay.' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/organizational-policies.html> accessed 19 July 2024.

My Assignment Help. Risk Management Standards, Processes, And Procedures Essay. [Internet]. My Assignment Help. 2020 [cited 19 July 2024]. Available from: https://myassignmenthelp.com/free-samples/bsbrsk501-manage-risk/organizational-policies.html.

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