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BSBRSK501 Manage Risk

tag 0 Download 0 Pages / 0 Words tag 21-06-2022
  • Course Code: BSBRSK501
  • University: Victoria University
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  • Country: Australia

Answer:

Introduction

Organizational process of risk management must follow the organizational structure of the company. The risk management processes must encompass all the possible aspects of risks. The safety of the people associated with the company is the priority of the risk management strategy. The policy will cover the risks of people, customers, assets, reputation, environment and objectives (Hopkin 2017).

Requirements of risk management

The risks in business are also needs to be identified. The responsibilities of the management are to be delegated while managing identified risks. The changes of the risk profile of the company are monitored in the strategy (McNeil, Frey and Embrechts 2015). The policy will provide an assurance in the effectiveness of the various risk management system and in risk controls. 

Issues of stakeholders

Stakeholders are an important part of the approval of a strategy. The issues of stakeholders of both internal and external stakeholders are different. Risk management factors in case of internal stakeholders include the internal business process of the company. On the other hand, risk management of external stakeholders includes the financial risks, business risks, profits and other market vulnerabilities (Hopkin 2017).

Review of PESTEL Analysis

Political- Political factor of Risk management strategy include the political condition of the country i.e. Australia.

Economic- The economic status of Australia is sound. Hence, the company can spend investment in the strategy.

Social- The social aspect of the company is multicultural and diverse.

Technological- The strategy is formulated by using different latest technologies.

Legal- the strategy must abide by the regulations of Australia (Grant 2016).

SWOT analysis of risk management arrangements

Strengths: The strategy encompasses all the issues of both external and internal stakeholders. The strategy will cover all the aspect of the risk management aspects.

Weaknesses: While encompassing all aspects, the depth of the strategy is quite low.

Opportunity: The risk management strategy can be improved in many aspects.

Threats: The competition of other companies can be a threat to the policy (Hopkin 2017).

Critical success factors

The success factors depend on the performance of the people associated with it. The issues of the both stakeholders of the company are a key factor of success. The strategy also encompasses environmental risks and ways of managing different risks. The implementation of the appropriate techniques in the risk management strategy of the Australian hardware company is the cause of success (McNeil, Frey and Embrechts 2015).

Goals and objectives

The goals of the risk management strategy are to ensure safety of the employees of the organization. The objectives of the strategies are to cover the possible risks that the company can have in order to save from the corporation from hazards. The risk assessment strategy is the important part of the health and safety management of the company (Bromiley et al. 2015).

Scope for risk management

The future aspects of risks can be included as the scope of the risk assessment strategy of the Australian hardware company. A competitive analysis can be conducted regarding the different possible hazards and risks faced by other companies of same industry can ne included in the scope of the organization (Grant 2016). An extensive secondary research regarding different types of risks faced by companies in other parts of the world are essential.

Support of risk management

The support of the risk management activities of the company can be gained by the support of the both internal and external stakeholders. The issue of the internal and external stakeholders is to be included for gaining support. A brief presentation of the various risk management effectiveness regarding its effectiveness are to be done in order to gain support (Hopkin 2017).

Participation from relevant parties

Relevant parties include stakeholders, employees and customers of the company. Participation of the employees, customers and the stakeholders are necessary for the success of the risk management strategy of the Australian hardware company. Encouragement of the parties can be done by delegating responsibilities to them in the risk management strategy of the company (Grant 2016).

References

Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.

Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Hopkin, P., 2017. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.

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