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Carry out a risk analysis for your chosen department. Your analysis must include:

  1. Identification of potential risks, both to the agency and to clients. You must include in your response:
  • Client risks
  • Agency risks

Note: This unit requires you to identify both agent AND consumer risks, so ensure there is a spread of both.

  1. The causes of each risk you identified in ‘1’?

      Note: Check that each risk identified has a cause associated with it.

  1. The sources you would use to locate information about each of these risks.

Note: Check that for each risk, you have identified at least one source of information you could use to find out more information about the risk.

  1. The impacts of each identified risk on the agency, client, or other stakeholders?

Note: You must indicate that you have considered impacts not just on agent but also on consumer and other stakeholders, e.g. if agent risk relates to a rental property the agency manages, the landlord as the client is impacted, but also the tenant is a stakeholder.

  1. A risk rating - rate each risk according to the risk rating grid in your workbook (i.e. consequences, likelihood and severity of risks).
  2. Categorise these identified risks and set priorities for managing these risks moving forwards. 

Below is an example of the type of information which may be included in your risk analysis. This is an example only and the question requires that you identify as many risks as possible for the agency and the client.

Identified risk: Risk to personal safety of agency staff when completing open for inspections.

Cause of risk: Attack from aggressive client or unknown person who attends property, agent is alone in a remote location.

Source of information about risk: Industry association, Workcover web site.

Impact of risk on agency, client or other stakeholders: Staff may be unable to work due to physical injury, psychological stress etc. 

You may like to use a template similar to this below:

Priority to treat risk

Risk rating

Potential impacts of risk

Sources of information
about risk

Causes of risk

Identified risk

1. For each of the risks you have identified in Part A, indicate:

  • The options for minimising each risk identified.
  • The legislative requirements which need to be considered when suggesting options to minimise each risk. Note: Be sure to refer to legislation including any relevant state/territory specific legislation.
  • The agency policies and procedures which will need to be implemented for each risk.

2. What ongoing monitoring and reporting systems would you need to establish to minimise risks to the agency, clients and other stakeholders?

3. Describe an appropriate agency complaint handling procedure that you could implement to minimise risks to both the agency and clients.  Include in your response, any specific state or territory requirements for your state or territory in relation to complaint handling procedures.

Priority to treat risk

Risk rating

Potential impacts of risk

Sources of information
about risk

Causes of risk

Identified risk

High

7/10

The risk may cause accidents and may injure the employees which would make the agency liable for the injury

The information in relation to this risk can be obtained via the accidents records, the safety procedures in place and compliance level records.

Work health and safety related risk may be caused due to non compliance with safety instructions and in adequate safety features being present

Work health and safety risk

High

7/10

The risk may lead to the breach of consumers’ laws which would result in fines and penalties as well as loss of reputation. The risk may also potentially hamper the benefits of the consumer

The information in relation to this risk can be obtained via the consumer protection laws and recent cases where such laws have been discussed by the courts.

These issue may arise out of non compliance with Australia Consumer law which includes restraining from misleading and deceptive conducts and providing consumer guarantees in relation to services

Consumer protection issues

Medium

5/10

The risk may lead to poor quality services being provided to the consumers which would not be in their best interest. It will also cause loss of reputation for the agency.

The information in relation to this risk can be obtained via customer complaints records and audit reports

This risk may arise where there is inadequate quality control framework in place. The quality of services provided has to be high or else it will cause detriments to the agency. Presence of inadequate supervision causes this risk

Quality control which includes auditing

Medium

5/10

Due to political circumstances and natural events there may be changes in polices which may or may not be in the favour of the agency

The information in relation to this risk can be obtained via newspapers and media on a regular basis

This risk is caused due to the changes in political circumstances which often leads to the change in policies and procedures.

Political circumstances or natural events

High

7/10

Employee fraud and corruption will make the agency vicariously liable and will also cause detriments to the consumers.

The information in relation to this risk can be obtained via employee previous records and present conditions and character.

This risks also arises due to the lack of supervision on the employees which provides them an opportunity to indulge in fraud and corruption

Employee fraud and corruption

High

7/10

The risk may lead to the breach of laws which would result in fines and penalties as well as loss of reputation. The risk may also potentially hamper the benefits of the consumer

The information in relation to this risk can be obtained via subscribing to various updates provided by regulatory authorities such as the Australian Competition and Consumer Commission

This risk arises which there is no proper framework within the agency to ensure compliance with regulatory and legislative requirements.

Failure to comply with regulatory and legislative requirements

High

7/10

The risk may not only be subject the consumers to risk as their private data is leaked but also lead to legal actions against the agency

The information in relation to this risk can be obtained via complaints form the consumers.

The risk is caused when the privacy laws are violated negligently or intentionally

Leaking clients data

1.

Identified risk

Options for minimising risk

Legislative requirements to consider

Agency policies and procedures to be implemented

Work health and safety risk

·         Having in place a health and safety supervisor

·         Having in place prominent and clear safety instructions

 Work health and safety

All employees are required to abide by the rules laid down by the safety instructions

Consumer protection issues

·         Having in place a compliance framework

·         Education and training on consumer laws

consumer protection, fair trading and trade practices (ACL)

All action must be in compliance with consumer laws

Quality control which includes auditing

·         Supervising the quality department

·         Providing support to the department by training

property sales and management

Quality of services has to be provided utmost priority  

Political circumstances or natural events

·         Having a backup plan to address the changes in policies

·         Having a risk management committee

All

The managers will keep a close check on change in Political circumstances or natural events  

Employee fraud and corruption

·         Strict supervision

·         Training and education

·         Fines and penalties

anti?money laundering

The agency will not tolerate any form of corruption and fraud

Failure to comply with regulatory and legislative requirements

·         Having in place a compliance framework

·         Education and training on regulatory and legislative requirements 

All

Agents should refer to the law in force to base their actions

Leaking clients data

·         Prioritizing confidentiality

·         Storing confidential data safely

privacy

All private data of the clients have to be stored safely

2. Employee code of conduct

Maintaining employment records

Policies and procedures manual

Worker’s compensation or work cover

Internal grievances and disciplinary procedures

Supervision

Audit trails and record keeping

Internal procedures for handling money

Landlord or lessor insurance

Establishing a risk compliance programme

Risk transfer: Professional indemnity insurance

3. An agency must have properly defined dispute resolution process

The internal disputes have to be related to the way in which employees interact with each others during the transactions

The external disputes have to be related to the way in which employees interact with the clients

A successful procedure must consists of an overall policy for the purpose of complaint management

It should describe how complaints should be lodged

Ways in which complaints are to be responded

The ways in which the complaints are t be rejected

The time in which the acceptance of the complaint has to be notified to the complainant

Cite This Work

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

My Assignment Help. (2020). Risk Analysis And Mitigation Strategies For Real Estate Agency Essay.. Retrieved from https://myassignmenthelp.com/free-samples/cppdsm4015b-minimise-agency-and-consumer-risk/analysis.html.

"Risk Analysis And Mitigation Strategies For Real Estate Agency Essay.." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/cppdsm4015b-minimise-agency-and-consumer-risk/analysis.html.

My Assignment Help (2020) Risk Analysis And Mitigation Strategies For Real Estate Agency Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/cppdsm4015b-minimise-agency-and-consumer-risk/analysis.html
[Accessed 15 June 2024].

My Assignment Help. 'Risk Analysis And Mitigation Strategies For Real Estate Agency Essay.' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/cppdsm4015b-minimise-agency-and-consumer-risk/analysis.html> accessed 15 June 2024.

My Assignment Help. Risk Analysis And Mitigation Strategies For Real Estate Agency Essay. [Internet]. My Assignment Help. 2020 [cited 15 June 2024]. Available from: https://myassignmenthelp.com/free-samples/cppdsm4015b-minimise-agency-and-consumer-risk/analysis.html.

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