A) Legislation related to the Hydraulink Australia Pty Limited
Hydraulink Australia Pty Limited is a company which is operating in the various parts of Australia. They produce equipment that are used for construction, hose, fittings made up of stainless steel and couplings for hose. The warranties that is offered by the company is compiled with the rules of law. If there is any claim from the customer that is made against the Hydraulink Australia pty Ltd for delivering the products shortly should be lodged in writing with the company under 7 days of the product delivery date. The products found to be damaged by the third party during delivery, then the company follows the rule of law to replace the product within 7 working days (Site designed and developed bka interactive ltd, 2017).
B) Risk Register
The risk register is one of the tools of management that can be used to monitor the processes of risk management. It is used for identifying, assessing and managing the risks that is agreed after a review and update process. The main aim of the risk register is to record the details about all the risks which is identified by the analysis. An excel template of risk register is created for managing the risks of the Hydraulink Australia ptyLimited (Architecture And Design, 2017).
C) Priorities of Risks
Most of the organizations set the priorities of the risk according to the risk register. The values and degrees of impact and likelihood which is present in the risk register are considered to prioritize risk. But it is important to prioritize the risk by using the degree of independence of risks. If one risk is related to another risk then equal priority should be given to both. For example in the Hydraulink Australia pty ltd if the risk in one process affects another process, then the risk should be considered in both the processes.
D) Risk Impact Matrix
Risk Impact Matrix is created using the risk register. The degree of impact is reviewed in each and every process. The degrees are low, medium, high and very high. The frequency of occurrence of accidents are taken as frequent, occasional, seldom, remote and likely. For every frequency of occurrence of accidents, the number of degree of impacts are noticed as 0, 1, 2 and 3.
E) Policies of the Organization
The organization is producing the hose, couplings for hose and stainless steel fittings. So they produce the major products. The policies of the organization are producing the hose with high cleanliness. They clean the hose in an effective way. So it is my role to check the hose whether it is cleaned in an effective way. They produce the fittings in an exact and accurate shapes and cuttings. The role of mine is to check the shape whether they have good finishing and to find if there is any irregularity in the fitting. So by this way I help the organization to attain its policy. The impacts of the risk might ruin the workers life. It is very important to provide safety to them according to the priority. Frequent accidents have higher degree of impact. So it is to be concentrated and risk mitigation plans should be used for managing the frequent accidents (Lock, 2004).
F) Appropriate Communication Methods
The Appropriate communication methods can be used to seek and share information.
- The methods are having open meetings on the requirements and deliverables of the project. Making an impressive presentations with required charts and tables which makes an easy way of understanding.
- Sending emails to the team members about the progress of the projects. Regular review meetings and proper agenda for the meeting (Project Smart, 2017).
G) Appropriate Risk Management Methodology
The risk is unpredictable in between the project life cycle. It can be managed using different methodologies. The best methodology that can be carried out for managing the risk is the Risk Transfer. The Hydraulink Australia pty Limited produces many products. So it is better to transfer the risk to the third party, especially in terms of financial crisis. If the products are insured through the insurance policy. Then the financial risks can be transferred to the insurance company where we insured the products (Whittaker, 2015).
Architecture And Design. (2017). Hydraulink Australia | Architecture And Design. [online] Available at: https://www.architectureanddesign.com.au/suppliers/hydraulink-australia [Accessed 30 Oct. 2017].
Hallegatte, S. and Rentschler, J. (2014). Risk Management for Development-Assessing Obstacles and Prioritizing Action. Risk Analysis, 35(2), pp.193-210.
Lock, D. (2004). Applied Project Management: Best Practices on Implementation. International Journal of Project Management, 22(4), pp.347-348.
Project Smart. (2017). Project Communications: How to Keep Your Team Engaged and Informed. [online] Available at: https://www.projectsmart.co.uk/project-communications-how-to-keep-your-team-engaged-and-informed.php [Accessed 30 Oct. 2017].
Ruan, X., Yin, Z. and Frangopol, D. (2015). Risk Matrix Integrating Risk Attitudes Based on Utility Theory. Risk Analysis, 35(8), pp.1437-1447.