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Risk Management And The Process Add in library

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Question:

Analyse the standard known for AS/NZS 4360:2004 Risk.
 
 

Answer:

1. Standard known for AS/NZS 4360:2004 Risk.

The conduct of the business is surrounded by risk, which can be internal and external. In this case, it is necessary to understand the impact of the risk on the performance of different activities within the company. This will help in analysing the challenges and undertaking the right steps through which the impact can be reduced. The risk has to be balanced with the expected returns by the company. This will help in overpowering the issue and developing better methods through which the issues can be easily handled by the management of the company. the rules and standards drafted by the AS/NZS 4360:2004 is applicable for the companies, joint ventures, partnership firms, and to the non-government companies. The standards have been upgraded with an intention of controlling the unexpected events, which also includes analysing the uncontrollable events. Companies strive to find the opportunities, through which the growth can be planned and implemented. For this, the adopted standards needs to be analysed and the steps for improving the performance has to be planned and implemented in the right manner. With the help of such a process, it is possible to develop and implement steps that will enable the management to maintain positive and long lasting relationship with the stakeholders and clients. For successful business operational activities, it is essential to analyse the risk and for this the standards has to be followed. In this method, the challenges that are faced by the company have to be analysed. This will help in adopting and implement the right type of strategies that will be useful for improving the standards for production. Also, the techniques that can be followed for increasing the production and performance for the company can be determined by the management (Allen, 2003).  

 

2. Working knowledge of the legislation

It is quite important to have perfect knowledge of the legislation that is formed by the authorities. In this method, it is essential to analyse the challenges that can affect the performance of the company. The rules drafted by the authorities for labour law is the same, and it is meant to provide equal and fair rights to the members working with different companies. The prime intention is to secure the lives of the staffs and ensure that the right work culture is created for employees of the organization. This will avert any sort of accidents that can impact the working ability of the members. Thus, the members of the company are expected to have the perfect knowledge of the rules and other legislation that has been drafted for minimising the risks that are involved at the workplace. In this process, the challenges are analysed and corrective measures are taken to ensure that there exists no deviations that can affect the performance and productivity for the company. There are different types of law that has been drafted to ensure that the right process is followed for introducing effective production activities. Some of the rules or laws are -

1. Contract law – The rules expected to be followed by the companies are mentioned in this process. Such a step has been done for improving the transparency level that is required to be followed (Atkins, Bates, and Drennan, 2006).

2. Environmental law – This is basically meant to adopt and implement the corrective steps through which the environment can be protected from the harmful methods followed for production.
 
3. Duty of care – In this process, the rule mentions the security measures that need to be followed to ensure that the staff’s welfare is handled in the right manner. This also includes introducing better methods through which the right steps would be followed for securing the work condition and the lives of the individuals working with the company. The drafted rules have to be communicated with the members in an accurate manner. This will help in improving the performance, and securing the work pattern.
 
4. Code of practices - The rules drafted under this method, states the practices that have to be followed for the purpose of following the right strategies for increasing the production. For this, the codes followed by the company have to be analysed and the corrective methods has to be introduced for improving the production activities.

The management of the company has to ensure that the compliance issues are well handled by the experts. This has to be done so as to ensure that the rules are followed by the management in the right manner.

 

1. Risk management and the process

The term risk management is referred to the method that is followed to ensure that there is no damage caused to the work culture that is followed by the company. With the help of the risk management process it is possible to minimise the possibilities of incurrence of any untoward incidences. This can directly affect the performance and the strategies that have been prepared by the company. Through the risk management process, it is possible to measure the risk and relate the same with an event and its consequences. Also, the possibilities of its incurrence can be reduced. Risks usually have a positive or negative impact, and both the factors can affect the performance of the company. Management for risk helps the management to analyse and identify the risks. This is also done through the risk evaluation process. Both the factors are considered to be quite important and contribute towards implementing rules for improved performance.

The process that are followed in the method includes –

1. Analysing the type of risks that can affect the performance of the company.

2. Introducing risk avoidance system (Hubbard, 2009).
 
3. Implementing risk evaluation method
 
4. Risk management system, through which the process can be implemented for introducing the changes that is required for controlling the loss at the production level.
 
5. Benefits and disadvantages for risk management system

It is quite important to carry out the risk management system for the whole company, instead of a specified department. This will help in analysing the changes that are required to be implemented for increasing the productivity for the organization.

 

Some of the benefits that are associated with this method include -

1. The company can frame an effective risk management framework, which is considered to be necessary for improving the quality of the production activities (JIS, 2009).

2. Draft policies through which the risk management framework can be implemented to avoid the increase in the price that can directly affect the operational expenses.
 
3. Implement policies through which the risk retention framework can be introduced by the management of the company.

Disadvantages

1. The management of the company will have to draft policies for implementing the changes, which will also include additional costs and time.

2. Production activities might be impacted, due to the changes or the proposed conduct of the risk management system.
 
3. Need experts who can conduct the risk management for the company (Kendrick, 2009).

In some cases, the management might choose to conduct the risk management on certain departments like production and manufacturing. Under such a circumstance it is necessary to analyse the reason for conducting the research and define the process that will be followed for the same (Lam, 2003).  

 

1. Rights of disable worked

The law for disabled workers is applicable to every company. Such employees are covered under the constitutional power that has been vested upon by the commonwealth government of the country. The rules clearly mention that the staffs with disability need to be provided with equal and fair opportunity to work. In other words, there shouldn’t be any sort of discrimination, as this can directly affect the performance and the goodwill of the company. Every staff of the company needs to be provided with a fair opportunity to work and prove their calibre, and the rules for the same are covered under the disability act. The employers need to make the required adjustments that will encourage the members to work with the company. In this process, any sort of harassment and discrimination needs to be evaluated and controlled by the management of the company. Some of the examples related to adjustments are –

1. Creating space for moving around

2. Easy access of the basic things that is required for carrying out the operational activities (McDaniels, Timothy &. Small, 2004).

1. Types of insurance policies

As a part of perk, every employer of the company provides insurance benefits to the staffs. Some of the important and most prominent types of insurance policies are mentioned below –

1. Life insurance - Such insurance is provided to the staffs working with the company. The insurance provides benefits that are related to the health and medical expenses. Benefits are provided to the family of the staffs who has been enrolled by the company.

2. Disability insurance - The benefits associated with such insurance is granted to the staffs, in case of accident or permanent disability suffered at the workplace. Rules and policies are clearly mentioned by the comp any and the same is communicated with the employees.
 
3. Health insurance - through such policies the members are provided the rights to claim for the medical expenses that has been incurred by the management (Robertson & Aynsley  2001).  
 
 

References

Allen S, 2003. Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk.

Atkins D, Bates I, and Drennan L, 2006. Reputational Risk: Responsibility Without Control?

Hubbard D, 2009. The Failure of Risk Management: Why It's Broken and How to Fix It

JIS Q, 2001. Guidelines for development and implementation of risk management system, Japanese Standards Association July 2001.

Kendrick T, 2009. Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project.

Lam J, 2003. John Wiley & Sons, Chichester Enterprise Risk Management - from Incentives to Controls

McDaniels, Timothy &. Small M, 2004. Cambridge: Cambridge University Press. Risk Analysis and Society – An Interdisciplinary Characterization of the Field

Robertson D & Aynsley K, 2001. Cheltenham, UK: Edward Elgar. Globalization and the Environment – Risk Assessment and the WTO.

 
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