country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Question:

Discuss about the Risk management for Macville.
 
 

Answer:

Introduction:            

There are various risks associated with any fully functional business operation, including theft, fraud and what not. The damage to the business operation by the risk can have a huge impact on the business operation and processes depending on the magnitude and occurrence frequency of the risk (McNeil, Frey & Embrechts, 2015). This assignment will attempt to assess and evaluate the risk situation that have arose for the simulated business scenario for Macville and implement a risk management action plan that with risk treatment options

Risk analysis report:

For the simulated business scenario the Macville visit and analysis has indentified four potential risks that can harm the operational safety of the organization. In order to analyse individual risks it is important to assess the likelihood, consequence, risk matrix scoring and most plausible treatment for each risk.

Banking theft:

Likelihood: The likelihood of the cash theft from the premises can occur easily (Lam, 2014). Within the first few months, before proper security is set up for the store the potential for overnight theft will remain.

Consequence: upon the meeting with the management board it was discovered that overnight theft of cash left on premises up to $4000 will not have major consequences for the organization however multiple occurrences may have a detrimental effect on the financial standing.          

Treatment option: The most plausible treatment for cash theft from the premises will be the theft cash insurance for the store and setting up advanced and efficient security system (Lam, 2014).

Manager’s travel risk:

Likelihood: The store manager has a lot of responsibilities upon their shoulders, and sometimes they have to travel a lot as well. Any risk of physical injury to the manager can be a likely situation in the early days of promotional activities for the store. The manager can wish to demand obscene compensation from the management

Consequences: The consequences of a risk like that will be minor with the possibility of the store remaining without the supervision of the manager.

Treatment: The solution for this situation can be a set health plan for the employees which will cover any accidental or non accidental health complexities. Other than that care should be taken to ensure for the safety and wellbeing of the staff during promotional visits (Kaplan & Mikes, 2012)

 

Law compliance risk:

Likelihood: Law compliance is one of the most important sectors that can pose huge challenges in the path for the growth of the store (Hopkin, 2017). The likelihood of the store employees not adhering to the bylaws is very likely, within the end of opening week.

Consequences: The meeting with the management revealed that the Toowoomba Council patrols will ensure any non-compliance to be easily revealed and then consequences of that can be highly detrimental to the store

Treatment: The only way to ensure that the staff adheres to the laws and regulations is arranging for a monitoring system that will overlook and rectify any instances of noncompliance beforehand. Other than that incorporating penalty system for lack of compliance can be feasible to the organization (Hopkin, 2017).

Risk of loss of brand recognition:

Likelihood: There can be a lot of instances where the company employees might not agree to the brand promotion strategies (Ghadge, Dani & Kalawsky, 2012). For example most of the staff are very conscious of their dressing style and may disagree to wear the store t-shirt readily, the likelihood of it can be within the first three months.

Consequences:  The consequences of some of the staff not agreeing to do brand promotion can be very detrimental to the brand promotion and the lack of complying attitude of the staff can affect the consumer response. However with the most of the employees being receptive to the employment requirements the consequences of initial non compliance will be minor.

Treatment: There is need for binding policies in the contract that will be explained to the staff at the time of induction so that they comply with it. In case some of the staff does not understand the severity of the recruitment clause they should be discussed with the management. The measures should be monitored as well (Ghadge, Dani & Kalawsky, 2012).

Risk matrix analysis:

Risk rating

Priority

Response

Scoring

Risk to loss of brand recognition

low

None or long term

4

Risk to overnight theft

Low to medium

medium term

8

Risk of physical injury to the store manager

Medium to high

short term

12

Risk or noncompliance to by laws

High to very high

Immediately

16

Risk matrix analysis (Duijm, 2015)

Risk management action plan:

Risk

Assess Risk (Score)

Controls

Monitoring

Action Priority (1-5)

Timelines

Responsible

Cash theft risk

4

Enhance security

 

Enable alarm systems

 

Incorporate theft insurance (Aven, 2015)

Monitoring the security measures taken

 

Reviewing the insurance cover for the store theft

1

Long term

The management and risk analysis team

Loss of brand recognition risk

8

Include dress code policy as anon negotiable clause in the recruitment contract

 

Explain and motivate the employee to comply (Aven, 2015)

Monitoring the employees for the adherence to dress code policy.

 

2

Medium term

 The human resource team and the risk analysis team

Risk

Assess Risk (Score)

Controls

Monitoring

Action Priority (1-5)

Timelines

Responsible

Travel risk to store manager

12

Initiate  health cover plans for the employees  (Booth, 2015)

Monitoring the health insurance plan developed for the employees

3

Short term

The human resource team and the risk analysis team

Risk to not complying to by laws

16

Including penalty system for the employees

 

Explaining to the staff the consequences of not complying to by laws 

(Duijm, 2015)

 

Monitoring the staff for compliance

 

Imposing penalties where necessary to set up positive example

4-5

Immediate

Management and the risk analysis team


Conclusion:

Risks are associated with any professional venture, and the occurrence of it is virtually impossible at the most of times. There fire there has to be effective risk management that can address any risky situation arising that can harm the sustainability of the business in the market.

On a concluding note it can be said that although Macville has a number of risks as associated with their business operation but majority of them are minor risks. With the successful implementation of risk management strategies and tactics these risks can be avoided.

 

References:

Aven, T. (2015). Risk analysis. John Wiley & Sons.

Booth, S. A. (2015). Crisis management strategy: Competition and change in modern enterprises. Routledge.

Duijm, N. J. (2015). Recommendations on the use and design of risk matrices. Safety science, 76, 21-31.

Ghadge, A., Dani, S., & Kalawsky, R. (2012). Supply chain risk management: present and future scope. The International Journal of Logistics Management, 23(3), 313-339.

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

Kaplan, R. S., & Mikes, A. (2012). Managing risks: a new framework.

Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.

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

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

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

My Assignment Help. (2018). Risk Management For Macville. Retrieved from https://myassignmenthelp.com/free-samples/risk-management-for-macville.

"Risk Management For Macville." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/risk-management-for-macville.

My Assignment Help (2018) Risk Management For Macville [Online]. Available from: https://myassignmenthelp.com/free-samples/risk-management-for-macville
[Accessed 07 July 2020].

My Assignment Help. 'Risk Management For Macville' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/risk-management-for-macville> accessed 07 July 2020.

My Assignment Help. Risk Management For Macville [Internet]. My Assignment Help. 2018 [cited 07 July 2020]. Available from: https://myassignmenthelp.com/free-samples/risk-management-for-macville.


Confused with the research paper outline but have an approaching submission? Quit taking unnecessary stress as experts at MyAssignmenthelp.com are available to help you out with the tasks. The experts are adept at producing 100% genuine content with accurate formatting and referencing styles. They aid you in selecting attractive research paper topics to help you secure good grades. If you are facing confusion on how to start a research paper, place your request at MyAssignmenthelp.com to get on-time delivery at the most economical prices. If you are unaware of how to cite a research paper, the experts will provide it for you as well.

Latest Management Samples

BEA111 Principles Of Economics For Opportunity Cost Per Tonne

Download : 0 | Pages : 4
  • Course Code: BEA111
  • University: University Of Tasmania
  • Country: Australia

Answer: Question 1 No country has an absolute advantage in producing cars as the car producing capacity is same for both the country. However, with regards to grain, it is apparent that by using the same amount of resources, the output for a Australian worker is higher in comparison with the Japanese worker. Hence, it would be apt to conclude that Australia has the absolute advantage in producing grain. The comparative advantage in producing g...

Read More arrow

ENEG20001 Climate Impact On Water Quality For Little Yarra River

Download : 0 | Pages : 23
  • Course Code: ENEG20001
  • University: CQ University
  • Country: Australia

Answer: Introduction Background of the Study There has been increase water demand on Little Yarra River at Yarra Junction due to increased agricultural and industrial activity and demand due to population growth. Climatic changes over the years have had an impact on the rivers’ water quality (Barua et al. 2013). The water quality statistics have been documented in excel and correlation done for analysis besides prediction has been d...

Read More arrow

RES800 Research Methods

Download : 0 | Pages : 9

Answer: Evaluation To The Relationship Between The Personality Of Leaders And Employee Motivation Introduction  Selection of research methods is a difficult part of a research and it must be done carefully based on the requirements of the project. Appropriate use of data collection and data analysis techniques help to generate a trustworthy outcome from the research. In this case, investigation will take place to evaluate the relationsh...

Read More arrow Tags: Australia Surry Hills 9 Research Methods International College of Management Sydney 

MIS171 Business Analytics For The Data Analysis And Visual Dashboard

Download : 0 | Pages : 9
  • Course Code: MIS171
  • University: Deakin Business School
  • Country: Australia

Answer: Introduction: Australia’s leading supermarket chains is “Supermart”. It was established 30 years age. There are 150 stores are present in the chain. After originating from a family-based chain of general stores, “Supermart” has stores in many states across Australia. For making the online purchase, the company introduced an online channel for stores to the consumers in some chosen suburbs of Australia. In...

Read More arrow

HUSE3006 Social Policy And Planning In Regional Contexts

Download : 0 | Pages : 8
  • Course Code: HUSE3006
  • University: The University Of Newcastle
  • Country: Australia

Answer: Introduction Disability is the way in which a group of people are restricted to daily activities this is from handling daily activities that concern physical, emotional and psychological activities. Disabilities majorly entail how individuals are curtailed to various activities that they are supposed to be en gaged in.  These activities involve operating and handling issues that pertains to physical wellbeing of individuals acros...

Read More arrow Tags: Australia social policy and planning in regional contexts The University of Newcastle 
Next
watch

Save Time & improve Grade

Just share Requriment and get customize Solution.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

1,356,976

Orders

4.9/5

Overall Rating

5,080

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2632 Order Completed

100% Response Time

Albert Ambrosio

MSc in Nursing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

647 Order Completed

98% Response Time

Adlina Han

Masters in Marketing with Specialization in Branding

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

453 Order Completed

98% Response Time

Howard Asuncion

LLM in Criminal Law

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

529 Order Completed

95% Response Time

Ivan Blank

PhD in Functional Human Biology

Wellington, New Zealand

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Thank you for submitting this order in a timely manner, the work was of quality but for the future please do tell your expert to note all the requirements in the order. This is just a minor comment

flag

User Id: 348179 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating

I got good feed back from my tutor, will great mark. I will recommend to this service to others

flag

User Id: 370450 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating

I would like to know which is my thesis statement and what the argument is on this essay

flag

User Id: 418392 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating

Accurate in time, excellent writing, I was stuck on that module and couldn\'t do it. Thankfully, MyAssignmentHelp exists and I gave them the task and completed the assignment on time. Thanks:)

flag

User Id: 417440 - 06 Jul 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?