ASSESSMENT 1

1. Purpose of risk management standards. Give an example

For the identification of organization’s threats, vulnerabilitiesfor the determination of risk, these standards have been set. It is the main part of the overall process of the organization.

Example: ISO 31000, published in 2009, it provides the guideline for the effective management of risk. The generic approach is outlined for risk management, which is applicable to various kinds of risk and can be used by any organization.

 

2. Outline Risk Management Principles and give 11 principles

ISO 31000:2009 can be used for balancing the process of risk management. A common approach is provided in the support of standards that deals with the specific risk. ISO 31000 has been organized by the 11 risk management principles. An idea, rule or a truth about a subject is referred to management principle.

Risk management principles are as follows:

• Risk management establishes and sustains value.
• An organization’s integral part is risk management
• Risk management is decision making’s part.
• Risk management helps to addresses uncertainty.
• Risk management is systematic
• The basis of risk management is on the best available information.
• Risk management is tailored.
• Human and cultural factors are taken into account in risk management.
• There is transparency in risk management
• It is dynamic
• It facilitates Continuous improvement of the organization

 

3. What is the requirements of WHS legislation in relation to risk management?

Persons who can ensure health and safety to risk management by the elimination of health and safety is required by the WHS Act and Regulations.

It can be managed by:

• Identification of hazards – finding out what causes harm.
• Assessment of risks if necessary – understandingthe harm that could be caused by the.
• Risk Controlling – implementing the most effective controllable measure

 

4. What factors should be considered in determination of risk control measures for hazardous manual tasks?

The factors that must be considered in determining risk control measures are:

• Usability
• Credibility
• Complexity
• Complete- ness
• Adaptability
• Validity
• Cost

 

5. What is the purpose of risk management policies and procedures in the workplace?

To make sure that every worker is getting the safe place to work is the main purpose of the organizational policies. Organizational policies and procedures must be utilized by every employee to ensure that risk for every employee is as low as possible. Risk management helps to provide the guidance about the risk management for the achievement of corporate objectives and to be sure about the financial sustainability. The main goal of risk management is identification of problem even before it take place.

 

6. Give three examples of the impact of risks on a workplace if risks are not identified

Customer Dissatisfaction – Customers the main key point of an organization. If the customer is dissatisfied, then he/she will go to the other business. And the will surely share their experience on social media.

Missed Opportunities – Avoidingthreats and opportunities in achieving business objectives can also lead to missed opportunities. If an opportunity is missed, it can lead to the loss in the market share.

Negative or Damaged Reputation – If the customer is dissatisfied then it can lead to the bad reputation of the company. So identification of risk is must for not damaging the reputation of the company.

7. Outline a procedure that companies use for analyzing risks

Identify and Quantify Uncertainty

The goal in risk analysis is the identification of source of uncertainty. For example: our competitor’s price might not be known to us, but based on the known production and cost we can place bounds on it. It is not possible to know the exact people shopping at a store but examination can be done through past data.

Compute the Impact of Uncertainty

The next step is accurate estimation of impact of the uncertainties. For example: it is not possible to predict the product’s demand, but we can still know our net profit on the basis of our cost and margin. We can also calculate the number of salesperson required.

Complete a Risk Analysis Model

Model has inputs which are uncertain and known as uncertain variables. The model helps to calculate outputs such as net profit.

Explore the Model with Simulation

Risk model can be used in several ways but the most effective way is exploration of outcomes using simulation. We can use software for a model in excel such as Frontline’s risk solver. Simulation performs many experiments or trials. Simulation model can often results that are surprising to the management.

Analyze the Model Results

We care about the many possible values for the outcomes, being from the net profit to environmental impact. For example: range of outcomes is summarized using various kinds of statics. It is very useful to create charts for visualization of the results.

Make Decisions to Better Manage Risk

When risk analysis model are used then payoff comes. Risk and return of different projects are compared as well to take the better decision. For the management of the risk.     

 

8. Discuss three sources of information that a company could use.

Agency records

The agency records that are maintained by a government contractor with the purpose of management of records.

Market research

Market research is an effort for gathering information about targeted market in an organized way.

Published literature                                                            

It contains original research data and is published in a peer-viewed journal.

 

9. Describe three examples of tools or techniques that can be used by the company to identify risks as part of a risk assessment process.

Documentation Reviews

In this the review of projects that is related to the documentation lesson learned is identified for measuring the risk.

Delphi Technique

Expert’s team is consulted regularly. All the required information is sent to experts, responses are compiled, and results are sent back for further review

Risk Register

A Risk Register is a document that is being updated on regular basis throughout the life cycle of the project.

 

10. Detail four options that a company could take to control risks.

Transferring Risk

With the usage of various insurance, or by transferring payment to the one who is ready to take the risk, transferring risk can be easily achieved

Tolerating Risk

When there is no action taken to eliminate the risk then it is a tolerating risk. This is because the activity is not cost effective.

Treating Risk

Treating Risk is controlling the risk through actions that can reduce the risk occurring or minimizing the impact even before it occurs.

Terminating Risk

Terminating Risk is the most ignored method of dealing with the risk. This method is most approached which should be favored .

 

11. What four procedures a company could use to minimize risk?

Obtain insurance

Risk is not completely reduced by the insurance but small businesses gets the support as the entire financial burden that is associated with the inventory or any injury by reducing the risk.

Create a management risk plan

Businesses are not completely secured with the insurance only. To reduce the risk proactive steps need to be taken. For example, if two people are working on the same job and one is on leave without giving any prior notice then the other employee can look after his/her work.

Expand the offerings of the business

The risk will be lesser if more number of offerings are being provided as the amount of risk is less because of the availability of the funds. If business is running on a single product then the chances of its shutting down is more as the public might lose interest in that.

Lead by example- culture of the company plays an important role in reducing the risk of an accident or the injury. Safety measures are taken by the top management by spreading the initiatives to promote a safer workplace inviting all the employees of the organization to participate in safety committee.

Act quickly- If some is hurt in a workplace then effective measures should be taken to report and investigate the whole matter. The employee can get the early care and treatment and the cost will be less as well.it should also be examined that what actually happened in order to take necessary actions to further avoid the risk.

Assessment 2

1. Develop a risk briefing report

Risk Briefing Report

 Introduction

      The organizations has its set up in Australia and explicitly in the Brisbane district. They are the makers of skincare products. Due to the idea of the organization, it is to find an appropriate risk analysis. A risk analysis will help to figure out all issues that can happen in the market. The report will present all the risks. There are various risks that are being looked by

NatureCare Products.

Scope

The scope tells a way which is to be followed demonstrates a specific way that need to be followed to address all the issues. The risk preparation is set for applying the trouble to the representatives at NatureCare Products. The scope has featured some of the things.

• The primary thing is to carry out the risk is the most important thing underlined in the scope. NatureCare products should seek for an obligation for the guarantee that the risk is executed fruitfully. This can be done through investigation, assessment, and risk treatment. NatureCare Products will utilize the laws, techniques, and rules in the business.
• Training and information improvement NatureCare Products focuses on giving guarantee that every partner is familiar with the risk.
• Continuous monitoring of the performance of the risk management and reviewing the overall process if the NatureCare Products will make sure that  there is regular review of all the procedures to give light to all the mistakes. It will make sure that resources are utilized in an efficient manner.

 

Below is the NatureCare Products' risk manaagement scope policy:

• Enhancement of climate where every partner knows the obligations.
• Ensuring that the NatureCare Products can obtain its goals by using the risks instructions report.
• Make sure that the leaders are active when taking the decision.
• Making sure that all the business measures have negligible risk.

An Outline of the Risk Management Process

NatureCare Products brings the questionable risk that could have affect the business task. A risks could affect the business goals. Recent risk will be fused by the underlying arrangements.

 

PESTLE ANALYSIS

Political Factor

Factor	Risks treatment as applicable.
Country’s general elections are been looked.	Government can change its policies.
Current policies should be considered by NatureCare Products	Operations are being impacted by the government
Evaluation of any pending issues in legislation, regulations, and taxation.
Trends involved in regulation or either deregulation
Approach of government towards the business’	Protection of customer, environment, social responsibility

 

Economic factor

Factor	Risks treatment as applicable
Evaluation of the growth, stagnation, or declination of the economy.	Monitoring of trade rates, for example, surveying the effect on modest imports.
Examination of the stability of the exchange rates and their variations.	For future development, regular audit of economy information
Understanding of the trends in unemployment in the nation.	For the survey accessibility regular audit the information

 

Technological factor

Factor	Risks treatment as applicable
Existence of modern technology	Evaluation of the modest technologies and how to utilize them
Industry is introduced with advance products	Technological trends needs to be Understand in the whole industry and what impact on the entire industry is there.
Change of working patterns	Examination of the effects of the technological trends

 

Legal Factor

Factor	Risks treatment as applicable
Consumer law	Understanding of consumer litigation
Changes in incentives of consumer protection	Examine the level of government  involvement during consumer protection incentives
Changes in legislation	Reviewing administrative changes for deciding its effect on the business.

 

Environmental Factors

Factor	Risk treatments as applicable
Natural requirements	For continuous practice and ordinary improvement regularly surveying is needed
Natural legislation	To take the guarantee that business is meeting all its needs, Checking of Environmental enactment is done

 

Risks

Risks	Treatment
Lack of reputation	Making sure that customer service is excellent
Proper usage of resources	Invest in non-insurable risks.
Significant investment failure	Availability of emergency funds
Risks that are Non-insurable risks	Use of protective gear in the workplace.

 

Internal and External Stakeholders

 

Internal Stakeholders

Following are included in internal stakeholders

• CEO
• Operation Managers
• Employees
• Accountants

External Stakeholders

• Distributors
• Customers
• Retailers
• Shareholders

 

Strengths and Weakness for NatureCare Products

Strengths	Weakness
NatureCare products are eco-friendly and are  of the supreme quality	Challenges in business risk management process is induced
Access to products are provided by the E-commerce websites	Higher rate of competition from other industry players.
Quality of the products is taken into consideration as products are available with the main branch of the organization	Risk of human resource risks due to not proper workforce who is not willing to cooperate with the business
Good relationship is maintained by the company with their customers and business distributors

 

Critical Success Factor

Following factors are involved in the success for the NatureCare products

• Hiring of capable and hardworking workers for the new branch.
• For the promotion of the product creation of a good marketing campaign is needed
• Negotiating with suppliers about the new contracts with the suppliers

 

2. Send an email to the CEO

To: Assessor

From:

Subject: Attachment of the risk briefing report

Dear Assessor,

I'm writing this mail to inform you that I have attached a proposal related to the risk management with this mail. During the meeting, a few issues were brought into the consideration. Success factors that are needed in the improvisation at new branches are also outlined. Other changes are also discussed that needs to be remembered.

Kindly go through the attached report, and please share your valuable feedbacks with me.

Best Regards,

 

3. Send an email to team

To: Team

From:

Subject: Plan of risk Management

Dear Team,

This email is writing to thank all the team members who were there in the ups and downs of the business. As you all know that new branches of the companies have been opened at different location, all this is possible on because of everyone’s collaboration. I would also like to inform that a plan to manage risk is prepared for the new branch, therefore a meeting will be held at 15-09-2021, the timings will be from 12 noon to 2 pm. The main motive of the meeting is to discuss about the risk involved and also about the management of the risk.

Best Regards

 

4. Conduct team meeting

Meeting- 20-09-2021

Time: 12:00 PM

In the meeting

 

The process of risk management according to the organization’s policy and procedure

• CEO undertook the annual identification of risk. This includes the assessment of the consequence and risk.
• For all business activities there is inclusion of a Risk Management Assessment for all business activities
• Make sure that risk management processes are incorporated
• Define procedure for risk management
• Documentation of all risks
• Risk management procedure at appropriate intervals.

All the risks that we have identified and potential risk treatments

Risks identified	Risk treatments
War and civil unrest.	Risk removal
Expropriation without just compensation.	Make sure that supply chain can withstand unplanned disruptions.
Embargoes cause trade losses	Save funds for future
Political risk influenced by the environment	Wisely use risk management dollars
Rate fluctuations	Wisely use risk management dollars
A shift in government policy or regulations	Risk mitigate
Security incidents	WHS policies and procedures are better
Service outages	Training and development session
Legal disputes	Proactive steps need to be taken
The risk of company’s license to operate	Implementation of specific policies, procedures and protocols
Infections at workplace	Better WHS policies and procedures
UV radiation	Better WHS policies and procedures and installing sun ray protection equipment

 

Risks	Potential treatment
Embargoes leads to trade loss	Shift to different line of product to avoid the trade loss
Political risk influenced by environment	Wisely use risk management dollars
The risk of having your company’s license to operate	Implementation of specific policies, procedures and protocols
Economic sanctions are introduced	Bring new opportunities into consideration
Rate fluctuations	Start liquidating of the foreign exchange money

 

Ideas for Risk treatment measures

Accept the risk
Accepting the risk means knowing about the risk but not taking any action to avoid it.

Avoid the risk
Risk can be avoided to by changing the plan. It is better to avoid the risk when its impact is high on the company

Transfer the risk
Transference is a risk management strategy is not very common.

5. Develop a risk management plan

Risk Management Plan

NatureCare Products

The risk management process will be used by the management team to ensure risk control methods are included in all organisational planning, management of operations and governance.

Definitions

The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS 4360:2004.

Risk

The chance of something happening which will have an impact upon objectives. It is measured in terms of consequence and likelihood. 

Likelihood

A qualitative description or synonym for probability or frequency.

Consequence

The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury, disadvantage or gain. There may be a range of possible outcomes associated with an event.

Risk assessment

The overall process of risk analysis and risk evaluation.

Risk treatment/control methods

Selection and implementation of appropriate options for dealing with risk.

Conceptually, treatment options will involve one or a combination of the following five strategies:

• Avoid the risk.
• Reduce the likelihood of occurrence.
• Reduce the consequences of occurrence.
• Transfer the risk.
• Retain/accept the risk.

Risk management process

The systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risk.

Risk management procedure

This risk management plan template should be used. The following procedure should be followed for risk management:

1. Gather information about potential risks and risk treatments or controls using a range of risk management tools and techniques. The preferred method is brainstorming potential risks with key staff members and conducting a PESTLE analysis to identify external risks.
2. Confirm key risks and risk treatments or controls to be documented in the risk management plan. For each risk, indicate the consequence of the risk e.g. loss in sales, loss in profits, business closure, lack of qualified staff, etc.
3. Identify key risks and document them in the risk register.
4. Using the risk legend within the risk management plan, assess and document the likelihood of the risk occurring.
5. Using the risk legend within the risk management plan, assess and document the severity of the risk occurring.
6. Identify and document the agreed treatment or control method for each risk.
7. Assign a ranking to the risk using the risk assessment legend. The ranking of the risk will determine its importance in terms of risk management.

 

Risk register

Five risk and its treatment measures must be documented by making the research.

Assessment scope:			Nature Care Products are applicable under this policy
Critical success factors:			Expanding the range of product
Internal & external stakeholders:			Internal: CEO, Operations Manager, Accountants. External: Distributors, Customers, Retailers, Shareholders
Risk	Consequences	Severity Rating	Likelihood Rating	Treatment or control methods	Priority rating (high, medium low)   Order of priority
Personal risks	Effect on family	Significant	Probable	Bifurcate family hours	High
Competitive risks	Low reputation	Moderate	Probable	Train the staff patiently	Medium
Low customer satisfaction	Business loss	Significant	Occasional	Backup plan	High
Workers Health & Safety	Poor reputation	Moderate	Frequent	Implementing  Health& Safety Policies	High
Insufficient usage of resource	Injury	Significant	Occasional	Training to employees	High
Loss of Shareholders	Business loss	Extreme	Vital	Make decisions that maximize expected value, even at the expense of lowering near-term earnings	High

Risk action plan

Each risk should be identified must be included in the table below.

Description of risk	Insufficient resource usage
Summary of recommended response and impact	There are chances of injury with poor handling of equipment handling by employees.
Proposed actions	Not giving proper training to employees
Resource requirements	Manual equipment , training materials
Responsibilities	Managers, employees
Timing	Monthly/Weekly
Reporting/Monitoring	Supervisors

 

Description of risk	Customer satisfaction is low
Summary of recommended response and impact	Personal and professional life should be kept separately.
Proposed actions	Look for the reasons for reduction in sales
Resource requirements	Market survey reports
Responsibilities	Managers, employees, marketing and sales manager
Timing	Monthly/Weekly
Reporting/Monitoring	Supervisors, Accounts officer

 

Description of risk	Workers Health & Safety
Summary of recommended response and impact	Workers can be affected by poor health and safety conditions
Proposed actions	Implementing Health & Safety Policies
Resource requirements	Health & Safety manuals, Health & Safety Policy
Responsibilities	Managers, employees, CEO
Timing	Monthly
Reporting/Monitoring	Supervisors and Managers

 

Description of risk	Personal risks to family
Summary of recommended response and impact	Personal and professional life should not be mixed
Proposed actions	Bifurcate working and family hours
Resource requirements	Monthly work schedule, time table
Responsibilities	Managers, employees, CEO
Timing	Monthly/Weekly
Reporting/Monitoring	Supervisors

 

Description of risk	Competitive risks
Summary of recommended response and impact	Pushing of existing product into new markets
Proposed actions	Patiently train your staff
Resource requirements	New technology
Responsibilities	CEO, managers, Human Resource Manager
Timing	Weekly basis
Reporting/Monitoring	Manager and supervisors monitoring

 

Description of risk	Shareholder’s loss
Summary of recommended response and impact	Keep a note on preferences of the shareholders
Proposed actions	Loss Prevention
Resource requirements	Statistics
Responsibilities	Analysis statistics properly
Timing	Monthly/Weekly
Reporting/Monitoring	Quarterly Check

 

6. Send an email to the CEO

To: Assessor

From:

Subject: Attaching Risk Management Plan

Dear Assessor,

I am writing this email to inform you that meeting discussion is carried on for next 30 minutes, on the consideration of the discussion risk has been identified on which actions are needed to be taken, we have come up with the risk management plan, which is been attached to the mail. Kindly go through the plan ones.

Risks	Treatment or control methods
Family risk	Bifurcate working and family hours
Competitive risks	Train your staff patiently
Poor customer satisfaction	Backup plan
Workers Health & Safety	Implementing Health & Safety Policies
Insufficient resource usage	Training to employees
Loss of Shareholders	Make strategic decisions

 

Best Regards,

 

Assessment 3

 

1. Write a report on staff training

Staff Training Report

1. Orientation:

Representative preparing is well known sort of Orientation. It is inviting of fresh recruits. This process will be applicable to all the far reaching jobs.

2. On-board training:

Onboarding trainings is set up by the office pioneers with the point of arriving at the objective. Workers need and give admittance to data that is needed to tackle their responsibilities

3. Technical skills development training:

It is a training which is given in technical terms. It is for all the individuals that know how to tackle with the responsibilities

4. Soft skills development training:

New and existing workers, both gets benefit from this training everything. This is a very compelling approach to construct a productive and deferential culture.

5. Products and Services training:

Product trainings can be accessible to the ones who need to get updated on the items. This can be utilized for the staff instruction.

Staff Training Report:

Training Options	Outcome	Location	Costs	Duration
Orientation	Wide-roles	Bowen Hills	$100	2 Weeks
Onboarding	Staff Engagement	Spring Hill	$175	2 Weeks
Technical Skills	Developments	Paddington	$120	7 Weeks
Soft Skills	Collaborative culture	Petrie Terrace	$250	2 Months
P & S training	Refreshing Products	Herston	$300	3 Months

 

2. Undertake an inspection of head office

Practice and RTO area	Issues detail
Management of Waste	For all sort of wastages, there is only trash dustbins are of same sought to incorporate the appropriate wastage.
Water, gas (Energy usages.)	To utilize the best of energy, there are no signs to comprehend.
Material and Technical/ technology system usage	For submission, prints of assessments info are required
Inspection date: 20-09-2021	Completed by: 6:00 pm

 

3. Develop a customer questionnaire

4.		1	2	3	4	5
1.1	As compared to the competitor, Our company products are very good
1.2	Feel of our website
1.3	To resolve the problem, the company build is very easy medium
1.4	Staff services are excellent.
1.5	How was our services
1.6	Material quality
1.7	Staff cooperation with customers
1.8	Accessibility to the customers

 

4. Send an email to the CEO

To: Assessor

From:

Subject: Attaching the reports

Dear Assessor,

This letter is written to inform you that I have attached that report with the mail. Kindly go through it once and share your views:

• Staff training Report
• Customer Questionnaire
• Usage record

Best Regards,

5. Write risk monitoring report

Risk Monitoring Report

Introduction

Existing employees were provided with the management training so that they are enable to manage the new branches.

Complete data set for monitoring-

• CustomerSurveyResultsMemo
• SalesDataAnalysisMemo
• StaffSurveyResultsMemo
• PerformanceReviewResultsMemo
• SustainabilityReport

CustomerSurveyResultsMemo

80 customers were participated and out of that 88, only 55 of them has submitted the result out of which only 35% have agreed that company’s product is up to the mark. 53% people were fully satisfied with nature care product in the survey.

SalesDataAnalysisMemo

It is been included in the sales reports includes that every team member is trained. Gifts can be given to the one who have played the important role in the expansion of the company.

StaffSurveyResultsMemo

• Team is lacking the professional development rules are been lacked by the team.
• To improve the soft skill, is the requirement of each team member
• Expansion process was to motivate each team member so that they can work harder.

Performance Review Results Memo

For the professional and personal growth, the training was very important

Details of managers

Great team work was done by Sasha. But we can still focus on her capabilities to be improved to manage the things.

Good performance have been shown by Jamie as she handled the important information of the company very carefully and her care towards the staff is very good.

Sustainability Report

Since risk control have been implemented, the following sustainability initiatives have been implemented:

• Introduction of recycling bins were there.
• Development of green purchasing policy
• Development and implementation of green transport policy

Before the implementation of the above, the following targets were set:

• Reduction in electricity consumption by 20% within three months.
• Promoting the awareness of sustainability initiatives amongst all staff members

The results are as follows:

Before the energy audit:

• Annual energy bill: $2,415 a year
• Annual greenhouse emissions: 18 tonnes a year

Three months later:

• Annual energy bill: $1,800 a year
• Annual greenhouse emissions: 10.2 tonnes a year

Six months later:

• Annual energy bill: $2,215 a year
• Annual greenhouse emissions: 14 tonnes a year

 

Evaluation

Track of all the task needs to be managed. We will also be updated.

Circumstances

Internal scenario needs to be evaluated. Due to lack of human resource, there are this type of task.

Opportunities

We have the opportunity for the development of the professional, so that there are some process for our activities

 

6. Send an email to the CEO

To: Assessor

From:

Subject: Attachment of the risk monitoring report

Dear Assessor,

The document listed below is been analysed for the monitoring of the task.

• Customer Survey Results Memo
• Sales Data Analysis Memo
• Staff Survey Results Memo
• Performance Review Results Memo
• Sustainability Report

Kindly give me your valuable reviews.

Best Regards,

 

Assessment 4

 

1. Develop a risk management evaluation report

Risk Management Evaluation Report

 A. Evaluate the overall risk management process.

Identification of the risk is not an easy thing to do as it needs the complete review of the process of the organisation, its procedure as well. It also requires the understanding of social, political, legal as well as technological context.

Identification of risk is very important, it is highly effective to invite the internal staff and share concern about a specific situation, as the internal staff is having the detailed knowledge about the organization and they will help in the accurate identification of the risk process.

The confidence in the risk identification process is high as the internal staff helped in the process. Most of the people who were the part of the process were already aware about the risk policy.  

• Was it easy or difficult to identify risks?

It was difficult in the starting but after the research for managing the risk, and continued doing the same. At every point I identified the risk by using the project phases as it has helped me to identify risk factors.

A risk factor gives birth to one or more project risk. A risk factor won’t allow you to miss a product.

  For example: the organization that didn’t take the project that was similar to the present one is a risk factor. Due to no previous experience, the activities can be overlooked that need to be performed but the chances cannot be increased.

• Was staffs input helpful?

Staff’s input was exceptional as they really helped in the task. Actually I do accept that staff input was exceptionally useful and obligatory for supporting hierarchical change. Representative Input is an important business asset regarded by any significant association which is intrigued to be solid available, that is on the grounds that voice of workers is one of the basic hotspots for an organization to create novel thoughts, feature and resolve existing issues, and discover heaps of new freedoms to arrive at greatness in nature of their administration. Truth be told, no one knows the circumstance with an interaction better, than an individual who promptly works at this cycle every day, so it is attractive for an organization to question their laborers on their opinion on administrative techniques, used innovation, current business methodology, and different perspectives, these endeavours may result into huge loads of disclosures and new thoughts.

How confident are you that all the risks have been identified?

Distinguishing, assessing and understanding dangers are a vital part of business the executives. Organizations can likewise endure appalling results if hazards are not properly overseen. The most broadly comprehended dangers as indicated by me are word related wellbeing and dangers. The vast majority by and large partner the word RISK with injury, wellbeing dangers and demise, yet there are numerous different kinds of hazard looked by any business other than those viewpoints. Along these lines, I am completely certain that every one of the dangers related with any business associations can be relate to the strategy, political, climate, social and legitimate separately.

B. Consider whether the process indicated in the NatureCare Products’ current Risk Management Policy and Procedures is sufficient to guide the risk management process used for the business expansion project. Explain why or why not.

The process indicated in the Nature Care Products current risk management policy and procedures was partially sufficient because they used a PESTLE analysis to identify the key factors that impact on the environment in which Nature Care Products operates and then as an input in the risk report, they included the internal staff comments regarding the new managerial position issues, which is a high-effective risk identification resource. The only issue was the delay putting in place the performance management system, making hard to follow up the performance of the employees filling the new positions.

C. Explain whether the principles of risk management in the NatureCare Products risk management policy and procedure is consistent with AS/NZS ISO31000:2009 Risk Management Principles andGuidance.

The principles of risk management in the Nature Care Products risk management policy and procedure were consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance because they engaged internal staff throughout the risk management process, showing that communication was a key to identifying, analysing and monitoring risk.

Also, the company recognised and included the contribution from new staff with a deep understanding of the policy and procedures policy of the company, helping to have a complete identification and measure risk process.

D. What changes would you recommend to the risk management process?

Outsider advisor is recommended to aid the ID of risk measures. Impartial point of view will be given by the advisor which can be utilized to discuss about the dangers.

Also the Communication and Communication Planning, numerous directors expect to be that in the event that they discuss unmistakably with their workers, their task is finished. In any case, there are numerous reasons why workers may not hear or comprehend what their chiefs are saying the first run through around. Beginning correspondences are normally intended to make mindfulness around the business explanations behind change and the danger of not evolving. Moreover, at each progression simultaneously, interchanges ought to be intended to share the perfect messages at the perfect time.

 

Correspondence arranging, thusly, starts with a cautious examination of the crowds, key messages and the circumstance for those messages. The change supervisory crew or venture pioneers should plan a correspondence plan that tends to the requirements of forefront representatives, managers and heads. Every crowd has specific requirements for data dependent on their part in the execution of the change.

    2. Send an email to your accessor

To: Assessor

From:

Subject: Attachment of Risk management evaluation report and screenshot.

Dear Assessor,

I’m writing this mail to inform you that I have gone through all the risk and its management principles. After the evaluation, operating department have recommended some risk management changes.

.

So, I urge you to go through it and share your thoughts.

 

The report is attached below.

 

Thank you

 

Best regards