BSBRSK501 Manage Risk Assessment Task 2 Answers


Assessment Task 2: Analyse and treat risk

After the review of the MacVille simulated business scenario information and documentation provided in the Assesment, I have created the below report on Risk analysis and its treatment, three main criteria’s are being considered as a major concern over the course of acquisition of Hurley’s Café in Toowoomba by ranking from its severity to the moderate one, are as followed;

Manager’s travel risk

This risk presence as per the geographic setting of Toowoomba branch in which it is situated in a provincial territory came to by winding street. It is brought up by being worried in term of securities when driving in poor light condition, particularly amid night and late around evening time.

Likelihood

This present risk’s plausibility is considered to be medium; this raise the need to relieve the risks included. Risk plausibility are chiefly the hazard from going between headquarter in Brisbane and Toowoomba branch for week by week meeting which are commonly complete late at night or night.

Consequence

In term of death toll or any damage are considered as a catastrophic outcome. There is a probability for the administrator to have a mishap in view of the long and lengthy drive and furthermore the exploring of the precarious tight scale up the range. In the event that there is any mischance happens, the organization needs to guarantee the administrator and also to locate a substitute for the chief and this will back off their Café business and in fluently affect the business economy.

Priority

Classification

Low [1]

Medium [2]

High [3]

Extreme [4]

Insignificant [1]

Minor [2]

Major [3]

Catastrophic [4]

8

The priority for this risk can be delegated as High since the rating of the result of likelihood and consequence is 8

Options

The conceivable changes are as taken after;

  • Installation of video chatting framework
  • Finish administration meeting no later than 3:00 pm
  • Manager whose go to the provincial office can be excusal from meeting by 3:00 pm
  • Change the meeting time to morning session

By-law compliance risk

This risk emerges because of the current transformation of neighborhood chamber enactment in term of surpass water use. It is additionally vital for MacVille Pty Ltd to agree to the enactment set out by nearby board since it is their obligation as a corporate native.

Likelihood

The risk existences direct pressures to the congruity of the business because of the charge forced by neighbourhood committee if the water use had been surpassed. There is a medium risk that, if the representatives or the chief utilize more water, they could get the fines for intemperate use of water and therefore breaking the ebb and flow by-law will happen.

Consequence

Risks emerge from neglecting to follow enactments are;

  • Large measure of fine force by chamber
  • Brand and notoriety harm
  • Uncontrollable cost of operation
  • Inefficient in asset distribution

Consequently, we can categorize the results of the risk as minor.

Priority

Classification

Low [1]

Medium [2]

High [3]

Extreme [4]

Insignificant [1]

Minor [2]

4

Major [3]

Catastrophic [4]

The priority for this risk can be categorized as Medium since the result of the combination of likelihood and consequence is 4

Options

The conceivable changes are as taken after;

  • Installing local plants to lessen water utilization and uses
  • Install water tank to exploit rain water and utilize less water from board
  • Install double flush framework in restroom to expand cost sparing
  • Change and strengthen new water use manage and direction and also checking the water utilization
  • Replace machine to be more water productive

Banking risk

This risk emerges from the absence of controlling and observing strategy of the store money related records and their technique for keeping trade without the store after hour. The absence of standards and directions and in addition methods in term of saving money day by day, the record keeping of offer and money paid out, and identification and anticipation control in term of falseness.

Likelihood

There is medium plausibility of burglary of money that is left on premises as the managing an account in Café was not done each day and frequently $4000 was continued the premises overnight in the money enlist.

Consequence

The risks from the absence of controlling and observing are as taken after;

  • Chance of losing more resources if there should be an occurrence of burglary and it is additionally considered to be an inspired tricking looter to endeavour to soften up.
  • Fraudulence exercises in which representatives can take cash when the bistro measurement not keeps up proper money related record keeping.
  • Impractical money related framework set up, due to the already family possess bistro with the absence of fitting and appropriate record keeping of any monetary exchanges both pay and cost, making it difficult to create the exact budgetary report in consistence with administrative.

This money related risk covers up might be viewed as minor yet the outcomes of a thief braking in the business may put the representatives in threat, causing conceivable wounds; the results of this risk can be categorized as major.

Priority

Classification

Low [1]

Medium [2]

High [3]

Extreme [4]

Insignificant [1]

Minor [2]

Major [3]

6

Catastrophic [4]

The priority for this risk can be categorized as Medium since the result of the combination of likelihood and consequence is 6

Options

The conceivable changes are as taken after;

  • Setting up guidelines and directions for keeping money its deal each day and wipe out the need of convey money overnight other than insignificant till sum.
  • Switch bank to the closest one to decrease both voyaging separation and dangers in taking care of extensive total of cash.
  • Insure overnight money holding.

Risk Management Plan Table

Risk

Assess Risk
(L, M, H, E)

Controls

Monitoring

Timelines

Responsible

Banking Risk

Medium

Depositing the money in the bank every day

By getting the weekly bank statement

Opening week

Financial Controller

Manager’s Travel Risk

High

Work should be finished before 3pm, so doesn’t have to drive at peak hours

By checking the meeting times

Opening week

CEO, New Policy

By-law Compliance Risk

Low

Educating the employees about the effective usage of water

By checking the water usage bills monthly

Within 3 months

Goldsmith Partners

Implementation of the risk management treatment for one of the identified risks:

In order to resolve the risk related to the banking problem, implementation of the risk management treatment is necessary (de Zwaan et al.2011). In this implementation, different phases need to be implemented like preparation phase, tailoring phase, implementation phase and sustainment phase. In order to select effective banking solution and providing different types of discounts an integrated risk management plan should be implemented. After that, it is significant to modify the risk management process of the business and coordinate the plan with the stakeholders. Then it is important to adapt effective tool and employ different types of matrices, formats and checklists. Then providing training to the employee is important and along with that, risks related to that also should be assessed. It is important to provide continuous support to the management so the risk management process can be sustainable.

Want latest solution of this assignment
AssignmentHippo Features
  • On Time Delivery

    Our motto is deliver assignment on Time. Our Expert writers deliver quality assignments to the students.

  • Plagiarism Free Work

    Get reliable and unique assignments by using our 100% plagiarism-free services.

  • 24 X 7 Live Help

    The experienced team of AssignmentHippo has got your back 24*7. Get connected with our Live Chat support executives to receive instant solutions for your assignment problems.

  • Services For All Subjects

    We can build quality assignments in the subjects you're passionate about. Be it Programming, Engineering, Accounting, Finance and Literature or Law and Marketing we have an expert writer for all.

  • Best Price Guarantee

    Get premium service at a pocket-friendly rate. At AssignmentHippo, we understand the tight budget of students and thus offer our services at highly affordable prices.