Risk Management
Assessment Task 1 Instructions
Provide answers to all of the questions below:
1. Outline
the key purpose of risk management standards. Include an example of a risk
management standard in your answer.
2. Outline
the AS/NZS ISO 31000: 2009 Risk Management Principles and Guidelines and each
of the 11 principles.
3. Outline
the requirement under WHS legislation to manage risks.
4. Outline
the factors that must be taken into account in determining risk control
measures for hazardous manual tasks as stated in the model Work Health and
Safety Regulations 2011.
5. Outline
the purpose of risk management policies and procedures in the workplace.
6. List
three examples of the impact of risks for a workplace if risks are not
identified or auctioned.
7. Outline step
by step procedures that companies can use for analysing risks.
8. Outline
three sources of information that a company could use to gather information on
potential risks.
9. Outline
three examples of tools or techniques that a company could use to identify
risks as part of a risk assessment process.
11.
Explain
four procedures that a company could use to minimise risk.
Assessment Task 2: Risk management project
Task summary
This assessment task requires the student, in
the role of Operations Manager of Nature Care Products, to develop a risk
management briefing report associated with the proposed business expansion. The
student will then prepare for a meeting with their team by researching risks,
as well as potential risk treatment options pertaining to the Nature Care
Products business expansion project.
Following this, the student will meet with their
team to brainstorm risks and develop a risk management plan, which includes an
action plan to implement identified risk treatments.
This task will be completed in the simulated
work environment at Alpha Institute.
Required
Computer
with Microsoft Office and internet access
Risk
Management Policy and Procedures
Risk
Briefing Report Template
Risk
Management Plan Template
Space
for a meeting, with a whiteboard, if possible.
Role play
participants
Assessment Task 2 Instruction
You are the Operations Manager of a
medium-sized Australian company, NatureCare Products, based in Brisbane. The
company commenced business in 1996, and manufactures eco-friendly, high quality
beauty skin care products.
The business was established to cater for a
growing demand for skin products that contain eco-friendly and natural
ingredients. There is also an emphasis on eco-friendly packaging.
The company sells its products in health food
shops across Australia, as well as online through its own web site. The company
targets customers that want high quality, eco-friendly products. Market
research has identified that around 70% of their customers are professional
women aged 25 to 55.
NatureCare Products’ strategic priorities
focus on business diversification and growth. They aim to increase their market
share by 10%, and to expand the existing product range to attract more
customers.
At a recent board meeting, the two company
shareholders and the CEO discussed options for expanding the business,
including establishing a chain of retail outlets. The idea is to initially set
up a retail outlet in central Sydney, Brisbane and Melbourne.
The CEO has asked you to investigate this,
undertaking a risk analysis on establishing a chain of retail outlets. The CEO
and shareholders are keen to get the business expansion started as soon as
possible so need to get your risk management plan in place immediately.
Currently the company employs the following
staff: Accounts Manager, Marketing Manager, Marketing Assistant, Sales Manager,
four customer service representatives, Office Manager and Administration
Assistant, Operations Manager, as well as the CEO and two shareholders as
indicated above.
The company currently has a Risk Management
Policy and Procedures in place that incorporates the AS/NZS ISO31000:2009 Risk
Management Principles and Guidelines.
Complete the following activities:
1. Develop a risk briefing report.
Review the case study information provided to
you to determine the scope of the risk management process required, as well as
the company’s risk management policy and procedures and information on risk
management standards.
Use the Risk Briefing Report Template to
guide your work.
Your report should include the following:
·
Introduction,
including the scope of the risk management process, any risks that may apply to
the scope, and objectives and critical success factors for the area included in
the scope
·
Give
also an outline of the risk management process as per the organisation’s policy
and procedure, as well as how the organisation’s process aligns with the risk
management standards as identified in the link provided to you.
·
A PESTLE analysis identifying the key factors that impact on the
environment in which Nature Care Products operates and their relevance to the
risk management process.
·
You are also required to Identify at least five risks identified with
the expansion, and at least one potential risk treatment option for each of the
risks you identify.
·
Identification
of internal and external stakeholders with whom you will need to consult to
identify potential risks, as well as issues they are likely to raise as part of
the risk management process.
·
An
analysis of the strengths and weaknesses of the company’s existing retail
approach namely, online and through health food shops.
·
Analysis
of critical success factors, goals or objectives for the business expansion
project.
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
It should provide a brief overview of the
risk management project, introduce and summarize the contents of the
attachment, and seek their feedback and approval to move forward with the
project.
Attach your risk briefing report to the
email.
Your assessor will send you an email in the
role of the CEO, providing you with feedback and approval to proceed.
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
It should invite them to participate in a
meeting to brainstorm risks associated with the company’s proposed expansion.
Your email should briefly explain the purpose
of the meeting and advise the date and time for the meeting (your assessor will
advise you the date, time and also provide you the email addresses of the two
students who will be in your team).
The meeting is to run for approximately 30
minutes.
4. Conduct team meeting
After giving a short introduction, present to
your team the risks that you have identified, as well as the treatment measures
you have selected. Refer to your Risk Briefing Report and share your ideas,
encouraging the meeting attendees to share theirs.
Steer this discussion into a brainstorming
session.
Take paper and pen with you, or use a
whiteboard, to jot down ideas as they are given.
At the meeting, you are required to:
·
Clearly explain the risk management process as per the organisation’s
policy and procedure.
·
Discuss the risks you have identifiedandpotential risk treatments
·
Seek ideas from the team about risks involved in the business expansion,
as well as treatment measures.
·
Agree on the most important risks that should be included in the risk
management plan, as well as suitable risk treatments. At least five must be
identified.
During the meeting, you will need to
demonstrate effective communication skills including:
·
Speaking clearly and concisely
·
Using non-verbal communication to assist with understanding
·
Asking questions to identify required information
·
Responding to questions as required
·
Using active listening techniques to confirm understanding
Close the meeting by thanking the
participants for attending.
5. Develop a Risk Management Plan
The final part of the assessment task
requires you to develop the risk management plan using the risk management plan
template.
Use the Risk Management Plan Template to
guide your work.
Your risk management plan should include:
·
The risks you have identified based on your research and brainstorming
session. You must include at least five risks.
·
An assessment of the likelihood of the risk occurring, as well as the
severity of the risk should it occur.
·
Identification of at least one suitable treatment measures for each of
the five risks Priority rating (high, medium or low) to show the order in which
risks must be treated.
·
A risk action plan that sets out for each risk including:
o
Risk description
o
Impact of risk
o
Recommended actions
o
Resource requirements
o
Timelines
o
Responsibilities
o
Monitoring processes
6. Send an email to the CEO (your assessor).
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
The email text should include the following:
·
Summary of the purpose of the Risk Management Plan
· An outline of the risks most likely to occur in relation to the business
expansion project.
· Why you believe the identified treatment strategies for each of the
risks will be effective in ensuring risks are minimized or do not occur.
Attach your risk management plan to the
email.
Assessment Task 3: Risk implementation project
Task summary
This assessment task requires you to
implement a control measure from the risk management plan, as well as monitor
and report on actions arising.
This task will be completed in the simulated
work environment at Alpha Institute.
Required
Computer
and Microsoft Office
Access
to the internet for research
Customer
Survey Results Memo
Sales
Data Analysis Memo
Staff
Survey Results Memo
Performance
Review Results Memo
Sustainability
Report
Assessment Task 3 Instructions
Carefully read the following information:
Assume that the CEO of Nature Care Products
has indicated that he wants you to prioritize treatment of number of risks as
follows:
·
Inability to attract sufficiently qualified staff
One of the risks identified in the risk
management plan is the inability to attract sufficiently qualified and
knowledgeable staff to manage the new retail stores. The risk
treatment identified is to invest in the training and development of existing
staff to fulfill this role, at least in the short term.
It has been identified that at least two of
the existing customer service representatives are interested in taking on this
new role. Neither of the two customer service representatives have managerial
skills nor knowledge, but they both have excellent company and product
knowledge as well as customer service
skills.
·
Unsustainable workplace
Another risk identified in the risk
management plan is increased costs to the business through inefficiencies
in resources usage. Given that the business
is set to expand, it is of key importance that resources are used sustainably
and efficiently. The CEO wants to implement the risk treatment of measuring the
company’s environmental sustainability and resources usage, commencing with the
head office location.
· Low customer satisfaction
A further risk identified as a priority is
the any threat to customer satisfaction. Given that the business is expanding,
customer satisfaction will be crucial.
The risk treatment identified is to develop a customer questionnaire that can
be used to measure customer satisfaction.
Complete the following activities:
1.
Write a report on staff training options
Review the case study information and then research
a range of potential training options for the customer service representatives,
including both on and off the job options. Identify at least three suitable
options.
Then develop a short report outlining your
recommended option/s for the training, including a rationale for each
recommendation.
Include the details of each recommended
training option, including a summary of the training to be provided and
outcomes, location, costs and duration as applicable.
As a guide, your staff training report should
be 1 to 2 pages long.
2.
Undertake
an inspection of headoffice
Assume that, given the CEO’s concerns, you are to
complete an inspection of head office (thiswill be the RTO as the simulated
environment) to identify environmental sustainability andresource usage issues
and to identify and report on possible solutions.
You will therefore undertake an inspection of the
RTO facility using the environmentalsustainability and resource Usage Record
Template.
Record at least 3 actual or potential environmental
sustainability and resource usage issues that you found during activity one.
Your assessor will advise you of the date and time
of the inspection and will observe you conducting the inspection.
3.
Develop a
customer questionnaire.
Develop eight
questions that measure customer satisfaction and can be answered on a sliding
scale from 1
(which is don’t agree at all) to 10 (which is totally agree).
Try to develop questions that encompass as many
aspects of the customer’s experience aspossible.
Use language
that is polite and friendly.
There should be
a space under the questions for responders to give written feedback.
Create a new Word document for this activity and
save it as Customer Questionnaire.The questionnaire should fit on one side of
an A4 page.
4.
Send an email to the CEO (your assessor).
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
It should introduce and summarise the
contents of the attachment, and seektheir feedback and approval to move forward
with the project.
Attach your staff training report to the
email.
The CEO will send you an email providing
comments and approval to proceed with the training course that they select from
your report.
5. Write a
risk monitoring report
o
Customer
Survey Results Memo
o
Sales
Data Analysis Memo
o
Staff
Survey Results Memo
o
Performance
Review Results Memo
o
Sustainability
Report
Develop a risk
monitoring report that provides a summary of the data provided to you and
document what the data shows in relation to the effectiveness of the action
plan.
Identify any additional risk control measures , which you
believe should be put in place as relevant.
Your report should be 1 to 2 pages long.
6. Send an
email to the CEO (your assessor).
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
It should introduce and summarise the
contents of the attachment.
Attach your risk monitoring report to the
email.
Assume that it is one year later, and the
retail stores are now established in Brisbane, Sydney and Melbourne. Each store
employs a Manager, 2 full-time retail assistants and several casual staff.
Due to the increase in the number of staff,
Recruitment, Selection and Induction Policy and Procedures have been put in
place. However, other human resources systems, such as performance management,
have not yet been put in place.
Both of the original customer service
officers who trained up to be managers have left the company. In addition, a
further two managers were employed and have also left. Reasons cited by staff
for leaving are as follows:
I was given initial training but I felt I
needed ongoing professional development to do my job well, which I didn’t get.
The pay wasn’t enough for the job. I was
employed as a customer service officer and only got a small pay rise to take on
the manager job.
Too little pay for too much work.
Not enough guidance from senior management
about the expectations of the job.
7. Monitor
risk control measures
Based on the above information, write a short
report for the CEO, outlining the situation and identifying at least two
further risk control measures, which you believe should be put in place.
8. Send an
email to the CEO (your assessor).
The text of the email should be in
grammatically correct English, written in an appropriate (polite,
business-like) style.
It should introduce and include the text of
your risk control measures report that you completed in the previous activity.
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