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

 2.        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 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.

 3.      Send an email to your team (your assessor).

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
 In order to monitor the implementation of your action plan you are required to review the following documents:
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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Comments

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