BSB40215 Diploma - Certificate IV in Business
To complete this assessment task, you will need to review a simulated business and associated documentation, identify and document risks, analyse and evaluate risks to determine level of risk for the organisation, and plan to treat risk. You will need to perform these activities in accordance with organisational requirements and the international and Australian Standard for risk management.
1. Review the MacVille simulated business information provided by your assessor.
2. Review theMacVille scenario in the appendices of this assessment task.
3. Identify the internal and external context for risk management with respect to the MacVille scenario, including organisational policy, procedures and processes for risk management.
4. Identify three risks using tools (for example, checklists, research notes, notes of meetings with stakeholders).
5. Analyse each identified risk to determine the likelihood and consequence of each risk (for example, as a percentage or a cost).
6. Determine the level of risk for each risk.
7. Consult with threes take holders to assist your analysis and evaluation of risk, using questioning and listening techniques to gather information from stakeholders. Use appropriate communication protocols to maintain a structured approach to consultation.
Note: Your assessor will role-play or assign stakeholder roles to others. Ensure you arrange a time, place, or method of consultation with your assessor.
8. Weigh possible control measures for each risk, assessing strengths and weaknesses of each measure.
9. Determine control measures for each risk.
10. Determine resources and responsibilities for control of risks. Resources may include financial resources, human resources, or any equipment you determine to be necessary to implement control of risks.
11. Document your process and outcomes of identification, analysis, and evaluation of risk.
Organization policy for risk management
Mac Villes policy of managing risks is designed as a strategic approach for managing risks. It involves identifying, evaluating, controlling, as well as managing risks. the policy makes sure the potential threats, as well as the opportunities, are properly identified as well as managed.
The major areas where the potential risks were identified involve operational, project management, governance, as well as finance. Operations involve regulatory as well as legal compliance, insurance, logistics, communications, infrastructure, as well as the resources. Project management involves the procedures as well as tools to manage projects, stakeholders, financial as well as human resources (Samimi, 2020). Governance involves interest conflicts and the conduct of the board. Finances involve accountability, capital investment, funding, interest rates, as well as theft or fraud.
The directors, management, as well as employees of the company have the responsibility to implement the aspects of the risk management policy.
Directors have the role to determine the risks that are acceptable as well as the risks that are not. They set the standards as well as expectations of the staff. They approved the major decisions that affect the risk profile of MacVille (Hillson & Simon, 2020). They are also responsible to monitor the management of the risks and reduce the potential risks.
The senior management has the role of implementing the policies regarding risk management as well as the internal control. They not only identify but also evaluate the areas regarding potential risks that might be faced by MacVille. they also identify the areas but the risks are not properly addressed and after that give the necessary advice to the directors.
The employees have the responsibility to familiarize themselves with the policies of risk management as well as clarify the aspects with the senior team. the employees also consider any possible risks that might lay an impact on them (Samimi, 2020).
The risk management policy of MacVille is implemented according to the legislation, standards, as well as codes of practice. It involves
- Standards Australia, 2009, AS/NZS ISO 31000:2009 Risk management – Principles and guidelines
- Corporations Act 2001 (Cwith)
- Privacy Act 1988 (Cwith)
- Income Tax Assessment Act 1997 (Cwith)
- Australian Securities and Investments Commission act 2001 (Cwith)
- Work Health and Safety Act 2011 (Qld)
- Fair Work Act 2009 (Cwith)
- Anti Discrimination Act 1991 (Qld)
Risk Management Strategy
Policies and Procedures
Various policies for assignment help underpin the internal control procedures. The directors approve the policies and after that it is implemented as well as communicated with the senior management team. These policies involve the human resource policies, corporate governance policies, as well as financial policies. The human resource policies involve organizational culture policy, return to work policy, safe travel policy, sustainability policy, equity or diversity or discrimination policy. Corporate governance policies involve directors remuneration policy, as well as board protocol (Smith & Merritt, 2020). Financial policies involve cash reserving policy, finance, audit, as well as risk management committee, as well as bad debt policy.
The planning, as well as the budgeting procedure of MacVille, is used for setting objectives and taking the necessary plans for allocating the resources. The progress for meeting the objectives of the business plan is monitored properly by the team of senior management and the directors during board meetings. During the board meetings, the possible risks are rectified by the senior management team. The committee of finance, audits, as well as risk management a responsible for reporting at the board meetings regarding internal controls. The FARM committee has the responsibility to pay necessary attention regarding risk management (El Baz & Ruel, 2021). The farm committee looks after the internal audit, external audit, as well as management during reviewing the internal controls.
Risk Management Process
The process of managing risks within MacVille involves establishing the context, identifying as well as describing the risks, conducting a proper analysis regarding the current risks, conducting an evaluation of the risk, developing a proper management plan for the risk as well as implementing the proposed treatments for risk, and monitoring, reporting, as well as providing updates regarding the risk to continuously make improvements (Taghipour et al., 2020).
The tools to identify the potential risks for MacVille involve reviewing their existing documentation as well as forming checklists. Reviewing the existing documentation involves SWOT analysis.
Strength: An effective strength of MacVille involves moving their new shop to a location where two major streets are intersecting with each other. MacVille chose the spot for their latest shop as it possesses heavy traffic and it is also an apt location that will help them to attract more customers. The location where MacVille decided to place their new shop possesses huge accessibility due to the availability of transport in huge numbers that helps the customers visit their shop in that location without facing any kind of difficulties.
Weakness: The major weakness of MacVille is to move to the new location within huge traffic jams that often take place due to the huge traffic involving cars as well as trucks on the road. Another major concern that MacVille faces is the management of cash (de Araújo Lima, Crema & Verbano, 2020). There are no safety facilities or any kind of amenities within their stores where they can keep their cash safe. Due to the absence of any kind of safe facility or amenity to safeguard the cash within the stores, it creates a huge probability that the cash might get stolen from the store.
Opportunity: According to the information that the landlord provided to the owners of Maxwell, the spot they selected for setting up their latest shop creates a great scope in terms of starting different branches within the surrounding premises. Through the usage of the details of demography regarding the area, the owners came to know that the population of that area was increasing and the population also had great powers to purchase things. Due to the purchasing power of the customers, MacVille will be able to make sure their company receives various customers and it will also help MacVille to boost their profits. MacVille can also implement a portion of their budget for installing a proper cash registry system within their shop that will help to safeguard their cash and prevent it from getting stolen. MacVille Company has the opportunity to install proper mechanisms so that they can focus on the health as well as security of the shop and also the well-being of their workers (Unver & Ergenc, 2021). MacVille Company also has the opportunity to afford as well as expand their pathways and utilize additional chairs to occupy them with the help of the ordinance that has been promulgated with the government. This law made by the government acts in the company's favor and also provides further opportunities that will help the company to grow.
Threat: It was found that the company faces three major threats. The first threat involves excessive use of water. The second threat involves competition within the area. The third threat involves the management of cash. The first threat tends to affect the operations of MacVille in terms of excessive usage of water. The local government also planned to fine fifty thousand dollars to MacVille for excessively using water and also implement the law on them. For preventing any kind of fine from the government, the company can install as well as utilize fresh technologies for minimizing the excessive usage of water in their new shop (Araz et al., 2020). As various companies have installed new shops within the region it has led to competition from various companies in that area and has also made it hard in terms of sustainability of the companies. For the third threat regarding the management of cash, MacVille does not contain any kind of safe facility or any kind of amenity to store their cash and keep it safe.
Likelihood and consequence of risk
Level of each risk
Strength and Weakness
- The new sustainable technologies will help the organization to improve the sustainable practices.
- The better technologies can help the organization to get the market research and it also helps them to understand the market information that are important to get the work done.
- The accounting software help the company to get the error free financial sheets that is important to generate their profits.
- The new technologies are expensive so it can come up as a problem for the organization.
- The online market is hard to beat so the competitions are critical to that need more concerns to be reduced.
- The malfunctions of the potential software can increase the problem of financial department
The risk management policy of MacVille is implemented according to the legislation, standards involving Standards Australia, 2009, AS/NZS ISO 31000:2009 Risk management – Principles and guidelines. The directors approve the policies and after that it is implemented as well as communicated with the senior management team. These policies involve the human resource policies, corporate governance policies, as well as financial policies. The tools to identify the potential risks for MacVille involve reviewing their existing documentations with SWOT analysis as well as forming checklists. With the help of SWOT analysis, the strengths, weaknesses, opportunities, and threats of MacVille were known along with a checklist to identify the potential risks of the company. The workers, manager, as well as the CEO, were consulted regarding the risks as they were the internal stakeholders of the company. Consulting with the stakeholders the control measures were also discussed.
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