Risk Management Assignment

ASSESSMENT TASK 1

1. The purpose of risk management standards
   Risk management standards are a set of strategies that are designed to identify risks and control their occurrence. They provide a guide to ensure that risk management is performed properly, and therefore make it relatively easy for organizations to comply. Risk management standards are essential to organizations because they facilitate the adoption of strategies that have been tried, tested and proven to be effective (Kavanagh, 2015). One of the risk management standards that is commonly used is ISO 31000:2018, Risk Management Principles and Guidelines. It provides a framework against which to measure, process and manage risk. ISO 31000 also enables organizations to identify risks, opportunities and threats more easily, and as a result allocate ample resources to the treatment of risk.
2. AS/NZS ISO 31000 : 2009 is a risk management standard that provides a guideline upon which to develop a risk management program and to perform risk management (31000:2009, 2009). The occurrence of a risk has a negative impact on the attainment of organizational objectives, to mitigate this impact, AS/NZS ISO 31000 : 2009 contains eleven objectives. These are;

• To develop and protect value through the continuous assessment of the organization’s structures and systems.
• To make risk management successful by integrating it into the core element of the organization’s structural framework at the operational and strategic level.
• To make risk management an essential aspect of the organization’s decision making process in order to make choices that are most suitable for its success (Olechowski, 2016).
• Risk management through AS/NZS IS 31000 : 2009 helps to increase the chances of making a gain, reduce uncertainty and minimize the losses incurred in the event that the risk happens
• Be organized, efficient and well-timed: The risk management process should be applied consistently to enhance the reliability of its results.
• Should be based on the most accurate information available: For risk management to be effective, it is essential for the information used to be correct, and be relevant to the activity being managed.
• Should be customized to the risk: To be effective, the risk management framework of an organization ought to be specifically tailored to its internal and external environment.
• Should consider human and social elements: It is crucial for the risk management strategy to take into account that the organization is made up of people, who inevitably influence the achievement of its objectives due to the differences in their cultures and personal attributes.
• Be clear and comprehensive: The communication methods and channels used in risk management should be sufficiently transparent in order to facilitate the effectiveness of the risk management process.
• Be vibrant, and easily adaptive to change: To enhance the chances of success of the risk management process, and make it easier to identify and mitigate new risks, the risk management process should be flexible.
• Enhance the consistent progress of the organization: An effective risk management strategy should facilitate the attainment of its objectives consistently over time.

1. Requirements of WHS Legislation in Relation to Risk Management
   The WHS legislation is a risk management measure because it mandates business owners to manage all the health and safety risks that may occur at the work premises, or in the process of doing the work, to prevent workers and other people from harm as a result of the organization’s negligence (Potter, 2019).
2. List 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.
   A hazardous manual task is one that requires the worker to elevate, lower, tug, move, transfer, grip, or confine a person, animal or object in a manner that involves frequent use of force, repetitive movement, a posture that is different from normal and an exposure to vibration. The risk control measures that can be taken into account.
   There are four main risk control measures to be considered when developing risk control measures for hazardous manual tasks. These are; firstly, identifying the hazard, by inspecting the workplace to assess the risks that may occur in the process of doing the job. Secondly, assessing the risk to determine the type and extent of the risk the activities, equipment and structures that pose a risk, this will help to determine how the risk can be minimized (Chew, 2012). The third factor is the controlling of the risk by using the most effective method identified of mitigating the risk. The fourth factor is reviewing the suitability of the risk control measures.
3. Explain the purpose of risk management policies and procedures in the workplace
   In the workplace, risk management policies and procedures provide a structure against which managers can identify and control risks. The risk management policies and procedures makes the risk management process more understandable by describing the various types of risk that may occur and providing guidance on how to manage each type of risk.
4. The impact of the risk refers to how the occurrence of the risk may affect the organization.
   The main impacts of the risk are financial losses, loss of reputation, inability to adapt to change and therefore loss of competitiveness and project failure. Financial losses involve losing money due to lower revenues from sales or inability to collect money from customers who purchased goods or services on credit (Reuvid, 2012). Loss of reputation occurs when the organization’s stakeholders lose confidence in its ability to handle risk. Inability to adapt to changes in the external and internal environment limits the organization’s ability to compete effectively, therefore leading to loss of potential revenues. Unmitigated risks may also result in the failure of a project and in extreme situations, lead to the collapse of the business.
5. Step by Step Process of Analyzing Risks
   Risk analysis is the process of examining the potential hazards in the workplace, in order to determine how the risk can be controlled, or whether the control measures in place are sufficient. Risk analysis involves five steps. These are; the first step is the identification of all the potential risks. The second step is to determine who may be affected when the risk occurs, and how. The third step is to measure the extent of harm that may occur if the risk occurred, and develop measures to prevent or mitigate the risk. The fourth step is to record the results of the risk assessment (Goksoy, 2015). The fifth step is to continually appraise the risk assessment to ensure that the risk management strategies developed are correctly implemented, and any that are not effective are amended.
6. Identifying a potential risk is essential to proactive risk management.
   There are several sources of information on potential risks, some of these are; risk reports, audit reports, and Business Impact Analysis (BIA) (Silva, 2016). A risk report is a record of the potential risks that have been identified in the workplace. An audit report is a record that is prepared by an external party contracted by the organization to analyze the organization’s rate of compliance and efficiency of risk management policies. Business Impact Analysis (BIA) provides a detailed assessment of the type and extent of the risks that may occur and their impact.
7. There is a wide variety of tools and techniques for discovering potential risks. Three of them are; the root cause technique where a potential cause of a risk is examined to determine its full impact and whether it can be prevented (Carbone, 2004). The diagramming technique where a diagram is drawn to identify the cause and effect of a risk, and the benchmarking technique where a comparison is drawn between departments or organizations, in order to identify anomalies.
8. Methods of controlling risk:
   Organizations may control risks by accepting the risk, mitigating the risk, eliminating it or transferring it. Accepting risk is where the organization is aware of a potential risk and the impact of its consequences, and agrees to proceed regardless whether the risk occurs or not. Mitigating the risk involves implementing control measures to reduce the impact of the risk or to reduce the risk to a tolerable level (Cummings, 1998). Eliminating the risk, on the other hand, involves lowering the risk level to zero; the most common way of achieving this is by ceasing the activity that causes the risk. The fourth strategy is by transferring the risk to another individual or organization, such as an insurance company.
9. Risks can be minimized through routine inspection to identify a potential risk and amend it before it occurs. Secondly, it is crucial to have an insurance plan that is relevant to the potential risks(Leveson, 2015). Thirdly, the organization should prioritize the implementation of its risk management policies, and fourthly, it is crucial to develop a contingency plan for each risk.
   ASSESSMENT TASK 2

Part 1: Risk briefing report
Introduction
Risk analysis is the process through which an organization assesses its internal and external environment to identify potential risks that could affect its operations in order to avoid or mitigate the probability of occurrence of the risk. Nature Care Products has a risk management policy in place and is therefore has reduced its exposure to risks. The risk management policy in place is AS/NZS ISO31000:2009 Risk Management Principles and Guidelines which outlines eleven principles against which to create a risk management framework.
The Scope
In the case of Nature Care Products, the risk management process involves performing a thorough evaluation of the internal and external environment to identify risks, measuring the extent to which the company is exposed to risks and how, identifying solutions, implementing solutions and continually evaluating the results. To develop an effective risk management framework AS/NZS ISO31000:2009 recommends the incorporation of the organization’s objectives into the risk management framework. This will facilitate the creation of a strategy that is relevant and applicable to the organization.
PESTEL ANALYSIS
To enhance its ability to manage risk, Nature Care Products should assess all its risks, accept liability for them and develop strategies to control them. Secondly, the company should continually improve on its risk management processes in order to increase its ability to manage both current and potential risks effectively. Nature Care’s risk exposure can be assessed through a PESTLE analysis.
Political Factors
This PESTEL aspect analyses the impact of the government on the business (Senge, & Senge, 2014). Nature Care must learn and adhere to Australia’s government regulations. The company also has to comply to the tax regulations and employment laws, and engage in Fairtrade practices.
Economic Factors
This refers to the impact that the economic conditions have on the business’ performance. Some of the economic risks that Nature Care might face are the high tax rates, high labor costs and high raw material costs. The prevailing economic factors may either provide an opportunity for the growth of the organization or hamper its growth.
Social and Sociocultural Factors
This aspect of the PESTEL analysis framework establishes the social and cultural conditions that influence the market and as a result, affect the performance of the business. Several of the sociocultural factors in Nature Care’s external environment provide an opportunity for growth. These include, the market’s improved perception of natural products. The market has become health conscious due to the rise of lifestyle illnesses. This provides an opportunity for Nature Care to market itself on the strength of the fact that most of its raw materials are grown organically thus it is an opportunity for Starbucks to increase its market share (Kotler & Keller, 2016).
Technological Factors
This aspect of the PESTEL framework may act as either a threat or an opportunity for the growth of the organization. In recent years, there have been rapid developments in technology globally. For instance, the majority of people in Nature Care’s target market own a smartphone from which they can access the internet. This enables the company to explore e-commerce opportunities which in turn generate more revenues for the business. However, one of the threats of technological advancement is that information on creating natural beauty products has become easily accessible through online sources, and it has made it easier for competitors to learn how to create the product, thus increasing the risk of new players entering the market. This, therefore, diminishes the market for Nature Care’s products.
Ecological and environmental factors
As people become more aware of the effects of environmental degradation as a result of raw material production and manufacturing process, there is a shift in the market towards products that utilize environmentally sustainable methods of production. To this end, Nature Care is exposed to the risk of a reduction in demand for its products if it does not work towards becoming an environmentally sustainable product. It must therefore prove to its customers that it is working towards reducing the emission of Greenhouse Gases during its production processes and also implement measures such as introducing recyclable packaging.
Legal Factors
To reduce its exposure to legal risks, Nature Care must protect its reputation by adhering to the laws and regulations of Australia, and also the cities where it operates. These include laws on labor, importation of goods, taxation and business operation. Nature Care should ensure that it operates legally by obtaining all the necessary licenses and documentation required to run the business. In each of its locations, Nature Care must address the safety of the environment where its employees work as well as ensure that its products do not contain any hazardous chemicals or materials. To avoid lawsuits, the firm must also ensure that its stakeholders are not discriminated for any reason, the environment must be free and fair for suppliers, customers, and employees.
Risks Associated with Business Growth
As the business grows, the current risks become greater and new risks arise. These issues include;
Human Resource and Employee Management Issues
A larger business will require more employees since there will be new roles to be filled. This increases the risk of issues such as accidents at work, high employee turnover, employee unrest and the embezzlement of the company’s resources. As a result, Nature Care will need to implement a risk management strategy that encompasses all these risks and a more complex human resource system.
Increase in Competition
As Nature Care expands into a new market, it will deal with new competition, some from well-recognized firms. It will therefore be exposed to the risk of incurring lower revenues or losses as it tries to position itself in the market.
Internal and External Stakeholders
The internal stakeholders are employees and management, while the external stakeholders are customers, suppliers, shareholders, competitors and the community. As the business expands, the employees and management need to perform their roles in alignment with the objectives of the business. They may affect the performance of the risk management process by being resistant to change (Cameron, & Green, 2015). There is also a risk of external stakeholders such as the potential customers in the new market failing to adopt the company’s products, thus leading to financial losses.
Strength and Weaknesses of the Retail Approach
The company does not operate its own physical retail shops, thus reducing its costs. Among the demographic that the company serves, online retail is effective since a majority of them have internet-enabled devices which allow them to order for the products at a time and pace of their convenience. However, the weakness of this approach is that, in health food shops, the company’s product is sold alongside many other similar products, thus exposing it too excessive competition.

2. Email to CEO
   Dear Sir,
   I hope this email finds you well. I was recently assigned the duty of creating a suitable risk management strategy for NurtureCare Products as expands into new markets. Given the company’s history of continued growth for the last decade, expanding into new markets is likely to be a successful venture that has the potential of increasing the business’ market share significantly thus leading to higher revenues. However, the expansion exposes the company to a wide variety of risks. Attached is a report of what these risks are, how they may occur and the impact that they will have on the business. Kindly review the document and provide feedback. I also seek forward to carry on with the risk management process in order to develop the most risk management strategies.
   Best Regards,
   Operations Manager
3. Email to the Team
   Greetings Team,
   I hope you are all well. As you know, Nurture Care Products is currently working on a massive expansion program which will see us expand into three new cities. While this may be a great opportunity, it also comes with significant risks which if not solved effectively may affect the business’ bottom-line. As a team, it is our duty to ensure that we do what we can to enable the company attain its objectives successfully. I therefore invite you all to the Recreation Hall at 9am on Wednesday for a brainstorming session which will help us to identify the risks we are likely to encounter and the best way of addressing them (Sarder, 2016).
   I look forward to seeing all of you then.
   Best Regards,
   Operations Manager
   Part 2: Risk management plan
   In this project, we will identify the risks the Nurture Care Products is likely to encounter as a result of its planned expansion, the likelihood of the risk occurring and its impact.
4. Purpose
   To provide information and guidance on Risk Management.
5. Recognition of the need for risk management
   Nature Care Products recognizes the need for risk management to feature as a consideration in strategic and operational planning, day-to-day management and decision making at all levels in the organization.
6. Risk Management Principles
   The following principles form the foundation of the Nature Care Products Risk Management Policy and Procedures.
   • A commitment to implement risk management effectively:
   Nature Care Products is committed to managing and minimizing risk by identifying, analyzing, evaluating and treating exposures that may impact on the Nature Care Products achieving its objectives and/or the continued efficiency and effectiveness of its operations. Nature Care Products will incorporate risk management into its planning and decision-making processes. Risk management must also be included as a consideration in operational planning as a delegated line management responsibility. Nature Care Products staff must implement risk management according to relevant legislative requirements and appropriate risk management standards.
   • A commitment to training and knowledge development in the area of risk management:
   Nature Care Products is committed to ensuring that all staff, particularly those with management, advisory and decision making responsibilities, obtain a sound understanding of the principles of risk management and the requisite skills to implement risk management effectively.

The project also provides a solution for each of the risks.
(i) Accident Hazards
As the company grow, it will purchase new plant and machinery to facilitate higher production, and also hire new workers. This increases the risk of accidents within the business premises as workers operate the machines or move. Accidents can lead to injury, damage to property, objects and equipment, and in the worst case scenario, death. It is essential to train workers effectively on how to handle the equipment safely, and also implement safety measures to ensure that they are protected at all times.
(ii) Financial Loss
While growing increase the likelihood of generating higher revenues for the business, it also leads to high financial costs. This can be controlled by reducing the payment time of receivables to ensure that the company has a good cashflow during this period. It can also be controlled by increasing the sales and marketing activities to move the products into the market faster and in higher volumes, thus generating higher revenues.

3. Competitive Risks
   There is risk of excessive competition in the new markets from suppliers of similar products who are already well-established. We will control this by intensifying our sales and promotional efforts, and offering discounted prices to encourage customers to try the product.
   Management of Risks Associated with New Opportunities
   In addition to the risks that already exist, Nature Care Products is continually exposed to new risks particularly from the introduction of new activities. The new risks should be incorporated into the initial planning and assessment processes conducted prior to undertaking the activity and, subsequently, into the annual risk management assessment at the appropriate level(s) of activity and management. A risk management plan must be developed.
   Principles to be applied
   The principles of risk management shall be applied to all areas of risk exposure, insurable and non-insurable, and shall include, but not be limited to the following areas:

Insurable Risks Non-Insurable Risks
• Insurable workplace health and safety risks
• Insurable fraud and corruption prevention activities
• Unauthorized use of resources which represent an insurable risk
• Reputation and image as an insurable risk
• Fire prevention measures and security precautions
• Property loss and damage
• Computer security
• Professional negligence
• Other liability exposures
• Legal liability • Non-insurable workplace health and safety risks
• Non-insurable fraud and corruption prevention activities
• Unauthorized use of resources which represent a non-insurable risk
• Reputation and image as a non-insurable risk
• Crisis contingency planning and disaster recovery
• Accounting controls that are not cost effective
• Loss of key staff and intellectual property
• Management system inadequacies and poor work quality
• Failure or disruption of a major income source or investment

Review
The CEO will regularly monitor and review the progress being made in developing an appropriate culture of risk management and the effective implementation of risk management strategies throughout the organization.
Guidance on Acceptable Risk
Through its monitoring, review and reporting functions, the CEO will ensure that Nature Care Products maintains a consistent approach to its assessment of acceptable risk.
Documentation
Each stage of the risk management process shall be appropriately documented. The extent of documentation required is dependent on the nature of the risk. Documentation will be controlled so as to inform part of an auditable quality management process.
Compliance
A representation and compliance statement should be provided by each manager as formal acknowledgement of their responsibility to comply with risk management policies and procedures. Each employee should have included in his/her Position Description a responsibility for risk management, and Annual Performance Appraisals should include an appropriate assessment thereof.
Staff Development
Management shall ensure that staff have available to them appropriate information and training opportunities in risk management as appropriate to their position and role within Nature Care Products.

                                              ASSESSMENT TASK 3

1. Staff Training
   One of the risks that Nurture Care Products faces in its expansion plan is finding qualified employees to fill management positions in its new branches. It therefore has to promote some of its current employees to take managerial roles. To achieve this various training strategies will be used. The first one is creating a learning curriculum where employees will learn the skills required for their roles through attending workshop and seminars.
   The second method that will be used to foster learning is developing a work setting that facilitates teamwork and open communication (Greenberg, 2014). In this process are given the goals they need to accomplish and are told to discuss the steps they would take to do so. They are required to acknowledge what they know or do not know, ask for information and share their knowledge. This approach is effective where participants have a lot to learn within a short period.
   The third strategy that may be used in training is practical training. This is an effective training technique because it teaches employees through practical experience. Employees learn through a mentor who is more experienced than them and thus can guide them effectively
2. Email to CEO
   Dear Sir,
   The Human Resource department encountered the issue of a shortage of qualified staff when tried to fill the managerial and other staff roles in our new divisions. Together with the team, we developed a strategy on how to fill these positions internally, attached is the report that provides a detailed summary of how this will be accomplished. I was recently assigned the duty of creating a suitable risk management strategy for Nurture Care Products as it expands into new markets. Kindly review the document and provide feedback. I also seek forward to carry on with the risk management process in order to develop the most risk management strategies.
   Best Regards,
   Operations Manager
3. Email to Staff
   Dear Team,
   Thank you for your patience as we selected the candidates who had qualified for managerial training. We are proud to inform you that you are one of the candidates who have been selected to receive training. Training will commence on Monday 16th June. There will be various learning platforms; these include e-learning, training workshops and seminars, and practical ‘on-the-job’ learning’. The learning will take place for 12 months, following which you will be posted to a new location. We look forward to your cooperation.
   Best Regards.
4. Risk Monitoring Report
   Customer Survey Results Memo
   To: Operations Manager
   From: Marketing Manager
   The customer survey was recently concluded and the results are now available to facilitate the improvement of both our products and customer service. The survey questionnaire was sent to 100 customers, of whom 88 responded.
   The results of the customer survey were as follows:

• 60 customer are satisfied
• 20 customers are somewhat satisfied
• 5 customers are dissatisfied
• 3 customer is completely dissatisfied
  Over half of the customers who filled the survey are satisfied with both our products and service. The 20 customers who are somewhat satisfied listed average customer service and difficulty in finding shops that stocked our products as their reasons. The 8 dissatisfied and totally dissatisfied customers said that the products that they used prior to trying Nature Care were much better.
  Sales data analysis memo
  To: Operations Manager
  From: Sales Manager
  As discussed in our last meeting, the findings of the sales data analysis are ready. We analyzed the sales volumes recorded in each of our new locations and found that the product has been received enthusiastically by a majority of the market.
  The results of the sales data are as follows:
• 60 customer are satisfied
• 20 customers are somewhat satisfied
• 5 customers are dissatisfied
• 3 customer is completely dissatisfied
  Over half of the customers who filled the survey are satisfied with both our products and service. The 20 customers who are somewhat satisfied listed average customer service and difficulty in finding shops that stocked our products as their reasons. The 8 dissatisfied and totally dissatisfied customers said that the products that they used prior to trying Nature Care were much better. The findings were as follows;
  In central Sydney, 160,000 units of the product were sold
  In Brisbane, 138,000 units of the product were sold
  In Melbourne, 152,000 units of the product were sold.
  Staff survey results memo
  To: The Operations Manager
  From : The Human Resource Manager
  The expansion of the company motivated the employees to become more effective in their duties in order to earn a promotion to managerial level positions in the new branches. We decided to recruit managers from within because we were unable to find candidates who were well-qualified and experienced from the pool that we interviewed earlier on in the recruitment process. Therefore, in total, we promoted 36 staff members, trained them and sent them to the new branches. So far, all of them are satisfied with the challenging work environment and higher salaries.
  Performance review results memo
  To : The Operations Manager
  From: The Finance Manager
  Over the last six months, there has been a 20% increase in sales revenues. The expenses have also increased significantly due to the high set-up costs. With time, these costs will be minimized, therefore increasing our profits.

1. Email to the CEO
   Dear Sir,
   I hope this email finds you well. As Nature Care Products’ business continues to grow, we have been monitoring its progress to facilitate smooth progression and sustainability. In this respect, for the last six months, we have gathered information from various stakeholders through four surveys, these are; customer survey, sales data analysis, staff survey and performance review. Please find attached the findings of each of these analyses for your review and feedback.
   Best Regards,
   The Operations Manager.
   Name:
   Customer survey questionnaire for nurture care products
2. What type of Job Application System is applied in your company?
   o
3. Is your company’s system an effective process? How can you say so?
   o
4. Rate the effectiveness of the system from 1-10.
   o
5. Does your system have disadvantages to your company? What are those?
   o
6. Does your system have advantages to your company? What are those?
   o
7. What can you say about the system that has been established in your company?
   o
8. Are there any improvements or suggestions you want to add up to the system your company has been using? If yes, what are those?
   o ASSESSMENT TASK 4

Risk Management Evaluation Report

A. Identifying the risks associated with business expansion was fairly challenging due to the dynamic nature of today’s business environment where some risks are not easily predictable. Creating a comprehensive list of the possible risks required a lot of research through primary and secondary sources, and discussions with staff. The process involved teamwork; we had a brainstorming session where several ideas were proposed. Due to the thoroughness of the research, I am confident that all the risks have been identified.
B. The process in NatureCare Products’ current risk management policy and procedures is not adequate because it follows a policy that was developed in 2009. Since then there have been several changes in the business environment and, therefore, it requires updating for it to be relevant.
C. The principles of risk management in the company’s risk management policy and procedure are to a large extent consistent with AS/NZS ISO31000:2009 Risk Management Principles and Guidance because they share most of the principles of the risk management standard.
D. The changes I would recommend to the risk management process would be to quantify the current and potential risk, and determine the company’s risk threshold to determine whether the investment is sustainable. It is also crucial to create a clear contingency plan to prevent the business from failure in case the risk occurs.

2. Email to Assessor
   Greetings Sir,
   As discussed in our last meeting, the risk management evaluation is ready for your review. It provides a comprehensive assessment of the risk management process and recommends changes that should be made to make it more effective. Kindly find attached the documents for your review. Your feedback on this will be much appreciated.
   Best Regards,
   The Operations Manager.

References

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Senge, P. M., & Senge, P. M., (2014). The fifth discipline: The art & practice of the learning organization. Business News Publishing.
Silva, R. (2016). Competitiveness in the real economy. London: Routledge.
Kavanagh, K. M., Rochford, O., & Bussa, T. (2015). Magic quadrant for security information and event management. Gartner Group Research Note.
Olechowski, A., Oehmen, J., Seering, W., & Ben-Daya, M. (2016). The professionalization of risk management: What role can the ISO 31000 risk management principles play?. International Journal of Project Management, 34(8), 1568-1578.
Potter, R., O’Keeffe, V., Leka, S., Webber, M., & Dollard, M. (2019). Analytical review of the Australian policy context for work-related psychological health and psychosocial risks. Safety science, 111, 37-48.
Leveson, N. (2015). A systems approach to risk management through leading safety indicators. Reliability Engineering & System Safety, 136, 17-34.