BSBRSK501B Manage risk Assessment Task 2

Risk analysis and management plan

Assessment Task 2 BSBRSK501B Manage risk

Table of Contents

1.    Develop a report 3

A.Likelihood – Identify the risk. 3

B.Consequences of the risk. 3

C.Priorities – Use a risk calculation table to assist in prioritising the risks. 3

D.Options. 3

a)By-law Compliance risk – reputation/brand loss and fines. 3

b)Banking risk. 4

c)Manager’s travel risk – physical injury. 4

2.       Develop a risk management plan by completing the table. 5

1.     Develop a report

A.    Likelihood – Identify the risk

ü  Banking risk – theft of cash left on premises.

ü  Manager’s travel risk – physical injury.

ü  By-law Compliance risk – reputation/brand loss and fines.

B.    Consequences of the risk

ü  theft of cash

ü  He also said that the Council water patrols meant that it is likely that stores not complying with the by-law would be discovered.

ü  Further feedback from Paula included that the water compliance risk was one where significant time and resources would be required and the board would view it having moderate consequences for MacVille’s cafes in Queensland.

ü  She also indicated that the board views any potential risk that could result in the death of an employee as having a catastrophic consequence.

C.     Priorities – Use a risk calculation table to assist in prioritising the risks.

	Insignificant	Minor	Moderate	Major	catastrophic
Likely			Water
Moderate		Baking
Unlikely					Manager
Rate

D.    Options

a)      By-law Compliance risk – reputation/brand loss and fines.

ü  Installing native plants to cut down water use.

ü  Install a water tank and reduce dependence on council water.

ü  Install dual flush toilets.

ü  Introduce new processes on water use and conservation.

ü  Write new policy and procedures for water use in Toowoomba.

ü  Install a water usage graph in the staff room.

ü  Replace the dishwasher with a 5–6 stat (WELS) rating.

b)      Banking risk

ü  Making it a company policy to bank every day and eliminate the need to carry overnight.

ü  Change banks to the nearer one to avoid the long walk.

ü  Insure overnight cash holdings.

c)       Manager’s travel risk – physical injury.

ü  Finish management meetings at 3:00pm.

ü  Change assistant management times to the morning.

ü  Give the manager an excusal letter allowing them to leave any meeting at no later then 3:00pm every day.

ü  Install a teleconferencing system.

2.     Develop a risk management plan by completing the table

Risk	Assess risk (L,M,H,E)	Controls	Monitoring	Timelines	Responsible
Banking risk – theft of cash left on premises	Moderate	ü  Policy and procedure requirement to bank daily. ü  Open an account with closest bank. ü  Insurance on ‘cash on premises’.	ü  Regular staff training on policy and procedures. ü  Head office check of banking records. ü  Store management supervision.	ü  Open an account with closest bank – pre-settlement. ü  MacVille Policy and procedure on bank daily implemented – Opening week. ü  Staff training on policy and procedures – Opening week. ü  Insurance on ‘cash on premises’ – pre-settlement.	Financial controller Store manager Store manager Financial controller
Manager’s travel risk – physical injury	Extreme	ü  Install teleconferencing ü  Management meetings to finish 3:00pm ü  Management training shift to morning half day sessions.	ü  CEO supervision ü  Toowoomba manager CEO authorised letter to leave at 3:00 pm. ü  Self-monitoring by the manager	ü  Management training shift to morning half day sessions – Pre-settlement. ü  Management meetings to finish 3:00 pm – pre-settlement. ü  Authorised letter – pre-settlement. ü  Install teleconferencing – within the next 6 months.	CEO CEO CEO CEO and board
By-law compliance risk – reputation/brand loss and fines	High	ü  Install water saving devices (native plants, tank, dual flush toilet systems, 5–6 star (WELS) dishwasher. ü  Policy and procedures to change work practices. ü  Apply for time to ‘Make good.’	ü  Store management supervision. ü  External audit by specialist. ü  Internal company audit. ü  Install a water usage monitor and staff room achievement graph.	ü  Internal company audit – start in 2 months and then every 3 months. ü  Install a water usage achievement graph in the staff room– opening week. ü  New written policy and procedures to change work practices – pre-settlement. ü  Install water saving devices (native plants, tank, dual flush toilet systems, 5–6 star (WELS) dishwasher – within the next 6 months. ü  External audit by specialist – within the next 6 months ü  Apply for time to ‘Make good’ – pre-settlement.	Store manager Store manager Board and CEO Board and CEO Board and CEO Goldsmith partners