Risk Management Plan

Risk Management Plan What you have to do For this assignment you will need to prepare a risk management plan for your organisation or for some other organisation from which you can obtain relevant information. Please use the template attached for each task. Task 1 Explain the consultation and communication activities that you will undertake as part of the planning process. You must include a stakeholder analysis in relation to risk in your organisation. Task 2 Prepare a risk management plan for your organisation which includes the following areas: a) The risk context b) Risk identification (ten risks must be identified) c) Risk analysis and prioritisation d) Risk resolution e) Risk monitoring f) A schedule for risk management activities. Task 3 Using the ten risks identified in task 2, prepare a risk register. Checklist I have: o answered all questions in the template provided o included a bibliography o checked spelling and grammar o kept a copy of the assessment [Pick the date] Risk Management Assessment BSBRSK501 – Assessment 1 Name: Student number: Risk Management Plan Company Overview Replace this text with your Overview. Give a broad overview and description of the company’s business, number of employees, geographical location, and any other pertinent details. (100 words) 1. Consultation and Communication Using the table, list key stakeholders for the organisation (and their job roles or titles), they may be responsible for management decisions, organisational structures and are impacted by risk or responsible for risk in the organisation. Also include stakeholders that are external to the organisation that you believe should be listed. (Add additional rows to the table if needed.) [Then delete this placeholder text so that only the table remains.] (50 words) Stakeholder Role Stakeholder’s agenda for Risks Strengths/ Weaknesses in meeting agenda e.g. what influences this stakeholder - a Finance Director’s agenda is to increase profit margin Explain the consultation and communication activities that you will undertake as part of the planning process (100-200 words). 2a. Risk Context Start with completing a PESTEL analysis to understand the MACRO environment. This assists to uncover different risks that can affect the organisation (Remember this assessment must not be limited to WHS risks). For more information: http://www.mindtools.com/pages/article/newTMC_09.htm Political Technology e.g. Discuss how a change in government may affect specific factors e.g. IT issues Economic Environmental factors e.g. Drop in Australian Dollar outline what this will affect e.g. weather what impact does this have Social issues Legislation e.g. trends, culture, customer needs e.g. laws affecting the organisation Competitors Other 2b. Risk Identification Discuss here what methods you will use to identify risks. Include at least one other method with your SWOT analysis with rationale. (150 - 200 words) Strengths Weaknesses e.g. Brand reputation, reliable staff e.g. Bureaucratic style of management Opportunities Threats e.g. New product launch, expansion e.g. Competitors Discuss the risks that you have identified through your PESTEL analysis, SWOT analysis and the other methods you have used (200 words). 2c. Risk Analysis and Prioritisation List here your analysis of your risks with prioritisation using the risk matrix template from your notes. Please attach the risk matrix template in your appendix. Please include at least ten risks. You can create your own risk reference code unique to each risk e.g. a marketing risk may be given the risk reference code of MARK001. NAME OF ORGANISATION: DATE OR REVIEW: DEPARTMENT: COMPILED BY: REVIEWED BY: RISK REFERENCE THE RISK WHAT CAN HAPPEN? SOURCE HOW CAN THIS HAPPEN IMPACT IF RISK OCCURS CURRENT CONTROL STRATEGIES AND THEIR EFFECTIVENESS (A) –Adequate (M) – Moderate (I) – Indadequate CURRENT RISK LEVEL ACCEPTABILITY (A/U) LIKELIHOOD CONSEQUENCE CURRENT RISK LEVEL 2d/e/f. Risk resolution and monitoring Here you will include how you will resolve the risks according to the risk management hierarchy of control. Ensure you include strategies to monitor your risk treatments and a timetable for scheduling risk management activities. RISK REFERENCE POTENTIAL TREATMENT OPTIONS COSTS & BENEFITS IS THE TREATMENT TO BE IMPLEMENTED (Y/N) TARGET RISK LEVEL RESPONSIBLE PERSON TIMETABLE For implementation MONITORING strategies to measure effectiveness of Risk Treatments LIKELIHOOD CONSEQUENCE TARGET LEVEL 3. Risk Register Fill in the risk register and explain how the organisation will use it. Risk register : (name of organisation) Function (activity): Compiled by: Date: Date of risk review: Reviewed by: Date: Reference (unique identifier code) What is the risk? (Risk) What can happen? (Event) How can it happen? (Cause) What can happen? (Consequences) Identify existing controls Effectiveness and implementation of existing controls Analysis Risk priority Treat risk Y/N Further action Likelihood Consequences Level of risk Bibliography List the full URLs of the websites or documents you have used in your research. Use Harvard style referencing e.g. Queensland Government: Business and industry portal, Preparing a risk management plan and business impact analysis, viewed 3/2/15, https://www.business.qld.gov.au/business/running/risk-management/risk-management-plan-business-impact-analysis Appendix