Assessment Task 2
BSBRSK501B Manage Risk
Using the information gathered in Assessment Task 1 and the case study provided, examine the likelihood and consequences of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information you are required to develop an action plan for implementing risk treatment, document the plan as required, and communicate the risk management plan to relevant parties.
1. Using the case study information provided in this assessment and in Assessment Task 1, develop a report for your manager (assessor) with the headings ...view middle of the document...
The board has reviewed the previous report you developed, and has requested further information for several of the identified risks, including options for reducing the risk levels. These are as follows.
● Banking risk – theft of cash left on premises.
● Manager’s travel risk – physical injury.
● By-law Compliance risk – reputation/brand loss and fines.
Time lines to consider are based on risk priority levels and include the following.
● Pre-settlement – date of legal transfer of the business.
● Opening week – first week of company operations.
● Within 3 months – after the opening week.
● Within 6 months – after the opening week.
Responsibilities for actions include the following.
● Financial, insurance and banking issues – financial controller.
● Legal issues – Goldsmith Partners.
● Expenditure >$5,000 – MacVille board.
● New policy – CEO with MacVille board.
● On-site management, training – store manager.
● Changes to MacVille cafe Queensland operations – CEO.
● External audits – CEO with MacVille board.
Develop a report for the board that examines these risks and describes ways that each can be treated, and forward a copy of your report to your manager to table at the next board meeting.
Further case study information
You revise your notes from the meeting with James Mansfield and identify the following points:
● In the context of MacVille’s investment here $4,000 would be considered to be of minor consequence if it were burgled from the closed premises overnight.
Meeting with Ron Langford
You revise your notes from the meeting with Ron Langford and identify the following points.
● He also said that the Council water patrols meant that it is likely that stores not complying with the by-law would be discovered.
Senior management team meeting
You go back over your notes compiled with the senior management team and note the following.
● 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...