Risk Management Essay

748 words - 3 pages

Risk
 Management
 
 
1-­‐A
 
  Likelihood
 
  Banking
 Risk:
  The
 Likelihood
 of
 a
 break
 in
 at
 Macville
 café
 I
 think
 is
 in
 the
 possible
  category.
 It’s
 not
 extremely
 high
 but
 with
 the
 banking
 not
 been
 done
  regularly
 enough
 because
 of
 the
 distance
 to
 the
 bank
 from
 Macville.
 This
  could
 attract
 theft
 if
 certain
 people
 are
 aware
 of
 this
 
 
  Managers
 Travel
 Risk:
  While
 the
 possibility
 of
 this
 happening
 is
 unlikely,
 it’s ...view middle of the document...

  The
 consequence
 of
 
 a
 manager
 getting
 injured
 or
 in
 the
 absolute
 worst
  case
 killed
 is
 very
 serious.
 With
 the
 distance
 between
 Brisbane
 and
  Toowoomba
 so
 great
 and
 the
 possibility
 of
 meetings
 going
 late,
 the
 risk
  becomes
 even
 greater
 than
 it
 already
 was.
 
 
  By-­‐Law
 Compliance
 Risk:
  Major
 Consequence:
  With
 the
 reputation
 of
 the
 new
 business
 at
 stake,
 having
 a
 good
 reputation
  amongst
 the
 Toowoomba
 community
 is
 very
 important.
 Jeopardising
 that
  by
 getting
 massive
 fines
 and
 getting
 the
 image
 throughout
 the
 Toowoomba
 

community
 as
 environmentally
 irresponsible
 could
 be
 disastrous
 for
  Macville.
 Getting
 fined
 such
 a
 large
 sum
 of
 money
 could
 be
 very
 hard
 for
  Macville
 to
 recover
 form.
 
  1-­‐C
 
  Priorities
 
  Banking
 Risk:
  The
 action
 to
 be
 taken
 regarding
 the
 banking
 risk
 doesn’t
 involve
  immediate
 action.
 With
 this
 been
 a
 medium
 risk
 it’s
 not
 a
 major
 deal,
 It
  does
 however
 need
 to
 be
 monitored
 from
 time
 to
 time
 and
 reviewed.
 
  Managers
 Travel
 Risk:
  This
 needs
 to
 be
 given
 immediate
 action
 and
 attention.
 While
 the
  likelihood
 is
 quiet
 low,
 the
 consequence
 of
 something
 happening
 would
 be
  catastrophic.
 Management
 need
 to
 take
 immediate
 action
 to
 try
 and
 reduce
  the
 possibility
 of
 this
 risk
 as
 soon
 as
 possible.
 When
 the
 safety
 of
 people
 is
  at
 stake,
 it
 should
 always
 take
 immediate
 priority.
 
 
  By-­‐Law
 Compliance:
  Like
 the
 managers
 travel
 risk,
 this
 is
 one
 that
 needs
 to
 be
 addressed
 ASAP.
  While
 it
 doesn’t
 involve
 anyone’s
 safety
 been
 at
 risk,
 the
 ramifications
  from
 getting
 fined
 could
 be
 disastrous
 for
 Macville
 
 
  1-­‐D
 
  Options
 
  Banking
 Risk:
  The
 banking
 risk
 is
 very
 easily
 fixed.
 Changing
 banks
 to
...

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