BSBRSK501 Manage Risk

Assessment Task 2: Report (Suggestions)

Include in their report discussion of the likelihood of risk occurring for each risk?
For example, assessed the likelihood of risk similar to the following:
● banking risk: theft of cash left on premises – moderate
● manager’s travel risk: physical injury – unlikely
● by-law compliance risk: reputation/brand loss and fines – moderate
● loss of brand recognition risk: not wearing the uniform – likely.
Include in their report discussion of the consequence of risk occurring for each
risk?
For example, assessed the consequence of risk similar to the following:
● banking risk: theft of cash left on premises – minor
● manager’s travel risk: physical injury – extreme
● by-law compliance risk: reputation/brand loss and fines – moderate
● loss of brand recognition risk: not wearing the uniform – minor.

Include in their report discussion of priorities for treating the identified risks?
For example, prioritised the risks as follows:
● banking risk: theft of cash left on premises – medium risk, #4 priority
● manager’s travel risk: physical injury – high risk, #1 priority
● by-law compliance risk: reputation/brand loss and fines – high risk, #2
priority
● loss of brand recognition risk: brand non-compliance of staff not wearing the
MacVille uniform, or altering MacVille processes and service expectations –
high risk threshold, #3 priority.
Consequence

Catastrophic
Insignificant

Moderate
Minor

Likelihood Major

Rare

Unlikely Manager

Moderate Banking Water

Likely Brand

Almost
certain
Include in their report discussion of at least two options for the treatment/control
of each risk?
Options for treatment include, but are not limited to:
● Banking risk – theft of cash left on premises:
○ change banks to a closer
○ install a safe
○ take out insurance for cash on premises.
● Manager’s travel risk – physical injury:
○ allow for overnight stay in Brisbane
○ allow manager to fly instead of drive
○ finish the managers meeting early
○ allow the Toowoomba to use video conferencing.
● By-law compliance risk – reputation/brand loss and fines:
○ install a water tank for store use and change to native plants
○ introduce water saving devices – dual flush toilet, 5–6 star rated
(WELS) dishwasher
○ change work practices – wash fruit and vegetables in still water, only
run dishwasher when full, select economy cycle if only a light wash
required
○ apply to the council for time to ‘make good’ as the new owners.
● Loss of brand recognition risk – brand non-compliance of staff not wearing
the MacVille uniform, or altering MacVille processes and service
expectations:
○ provide MacVille employee handbook to staff
○ hold a staff meeting prior to café launch to explain the importance of
maintaining the MacVille brand
○ develop a warning system for instances of non-compliance.
Include in their report explanation of process used to identify risks and assess
likelihood, consequence and priority?
Include in their report explanation of why options are effective and feasible for the
organisation?
Use correct organisational naming convention for the report and
action plan?
For example, in accordance with the document naming convention set out in the
MacVille scenario:
‘Files should be saved using the document name, the date and the document
version’.
Submit a completed risk management action plan that included detail on risk
assessment, controls, monitoring, priorities, timelines and responsibilities?
For qualitative examples, see completed risk management plan on the following
page.
Implement a risk treatment option that is relevant to the risk and consistent with
their action plan and/or with directives from the CEO?
Examples of implementation could include, but are not limited to:
● developing a store policy/procedure related to wearing uniforms or
maintaining brand consistency in café operations
● giving a presentation to staff members (learners acting as staff members)
about the importance of maintaining the MacVille brand
● developing a MacVille reporting system and associated forms to report
instances of non-compliance with uniform policy
● emails delegating tasks to relevant staff members that relate to treating the
loss of brand recognition risk.
 Risk management action plan (example)

Assess Action
risk priority
Risk (score) Controls Monitoring (1–5) Timelines Responsible

Banking Moderat 1. Insurance on ● Store 4 1. Insurance on ‘cash Financial

risk – theft e ‘cash on management on premises’ – pre- Controller
of cash left premises’. supervision. settlement.
on
2. Open an ● Regular staff 2. Open an account Financial
premises
account with training on with closest bank – Controller
closest bank. policy and pre-settlement.
3. Policy and procedures.
3. MacVille policy and Store Manager
procedure ● Head office
procedure on bank
requirement to check of
daily implemented –
bank daily. banking
opening week.
records.
4. Staff training on Store Manager
policy and
procedures –
opening week.

Manager’s Extreme 1. Management ● CEO 1 1. Management CEO

travel risk – meetings to supervision. meetings to finish
physical finish 3.00 pm. 3.00 pm –
● Toowoomba
injury pre-settlement.
2. Install Store Manager
teleconferenci and CEO 2. Install CEO and
ng. authorised letter teleconferencing – Board of
3. Management to leave at 3.00 within the next six Directors
training shift to pm. months.
morning ● Self-monitoring
3. Management CEO
half-day by the
training shift to
sessions. manager.
morning half-day
sessions – pre-
settlement.

4. Authorised letter – CEO

pre-settlement.

By-law High 1. Apply for time ● Store 2 1. Apply for time to Goldsmith
compliance to ‘make management ‘make good’ – pre- partners
risk – good’. supervision. settlement.
reputation/ 2. Policy and ● External audit 2. New written policy Assistant
brand loss and procedures to Manager
procedures to by specialist.
and fines. change work James
change work ● Internal practices – pre- Mansfield
practices. company audit. settlement.
 Assess Action
risk priority
Risk (score) Controls Monitoring (1–5) Timelines Responsible

3. Install water- ● Install a water- 3. Install water-saving Board of

saving devices usage monitor devices (native Directors and
(native plants, and staff room plants, tank, dual- CEO
flush toilet systems,
tank, dual- achievement
5–6 star rated
flush toilet graph. (WELS) dishwasher
systems, 5–6 – within the next six
star rated months.
(WELS) 4. External audit by Board of
dishwasher. specialist – within Directors and
the next six months CEO
5. Internal company Store Manager
audit – start in two
months and then
every three months.
6. Install a water Store Manager
usage achievement
graph in the staff
room – opening
week.

Loss of High 1. Provide ● Store 3 1. Provide MacVille Assistant

brand MacVille management uniforms and Manager
recognition Employee supervision. Employee James
risk – brand Handbook Handbooks to staff Mansfield
non- ● Recordkeeping
to staff. of warnings. – opening week.
compliance
of staff not 2. Hold a staff 3. Develop procedure Assistant
wearing the meeting prior on issuing warnings Manager
MacVille to café launch for uniform non- James
uniform, or to explain the compliance – pre- Mansfield
altering importance of settlement.
MacVille maintaining
processes the MacVille 5. Seek approval of Store Manager
and service brand. new procedure from
expectation the Board of
s. 3. Develop a
Directors – pre-
warnings
settlement.
system for
instances of 7. Hold a staff meeting Store Manager
non- prior to opening to
compliance. explain the
importance of
maintaining the
MacVille brand –
opening week.