This document is Risk Management Plan Template.

It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.

NatureCare Products

Risk Management Plan

The risk management process will be used by the management team to ensure risk control methods are
included in all organisational planning, management of operations and governance.

Definitions
The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS
ISO 31000:2009.

Risk
The chance of something happening which will have an impact upon objectives. It is measured in terms of
consequence and likelihood.

Likelihood
A qualitative description or synonym for probability or frequency.

Consequence
The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury,
disadvantage or gain. There may be a range of possible outcomes associated with an event.

Risk assessment
The overall process of risk analysis and risk evaluation.

Risk treatment/control methods

Selection and implementation of appropriate options for dealing with risk.
Conceptually, treatment options will involve one or a combination of the following five strategies:
 Avoid the risk.
 Reduce the likelihood of occurrence.
 Reduce the consequences of occurrence.
 Transfer the risk.
 Retain/accept the risk.

Risk management process

The systematic application of management policies, procedures and practices to the tasks of establishing the
context, identifying, analysing, evaluating, treating, monitoring and communicating risk.

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Risk assessment legend
Source:
This document is Risk Management Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBRSK501.

Risk register
Document at least five risk and treatment measures. Evaluate each risk as to whether it is high, medium or low priority and assign an order for treating risks.

Scope of assessment: Risk assessment

Critical success factors: Address issues raised during meeting

Internal & external stakeholders: Managers, suppliers, supervisor, CEO

Risk Consequences Severity Rating Likelihood Rating Treatment or control Priority rating (high, medium or low)
methods
Order of priority
Insufficient Budget The business / the High Medium Must to make a list , a plan an also Medium – High
company might hard to manage the budget very carefully
buy or expand their needs /
something
Inappropriate location Big failures to the business High High Must to do the conduct market High
for retail outlet potentially lead to research very carefully before we
bankruptcy determine the location
Lose customers Lose of sales and profit for High Likely Store managers to monitor the High
the company process daily

Training for manager fail No competency in the Medium-high Likely Monitor the process weekly High
company

No resources available Lose of trust from clients Medium Unlikely Store managers to monitor the Medium
process daily

© J+S learningwork 2017

Risk action plan
Each of the risks identified above should be included in the table below and actions shown. The table should be copied and pasted for each risk.

Description of risk Lose customers

Summary of recommended response and impact Improve customer service

Proposed actions Training staff, managers included

Resource requirements Training, staff, managers

Responsibilities Store manager to motivate staff members

Timing 1 month

Reporting/Monitoring Store managers to monitor the process daily

Description of risk Training for manager fail

Summary of recommended response and impact Improve the training course quality

Proposed actions Training the manager in various areas

Resource requirements Training lecturer,manager,HR

Responsibilities HR to find competent lecturer

Timing A month

Reporting/Monitoring Monitor the process daily

Description of risk Insufficient Budget

Summary of recommended response and impact Must to make a list, a plan an also manage the budget very carefully

Proposed actions To raise finance

Resource requirements Bank,shareholders,CEO

Responsibilities CEO and shareholders to find solutions for enough capital

Timing A month
Reporting/Monitoring Monitor the process daily

Description of risk Inappropriate location for retail outlet

Summary of recommended response and impact To conduct market research

Proposed actions To inspect potential location

Resource requirements Real estate,agent

Responsibilities Real estate to help find out the appropriate location

Timing A month

Reporting/Monitoring Must to do the conduct market research very carefully before we determine the location

Description of risk No resources available

Summary of recommended response and impact To develop enough resources

Proposed actions Make sure resources are always enough and available

Resource requirements All kinds of resources

Responsibilities Manages to check resources availability

Timing A month

Reporting/Monitoring Store managers to monitor the process daily