BSBOPS504 Project Portfolio Feb 2024

BSBOPS504 Manage business risk
PROJECT
PORTFOLIO
Australian Pacific International College I ABN: 11642992881 I CRICOS Provider: 03971B I National Provider: 45784 I Page 2
Project Portfolio I Version 1.1 Feb 2024
First published 2021
RTO Works
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Business Works is a series of training and assessment resources developed for qualifications within the Business Services Training
Package.
Contents
Section 1: Establish risk context 5
Section 2: Identify and analyse risk 8
Section 3: Implement and monitor risk treatment 10
Student name: Sabindra Joshi
Assessor: Rakin Fahad
Date: 20/03/2024
Business this assessment is Nature Care

based on:
Risk management Project process / set up retail stores

project/process:
Documentation reviewed as Simulation Pack

preparation:
Section 1: Establish risk context
1 Provide a brief overview of the business or organisation you are basing your portfolio on.
1.1 What is the name of the business or organisation?

The name of the business is Nature Care.
1.2 What is the main focus of the business?
Making and Distributing high-quality skin care products that are eco-friendly and contains natural
ingredients.
1.3 What role will you assume as you investigate risk for your chosen risk management process/project?
The assumed role is finance manager. The role will be associated with taking care of financial aspects of
the business.
Note: This role should include the responsibility to lead risk management processes for the organisation
or a work area.
2 Determine the scope of your chosen risk management process/project.
2.1 What does your chosen risk management process/project include?

The first stage involves identifying the financial risks that the organisation faces in its current operating
environment. This strategy offers the advantage of exposing these hazards to all firm stakeholders with
system access.
2.2 Which departments or work areas are involved in the process?
Payroll, banking, accounts payable (supplier payments), accounts receivable (customer receipts), and
statutory compliance are some of the finance team's general operations and duties.
2.3 Are there any risks the business will not manage (for example, staff retention)?
The organisation does not currently have control over the risks linked with the IT department.
Because of the organization's small size, IT falls within the purview of the finance department, although
it does not require risk assessment.
3 Evaluate organisational requirements and standards for managing risk.
3.1 Which organisational policies and procedures provide input on how you approach your chosen risk
management process or project e.g. Risk management, Record keeping etc.?
The Risk Management Policy and Procedures provide input on the risk management process approach,
with the purpose of integrating risk management into Nature Care Products management culture and
creating an atmosphere in which employees assume responsibility for risk management.
Aside from that, Nature Care has its own risk-management policies and procedures.
The policies and processes include an Internal Communication Policy and Procedures that aims to
improve and streamline internal and external communications to reinforce the vision and strategic
priorities, as well as a Record Keeping Policy and Procedures that ensures that all records are accurate
and secure.
3.2 Are there any processes you need to follow?

The steps must be carried out in accordance with the risk management policy and procedures.
The CEO oversees and assists the process, which consists of the following steps:
 Every year, the CEO conducts risk assessments.

For risks that exceed NatureCare Products stated acceptable risks, this includes determining
their severity and likelihood, as well as developing and/or revising particular risk management
plans.
 Every organisational action should, if possible, incorporate a Risk Management Assessment.

Risk management must be built into all strategic, operational, and resource planning
processes.
 Ensure that risk management approaches are included into NatureCare Products' quality
assurance and improvement processes.
 Risk management escalation methods should be well-defined and documented.
 Determine whether different locations of NatureCare Products respond similarly to the same
hazard.
 Test the recorded risk management methods on a regular basis.
3.3 Attach policies and procedures to this section of your portfolio.

Following are the Policies and Procedures for Risk Management:
 Provide risk management information and assistance.
This Policy is applicable to all Nature Care Products workers.
 Internal Communication Policies and Procedures
 Nature Care intends to improve and streamline communications (both internal and external)
to promote the vision and strategic goals.
As a result, we will continue to create and test new communication platforms, channels, and
tools to enhance information sharing and cooperation across all staff members.
 Record keeping policies and procedures, This policy establishes the procedures for creating,
keeping, and accessing Nature Care records.
Its purpose is to ensure that all records are accurate and safe.
4 What are the legal requirements associated with your chosen risk management process or project?
4.1 Explain the legislation you need to comply with.

The AS/NZS ISO31000:2018 Risk Management Principles and Guidelines must be followed by the risk
management process implemented.
The legislation seeks to align risk management practices in current and future rules.
It complements, but does not replace, standards that address specific risks and/or sectors.
4.2 Do any regulations apply?

To comply with regulatory requirements, organisations should establish a risk management framework
by developing an acceptable strategy that considers time and resources.
Identifying when, when, and how different types of choices are made inside the firm, as well as who
makes them.
Modifying the applicable decision-making procedures as needed.
Ensure that the company's risk management arrangements are adequately understood and
implemented.
4.3 Is there the potential for new laws to be introduced or existing ones to be amended or rescinded?
Product safety regulation
4.4 Which risk management standard/s are used or guide the risk management activities of the business?
AS/NZS ISO31000 to comply with the guidelines.
5 List the resources available for you to use as you plan, implement and monitor risk.
5.1 Are template documents available to support your risk management process/project?
Yes, template documents are accessible to support the risk management process or project. The
organisation provides the necessary templates for risk planning, implementation, and monitoring.
5.2 Do you have budget allocation or restrictions for the risk management process/project?
Yes, have budget allocations or constraints for the risk management process/project.
The risk management process budget has a $20,000 allowance for a technology advancement (e.g.,
RPA), but any additional spending should be kept to a minimum.
5.3 Which employees are available to assist you?

Nature Care Product’s performance management system employees and other stakeholders, training
and development employees, payroll officer, and finance administrator are all accessible to help with
the risk management process.
5.4 What other resources are required?

Human Resources, because of increased workload.
6 Establish objectives and critical success factors for your risk management process or project.
6.1 List two objectives.

The two objectives are as follows:
 To lessen the risk of cash theft from retail outlets.
 To reduce the likelihood of new supplier invoices being sent improperly.
6.2 List three critical success factors for the risk management process or project.
 Good communication between all parties
 Participation of all stakeholders
 Good support from management
 Capacity to monitor and measure progress and outcomes achieved.
 resources, systems and good IT
 Clear objectives and working guidelines.
 Appropriate staff training
7 Identify stakeholders who will be part of the risk management process.
7.1 Who is able to shed light on or assist with risk identification, risk analysis and/or risk control?
Finance manager, the CEO, Payroll officer and finance administrator.
7.2 Who is likely to be impacted by an adverse risk event?
An adverse risk event is likely to have an impact on the entire finance team.
The other stakeholders include the Accounts Manager, Marketing Manager, Marketing Assistant, Sales
Manager, four customer service representatives, Office Manager, Administration Assistant, Operations
Manager, Financial Manager, Payroll Administrator, Finance Assistant (accounts payable and receivable,
etc.), and the CEO.
7.3 How will each stakeholder provide input to the risk management process (such as identifying possible
risks, helping describe their impact and suggesting ways to prevent or mitigate risks)?
The CEO would monitor and facilitate the risk-management process:
 The payroll officer and the finance administrator would assist in identifying risks and their
implications. By frequently reviewing their areas of responsibility, all line managers may help
to ensure that risks are detected and addressed.
 Line managers would guarantee that their duties and functions contribute to NatureCare
Products' risk management process, which identifies hazards at all levels.
 Line managers would exchange documented risk answers as well as their awareness of risk
management principles and practices to guarantee consistency across all NatureCare products.
 Line managers would scrutinise all actions.
7.4 What influence does each stakeholder have on risk management decisions?
Each stakeholder will influence the stakeholder.
 Responsibilities include handling consumer transactions as a sales agent and providing
financial help as a payroll administrator.
 Shareholders experience financial success.
 The chief executive officer is ultimately accountable for risk management.
7.5 What are the possible issues each stakeholder may have if a risk event occurs (for example, employees
will still want to be paid, customers may still need your products or services and banks will still need to
be paid for loans etc)?
When a risk event occurs, stakeholders involved in the risk management process may face challenges.
According to the CEO, banks have agreed to provide 70% of the capital required to develop the firm and
build a chain of retail shops in central Sydney, Brisbane, and Melbourne over the next six months, while
shareholders have committed to funding the remaining 30%.
As a result, the issue of repaying the loan and interest may arise in this scenario.
Employees may be let go, and those who stay expect to be compensated.
Concerns about these issues may have an impact on the risk management process.
8 Communicate with relevant stakeholders.
8.1 Who will you communicate to (at least two stakeholders) regarding:
8.1.1. Explanation of the risk management process or project?
The company's CEO would be consulted for an explanation of the risk management procedure.
8.1.2. Invitation to assist in risk identification.

Finance manager, the payroll officer and finance administrator. Together they identified risks
and associated outcomes.
8.2 How will you consult with each stakeholder?

Plan a meeting or the risk management method would be discussed with stakeholders via email.
8.3 If not already viewed in person by your assessor, attach proof (e.g. draft email, telephone conversation
recording, video of meeting etc.) of your explanation of the risk management process/project to the
stakeholders.
8.4 If not already viewed in person by your assessor, attach proof of your invitation to stakeholders to assist
in the identification of risks (e.g. draft email, telephone conversation recording, video of meeting etc.).
Note: If suitable, 8.3 and 8.4 can be completed as one communication.
9 Analyse the external environment of your risk management process/project.
Note: You may choose to perform any external environmental analysis (e.g. PESTLE analysis) to answer this
question instead of the questions below.
9.1 What is the political situation like (e.g. unrest, government support of small business, government
policies)?
9.2 What is the current and predicted economic situation (e.g. state of local and other applicable
economies, interest rates, exchange rates, employment rates etc.)?
9.3 Are there any social considerations (e.g. changing values, beliefs, attitudes and habits)?
9.4 How are technological advances affecting the business (e.g. internet, RPA, risk control)?
9.5 What are competitors doing?
Pestle Analysis
A PESTLE analysis examines the important external elements influencing a firm (political, economic, social,
technological, legal, and environmental).
It provides personnel with expert knowledge about the company's external challenges.
Political NatureCare's risk management strategy may be affected by factors such

as tax legislation, environmental regulations, trade restrictions, tariffs,
and political stability.
Tax policy changes may harm NatureCare's operations.
Economic 1. Business operations are impacted by various factors such as interest

rates, currency exchange rates, inflation, wage rates, minimum wage,
regular hours, unemployment, and cost of living.
2. During the risk management process, certain employees may
experience emotional outbursts.
3. Current employees may demand compensation increases from the
corporation.
4. This could impair risk management.
5. Training costs and technology taxes effect risk management
procedures.
Sociological 1. Social variables such as stakeholder preferences, communication

styles, cultural variations, ethical standards, and perceptions of value and
quality might present dangers or possibilities.
2. Consumers who believe a beauty skin care product is of greater quality
will pay more for it, even if manufacturing costs are the same. However, if
the product violates ethical norms, they will not purchase it.
Technological Technology-related factors include process automation, product

development, vendor, competitor, and customer technology, as well as
industry innovation.
The risk management procedure's implementation may be influenced by

the robotic process automation (RPA) implementation phase.
Employees may not understand how the technology works after it is
introduced.
Legal 1. Legal issues encompass both jurisdictional and internal governance

requirements for the firm's operations.
2. NatureCare must adhere to the following principles for risk
management:
3. AS/NZS ISO 31000:2018 Risk Management Principles and Guidelines.
4. Noncompliance negatively impacts the risk management process.
Environmental Factors in the operating environment or market that create risks and
opportunities.
Because the additional NatureCare items will be available for purchase
simultaneously with the opening of new retail locations, there may be
concerns that suppliers in China, the Philippines, and New Zealand will be
unable to meet demand.
This would expose the corporation to much greater risks.
10 Establish the strengths and weaknesses within your business that have the potential to create or impact risk.
Note: You may choose to use any relevant analysis tool (e.g. SWOT analysis) to answer instead of the
questions below.
Strengths are The finance department has deployed an invoicing RPA system.
Weakness: Due to increasing workload and strain on finance workers, there will be inaccurate supplier
invoicing. This would result in delayed payment and a weakening of the supplier relationship, which could
impair staff retention and performance.
10.1 Are the current risk management policy/procedures complete and comprehensive?
Yes, NatureCare's current risk management policy and approach is one of the company's strengths.
The policies and procedures are extensive and complex.
The policy describes the principles to be followed, as well as the essential staff training and
development, and the roles and responsibilities of all stakeholders in risk management decisions, goals
and objectives, and procedures.
As a result, it is the company's advantage.
10.2 What is the state or condition of business’ resources relevant to your risk management process or
project?
The company's resources are also considered assets.
The corporation has said that banks will provide 70% of the finance, with the other 30% coming from
the owners.
A $20,000 budget has been set aside for technological advancements in the risk management process,
but any further spending should be kept to a minimum.
10.3 How effective are existing communication mechanisms between management and the workforce?
Another potential asset for the organisation is its communication method.
To promote the company's vision and strategic goals, the organisation has established a thorough
Internal Communication Policy and Procedures to improve and streamline internal and external
communications.
Similarly, the organisation is committed to developing and testing new communication platforms,
methods, and technologies that will stimulate information exchange and collaboration among all
employees.
10.4 How loyal are staff?

The staff's commitment may be a source of weakness.
The company's burden has increased dramatically, which is a disadvantage.
Because of the workload, workers would be reluctant to take on many jobs.
10.5 What is the size and quality of the customer data base?
Nature Care's core client record shows that around 70% of customers are professional women aged 25
to 55.
10.6 What is the business’ ability to fund or raise funding?

The company has the power to raise money. The company's ability to raise capital through bank loans is
a strength.
10.7 What is the business’ cashflow situation?

Theft of stock or cash from retail outlets would cause cash flow issues and criminal charges (bad PR).
10.8 Are supplier relationships strong and reliable?

There would be inaccurate supplier invoicing as a result of the finance staff's increasing workload and
demands. Delays in payment and a deterioration of the supplier relationship would ensue from this,
which might potentially impact employee retention and productivity. Although there is nothing wrong
with the relationships with the suppliers in China, the Philippines, and New Zealand, there is a weakness
in that the relationships are deteriorating as a result of the late payments
Attach: Policies and procedures ☐
Communication to explain risk management process to

☐
stakeholders (if relevant)
Communication to invite stakeholders to identify risks (if

☐
relevant)
Section 2: Identify and analyse risk
1 Plan to discuss risks with invited stakeholders (identified in Section 1).
1.1 Choose a tool or technique to facilitate the group discussion to identify risks within the scope of the risk
management process.
Executive team meetings and enterprise social networks
As a part of the risk management procedure, a meeting would be called to encourage group discussion
and risk identification.
Note: At the meeting, you will collaboratively choose three risks to focus on as a group.
1.2 List what will be discussed (e.g. identify risks, assess risks, risk treatments, priorities etc.)
What method and scale will you use to assess the likelihood and severity of the risks? To guarantee its
dedication to education and research in the field of risk management
1.3 What will guide how you prioritise risk (e.g. risk matrix)?
1.4 What are you prepared to negotiate?

Severe and dangerous circumstances ought to come first.
A medium degree of attention should be paid to moderate threats.
The least amount of attention should be paid to low and very low threats.
1.5 How will you negotiate?

I will negotiate through a meeting.

1.6 Explain questioning and listening techniques you will use to seek the opinion of others and clarify your
understanding of what others say.
A funnel questioning strategy will be employed to extract the opinions from the stakeholders.
 For instance, what could possibly go wrong?
 What steps could be taken to avoid this?
 What might be dangerous for us?
 In your opinion, what is the worst-case situation?
 What threats do we need to deal with?
2 Summarise risks.
2.1 Summarise at least three risks identified at the meeting that apply to the scope of your risk
management process or project. For each risk:
2.1.1. Identify which type of risk it is.
 Merchandise or Money theft from retail establishments.
 The need of payroll and accounts receivable/payable personnel has increased.
 Inaccurate new supplier’s invoices.
2.1.2. Identify who may be responsible for the risk.

Finance Manager
2.1.3. List at least two potential outcomes should the risk eventuate.
Delayed payments and Cashflow problems
2.1.4. What treatment alternatives were discussed?

 Recruiting reliable and well referenced staff members
 Installing security cameras
 Insurance
 Performing regular audits of storage and inventory
2.1.5. How do the stakeholders want to prioritise the risks?
By prioritising risk events by creating a project risk matrix.
2.2 If not already viewed in person by your assessor, attach proof of your stakeholder meeting (e.g. video of
meeting etc.).
1. Summary of risks identified.
2. Risk elements 3. Type 4. Responsibilit 5. Potential 6. Treatment

y outcome alternatives
7. Theft of 8. Finance 9. Finance •Cash flow 1. Security

merchandise or risk Administrator problems. cameras, well-
cash from retail referenced
• Criminal
employees,
establishments charges
regular
storage room
audits, and
insurance are
all
recommended
.
2. Invoices from new 3. Operationa 4. Payroll Officer •Delayed 1. Train and

vendors are l risk payment reward staff
incorrect. and to
• Weakening
automate
of the
processes
supplier
where
relationship
necessary
2. Demand on 3. Human 4. Finance •Staff retention 1. Hiring of

payroll and Resource Manager issues additional
accounts risk •Work staffs
receivable/payabl performance
e workers has .
increased.
3 Complete the table below to assess the identified risks (use an appropriate scale and stakeholder input) to
calculate a combined value for the risk’s likelihood and severity.
Note, you may enter relevant information into the table below, or use any other appropriate format. If you use
another format (e.g. MS Excel spreadsheet), attach proof to this section of your portfolio.
Risk Potential outcome Finance Payroll Finance Combined value

Manager Officer Assistant (e.g. average)
Likelihood Severit Likelihood Severity Likelihood Severity Likelihood Severity
Risk Potential outcome Finance Payroll Finance Combined value

Manager Officer Assistant (e.g. average)
Theft of Cashflow problems 3 3 2 2 2 2 2.3 2.3

merchandise or
cash from retail
establishments
Criminal Charges 1 1 2 1 2 1 1.6 1
Incorrect invoices Delayed Payment 4 2 2 2 1 2 2.3 2

from new suppliers
Weakening of supplier 4 3 3 3 3 3 3.3 3

relationship
Demand on payroll Staff retention Issues 3 3 2 2 3 2 2.6 2.3

and accounts
receivable/payable
workers has
increased. Work performance 3 3 3 4 4 3 3.3 3.3
4 Research risks
4.1 Research each of the identified risks to learn more about the risk and any related risk treatment options
(e.g. speak to stakeholders, do an internet search, review best practice examples, check policies and
procedures, view past incidents, research technology solutions etc.).
Note: You must access at least two different sources of information.
4.2 Summarise the research done for each identified risk.
4.3 List the options available to you to treat your identified risks.
4.4 Attach proof of your research to this section of your portfolio.
Risk Source of Research

information
Customer shoplifting, employee theft, mistakes made on

Theft of Internet
search
paperwork and in the administrative process, unreported
merchandise or losses, and vendor fraud are the main causes of cash and stock
cash from retail theft.
establishments The financial results of the business are impacted by retail theft
both directly and indirectly.
The company's ability to offer products to potential customers

is negatively impacted by the sudden loss of merchandise for
sale, and the expense of replacing stolen goods drives up
manufacturing expenses.
Alternative therapy: To do this, NatureCare may make use of

insurance, frequent storage room audits, well-trained
employees, and security cameras.
Because of the extra work and stress on the financial staff,

Invoices from new Technology
solution
suppliers would receive erroneous bills.
vendors are This would lead to a payment delay and a decline in the
incorrect. supplier relationship, which can affect the performance and
retention of employees.
robotic process automation as a therapeutic approach (RPA).
RPA automates repetitive, high-volume tasks with artificial

intelligence (AI) to reduce errors.
Monitoring new invoices: The programme searches the

company's SharePoint site for new invoices in a designated
directory.
New files that are identified as invoices are immediately sent
for data extraction.
Invoice Capture: The programme extracts pertinent data (e.g.,

price, order details, bank account, etc.). If it is unable to gather
the data effectively or raises questions regarding the data
extraction, it is forwarded to human personnel for manual
verification.
Evaluation of the Invoice: The invoice is examined in relation to
order records and other standards to ascertain its validity.
 Examining the purchase orders and the invoice

together
 Checking for duplicate entries twice
 Selecting the payment date in accordance with working
capital optimisation guidelines
 Use of guidelines and constraints is used to determine
whether manual intervention is necessary.
The main cause of the increased strain on payroll and accounts

Demand on payroll Internet
search
receivable/payable staff is the growing workload that comes
and accounts with the growth of NatureCare retail locations.
Workloads like this could affect productivity and staff retention.

receivable/payabl
e workers has
increased. Alternative course of action: To deal with this problem, more
employees could be hired.
The task will be further separated as the financial team grows,
which will lessen the workload for each person.
5 Use digital technology to document and calculate risk (e.g. a risk register). Include the risk, potential
outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of each treatment
action.
Note: Risk is calculated (likelihood)x(impact).
Attach: Proof of your research (2 sources) ☐
Stakeholder meeting ☐
Risk assessment (likelihood and impact) if you did not use the
☐
table provided
Digital risk documentation e.g. risk register ☐
Section 3: Implement and monitor risk treatment
1 Complete the action plan below for ONE of your selected risk treatments (in your Risk register in Section 2).
Note: If your business already has an action plan template or other specific documentation requirements, use
them instead and attach your work to this section of the portfolio.
Risk: Incorrect invoicing of new suppliers
Action: use RPA to capture invoice
Desired outcome: no invoicing errors
Overall person responsible: Finance Manager
Step: Person Timeframe: Resources: Performance Outcome Done?

responsible measure: requirements:
:
Research Office 2 weeks Internet, At least 5 options Written report YES

Option Assistant sales have been identified presented to
consultant finance manager
Understand Finance 2 weeks Supplier It Supplier system System specs YES

supplier Manager Team specs have been document sent to
interface documented finance manager
system
Get quotes Finance 4 weeks Telephone No. of quotes Three quotes YES
Manager calls, obtained
emails
Choose Finance 2 weeks Finance System captures CEO approval YES

best Manager staff invoices
system automatically
2 Communicate the action plan to relevant parties (each person responsible for a step in the action plan).
2.1 To who will you communicate?

I will communicate with Payroll officer and Finance Administrator.
2.2 How will you communicate (e.g. face-to-face discussion, email)?
Note: If you are basing this assessment on the case study business, you are required to communicate
verbally.
Face to Face discussion
2.3 Unless already viewed in person by your assessor, attach proof of your communication to this section of
the portfolio (e.g. email with attachment, project schedule, video of team meeting etc.).
3 Implement your action plan and maintain documentation.
3.1 Which step will you implement?

Research Option.
Understand supplier interface system.
Get quotes.
Choose best system
3.2 What are the organisational policy and procedure requirements to implement your chosen step in the
action plan (e.g. how many quotes are you required to obtain, should a research report be written
etc.)?
Three quotes are required to obtain and research report will be written.
3.3 Attach proof of implementation to this section of your portfolio (e.g. request for quotes, research
conducted and written into a research report etc.).
3.4 Describe how you maintained the documentation to indicate completion of the step (e.g. marked the
action plan as “done”). If this step cannot be completed in the Project Portfolio, attach proof.
4 Monitor your risk management process or project.
4.1 What data is available?

Risk is present, as is the product of the risk management procedure.
4.2 Have any new risks emerged?
Three cases of storage room theft were discovered across three locations after three months of
operation.
The risk management approach, according to the CEO, was insufficient in controlling this risk.
4.3 Have any incidents been recorded?

One of NatureCare's regular container suppliers had merged with another and would no longer be able
to fulfil the order.
This occurrence has been documented.
4.4 Have you (or other stakeholders) received or provided feedback?

The feedback has been received by the operation manager
5 Evaluate your risk management process or project.
5.1 Are you identified risks still relevant?

Indeed, after three months of operation, three instances of store room theft involving three different
businesses proved that stock or cash theft is still a problem.
5.2 Have your risk treatments been successful?
Risk handling has been successful in preventing invoicing problems since the RPA system was deployed.
5.3 Are there any new risks?

There's a new danger of a shortage of supplies.
The typical container suppliers for NatureCare had merged with another business and were unable to
complete the order.
5.4 How satisfied are stakeholders with your action taken to manage risks?
The use of RPA and the avoidance of invoicing errors have pleased the stakeholders.
5.5 Are your selected treatment options still in line with best practice?
Indeed, the chosen course of action for stock or cash theft from retail establishments is still available,
and it involves the installation of security cameras and regular audits of the storage area.
5.6 Is any other risk treatment necessary?

Yes, it is necessary to decrease the workload of finance team.
5.7 Write a report on the outcomes of the evaluation and attach it to this section of your portfolio. In you
report, include:
 a summary of the risk process/project and associated risks and risk treatments
 a summary of the progress of the action plan
 a summary of new risks
 a summary of risks no longer valid
 any additional risk treatments required.
EVALUATION REPORT
• Risk management of financial activities is the title of the risk project.
• The finance department is to examine for financial risks related with the NatureCare endeavour
under the leadership of the CEO.
• Three financial activity risks were identified during the risk identification process with the help of
the finance administrator and payroll officer.
Theft of merchandise or cash from retail outlets, erroneous billing of new suppliers, and increasing pressure on
payroll and accounts receivable/payable employees were all dangers in the finance department. These risks
could result in cash flow issues, criminal charges, late payments, a deterioration of the supplier relationship, a
problem with staff retention, and a problem with work performance.
Several therapy options have been developed to address these hazards.
Security cameras, well-referenced workers, periodic storage room audits, insurance, employing more staff,
educating and motivating staff, and automating processes where appropriate were all part of the therapy.
The action plan included one of the identified risk remedies, which was the implementation of robotic process
automation, following the risk identification procedure (RPA).The three phases were followed in order to
implement the risk treatment action plan.
The Robotic Process Automation (RPA) system has been installed and the crew has been trained to use it.
The danger of inaccurate supplier invoicing has been eliminated because risk treatment was implemented.
However, a new threat has surfaced.
Regular container suppliers had merged with another company and would no longer be supplying the
containers NatureCare needed, posing the prospect of a supply shortage.
The possibility of vendors issuing incorrect invoices is no longer a concern.
One month after the stores opened, the finance department developed an invoicing RPA system.
Since its implementation, there have been no invoicing concerns.
Attach: Action plan (if relevant) ☐
Proof of communicating action plan ☐
Proof of action plan step implementation ☐
Proof of how you maintained documentation (if relevant) ☐
Evaluation report ☐

BSBOPS504 Project Portfolio Feb 2024

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BSBOPS504 Project Portfolio Feb 2024

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BSBOPS504 Manage business risk

First published 2021

0452 157 557

© 2021 RTO Works

Section 1: Establish risk context 5

Section 2: Identify and analyse risk 8

Section 3: Implement and monitor risk treatment 10

Student name: Sabindra Joshi

Assessor: Rakin Fahad

Business this assessment is Nature Care

Risk management Project process / set up retail stores

Documentation reviewed as Simulation Pack

Section 1: Establish risk context

1.1 What is the name of the business or organisation?

2 Determine the scope of your chosen risk management process/project.

2.1 What does your chosen risk management process/project include?

3 Evaluate organisational requirements and standards for managing risk.

3.2 Are there any processes you need to follow?

 Every year, the CEO conducts risk assessments.

 Every organisational action should, if possible, incorporate a Risk Management Assessment.

 Risk management escalation methods should be well-defined and documented.

 Test the recorded risk management methods on a regular basis.

3.3 Attach policies and procedures to this section of your portfolio.

 Internal Communication Policies and Procedures

4.1 Explain the legislation you need to comply with.

4.2 Do any regulations apply?

5.3 Which employees are available to assist you?

5.4 What other resources are required?

6.1 List two objectives.

 To reduce the likelihood of new supplier invoices being sent improperly.

 Good communication between all parties

 Participation of all stakeholders

 Good support from management

 Capacity to monitor and measure progress and outcomes achieved.

 resources, systems and good IT

 Clear objectives and working guidelines.

 Appropriate staff training

7 Identify stakeholders who will be part of the risk management process.

 Line managers would scrutinise all actions.

 Shareholders experience financial success.

 The chief executive officer is ultimately accountable for risk management.

8 Communicate with relevant stakeholders.

8.1.2. Invitation to assist in risk identification.

8.2 How will you consult with each stakeholder?

Note: If suitable, 8.3 and 8.4 can be completed as one communication.

9 Analyse the external environment of your risk management process/project.

Political NatureCare's risk management strategy may be affected by factors such

Economic 1. Business operations are impacted by various factors such as interest

Sociological 1. Social variables such as stakeholder preferences, communication

Technological Technology-related factors include process automation, product

The risk management procedure's implementation may be influenced by

Legal 1. Legal issues encompass both jurisdictional and internal governance

10.4 How loyal are staff?

10.6 What is the business’ ability to fund or raise funding?

10.7 What is the business’ cashflow situation?

10.8 Are supplier relationships strong and reliable?

Attach: Policies and procedures ☐

Communication to explain risk management process to

Communication to invite stakeholders to identify risks (if

Section 2: Identify and analyse risk

1 Plan to discuss risks with invited stakeholders (identified in Section 1).

1.4 What are you prepared to negotiate?

A medium degree of attention should be paid to moderate threats.

1.5 How will you negotiate?