After the review of the MacVille simulated business scenario information and documentation provided in the Assesment, I have created the below report on Risk analysis and its treatment, three main criteria’s are being considered as a major concern over the course of acquisition of Hurley’s Café in Toowoomba by ranking from its severity to the moderate one, are as followed;
Manager’s travel risk
This risk presence as per the geographic setting of Toowoomba branch in which it is situated in a provincial territory came to by winding street. It is brought up by being worried in term of securities when driving in poor light condition, particularly amid night and late around evening time.
Likelihood
This present risk’s plausibility is considered to be medium; this raise the need to relieve the risks included. Risk plausibility are chiefly the hazard from going between headquarter in Brisbane and Toowoomba branch for week by week meeting which are commonly complete late at night or night.
Consequence
In term of death toll or any damage are considered as a catastrophic outcome. There is a probability for the administrator to have a mishap in view of the long and lengthy drive and furthermore the exploring of the precarious tight scale up the range. In the event that there is any mischance happens, the organization needs to guarantee the administrator and also to locate a substitute for the chief and this will back off their Café business and in fluently affect the business economy.
Priority
Classification |
Low [1] |
Medium [2] |
High [3] |
Extreme [4] |
Insignificant [1] |
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Minor [2] |
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Major [3] |
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Catastrophic [4] |
8 |
The priority for this risk can be delegated as High since the rating of the result of likelihood and consequence is 8
Options
The conceivable changes are as taken after;
By-law compliance risk
This risk emerges because of the current transformation of neighborhood chamber enactment in term of surpass water use. It is additionally vital for MacVille Pty Ltd to agree to the enactment set out by nearby board since it is their obligation as a corporate native.
Likelihood
The risk existences direct pressures to the congruity of the business because of the charge forced by neighbourhood committee if the water use had been surpassed. There is a medium risk that, if the representatives or the chief utilize more water, they could get the fines for intemperate use of water and therefore breaking the ebb and flow by-law will happen.
Consequence
Risks emerge from neglecting to follow enactments are;
Consequently, we can categorize the results of the risk as minor.
Priority
Classification |
Low [1] |
Medium [2] |
High [3] |
Extreme [4] |
Insignificant [1] |
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Minor [2] |
4 |
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Major [3] |
||||
Catastrophic [4] |
The priority for this risk can be categorized as Medium since the result of the combination of likelihood and consequence is 4
Options
The conceivable changes are as taken after;
Banking risk
This risk emerges from the absence of controlling and observing strategy of the store money related records and their technique for keeping trade without the store after hour. The absence of standards and directions and in addition methods in term of saving money day by day, the record keeping of offer and money paid out, and identification and anticipation control in term of falseness.
Likelihood
There is medium plausibility of burglary of money that is left on premises as the managing an account in Café was not done each day and frequently $4000 was continued the premises overnight in the money enlist.
Consequence
The risks from the absence of controlling and observing are as taken after;
This money related risk covers up might be viewed as minor yet the outcomes of a thief braking in the business may put the representatives in threat, causing conceivable wounds; the results of this risk can be categorized as major.
Priority
Classification |
Low [1] |
Medium [2] |
High [3] |
Extreme [4] |
Insignificant [1] |
||||
Minor [2] |
||||
Major [3] |
6 |
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Catastrophic [4] |
The priority for this risk can be categorized as Medium since the result of the combination of likelihood and consequence is 6
Options
The conceivable changes are as taken after;
Risk Management Plan Table
Risk |
Assess Risk |
Controls |
Monitoring |
Timelines |
Responsible |
Banking Risk |
Medium |
Depositing the money in the bank every day |
By getting the weekly bank statement |
Opening week |
Financial Controller |
Manager’s Travel Risk |
High |
Work should be finished before 3pm, so doesn’t have to drive at peak hours |
By checking the meeting times |
Opening week |
CEO, New Policy |
By-law Compliance Risk |
Low |
Educating the employees about the effective usage of water |
By checking the water usage bills monthly |
Within 3 months |
Goldsmith Partners |
Implementation of the risk management treatment for one of the identified risks:
In order to resolve the risk related to the banking problem, implementation of the risk management treatment is necessary (de Zwaan et al.2011). In this implementation, different phases need to be implemented like preparation phase, tailoring phase, implementation phase and sustainment phase. In order to select effective banking solution and providing different types of discounts an integrated risk management plan should be implemented. After that, it is significant to modify the risk management process of the business and coordinate the plan with the stakeholders. Then it is important to adapt effective tool and employ different types of matrices, formats and checklists. Then providing training to the employee is important and along with that, risks related to that also should be assessed. It is important to provide continuous support to the management so the risk management process can be sustainable.
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