BSBRSK501 - BizOps Enterprises - Risk Management Report Writing Assessment Answer

Assessment Task:

BSBRSK501: Risk Management Report Writing Assessment Answer

Background information
BizOps Enterprises started as a small company and has grown into a national retail business specialising in a range of exclusive products. BizOps has more than 150 retail, online and phone order outlets across Australia. Business has been good, but management is always wary of risks on the horizon, especially given the
situation during the past three months. Over this period, there have been significant international, national and organisational incidents that have affected the business.

On the international front, five key suppliers of our top-selling range of products have received global condemnation about using toxic or banned chemicals in their products and polluting the environment through their unsustainable production methods. Floods have affected some Asian suppliers so that the manufacture
and transport of numerous top-selling lines has been interrupted for the past three months. This is affecting online sales.

On the national front, Australian consumers are spending less due to the uncertain global financial situation and rumors of government tax increases that are likely to decrease household disposable incomes. Furthermore, there has been recent political uncertainty with leadership challenges and allegations of corruption. These issues and the impending federal election are leading customers, businesses and investors to take a wait-and-watch approach. Federal consumer legislation was introduced in 2011 so there is a need for all states to be brought up to date, especially with increased consumer knowledge of rights such as the product safety law. Uniform WHS laws have also been introduced by most of the states.

There are some issues arising within the organisation. There has been an increase in complaints from customers about online purchasing system problems/disconnections, goods not being delivered on time and allegations that confidential customer information is being passed on to other companies. Customers have complained that the company website and online purchasing links are ‘glitchy’. There is also rising social media pressure about claims that BizOps’s major suppliers use sweatshops, child labour and manufacturing processes that cause environment destruction. Information systems and warehousing/logistics systems are more than 10 years old. Management is contemplating downsizing and adopting rigorous budgetary cuts across all sections of the organisation. Staff morale has dropped, with many conflicts between staff and complaints about hours worked and lack of training.

Task One
1. Prepare a Risk Management report with the following content:

a. Summarise the key risks facing the organisation and list them under the following scope headings: political, economic, social, legal, technological and policy. For each, explain why it is a risk.

b. List other possible sources of data that may apply to the scope of this project; for example, market research, information from other businesses.

c. List examples of legislation, regulations, standards and codes that are relevant to the current situation.

d. Review and outline the organisation’s current policies and procedures that relate to risk management in accordance with current risk management legislation and standards, detail the strengths and weaknesses of the existing arrangements to adequately address the identified risks and make any recommendations for changes.

e. Identify links between the current risks and the organisation’s stated ethos.

f. List the objectives and critical success factors for risk management at BizOps.

g. List the key stakeholders who should be involved in the risk management process and create a stakeholder communication plan that includes who should be consulted, on what aspect they should be consulted, method of consultation. Explain how to invite participation and explain the risk management processes.

Task Two

Use the information you have gathered to complete a risk management plan using the BizOps Risk Management Plan template. This will include evaluating each risk you have identified for likelihood, impact and consequences, reordering the risks in terms of priority and selecting treatments. It also includes an implementation plan that
should be in the form of an action plan.

Task Three
Using the content of the report, prepare a presentation for BizOps’s senior managers. The CEO has stipulated that she wants the presentation to cover how the risk management process will be implemented, monitored and evaluated.

Use slide presentation software to develop the presentation and include the following:
a. A list of options commonly used in risk treatment processes
b. The most appropriate options for treating each of the identified risks
c. A proposed action plan to treat the identified risks, including:

•  what actions are required
•  who is taking responsibility
•  time lines
•  the monitoring process

d. a proposed folder structure for storing information relevant to the risk management process

e. key factors in implementing, monitoring and evaluating the risk treatment action plan.

Task Four
Prepare a report for BizOps’s senior managers on how the action plan will be implemented, monitored and evaluated. The report should use the following headings:
a. Implementation strategy
b. Monitoring strategy
c. Evaluation strategy

The final documents you submit for assessment will be assessed using the project criteria provided. All project criteria outlined must be covered satisfactorily for Part B to be completed satisfactorily. You must complete the project unassisted by the assessor or other personnel but may refer to reference material as needed.

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