BSBRSK501 - Credit Card Scam Case Study, Develop Risk Management Process, Potential Business Risks - Management Assignment Help

Assignment Task

Background Information

Risk Assessment

As the General Manager of the OceanShores Group, you are constantly required to identify, assess and manage real and potential business risks. 

Today your desk has on it: 

1.An urgent advice from a credit card company about a team of con- artists who are targeting major hotels in a credit card scam. They have so far been able to fraudulently obtain $880,000 of credit and the last activity was in a nearby hotel

2.Two hours ago the kitchen served a meal containing peanut oil to a customer with a severe nut allergy, despite the wait staff having written the food allergy on the docket and telling the cooks about it when ordering the meal. The customer had to be rushed to hospital after exhibiting a severe anaphylactic reaction and is still in a serious condition

3.There is a transport strike called for tomorrow and, due to your city location, more than 75% of your workforce is public transport reliant

4.In today’s newspaper are reports of a major health issue in Asia which has immediately halted inbound tours from all major airports. It is likened in severity to a similar event 2 years ago which dropped your occupancy rate by 25% for 2 full months. You have already had bulk cancellations for
this week and the occupancy rate dropped by 22% overnight  manage risk identified will be the fewer customers 
too many staff working 
loss income for an extended period 

5.A former employee who is now managing a nearby hotel has been systematically poaching key supervisors and successfully offering them employment. You also suspect that they have copied your database as they have been able to effectively target and win function bookings from your regular client base. The functions they are winning are ones held on a monthly basis that has been a mainstay of your functions revenue

6.You are seriously understaffed in the Bar department and have not been able to attract appropriate responses to the advertised positions for over three months.

7- Develop a risk management process for each scenario which could be, ultimately, used for future assessment of business risks as these may arise. The following aspects need to be included:

•Using a four-stage hierarchical process, discuss how you would conduct today’s risk assessment and prioritize the management and minimization of all these risks. 
1-Identifying the risk 
2-analyzing the risk 
3-Controlling the risk 
4-Monitoring and evaluating risk.

Case study one (Credit Card Scam)

Risk summary:
Nearby hotels have suffered a huge credit default, up to now artists have been able to scam the hotel for $880.00. Now, the last attack in a nearby hotel has made us hard to protect the social media and to use new encryptions to try to prevent hackers from obtaining credits from our customers

1-Identifying the risk:
•Con-artists stole $880,00 and breached a hotel nearby 
•Scam artists targeting all major hotels from hacking into their customer's information 
•Customers losing their money due to the hackers obtaining their details 
•Hackers stole the customer’s credit card information  
•The hotel is losing due to customers information get stolen 
2-analyzing the risk: 
•Contact authorities 
•Contact the customers 
•Get perfect internet service for the hotel 
•Change the payment methods 
•Get enough and good training for the staff members 
•The consequences of not treating this issue seriously will be damaging
3-Controlling the risk: 
•Accept the risk 
•Avoid the risk to happen again 
•Take an action 
•Look for what the customers want 
•Contact the police 
•Contact the customer to inform them 
•Contact the bank to tell them what happen 
4-Monitoring the risk: 
•Report the risk 
•Most staff members monitoring the internet if there are breachers 
•Contact with The customers to collect information on 
• IT must monitor the internet if there are breaches
• Work with consumers to collect information on whether they hacked their cards.

Insurance: 
The business insurance that fits best for this issue is public liability, this insurance protects businesses against financial impacts to another person’s property, as the hackers were nearby to steal our customer's credit card information and use it to themselves. The best insurance and trusted insurance company are BC BizCover. 
Legal aspects:
 Abuse of data occurs when the personally identifiable information is accessed or disclosed without permission. If the company or department is protected by the Privacy Act 1988, you must inform the individual and us concerned when a personal data breach could lead to serious damage.
1-Hackers stole the customer's personal details: Name, date of birth, address, credit card number, money, email. 
2-Credit card can lead to one- to five years in jail
3-The law itself is violated, because not only have these hackers gathered their personal details, but they have also stolen and used customer credit card data.

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