BSBRSK501: Manage Risk Small Business Providing Office Supplies - Management Assignment Help

Assignment Task:

Task:

Case Study
You are employed by Office Supplies to You (OSY), a small business providing office supplies to small and medium-sized businesses within the South-East Queensland market. The business is starting to grow with a staff of two (2) business owners/partners, three (3) Administration staff and Finance Manager, all of whom work in head office, and two (2) sales staff who mostly work remotely. As growth is continuing, the business projection is to employ an additional three (3) staff over the next 12 months, one of whom will join the sales team.
The market trends show that there has been a decline in Industry revenue as paper consumption declines. The Stationery Goods Retailing industry includes companies that retail stationery goods, writing materials, art supplies, ink, pens, pencils, and notebooks. The industry is a very small component of the overall Retail Trade division and is subject to increasing external competitive pressure and threats. For example, an increasing number of alternative retail channels that also sell stationery items, including online retailers, are challenging the industry’s long-term survival, as is the ongoing move towards a digital economy. As a result, the industry has been gradually shrinking. Over the five years through 2016-21, industry revenue is expected to fall by an annualised 1.7% as it continues to contend with external variables.Organisational processes and procedures currently used at OSY were developed by the Partners to meet original requirements and are all paper-based. Because OSY is expanding, risk management needs to be reviewed and updated to ensure the business remains competitive.
To establish risk context, your CEO has asked you to prepare a risk management plan by firstly reviewing current practises and applying a performance management model; also, to consider political, economic, legal, technological and policy context. You will need to seek the assistance of stakeholders in your research of identified risks and generate a list of applicable risks that may apply to scope using relevant techniques and tools. The current administration systems are paper-based, including all HR documentation, customer accounts and financial reporting; there is no formal input by stakeholders. These systems and processes need to be streamlined and improved as the business continues to grow.
Task 1
Answer the following three (3) questions. Templates used must be included in your response:
1.Explain the strategies you will use in your review of current organisational processes, procedures and requirements in accordance with current risk management standards. Include in your response the resources you would access.
2.Use the template provided to demonstrate how you determine scope for risk management process and to review current strengths and weaknesses of current arrangements and any relevant policy context.
3.Explain how you will document critical success factors to accurately reflect on legislation and to ensure compliance with requirements within OSY’s procedures. You may choose to use the Template in your response.
Task 1, part 1:

• Explain the strategies you will use in your review of current organisational processes, procedures and requirements in accordance with current risk management standards. Include in your response the resources you would access:
• The strategies involved follow a logical sequence. A risk management plan will be designed using a performance management model through which the processes will be conducted:
• This model revolves around four stages of planning processes: Plan, Perform, evaluate and reward.
• The central concepts within this model are:
• - identify the organisation’s vision, mission and goals as stated in the corporate plan;
• - setting out the current processes applied to the management of risk in the organisation;
• With these two sources of information, make a determination regarding organisational culture as it relates to risk management.
• To conduct an effective review of the current situation within this performance management model, the following components need to be addressed and planned for:
• Research and map out the legislative and regulatory framework – Acts, regulations, codes of practice and standards. In this case, the OSY is a company a defined by the Corporations Act 1901 and a PCBU for the purpose of the Work, Health and Safety Act 2011. As such, it has obligations under both frameworks.
• Develop a communication plan that refers to both internal and external stakeholders. The OSY does not have any formal communication frameworks with its clients and stakeholders. The communication plan is important because:
• - this will assist in defining the context of risks;
• - helps to effectively identify risks from diverse sources;
• Uses the diverse sources of skills and knowledge from stakeholders in analysing risk;
• - formalises diverse perspectives when evaluating risks and helps prepare for effective change management if and when, risk treatments are applied;
• - by including stakeholders, encourages ownership and commitment to the process, especially managers who are responsible for their employees knowing of risks and management of them;
• - gives all stakeholders the opportunity to become knowledgeable and appreciate the benefits of a risk management plan and processes.
• Develop a reporting framework to allow for significant risks to be reported to the appropriate person, agency or authority.
• Establish a clear context in which the review will be conducted. This will define the framework and boundaries within which risk will be evaluated and managed. Context also sets scope for the risk management processes. The two main context groups are:
• - External context which can be best determined using tools such as a SWOT and undertaking environmental scanning of the organisation.
• - Internal context can be determined by identifying the organisational capabilities, goals, objectives and strategies that are currently used to meet them. Use a risk management approach to achieve the key outcomes – share, avoid risk, reduce risk or accept.
• In examining contexts an important area to review is management activities and controls (which are usually guided by an organisation’s policies and procedures). Examine whether there is reference to performance within each position description. Each position will reflect the level of risk management commensurate with that position.
• Examine the level of training or education that staff have received. This will impact on their knowledge and appreciation for their risk obligations. In particular, managers are directly responsible for ensuring all employees comply with legislation.
• Examine current processes in each business sector of the organisation:
• - determine if team members trained in all safety issues within their work area.
• - determine if incident reports are followed up with risk assessments, as per organisational and legislative requirements.
• - determine if all documents completed and processed in recording accidents, injuries or incidents, are in accordance with the organisational policies and regulatory requirements.
• (e) Identifying risks from different sources:
• - commercial relationships: normally between two parties. The business contractual arrangements with clients, suppliers and others will be examined for risks.
• - Economic circumstances: in this case there has been a 1.7?crease in revenue in the past 5 years in the paper-based industry, and more decrease is predicted. Risks emanating from this loss of revenue need to be identified and assessed.
• - individual activities: this area will be examined to see if individual staff are performing in a way contrary to WHS safety principles and obligations, thus increasing the likelihood of risk.
• - Human behaviour: this area will look at the culture of compliance in the business, supported by values and business ethics.
• The identification of risks from multiple sources and causes is the vital component to successfully identify and modify unsafe behaviour. Finding the cause of incorrect behaviour allows the business to take steps to minimise and/or remove the behaviour.
• Define the scope of the processes using the 5 x W method to:
• - assist in defining what areas should be covered and within what time frame and period.
• - What resources are needed
• - What expertise or external specialists may need to be engaged
• - Who the stakeholders are
• - How risk/s will be evaluated
• - What records need to be kept and how
• - Levels of analysis to be undertaken, to complete the assessment safely
• - The environment in which the risk assessment operates and how it will impact on the way in which the risk assessment is performed
• - Which different aspects are to be evaluated, for clearly-stated reasons
• -assist in defining the stakeholder objectives
• Conduct a whole-of-organisation environmental scan using the P.E.S.T model. This acronym looks at the different areas of impact external to the organisation which could increase risk. The OSY business faces a number of economic and technological uncertainties which could impact long term survival.
• Identify all risks: In this area, consultation with staff is critical and mandated by the WHS Act. Ensure that risks are researched using available quantitative and qualitative data. Lessons learned from previous projects can be useful to determine what risks applied and how they were managed. Market research using the up to date industry standards and codes will impact this area of the review.
• Generate a list of risks: stakeholder involvement is crucial. Tools that can apply are brainstorming, checklists and flowcharts.
• Analyse the risks: risks will need to be prioritized (ie placed in a hierarchical structure to determine level of risk) dependent upon their impact on the business. The next step is determining consequences of risks (, followed by likelihood thereof. A risk matrix will assist as an assessment tool encompassing these components.
• Evaluate and prioritise risks: this is needed because it enables an order to be identified in which management can implement strategies or remedial actions based on category (low, medium and high risk)An effective measure is the hierarchy of controls. The evaluation and prioritizing of risk require expert assistance.
• Determine which treatments are suitable and implement: at this stage, management weighs up all the data and recommendations and evaluations. A risk profile process will determine the organisation’s willingness to take risks.
• Development of an action plan for implementing risk treatments. This will be used for future projects to foresee risks, estimate impacts and prepare responses.
• Share the risk management processes with stakeholders: the foundation of this action revolves around the concept of informing to protect. It should be timely and relevant.
• Ensure documentation is stored and compiled correctly: legislation has imposed a number of timeframes on the maintenance and archiving of certain information, such as financial documents (s9 Corporations Act)
• Create an implementation and monitoring schedule for regular and effective review. By doing so, the business builds its own capacity for compliance and change.
• Resources to be accessed for review:
• Standards Australia Ltd and the Institute of Internal Auditors-Australia, (Nov 2016), Handbook 158-2010 Delivering Assurance based on ISO 31000:2009 Risk management – Principles and guidelines retrieved from Standards Australia Ltd https://store.standards.org.au/reader?designationId=HB 158-2010 on 1/8/21
• Model codes of practice in accordance with the Intergovernmental Agreement for Regulatory and Operational Reform in Occupational Health and Safety, Safe Work Australia developed model Codes of Practice as part of the package of ‘harmonised’ work health and safety laws.
• Legislation – Work, Health and Safety Act 2011, Corporations Act 1901.
• Safe Work Australia, HOW TO MANAGE WORK HEALTH AND SAFETY RISKS Code of Practice guide 2011
• The Guide to the Model Work Health and Safety (WHS) Act
• International standards: AS/NZS ISO 3100:2009
• Organisational policies, corporate documentation.
• Other sources of information, to assist in any WHS research, may include:
• Articles that clarify information, to assist in proving an organisation’s position
• Journals, such as industry journals, that may identify and explain how to resolve risks, and best practice to resolve hazards and risks inherent in a specific industry
• Texts providing industry advice and assistance for ensuring that WHS standards are maintained,
• Websites, such as those of professional associations and government, legislative, and environmental sites designed to keep industries up to date with changes to the law.
• Task 2
• Answer the following two (2) questions:
• 1.Why is it important to include stakeholders when developing the risk assessment plan and who are the internal and external stakeholders you will invite to participate in the risk identification and research process?
• 2.What research methods will you apply for risk management activities?
• Task 3
• Your stakeholders will assist in the identification of risks and in researching risks that may apply to the scope developed in Task 1. Explain the consultative approach you will use with these stakeholders and use the Template provided to generate a list of risks that apply to the scope.

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