Mr Michael Jones and Mrs Samantha Jones have Operated and Owned ‘The Best Finance Pty Ltd’ Case Study - Management Assignment Help

Assignment Task:

Task:

PARTA

Mr Michael Jones and Mrs Samantha Jones have operated and owned ‘The Best Finance Pty Ltd’ business for the last five years as an ACL holder.  They currently have three brokers that work in the business, Mr Bill Mason the most recent to the business and three administration support staff.

Mr and Mrs Jones have recently completed an internal audit of files and noticed a breach by Mr Bill Mason.  It appears a systematic issue was established for not advising commission charged in the credit proposal. Mr and Mrs Jones noted that all of Bill’s applications had this critical item missing.

Use the Risk Registerbelow to identify and describe three (3) potential risks to the operation of the business, and three (3) potential risks to the client arising from this proposal. Remember, when identifying risk, you need to consider both what can go wrong and how it can go wrong.Note: The client risks in this case can be the client, broker, and the owners of the business.

Note: The Risk Register table in the learner guide lists Operational, Financial, Competitive and Client risks. However for this assessment task, we only require the operational and client risks to be completed. Refer to the learner guide for an example of what is required.

PART B

As an ACL holder, Mr and Mrs Jones have established that this breach is major and an expert external provider is required to address the compliance and operational risk management process.  They have engaged Scott from SalesKey who specializes in the field of NCCP compliance matters and risk management.

Scott has organised an appointment in Mr and Mrs Jones’s office to address this breach. The attendees of the meeting are Mr and Mrs Jones, Bill Mason (broker) and Scott (independent expert).    

In this part of the case study complete the following Risk Action Plan template as though you were Scott. Select one of the risks from the risk register and develop an action plan for dealing with this risk. Consider all of the members in the business and how they may play a role in the various areas listed in the plan.

Remember a preventative action is one that should stop the risk from occurring, and corrective actions need to be considered to stop the risk from happening again. Monitoring and review actions are important to ensure that the business is regularly checking their processes to prevent reoccurrences of the risk.

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