Nature Care Products - Risk Management Plan - Management Assignment Help

Assignment Task

NatureCare Products 

Risk Management Plan
The risk management process will be used by the management team to ensure risk control methods are included in all organisational planning, management of operations and governance.
Definitions
The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS 4360:2004.

Risk 
The chance of something happening which will have an impact upon objectives. It is measured in terms of consequence and likelihood. 

Likelihood 
A qualitative description or synonym for probability or frequency. 

Consequence
The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury, disadvantage or gain. There may be a range of possible outcomes associated with an event. 

Risk assessment
The overall process of risk analysis and risk evaluation. 

Risk treatment/control methods
Selection and implementation of appropriate options for dealing with risk. 
Conceptually, treatment options will involve one or a combination of the following five strategies:
• Avoid the risk.
• Reduce the likelihood of occurrence.
• Reduce the consequences of occurrence.
• Transfer the risk.
• Retain/accept the risk. 

Risk management process
The systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risk. 

Risk management procedure
This risk management plan template should be used. The following procedure should be followed for risk management:
1. Gather information about potential risks and risk treatments or controls using a range of risk management tools and techniques. The preferred method is brainstorming potential risks with key staff members and conducting a PESTLE analysis to identify external risks. 
2. Confirm key risks and risk treatments or controls to be documented in the risk management plan. For each risk, indicate the consequence of the risk e.g. loss in sales, loss in profits, business closure, lack of qualified staff, etc. 
3. Identify key risks and document them in the risk register.  
4. Using the risk legend within the risk management plan, assess and document the likelihood of the risk occurring. 
5. Using the risk legend within the risk management plan, assess and document the severity of the risk occurring. 
6. Identify and document the agreed treatment or control method for each risk. 
7. Assign a ranking to the risk using the risk assessment legend. The ranking of the risk will determine its importance in terms of risk management. 
 

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