Organisational Processes, and Requirements for Risk Management - Management Assignment Help

Assignment Task

Task
Learner Workbook Activity answersComplete the following activities individually or in a group (as applicable to the specific activity and the assessment environment).
Activity 1AObjective To review organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management standards.
To determine scope for risk management process
To identify internal and external stakeholders and their issues.
Case Study – Risk Assessments
William owns a bicycle retail and repair shop which has seen an increase in business during the COVID-19 pandemic.
With a busier store and higher demand for bikes and repairs, William considers the measures that he needs to put in place to meet public health requirements and how he can lower the risk of COVID-19 at the store. 
William decides it is not reasonably practicable for his 10 employees to work from home as they are all involved in sales and repairs, which must be done at the premises. He looks through the COVID-19 resource kit on the Safe Work Australia website and identifies the control measures that are relevant to his business. This includes physical distancing, cleaning and hygiene practices and policies for employees who show symptoms of COVID-19.
The business regularly holds events to allow customers to test ride their range of bikes, with attendance of up to 20 people. William understands that these events pose a higher risk of spreading COVID-19 and do not meet the new rules for public gatherings, so immediately cancels these activities. 
The business also allows customers to take bikes from the store for test rides. William is aware that it is possible for the COVID-19 virus to be on different surfaces for periods of time and this may result in transmission. It is difficult to disinfect bikes after each customer use due to cleaning products potentially contaminating and damaging parts of the bike. 
William weighs up the likelihood of COVID-19 transmission from test rides and how to eliminate or minimise the risk of that happening, including measures like ceasing test rides or regularly disinfecting bikes. He then considers the suitability of those measures against their cost.
William decides the best way to minimise the risk is to temporarily limit the number of customer test rides. He clearly communicates this new practice to customers through his website and using signage at the store. William considers that this may result in a decline in sales but knows that this is necessary to reduce the risk of spreading COVID-19. William will still ensure that his employees disinfect bikes after each customer use but by limiting the number of test rides it will reduce the potential damage to his stock from disinfecting practices and save on cleaning costs and staff time.  
1. From a provided case study, complete the following tasks:
Interpret the current risk of a bicycle retail and repair shop.
Identify the processes, procedures and requirements which have been implemented for risk management purpose?
2. Research further information from government website or reliable sources, then complete following tasks:
Determing scope of risk management processes of a case study in relation to Work Health and Safety (WHS) and Ocuupational Health and Safety (OHS) legislation.
3. In relation to a case study, identify at least one example of internal and external stakeholders who are relevant to risk management of current risk and their concerns.

Activity 1BObjective To understand about reviewing political, economic, social, legal, technological and policy context.
Political
These factors determine the extent to which a government may influence the economy or a certain industry. A government may impose a new tax or duty due to which entire revenue generating structures of organizations might change. Political factors include tax policies, Fiscal policy, trade tariffs etc. that a government may levy around the fiscal year and it may affect the business environment. Example Index Terms – Embargoes & Sanctions, Coups.
Economic
These factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects. A rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Economic factors include inflation rate, interest rates, foreign exchange rates, economic growth patterns etc. It also accounts for the FDI (foreign direct investment) depending on certain specific industries who’re undergoing this analysis. Example Index Terms – Ownership Changes, Bankruptcy, Company Relocations.
Societal
These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics etc. Example Index Terms – Child Labor Laws, E Coli, Medical Ethics.
Technological
These factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to automation, research and development, workforce; anything that would disrupt the course of company to conduct business. Example Index Terms – Computer Crime, Labor Shortages, Labor Disputes.
Legal
These factors have both external and internal sides. There are certain laws that affect the business environment in a certain country while there are certain policies that companies maintain for themselves. Legal analysis takes into account both of these angles and then charts out the strategies in light of these legislations. Example Index Terms – Class Actions; Fines & Penalties, Patent Infringement
From: LexisNexis (Access: March 2021)
Read the explaination of Political, Economic, Societal, Technological and Legal categories, then apply these to the case study of Bicycle Retail Shop.
You must explain how these risks may influence the shop in accordance with the current risk.
Activity 1CEstimated Time 30 Minutes
Objective To review strengths and weaknesses of existing arrangements
To document critical success factors, goals or objectives for area included in scope.
Identify at least two strengths and weaknesses of WHS risk management approaches which have been implemented within the Bicycle Shop (a provided case study).
How can critical success factors, goals or objectives advocate risk management achievement in the organisation?
The critical success factors (CSF) that can help achieve good risk management in any business are,
CFSs are highly related to the organisational objectives and goals. So the business or organisation shout has SMART goal and objectives.
Right and efficient actions to achieve these goals and objectives.
Documentation and amendments of the process for learning and future success.
Identify two critical success factors which would assist the bike shop (a risk assessment case study) to acheive the risk management processes relating to WHS.
Activity 1DEstimated Time 50 Minutes
Objective To obtain support for risk management activities
To communicate with relevant parties about the risk management process and invite participation.
As a role play activity, this task develop from a case study of bicycle shop (Activity 1A), learners need to perform the following task as instructed by the trainer:
One person performs as the risk assessment manager while other members perform as colleagues,employees or clients etc.).
As risk assessment manager, you will need to provide the following describtions;
Determine the area of risk management
Identify the risk management activities which have been implemented in the shop
In a discussion, you should communicate:
To obtain support from other stakeholders in regards to risk management activities

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