Manage Risk

BSBRSK501-Assessment-Task-3.docx

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Monitor risk and evaluate processes

Submission details

Candidate’s name	Sami ullah	Phone no.
Assessor’s name		Phone no.
Assessment site
Assessment date/s		Time/s

The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.

Submit this document with any required evidence attached. See specifications below for details.

Performance objective

For this task you are required to review the implementation of the risk management action plan you developed in Assessment Task 2 and prepare a monitoring report.

Assessment description

For the MacVille Pty Ltd simulated business scenario provided, you are required to assume the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be Manager of a new store. Ash has been tasked with conducting a risk management analysis of this new venture.

There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This project is divided into three assessment tasks as follows:

Assessment Task 1

Risk review report, email to stakeholders and meeting with CEO

Assessment Task 2

Risk analysis report, action plan and risk treatment

Assessment Task 3

Monitoring report

For this task, you are to review the implementation of the risk management action plan you developed in Assessment Task 2 against the simulated business information provided in this task. Then, you will need to prepare a monitoring report evaluating the outcomes of the action plan and risk management process.

Monitoring Risk and Evaluation Process

Several risk mitigation plan were implemented in the previous section of the report to minimize the four identified associated risks. These include; banking of all daily revenue to curb the risk of cash theft on business premise, insuring all overnight holding to ensure compensation from all related theft cases, installation of teleconference system to limit frequent travels by managers, weekly internal audits, application for time to “make good”, punitive action for non-compliance by company employees and weekly audits of all business operations to ensure compliance with local authority by-laws.

Most of the risk mitigation plan have been implemented and are fully operations. The teleconference system has been installed which allow managers and other stakeholders to conduct virtual meeting without the need of travel, an accounts has been opened to allow for daily banking of all daily revenues, internal audits are being carried out on a weekly basis by the store managers, the company’s legal partners have applied for time to “make good” with the local authority. The actions that have not yet entered full implementation phase include; implementation of casual wears on Fridays, a policy to finish all meetings by 3.00pm and punitive actions for none, compliance policy.

As a result of the risk mitigation implementation, cases of cash theft have reduced significantly ranging between 0 to 1 percent. Teleconference system has proven to be effective since more meeting are being held with less travel.

The table below indicates the evaluation matrix for the risk management plan.

Risk	outcome
Banking risk	Theft cases below 1 percent
Physical injury to managers	0 cases reported since implementation of risk management plan
By- law compliance	Zero cases of litigations due non –compliance have been reported
Non-compliance of staff	All staff members are wearing company’s uniform at their respective places of work.

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