T2

Requirements:

Font: Times New Roman

10 APA Style reference and In-text citation

1500 words

PLEASE DON’T USE MCVILLE CAFÉ as your organization. You need to look or research you own organization!

Don’t put an Executive summary, just follow what is required starting from number 1 to 5.

Students are required to undertake a project (like expanding the business in a new location, or introducing a new product, or adding a new feature on a product, etc. it is really up to you), where a student has to conduct a risk management process for the organisation of their choice. Upon research findings, students are required to write a project plan on managing risk. The project work must reflect the findings from the research and must address all the key specifications provided as a task specification.

Look or Research for an organisation or a company and look if they have a new product to be introduced or to expand their business in a different location or if they have new features of a current product.

1. Background of organisation

2. Context of risk including:

· Organisational processes, procedures and requirements for undertaking risk management in accordance with current risk management details.

(For this one, what you need to do is to list the current risk management standards those standards are Australia legal standard (ISO, current management risk standard. Any kind of policy and procedure for risk management in place.

(In your chosen organisation, look for a risk management framework if they have that and what policies come under that. So policies related to WHS, anti-discrimination, equal opportunity, etc.)

Australia legal standard (ISO) list their policies related to risk management

· Internal and external stakeholders involved

(You need to identify internal and external stakeholder and what role they are playing in the organisation and how they will be affected if they are doing the risk.)

Example for your reference in this bullet point: (You need to make your own!)

Table of stakeholders

Stakeholders	Internal/external	Role in process	Stake in process
Workers	Internal	Ensuring smooth   everyday operations while dealing with customers	Retaining job and keep   earning
Suppliers	External	Keep supplying the new   store with the ingredients and the materials	Retain the organisation as one of their biggest purchasers

· (PEST analysis) Political, economic, social, legal, technological and policy context

(4 to 5 factors for each category) (These our factors that can affect the operations of the business. For example, what political factors can affect the business, what economic factors can affect the business, and so on… etc.?)

· Critical success factors, goals or objectives ( You first need to check the scope of risk management process, what project are you going to run, what are your goals for that project)

· Management support for risk management activities

For you reference, look at the https://www.abcassignmenthelp.com/risk-review-expansion-of-macville-cafe and scroll down to Effectiveness of the Mcville Risk management framework and check the Risk management Review (FARM)

· Inviting and communicating risk management process with relevant parties. (You need to write an email to the stakeholders. For this one, you can look up an example for your reference on https://www.abcassignmenthelp.com/risk-review-expansion-of-macville-cafe and scroll down to the bottom and look for “Email to the stakeholders of the company”. You can provide your opinion or idea or if you can help the stakeholdes in the risk management process.

3. Identify and select two major risks – give rational behind your selection (use appendix 2)

4. Analyse the risks:

· You need to assess the likelihood of risks occurring

· You need to assess the impact or consequence if risk occur

· You need to evaluate and prioritise risk for treatment using the risk matrix provided as Appendix 1

5. Treat the risks:

· You need to develop options for treating risks

· You need to select the most appropriate option

· You need to develop an action plan for implementing risk treatment, you may use the given risk treatment register. Use Appendix 3

· Communicate risk management processes to relevant parties

Appendix 1 – Risk Matrix

C O N S E Q U E N C E	Catastropic	TOLERABLE	HIGH	VERY HIGH	VERY HIGH	VERY HIGH
	Major	LOW	TOLERABLE	HIGH	VERY HIGH	VERY HIGH
	Moderate	LOW	LOW	TOLERABLE	HIGH	HIGH
	Minor	VERY LOW	LOW	TOLERABLE	TOLERABLE	HIGH
	Insigniicant	VERY LOW	VERY LOW	LOW	TOLERABLE	TOLERABLE
		Rare	Unlikely	Possible	Likely	Almost Certain
		L I K E L I H O O D

Appendix 2: Risk Register

Risk Name	Probability (A) (1 to 5)	Impact (B) (1 to 5)	Risk score	Contingency/Solution	Action By	By When

Note: Risk Assessment

A. Likelihood: Rate it in a scale of 1 to 5, → 5 = most likely, 1 = less likely

B. Probability: Rate it in a scale of 1 to 5, → 5 = highest probability, 1 = lowest probability

C. Risk Rating = (A) x (B)

Appendix 3: Risk Register

Risk Name	Probability (A) (1 to 5)	Impact (B) (1 to 5)	Risk score	Contingency/Solution	Action By	Resources	By When	Status

Note: Risk Assessment

A. Likelihood: Rate it in a scale of 1 to 5, → 5 = most likely, 1 = less likely

B. Probability: Rate it in a scale of 1 to 5, → 5 = highest probability, 1 = lowest probability

C. Risk Rating = (A) x (B)