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BSBRSK501 Manage Risk Assignment On Risk Assessment Of Departmental Stores

Question

Task: You are advised to understand the above case study that assumes that you are a practitioner with risk management expertise. You are also expected, in the prescribed structure, to write your summary:

  • Pinpoint and characterize the essential improvement variables, priorities or expectations for areas specified in the report
  • Specify key stakeholders, their position and any problems or grievances they face in the procedures. Frame it using the style of the chart. Include a PESTLE and SWOT evaluation of risks related to the company.
  • Execute the BSBRSK501 manage risk assignment by summarizing the risks involved, followed by checklists, illustrations or graphs supporting the report.
  • Set out the intent and essential aspects of existing standards for risk assessment
  • Highlighting the organization's legal and administrative framework in terms of risk assessment.
  • Clarify risks to organizational strategies, processes and practices.

You are also supposed to meet your instructor/adviser to demonstrate your comprehension and observations. You are also expected to disclose how you might interact about the purpose of risk management with stakeholder groups. You are also expected to include any comments or feedback on the drafted report from the stakeholders.

Answer

Case Study
PriceBeat is a group of budget retail stores spread throughout Australia. They've got a shop in Traralgon. Company has authorized you to handle the risks inherent in its daily activities adequately. The administration has also directed you to maintain effective current processes as well as provide risk management programmes with continuous support. In three steps, you are expected to address this mission. At the end of each stage, prepare a detailed document which can subsequently be merged together and evaluate your strategies for the later steps with the administration. In this BSBRSK501 manage risk assignment, the three steps will include:

BSBRSK501 Manage Risk

  1. Reviewing
  2. Analyze and schedule
  3. Control indicators

The panel is in charge of business and financial risks. In the legal and administrative sense, you are advised to present any threats that might affect on human resource planning, financial activities, Occupational health and safety, distribution network and general regulation challenges. Every staff member of the store is on a supervised period of 3 months. Evan has been named as supervisor of the shop. Although a major section of the store is still under development, the committee and designer have approved the operating capability of the complete store.

Introduction
The BSBRSK501 manage risk assignment is based on a group that has wide, affordable shopping centres in Australia. Traralgon is home to one of these retail shops. The business has experienced substantial growth, but there are a lot of challenges from management in regards to risks in their activities (Fraser & Simkins, 2016). These factors have a significant effect on the supply chain, production process, financial activities, occupational safety and health) and concerns relating to the overarching compliance and legislative context of the HR management. Whenever an organization like this one is not aware of these vulnerabilities, they end up impacting the company's complete operating structure so that the organization gets unsustainable in terms of economic performance (Tarhan & Türetken, 2016). In this scenario, it is vital that the PriceBeat organization develops an effective BSBRK501 manage risk plan that will overcome these problems affecting its development. The BSBRSK501 manage risk assessment seeks to analyze the areas of problems faced by the organization, recommend potential solutions for managing risks, and how monitoring can be achieved so that the corporation continues to thrive in the marketplace.

BSBRSK501 Manage Risk

Assessment Objectives and Goals
The foregoing are the priorities and strategies of the company concerning risks and operational issues:

  • Understand the sources of risks and problems that influence the business of the organization and hinder its progress.
  • To think of a good framework of information systems to better handle all business data for quick recovery and processing (Pedrini & Ferri, 2019).
  • To come up with successful methods for risk management to address business challenges and eliminate risks.
  • To come up with a successful plan for stakeholder engagement that will put together every participant and effectively solve the issues by implementing appropriate measures.
  • Designing adequate financial management programs to better handle money and prevent any losses

Stakeholders
It has been identified in this BSBRSK501 Manage risk assessment that different stakeholder groups in the organization are not well managed at present and this is a crucial problem that affects the business in terms of its operations (Tanimoto, 2019). Stakeholder groups are essential components of the business, and when they are not considered in decision-making, the commitments made by a few of the stakeholders without including the rest, lead to additional risks in the end. The corporation very often needs to call the below-mentioned stakeholders in this situation and incorporate them into the decision-making process. These are:

BSBRSK501 Manage Risk

  1. Internal Stakeholders
  2. External Stakeholders

Internal Stakeholders
The main internal stakeholders as per this BSBRSK501 Manage Risk assignment include the leadership of the organization, which is responsible for finding solutions to problems, pursuing strategies and enforcing them. In detecting and documenting problems identified, the employees should assist the management (Reaser et al., 2020). The security team allows the organization to safeguard assets from problems such as fraud. Staff members and the corporation's different divisions help in setting and accomplish both short-term and long-term targets and strive to achieve them.

External Stakeholders
The external stake identified in this BSBRSK501 Manage Risk assignment, involve individuals like the vendors who provide materials to the organization. The stake assists the company with subsidized resources and creates regulations that govern its activities. Sustainable development organizations that seek to ascertain that all corporate practises are within the country's environmental targets (Klojcnik, Sagadin, & Kralj, 2018). The trade unions facilitate the observance of the Occupational health and safety and the wages owed to employees. When consumers seek goods and services from the organization, they dictate the business success. Law enforcement authorities seek to ensure that the policy is in effect for company activities.

Challenges faced by the Organisation

BSBRSK501 Manage Risk

  • The corporation appears to lack internal procedures including cash management, documentation and tracking. 
  • The firm doesn't always conform to the Health & safety, manufacturing and confidentiality regulations and legal and statutory requirements expected of them. 
  • There seem to be no documented regulations that provide the protocols for directing employees to conduct their everyday tasks.
  • The organization lacks a competent corporate culture.
  • The organization does not control the market environment in order to acquire prospects and other risks that can threaten their activities, particularly the physical environment (Tarhan & Türetken, 2016).

SWOT Analysis for BSBRSK501 Manage Risk Assessment

BSBRSK501 Manage Risk

Strengths

Weaknesses

· Since the store is located at the intersection of two major highways in the city, there is ample parking space for customers visiting the shop. More than 1000 vehicles can be easily accommodated in the parking facility of the store.

· The managers, as well as the store staff, undergo regular training and development sessions every month, to stay updated with the change in work policies and functional changes.

· There have also been opportunities to establish ever more shops in the nearby shopping areas. Mayfield Centre, Argyle Street, Princes Highway, Stockland Traralgon Shopping Centre, Mid Valley Shopping Centres, Bunnings, and Westfield Airport are among the popular choices for opening new stores. 

· Budgeting was not performed on a regular basis, and up to $10,000 is most frequently left in the checkout counter at the store during the night. It wasn't fully secure. It will cost an extra $70,000 per annum to hire a professional bookkeeper.

· There has been no comprehensive documentation of all cash points transactions which would be required for other required activities.

· Methodologies for promotional activities were missing, and this practice did not bother the employees. As a consequence, direct marketing and in-store marketing are now discontinued.

· The organization lacks a competent corporate culture.

Opportunities

Threats

· There are many training programmes for supervisors for policy and system changes which are conducted monthly.

· In general, all processes, along with policy decisions, are conveyed by verbal communication, and nothing is precise. The employees of the store do their job in a way which he or she finds acceptable.

· In order to gain prospects and other risks that could impact their activities, the organization does not control the market climate, in particular the external environment.

· The shipments intended for the next day in the corporation's regional warehouses are deemed inefficient because of the long-range journeys. It causes issues with both stock and inventory management.

· There is indeed a tremendous risk for break-ins with an indication that 50 per cent to medium risks have a higher chance of it taking place.

· There has been no scheme that was built to cope with accidents that occurred throughout the workplace.

· The software comprising shops, personnel information and also financial information had such a password which was not encrypted so that the database could be accessed by anybody.


BSBRSK501 Manage Risk

PESTLE Analysis for BSBRSK501 Manage Risk Assessment

Political Factors

Economic Factors

Social Factors

· There have been opportunities to establish more shops in the nearby shopping areas. Mayfield Centre, Argyle Street, Princes Highway, Stockland Traralgon Shopping Centre, Mid Valley Shopping Centres, Bunnings, and Westfield Airport are among the popular choices for opening new stores. 

· A statement was issued that the national governing bodies are currently adopting legislative changes to support municipal by-laws concerning effective and efficient use of water.

· Budgeting was not performed on a regular basis, and up to $10,000 is most frequently left in the checkout counter at the store during the night. It wasn't fully secure. It will cost an extra $70,000 per annum to hire a professional bookkeeper. (Buckley, 2016).

· Superannuation information and salaries appeared to be inconsistent with several projections carried out using the actual number of working hours and only compounded by a certain sum in hand.

· The business ignores internal procedures over the management, monitoring and reporting of cash.

· There is a tremendous risk for break-ins with an indication that 50 per cent to medium risks have a higher chance of it taking place.

· The adjacent properties were very outdated, and not all aesthetically pleasing. Several of the structures on the sides were fragile and even shattered. The landlords had the plan of demolishing them at any moment.

· The organization appears to lack a competent corporate culture.

· Undoubtedly, Traralgon was indeed a location for elderly people, and the community was increasing rapidly. 

Technological Factors

Legal Factors

Environmental Factors

· The software at the shops which stores personnel information and also financial information had such a password which was not encrypted so that the database could be accessed by anybody.

· There have been many requires and suggestions by consumers, to install self-checkout counters, so that buyers can check-out and pay without any inconveniences. This will save recourses and make the shopping experience much smoother.

· The National Broadband Network is passed in Traralgon, which will give space for successful and productive use of an enterprise resource planning program.

· Absence of guidelines to manage company activities

· The firm doesn't always conform to the Health & safety, manufacturing and confidentiality regulations and legal and statutory requirements expected of them. 

· In artificial lighting and air conditioning systems, there has been excessive expenditure even when it is not required. Just one flushing device is used in all washrooms. In order to update the flushing unit to a dual flush, around $7,500 was required. The air conditioning system requires water quality and requires an extra $6,000 to restructure it as well. The store uses 41500 litres of water a week at present (Mathis, Freitag, Hegemann, Schmidt, & Müller, 2017).

· In order to gain prospects and other risks that could impact their activities, the organization does not control the market climate, in particular the external environment.

Conclusion
As identified in this BSBRSK501 Manage Risk assignment, the organization faces several risks which can have severe consequences on the functioning of the organization. These risks range from lack of proper policies to govern business operations, adequate handling and management of cash registers at the stores. The BSBRSK501 Manage Risk assignment has highlighted several areas on which the organization can focus on through the SWOT and PESTLE analysis. The risk mitigation recommendation involved benefiting from the NBN to incorporate new ERP systems, enhance communication and training modules for the staff members. In addition to that, the organization should also consider opening new stores in the key areas of the Traralgon to stay on top of the competitive environment.

References
Buckley, P. (2016). The contribution of internalization theory to international business: New realities and unanswered questions. Journal of World Business, 51(1), 74-82.

Fraser, J., & Simkins, B. (2016). The challenges of and solutions for implementing enterprise risk management. Business horizons, 59(6), 689-698.

Klojcnik, T., Sagadin, T., & Kralj, D. (2018). Project Management: A Systematic Approach to Planning, Scheduling, and Controlling Sustainable Transformation. International Journal of Economics and Management Systems, 3.

Mathis, P., Freitag, H., Hegemann, D., Schmidt, M., & Müller, D. (2017). New concepts for the ventilation of shopping centers: Reducing air change rate, applying active chilled beams and elevating cold water supply temperature. Indoor and Built Environment, 26(2), Indoor and Built Environment, 26(2), 208-225.

Pedrini, M., & Ferri, L. (2019). Stakeholder management: a systematic literature review. Corporate Governance: The International Journal of Society.

Reaser, J., Burgiel, S., Kirkey, J., Brantley, K., Veatch, S., & Burgos-Rodríguez, J. (2020). The early detection and rapid response (EDRR) to invasive species: a conceptual framework and federal capacities assessment. Biological Invasions, 22(1), 1-19.

Tanimoto, K. (2019). Do multi-stakeholder initiatives make for better CSR? Corporate Governance: The International Journal of Business in Society.

Tarhan, A., & Türetken, O. (2016). Critical Success Factors of Business Process Management: Investigating the Coverage of Business Process (Management) Maturity Models.

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