assessment 1 Risk management

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assessment 1 Risk management

Assessment 1

Part A

1.

Anti-discrimination is about preventing discrimination in the business workplace. This focuses on racial, gender, age and disability discrimination. No one should be treated unfairly because of these differences.

The ethical principles of a business are: honesty, integrity, promise keeping, loyalty, fairness, caring, respect for others, law abiding, commitment to excellence, leadership, reputation and accountability.

Codes of practice are rules and regulations that are created to help business comply with policies and procedures.

Privacy laws protect the privacy of customers and clients and are important. Their personal information is required to be kept safe and secure. Also the business cannot ask the customers for any information that is not relevant.

Environmental issues are the issues that are caused by the business which impact on the environment and society. Environmental factors can help the sustainability of the company and lower the amount of energy and resources used.

OHS or occupational health and safety is an act which is used to discipline businesses to creating and maintaining a safe and looked-after environment for any person who deals with the area. OHS is a list of codes and requirements that businesses have to follow. Not following these codes can cause serious harm to employees and also fines may apply to the company.

2

Risk management tools are techniques and strategies that are used to identify, analyse and control risks. A risk management framework is about 3 important factors. The strategy of the risk management, tactical analysis of the risk, and then the execution of the risk management plan are the 3 main areas of a risk framework.

3

At my previous restaurant, there were many risks which were identified. The restaurant was not a very strict restaurant about the OHS and risk factors. The restaurant had policies and procedures about OHS but they were not monitored carefully.

The restaurant was audited by the government, every year, to make sure that the restaurant follow the government policies and requirements. Auditing is a process which an auditor comes and inspects the workplace for hazards and compliances to OHS and other risks.

As an OHS officer, I was given the role of identifying, evaluating and controlling OHS issues. I must also report the OHS issues to the managers and owner to ensure that they can resolve the issue.

A Risk Register is a Risk Management tool commonly used in Project Management and organisational risk assessments. It is similar to a risk log, where all risk issues and the details are recording into a book or record system.

Risks identified

4

Commercial legal Risks

These are risks that occur within the operations of the company. These types of risks are very broad and cover a big range of risks that occur in a company. This risks applies the people and processes within the company.

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assessment 1 Risk management
Last updated: Feb 2024

Page 1

applies the people and processes within the company.

Some categories in the operational risks include:

  • Legal risks
  • Political risks
  • Physical risks
  • Environmental risks
  • Economic Risks

    This is a very important type of risk that can put a company in danger. Financial risks are risks that relate to the companies money. These could be normal transactions or other financial problems. If a company does have a financial risk, it is important to get assistance from banks or other partners.

    A financial risk is referred to more as a financial transaction that the company cannot be sure it will generate profit or loss. This is usually a type of investment or strategy that requires a fair bit of money but has a chance of generating a lot more if the strategy is successful.

    Human Behaviour Risks

    Humans can someone have too much emotion and feelings, that make business activities very risky. People who are not happy with the business strategies and policies will riot and strike, this causes the business a lot of money and reputation.

    Management Activities and Controls

    The strategic risks can be split into 3 more categories:

  • Business environment strategic risks ā€“ these are the risks that occur between buyers and sellers. It can also be due to other business environmental factors such as technological advancements, changes in demand or supply and competitive decisions.
  • Transaction strategic risks ā€“ these are the strategic risks that occur when dealing with partnerships and joint ventures. Merging with other companies is very risky however it can sometimes benefit the company a lot.
  • Investment strategy risks ā€“ these are all the risks relating to investments. These investments can be very risky and the management team must be careful that the investments have a high to certain success rate.
  • Compliance risks

    These are risks that could cause conflicts and problems with the regulators of businesses such as the OH&S committee, ACCC and ASIC. All these organisations were created to make sure that all organisations are operating by certain guidelines and rules that protect everyone including the company, customers and competitors. It is important that all strategies are made sure that they comply with the guidelines set by the government.

    Natural Events

    A tsunami, earthquake, tornado, etc. can all occur at any time, which can cause serious damage to businesses and

    Political Risks

    Political factors include government regulations and legal issues and define both formal and informal rules under which firm must operate.

    Technology Risks

    The technological risks for this change is insignificant compared to other risks. Technology will be available in very country, and it will only require finances to get the right equipment and technologies.

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    assessment 1 Risk management
    Last updated: Feb 2024

    Page 2

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