Manage Business Risks

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Manage Business Risks

SITXMGT005A – Manage Business Risks

Date: 2/03/2014

Introduction

There are many risks in any event. Some are preventable, some occur accidently, and some or not preventable. Risks can occur almost anywhere and therefore events will also have risks which need to be identified, monitored and controlled. Some risks are more significant that others which mean that risks must be prioritised and reviewed carefully.

Risks that are not identified have a much larger chance to affect the event and impact of the success of the event. The longer, the risks are not identified, controlled or prevented, the longer the event is in risk of health and safety issues, or other operational risks. It is important to monitor the risks and ensure that the event can run smoothly and successfully.

Identify all risks associated with your event

In an outdoor event, there are more risks however they are less preventable. These could simply be weather risks or natural risks. Some risks are more preventable such as financial risks. It is important to keep to the budget so that the event does not cost more than expected.

There are many types of other risks. This is a list of common risk categories in the outdoor environment.

  • Legal compliance risks
  • Employee risks
  • Environmental risks
  • Financial risks
  • Health and Safety Risks
  • Operational risks
  • Strategic Risks
  • Legal compliance risks are related to rules and laws in the area. This may mean risks about noise, littering, alcohol, etc. These risks are ones that must be prevented to follow legal rules and policies set by the government.

    Employee risks are any risks which involve the employees. These risks could involve an employee being absent, injured, unable to work, or any other risk which the employee causes problems for the event.

    Environmental risks are risks that are caused by the environment, particularly the weather. If the weather starts to rain during the event, the event will turn into a big failure because of the lack of attendance. It is important to check the weather forecasts and pick a day that is suitable for the event. Other environmental risks such as a wild animal around the area could cause problems. It is important to prepare for these types of risks.

    Financial risks are obviously about the money and financing of the event. All events will require finances and it is important to control and monitor the finances. Spending too much on...

    Manage Business Risks
    Last updated: Jul 2022

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    food, or entertainment, or not preparing enough finances are all risks that must be monitored.

    Health and safety risks are about the health and safety of the stakeholders of the event. Health and safety risks are incredibly important because the creators and managers of the event have the duty of care to protect the stakeholders and keep them safe. This means trying to identify any hazards and preventing the hazards from occurring. Keeping the area safe to stay in and providing safety equipment are ways to control risks.

    Operational risks are risks that will occur while the event is being implemented. This could be things such as technical failures or having something interrupt the event significantly. Operational risks are all caused mainly by lack or organisation and preparation. This is about not being able to perform as well as planned. This can also be caused by poor communication.

    Strategic Risks are more about using the wrong types of strategies make the event work. This could be marketing strategies which were not effective, or using the wrong technology etc. The strategies must be effective and ensure that they will work well.

    Risk Analysis

    Monitoring

    Contingency plan of each Risk

    Risk management Policy

    The hazard and risk control assessment involves a cycle with has been heavily implemented by the supervisors and employers.

    1. The first step of a hazard and risk assessment is to first identify the hazard.

    2. After identifying the hazard, the person must consider the possible risks that the hazard may lead to.

    3. If the hazard has happened before, they may be existing knowledge of how to decrease the chances of risks occurring. Identify these risk controls.

    4. Carry out these risk controls.

    5. Finally monitor the hazard and review the hazard. Assess if any further controls can be made or wait for assistance.

    The evaluation of the risks is quite simple. There is 3 ways that the evaluation can result:

  • If the Monitored risk stops
  • If the risk that is monitored has stopped, this means that the control is successful and that the risk does not need to be checked so often anymore. If the risk occurs again, the same solution can be used as the Cafe knows that it was successful

  • If the monitored risk reduces
  • If the occurrence of the risk has reduced, this means that the control has worked but not completely. The risk still occurs but it is not a lot. This means that the control must be modified to completely stop the risk from occurring.

  • If the monitored riskā€¦
  • ...

    Manage Business Risks
    Last updated: Jul 2022

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