Risks identification is critical for any type of business, hence methods for application used for identifying risks in a business are as follows;
Businesses necessarily need to have organisational policies and procedures relating to risk management and sustainability for the following reasons;
In order to create risk for business organisation internal and external conditions needs to be identified. The following are th e six internal conditions;
External business risks are as follows;
What are the benefits of aligning an organisation’s risk management procedures with the International Standard AS/NZS ISO 31000:2009? List at least 10 benefits.
There are several benefits of aligning an organisation’s risk management procedures with the International Standards AS/NZS ISO 31000:2009. They are as follows;
Legislations are applied to every type of business operations. Staff has to understand key elements of legislation that are specific to certain industries or generic legislations for developing rules, procedures, guidelines and strategies. Following are some of the procedures;
Advantages of auditing for risk management across businesses are as follows;
Write a word paper explaining what a business risk assessment is and why organisations should make risk management an integral part of the management function.
In the paper explain:
Risks management policies, procedures and practices can effectively support risk identification. It creates a hallmark for organisational maturity for strategic vision and including control systems. they shape direction for organisation to recognise risk management to be a critical business discipline.
Policies and procedural documentation needs to align with legislation and not clash. Clashing with legislation might lead to implementation gaps and failure to recognise appropriate guidelines. The government has already provided certain policies and procedures that needs to be obtained and followed accordingly.
International Standards can easily assist developing application of risk management strategies and plans. They can form a guidelines that can be followed by the organisation.
Business risks can be identified by means of recognising activities that might lead to highest possible risks, identifying impossible scheduled commitments, unrealistic scheduling and planning and poorly organised project office. It can be analysed by top level management by evaluating various projects and feedback.
Risks audits needs to be scheduled at appropriate timeframes to prevent from potential loss happening. Risk audits can be internal and external in nature, conducted for handling risks.
To demonstrate competence in this unit you must design relating and develop a risk management plan related to:
You might nominate an organisation, describe its core business and its operations process then conduct an appropriate risk assessment and develop a plan for risk treatment.
Risk assessment might apply to projects being undertaken individually or by a team, or operations within a section of an organisation.
You must have:
The risk management plan should be suited to application in the workplace and should be suitable for submission to senior management.
You can draw on the guidelines in the International Standard AS/NZS ISO 31000:2009.This is accessible via internet.
Explain and document the procedures you follow to conduct the risk assessment ensuring appropriate consultation
For this project you will need to read a variety of texts and write, edit and proofread documents to ensure clarity of meaning, accuracy, and consistency of information.
You will have to conduct research and use data collection skills when identifying and evaluating risks. Problem-solving skills will be required when identifying risks and developing treatment plans/controls.
Organisation’s risks exists in construction works, when labours works outdoors.
Risk are identified by evaluating individual activities conducted by employees. The possible risks are while making buildings, installing pillars and making structural changes.
Employees are provided adequate equipment such that they can prevent themselves from risks of injuries themselves.
In desired situation, risks are mitigated by a overseeing managers who conducts all activities. Desired situation might arise when controls are evaluated in appropriate manner, with proper monitoring and control.
Risks from falling, from harmful gasses, materials harming individuals.
Risks management plan ensures a procedural conduct for reducing impacts associated with consequences of risks. Risks management plans includes steps that conforms to procedures that has to be resorted to in cases of risks.
No, risk management plan does not introduces any sort of risks. New risks will not arise in cases of formation of plan.
Treatment plan fit with recommended International Standards by means of accommodating appropriate legislations and norms, as well as procedures.
Employees, labours and other workers will be benefitted most from implementation of risk management procedures. The benefits will be planned by managers and seniors. While stakeholders will be planned by upper managerial levels, it will be benefitted mostly by lower managerial levels.
Implementing risk management procedures will benefit the organisation in terms of cost reduction. As in accidental cases organisation needs to pay high amounts, qualitatively they will include moral benefits on employees.
In order to determine performance expectations, feedback needs to be obtained. A feedback process incorporating steps expectations will reflect on processes of performance areas.
Monitoring and review of operation plan can be done by means of setting monitoring standards as KPI (Key Performance Indicator ) scores and evaluating the same.
Success of risk management procedures will be measured by means of measuring total accidental outcomes in records. Past records with present will be matched to understand existing gaps in risks management.
Format the risk identification, analysis and treatment plan/proposal in a manner that would be accepted by senior management in an organisation.
Draw up, also a plan that would enable monitoring and evaluation of the risk treatment procedures you intend to put in place.
Submit the risk treatment/control plan the plan to support monitoring and all supporting documentation to the assessor.
Table 1: Risk Management Matrix
Type of risks |
Intensity of Risk |
Risk Management Procedure (Mitigation/Avoid/Overcome) |
Personnel Manager |
Example: 1.Constructing Pillars |
Minimum |
Mitigate |
Construction Engineer |
Reference Lists
Ahmed, A. K. 2007. A review of techniques for risk management in projects. Benchmarking: An International Journal, 22-36.
Bartels, J. P. 2007. Multiple organizational identification levels and the impact of perceived external prestige and communication climate. Journal of Organizational Behavior, 173-190.
Butterworth, D. S. 2007. Why a management procedure approach? Some positives and negatives. ICES Journal of Marine Science, 613-617.
Haimes, Y. Y. 2015. Risk modeling, assessment, and management. John Wiley & Sons.
Kimbrough, R. L. 2009. The relationship between organizational culture and enterprise risk management. Engineering Management Journal, 18-26.
Pritchard, C. L. 2014. Risk management: concepts and guidance. CRC Press.
Purdy, G. 2010. ISO 31000: 2009—setting a new standard for risk management. Risk analysis, 881-886.
Schatteman, D. H. 2008. Methodology for integrated risk management and proactive scheduling of construction projects. Journal of Construction Engineering and Management, 885-893.
Yazici, H. J. 2009. The role of project management maturity and organizational culture in perceived performance. Project Management Journal, 14-33.
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