Risk Management And Assessment For Town And Country Services

1. Two examples of each type of risk-

• Operational risks – Operational risk is the chance of having a loss in daily operations of the firm. Examples of operational risks are human error- in an aircraft a mechanic might leave his tools in the engine by mistake due to which the engine might have several issues during the flight, which leaves the passengers horrified, and the reputation of the airline tainted. Another example is information technology- this might happen in an online retail site where due to network problem of the website the retail site might face a large loss of revenue and customer dissatisfaction.
• Strategic risk- This means a chance that a strategy might result in loss. Example of this type of risks are marketing risk in which a brand may sign a contract with a celebrity hoping that he or she will be a success but it might not be so and the brand might have a loss. Another example of strategic risk is Innovation risk where a car company tries to innovate their car hence adds new designs and parts to the car but in the process of doing so in a hurry, the quality of the new designs may be bad and this might alienate their loyal customers.
• External risk- External risks are of two types. One kind of risks is uncontrollable by the organization and they are produced by non-human sources. Examples of this type of risks are natural hazards like volcano, earthquakes. Second type of risks are that is external to the project and manager has no control over it. For example, sudden changes in the government rules and in the economy which can have its impact on the business.

1. Six key steps in risk management process are (Wolke, 2017):

• Identify the risk- a risk cannot be resolved until it is identified.
• Analyze the risk – analyze the chances of the risk with the help of qualitative and quantitative analysis.
• Prioritize the risk- categorize the risks as high, low and medium and start addressing them.
• Assign a risk to an owner- an owner who is skilled and experienced in the risk must is given the responsibility to manage it.
• Respond to the risk- make a plan to mitigate the risk and prepare a strategy and act on it
• Monitor the risk- the owner of the risk must track the progress of the plan with daily updates, meetings and constant communications.

1. Two components of risk management that occurs continually:

Environmental Factors and PESTLE Analysis

Constant communication and consultation between the management and employes are the two major process that occur continuously to manage a risk (Smits, 2017).

1. Three sources of information that can be used to understand organization’s objectives.

• Knowing the strengths and weaknesses as well as opportunities and threats of the organization allows to develop strategies that are realistic and reliable for the firm.
• Using the SMART model which stands for specific, measurable, attainable, relevant and time bound while making the objectives (Sinden, 2016).
• Communicating with the employees is important because their feedbacks are crucial to make the strategies.

1. The pestle analysis stands for political, economic, social, technological, legal and environmental factors that affect the workings of an organization.

Environmental factors affect all the components of the PESTLE analysis (Sadgrove, 2016). An overall condition of the environment has its impact on the economics, on the government and on the society. Another component would be the social factors. Any organization’s progress depends on the social factors of the state.

1. A stakeholder is a person or a group in an organization who has direct interest in the organization and is affected by the organization’s policies and objectives. The various stakeholders of an organization are directors, employees, creditors, government, suppliers and the owners (Razzouk, 2017). Stakeholders can be internal like the management and employees or external like customers, suppliers, competitors. Internal stakeholders participate in the daily working of the organization like funding and resourcing. External stakeholders contribute their opinions and views and have an indirect influence in the business.
2. Risk criteria and its purposes.

Risk criteria lets a business clearly explain what level of risk that organization is prepared to accept in a particular activity. It is on the basis of this criteria that an risk assessment is determined. It may include the concerns of the stakeholders, legal requirements, costs and benefits associated with the business, socio-economic and environmental factors (Pritchard, & PMP, 2014). The risk criteria reflect the objectives and context for risk assessment. Importance should be given to the views of stakeholders, time and resources available and the legal requirements. The purpose of this is to prepare the context for risk assessment and to describe risk criteria that would be used for evaluating risks.

1. Good communication is important for effective risk management. It is important for everyone in the organization to understand what is risk management and its importance and how they are involved in it. Communication is important for spreading information and to understand the risk management decisions (Pleune, 2017). The information allows the stakeholders to make a decision on how the decision would affect their interests. It is important due to various reasons like:

• To deal with the long term effects of risk management.
• To improve the understanding of the risk related terms and concepts and clarifying the issues related to it.           
• Delivering an understanding of how the decisions regarding risk management will affect the lifestyles of those involved in the organization.

1. Five tools used to identify risks:

• Documentation reviews – the most common practice to identify risks is by reviewing project related documents like articles.
• Brainstorming- it is done with a group of people who deals with identification of risk for projects.
• Interview- interviews are conducted with stakeholders, experts and project participants to identify risks.
• Swot analysis- strengths and weaknesses are analyzed for the projects and risks are identified.
• Risk register- the process of risk identifying the risk results in the creation of risk register. It is a document that is updated regularly during the project life cycle (Percival et al., 2017). It is an important part of project document and it is used as a record for future projects. This includes the list of risks, the causes of the risks, updated risks categories and the probable responses for the risks.

1. Main components of risk analysis are:

• Risk assessment- The first component of risk analysis is to identify the risks associated with the organization.
• Risk management- Second component is to prepare and implement strategies to manage and reduce the risks.
• Risk communication- Third component is to inform the stakeholders about the risk and implement the management practices associated with the risk.

1. Qualitative and quantitative risk analysis:

• A qualitative risk analysis uses rating scales to prioritize the project risks, and the risk is scored on the likelihood its impact on the objectives of the project. It includes a categorization of the risk as effect based or source based (Newton, 2014). It examines the probability and impact of probable risk against the scale. It is subjective, its purpose is to increase the awareness  and identify weaknesses of the project.
• Quantitative risk analysis evaluates the impact of potential risks numerically. It focuses on creating realistic time and targets. It is an objective method of risk analysis.

1. Need for the likelihood and consequence table:

The likelihood level is the frequency values or how easy it is for any person to use a threat in some threats it is easier to think of a livelihood in the form of frequency (McNeil, Frey  & Embrechts, 2015). For some threats, it is easier to think of a livelihood when related to ease of mistake.

The consequence levels are defined in respect to the consequences for the user.

A risk assessment table is used during risk assessment to define the level of risk by analyzing the category of likelihood or probability against the category of consequence. An advantage of this table is that it allows to rate the risks based on numerical risk values (Li, 2014). Consequence table are useful for environmental risk assessment where the risks need to be communicated to the stakeholders.

1. Five options for risk treatment.

Risk treatment action is taken to manage risks. The options available to treat risk are:

• Avoid the risk- an organization can always choose to avoid the risk by avoiding, cancelling, diverting or postponing the actions that might lead to the risk and choosing an alternative action (Haimes, 2015).
• Reduce the risk- in case the action is necessary to commit, reducing the chances that that leads to the negative outcome.
• Transfer the risk- the risk can be transferred to a third party. The two ways of transferring the risk are insurance and outsourcing. A company can transfer the risk of a risk by outsourcing that project.
• Accept the risk- this means accepting the risk and facing it. It is impossible to make profit in a business without facing risks.
• Sharing the risk- this means sharing the risk with multiple organizations through insurance, joint ventures, partnerships and so on.

1. Cost benefit analysis – it is a process by which business decisions are analyzed. this is a systematic approach to identify the strengths and weaknesses of alternatives. It is used to study the best options to achieve benefits and preserve savings. The result of the analysis would determine whether the project should be economically feasible or if another project should be pursued (Glendon, Clarke & McKenna, 2016). It is a simple process organizations use while making difficult and risky decisions. It identifies and adds all the positive factors, which are the benefits then it, subtracts all the negatives, which is the cost. The difference between the two suggests whether the plan is advisable or not.
2. Important factors while conducting cost benefit analysis.

When the production of a factory takes place in an outside venue the factory will be utilized less therefore the overhead cost, which is fixed, will have less components over which it will be spread. Then the other costs of manufacturing in the factory would increase using the profit of the company.

The laborers may be interested in outsourcing; which they feel they are entitled to. This can result in moral problems and unrest among the labor force, which can cost the company.

Risk Criteria to Evaluate Risks

When a subcomponent is outsourced, the company loses control over it. After this, the company has no direct control over the quality of the product reducing the reliability of the product delivered.

Unforeseen benefits can be achieved. Example the freed factory space can be used to make other products or more quantity of the same products.

1. Five items in a risk management plan

• Risk identification- risk identification means recognizing the risks that can affect the business plans. Various ways like checklists of potential risks and evaluating the chances of those events can happen. Some companies make the checklist based on the experiences. These lists can be useful for the managers in identifying the risks. The experience of the team and experts in the field can be necessary in identifying the possible risks.
• Risk assessment- when the risks are identified, next the likelihood and consequences of this risks are examined. The nature of the risk is analyzed along with its potential to affect the goals and objectives of the project.
• Risk mitigation- once the risk is identified and assessed the team prepares a mitigation plan, which is a plan to reduce the effect of the risk (Brem & Viardot, 2015). The following ways are used risk avoidance, which prepares an alternative technique to avoid the risk. Risk sharing which deals with sharing the responsibility of the risk through insurances, partnerships and so on. Risk reduction studies how to reduce the risks and risk transfer that shifts the risk to other parties.
• Risk contingency planning- this balances the cost of mitigation against the advantages of the project. The team can prepare alternative ways to accomplish the project when the risks are identified that can affect the success of the goal. These plans are known as contingency plans.
• Risk tracking and reporting- the risk register is used to monitor and track the risks.

1. One of the important factors in efficiently managing risk management is continuous reviewing of the plan. This makes certain that the process is continuously updated and relevant. Because of the continuous change in business today it is extremely important to keep reviewing the risk management process.
2. Mechanisms to ensure continuous updating of the risk management plan.

Continuous review and updating risk management plan is important to identify new risks and monitor the effectiveness of the existing risk treatment plans. The mechanisms for continuous updating and reviewing of the plan are:

Identify, analyze and plan response actions for possible risks and put them in the risk register.

Reviewing the execution plan of the risk actions and analyze the effectiveness.

Re assesses the existing risks and modify the previous assessments if necessary

Analyzing the risks and its impact on the project

1. Duty of care is a law that talks about the responsibility of every person in securing the safety and healthy environment for others in a workplace it is ensured by the accountant, auditor, and director to shareholders and by every party to a contract to the other contracting parties. An employer must be careful about the safety of the employees. New employees are at risk of being injured because of their inexperience (Boardman et al., 2017). The employer and the management has to look after their safety and give them proper training and guidance. The employer’s obligation is to keep the workplace free from risks and hazards. The workers must follow the safety instructions in the workplace.

• Company law- it is the law under which the registration, formation and the governance and dissolution of a company is controlled and administered. it is a document to guide the risk areas to help the employees. For example, PepsiCo’s code of conduct is detailed and elaborate. It encourages the employees to speak up if they see anything unnatural. The code of conduct of Google is very easy to understand and it addresses issues such as conflicts of buyers, confidentiality issues.
• Contract law- it is an agreement that governs and controls the written and verbal agreement related to the exchange of goods and services, properties or money. It includes topics like the restrictions of the action, freedom of the contract, termination of the contract. For example, when a certain thing is promised as per the contract and the buyer does not get it as per the contract then it is a breach in the contract.
• Environmental law- environmental law is the law that governs the impact and effect of human activities on the environment. This law covers a wide range of activities that has its impact on the air, water and land.  It also includes all the laws that relates to the protection of animals and plants. It acts as a base for measuring the cases of environmental crimes and any failures in the preservation of its acts. These laws govern the air, water and natural resources quality. Waste management laws govern the water disposal and renewal laws.
• Privacy law- the privacy law is a law that protects an individual is right to privacy and governs the handling of private information about the individuals.

1. Risk management is an important part of efficient management and running of a company (Aven & Krohn, 2014). It consists of steps, which enable and improve the decision making of the firm. The risk management standard in the workplace provides a framework for governing and implementing and communicating the company risk policies and rules to the employees.  The main elements of risk management procedure are first to identify the risk and how and why can they arise, analyzing the risk, evaluating the risk, treating the risk, monitoring and reviewing the risk and to communicate the risk management strategies with the stakeholders and employees.

Risk management of an organization involves assessment of risk at the strategic level.  Strategic risk management of an organization deals with the response towards the opportunities and the uncertainties. Risk management describes an effective understanding of the corporate strategies and the risks that are associated with its adoption and execution. These risks can get triggered by the external and the internal factors that are associated with the organization. Through the assessment of the risk, an organization can reap the benefits of enhanced management, administration and long term success (Thalmann et al., 2014). In this study, an organization called Town and County Services (TCS) is selected. Depending on the case study of TCS, risks are identified and analyzed for the formulation of the risk treatment plan that also includes an implementation plan.

1. Context

The external factors that will have an impact on the success of the project

• Political factors- in the Illinois Valley, due to the scarcity of the power it is directed by the government that heaters and the air conditioners that will consume less power must be fitted in the houses. The plumbing services provided by TCS must comply with the latest government laws and strategies on water conservation. Lastly, there are strict laws on the usage of the wires that are fireproof and will negate any kind of short circuit. The labor laws according to the government provide that the worker must be remunerated properly and work hours must not exceed 8 hours. According to the latest environmental laws, the AC and the room heater must comply with the environmental standards.
• Economic factors- the market slowdown due to the high inflation rates, reduced economic growth and the high interest rates are the several economic factors that affects the service provided by the towns and country services. Also, the cost of purchasing and maintenance of the equipment used for service.
• Social factors- the several social factors include the population density of the Illinois Valley, the age distribution and the emphasis on the safety of the people to whom services are being offered.
• Technological factors- quality of the equipment used and the continuous wear and tear of the equipment, efficiency of the various electrical equipment, plumbing machines.
• The strengths and weakness of the existing arrangements- providing that the company has a range of services provided for the customers within the Illinois Valley. The list of services provided by the TCS include the plumbing, heating, electrical and air conditioning and air filtering are the major strengths. The weakness can be attributed to the services only constricted to the Illinois Valley. The absence of the branches outside the Illinois Valley is major weakness considering the quality services that TCS provide.

1. Scoping

(a) the various goals and objectives of the TCS include: Reliable 24/7 service through the vans that are equipped with the all the necessary equipment required for plumbing, electrical, air cooling, room heating and air filtering. Free estimates to be provided to the customers that are willing to get the service of TCS at the affordable rates; to deal with the emergency situations in the households arising due to plumbing, electrical or heating issues; to induct the certified and trained staffs that will be able to handle the critical installation process and emergency situations. The company plans to opening new branches in Orange, Bathrust, Mudgee and Wagga Wagga in New South Wales. The company also thrives to provide quality service for the customer satisfaction.

Likelihood and Consequence Levels

(b) When a customer asks for assistance, the specific set of services and the installations that will be delivered and provided to the customers depending on his/her requirements are collectively termed as deliverables.

(c) the goals and objectives of TCS focus on the 24/7 service, speedy resolution of the issues, induction of the trained and certified staffs and the customer satisfaction. All these goals can be effectively related with the deliverables.

Expanding branches	To increase the service and bring more areas under its purview, the company must establish branches to cover more geographical areas.
Training staffs	The staffs are the real work force of the company. Therefore, staffs must be trained to handle emergency situations.
Inducting new technological innovations	Company boasts of providing estimates that will be free and at the same provide solutions that will be affordable as well. Thus, staffs need to be trained with the latest technological tools to perform certain delicate tasks easily.

(d) The critical success factors that must be identified for the attainment of the goals of the Town and Country Services are as follows:

1. Stakeholders

The internal and the external stakeholders that can be listed as being associated with the company are project funding bodies, internal personnel, contractors and the suppliers, clients or the customers.

(a) The relationship of the between the stakeholders and the critical success factors can be related as under:

Stakeholder	Internal/External	Role in process	Stake in process
Clients or customers	External	The clients and the customers are the stakeholder that are availing the service provided by the TCS company.	the clients and the customers are benefitted by the 24/7 quality assured services.
Suppliers and contractors	External	Suppliers and the contractors are the providers of the materials required by the company for continued service delivery to the customers. The contractors are the ones that will working on behalf of the company on a contractual basis.	Due to the setup of the branches in other regions, the suppliers and the contractors will have an increased opportunity of engaging with the company.
Internal personnel	Internal	Internal personnel are the staffs and the workers that will provide the service to the clients and the customers.	The increase in the number of branches will lead to increased recruitment of more workers and the staffs
Technical experts	Internal	The technical experts are the ones that will provide advice and estimates to the company and the clients.	The company emphasizes on the customer satisfaction which directly attributes to the effective role played by the technical experts.

(b) The relevant parties here include the staffs, external and internal stakeholders, specific teams and technical experts.

Parties	Method of communication
staffs	In order to communicate with the staffs regarding the risk. The staffs are trained prior to the emergency situation, so that they can effectively deal with any kind of emergencies and risks.
Internal and external stakeholders	The internal and the external stakeholders can be conveyed about the risks that will arise by taking up tasks that have inherent risks in it.
Specific teams	Specific teams mean teams that handles certain departments of the company. these teams can be finance, advertisement, human resource, consultants. These teams can be communicated about the risks arising from the internal and the external factors.
Technical experts	The technical experts are the core parts of the company that deal with the technical complexities that often arise due to the influx of requests from the clients and the customers. Thus, they are one of the important sections that assists the staffs and the workers. They need to be communicated the same way staffs are communicated about the risks.

1. Analysis

(a) PESTLE analysis of the Towns and Country Services (Town Country Services, 2018)

Political analysis	the political scenario of the government in Illinois Valley promotes the building services and not stringent laws are present that will hinder the functioning of the company
Economic analysis	the company is based in Illinois Valley. Thus, the instrument and the material provided by the suppliers and the contractors need to be imported from the other countries and other regions in Australia. Thus, this will depend largely on the conditions of the international market. Factors like interest rates, inflation rates, Foreign direct investment, economic factors of growth.
Social analysis	the several social factors include the population density of the Illinois Valley, the age distribution and the emphasis on the safety of the people to whom services are being offered.
Technological analysis	quality of the equipment used and the continuous wear and tear of the equipment, efficiency of the various electrical equipment, plumbing machines.
Legal analysis	labor laws speak about the proper remuneration of the workers and 8 hours of working time restricts the work hours of the workers. The workers that deal with the plumbing, electrical, heating and cooling have some inherent risks. Thus, workers must comply with the safety standards that are mentioned in the law.
Environmental analysis	The company specifically deals with the solution in heating and cooling. Thus, installing the air conditions that will utilize less power and at the same time will cause less pollution of the environment is mandatory according to the environmental specifications

 (b) SWOT analysis of Towns and Country Services (Town Country Services, 2018)

Strengths	the strengths of the company include the different types of the services it offers to the customers. The different services are plumbing, heating, cooling and electrical services. The company also provide the 24/7 service along with the free estimates and installation of heating and cooling solutions at affordable rates.
Weakness	the major weakness of the company can be attributed to the lack of branches outside the Illinois Valley. The company also lack to provide support to the customers that away from the main city center.
Opportunities	incorporating special rooms in the office to have confidential meetings with the customers. Installing the options of video conferencing to effectively connect the customers that are geographically not accessible. In order to reduce the shortage of workforce, the company can induct worker on both the full time and part time basis. Looking at the popularity, the company can expand the branches in to different locations of Australia. Building the new braches can employ the time saving building techniques that will reduce time.
Threats	The threats of the company can be attributed to the different types of the building service companies that exist within the region. Also, the strict environmental laws that promotes the usage of the air conditioners which utilizes less power and are eco-friendly. The company also has to abide by the safety standards that are specifically designed for the safety of workers.

1. Research

According to the risk management strategy and policy of the company, the risk identified by the risk managers can be attributed to the various factors of risk. If during an emergency situation technicians are failing to provide the desired service, can escalate the situation and create a risk for the company. Risk can also arise if the previously installed electrical, heating and air- conditioning appliances start to malfunction creating a situation of panic among the client (Hopkin, 2017).

1. Describe

The Towns and Country Services offer a wide range of service like the heating, cooling, electrical and plumbing solutions. Thus, these services are mainly confined within the building services that makes problem free staying within the house during the hot and the cold seasons. Risks arise from the different technical issues that arise when the equipment start to malfunction creating of sense of panic among the clients. Heating and the Air-conditioning appliances must be complying with the latest environmental standards and also consume low power. This have a direct connection with the suppliers providing the right appliance. Thus, risks arise when suppliers are unable to provide the requite amount of proper appliances. The contractors that are working on behalf of the TCS may not provide the same quality of service that TCS promises to provide to its customers. Thus, this is an active area of risk that can affect the company directly.

Risk Assessment Table

Risks	Identification
Technical risk	ü
Suppliers related risks	ü
Contractors related risks	ü

1. Risk assessment table

Risk factors	Likelihood
(1)Rare	(2) Unlikely	(3) possible	(4) Likely	(5) Almost certain
consequence	(1) suppliers risk	1	2	3	4	5
(2) contractors risk	2	4	6	8	10
(3) customers risk	3	6	9	12	15
(4) branch set up risk	4	8	12	16	20
(5) environmental risk	5	10	15	20	25

1. Discussion with the stakeholders and the colleagues

The risk assessment of the company requires a detailed analysis of data as well as responses of the other employees. The suggestions provided are incorporated duly and it reflects the opinions and feedbacks of the senior workers, technicians and staffs.

1. Risk management plan-

Risk	Assess Risk (L,M,H,E)	Controls	Monitoring	Timelines	Responsible
Suppliers risk	M	A separate department to handle to the supplied equipment and appliance.	Checking the equipment and the appliances to maintain compliance with the environmental standards	6 months	Equipment supplier and the appliance suppliers
Contractors risk	H	providing only selective work to the contractors	Reassessment of the work done by separate technical team	monthly	Contractors, technical team
customers risk	E	Reassessment and quality checks of the services provided to the customers	Putting a check on the bad customer reviews	weekly	Customers, quality assessors
Branch set up risk	H	Thorough assessment of the regions where new branches will be set up	Weekly monitoring of the functioning and productivity of the new branches	1 year	Managers, risk assessors
Environmental risk	H	Purchase of equipment that are environment friendly and consumes less power	Technical team performing a monthly check of the new purchased appliance and equipment	6 months	Suppliers, technical team

1. Action plan

The people that must know about the risk management process are the company top officials, technical workers, advisors, financial managers, human resource managers. The risk management document can be kept with the important section marked as indexes. Thus, such sections can be effectively easily accessible. The process of evaluation of the risk management will be done on a half yearly basis. This half yearly timeline will provide the company enough data to process.

In order to monitor and evaluate the risk management plan, a separate team will be set up. This team will have the technical assessors that will effectively designate and identify the risks. The critical success factors include expansion of the branches, inclusion of technological innovations and providing quality training to the staffs. Thus, in order to monitor, a separate team can be employed that will assess the opportunities of the company, provide training to the workers that need quality training. The timeframes can be set quarterly, half yearly and yearly for the purpose of assessment.

Initially, the risks identified involved the issues like supplier risk, contractors risk, customer risk, branch set up risk, environmental risk. The plan that was previously employed to address these risks include: set up of specialized team that will handle issues like branch set up, maintain a proper inventory of the equipment and the appliances; in order to mitigate the contractors risk, a technical team is employed to assess the quality of service rendered.

Due to the steps taken to reduce the impact of the risks, the customer related risk has been effectively mitigated. However, the other issues cannot be not mitigated or resolved. The risk which were not identified before include: the risk which is associated with the local councils that implemented new approval procedures and the new planning regulations.

The new risk management plan will include the new risk arising from insurance plans that does not include storm damage; the shortage of staff arising due to the expansion of branches in other parts of New South Wales; also risk arising from the change approval procedures and the new planning regulations by the local councils.

The new risk management plan identifies all the issues which have surfaced due to the expansion of the branches in to the new locations. The implementation plan will include effective dealing of the risks that are identified above. However, the outcomes of the implementation plan include the recruitment of skilled employs, taking an insurance program that will support the damage from the storm. The other outcomes include taking into account the new planning regulations and the approval procedures.

Risk Treatment Options

Introduction: Playing the role of a work colleague and interacting with the student by answering their questions and collaborating with them.

Aim of Role Play: To demonstrate your ability to:

The purpose of the meeting is to:

• Communicate the risk management process
• Invite participation in the risk management process including identification of risks
• Obtain support for risk management activities

Person 2: What’s up guys?

Person 1: Fine.

Person 2: Let’s start our task.

Person 4: Yes why not.

Person 3: our 1st task is to communicate the risk management process

Person 1: I know what risk management process is?

Person 1: This is the process of examining each work area and work task for the purpose of identifying all the hazards which are “inherent in the job”. Work areas include but are not limited to machine workshops, laboratories, office areas, agricultural and horticultural environments, stores and transport, maintenance and grounds. Tasks can include (but may not be limited to) using screen based equipment, audio and visual equipment, industrial equipment, hazardous substances and/or dangerous goods, teaching/ dealing with people, driving a vehicle, dealing with emergency situations, construction, etc.

Person 2: ok person 1 we all of them follow.

Person 3: our next topic is risk management process including identification of risks

Person 4: Now I am going to discuss this point

Person 1: ok

Person 4:

You will need to develop work procedures in relation to the new control measures, which may involve clearly defining responsibilities of management, supervisors and workers. If, like many businesses, you find there are quite a lot of improvements that you could make, big and small, don’t try to do everything at once. Make a plan of action to deal with the most important things first. Health and safety inspectors acknowledge the efforts of businesses that are clearly trying to make improvements.

• A good plan of action often includes a mixture of different things such as:
• Priority and quick attention to hazards associated with high or critical risks
• A few cheap or easy improvements that can be done quickly, perhaps as a temporary solution until more reliable controls are in place
• Long-term solutions to those risks most likely to cause accidents or ill health
• Long-term solutions to those risks with the worst potential consequences
• Arrangements for training workers on the main risks that remain and how they are to be controlled.
• Regular checks to make sure that the control measures stay in place; and clear responsibilities — who will lead on what action, and by when. Remember, prioritize and tackle the most important things first. As you complete each action, tick it off your plan. You should inform all relevant persons about the control measures being implemented, in particular, the reasons for the changes. You should also provide adequate supervision to verify that the new control measures are being implemented and used correctly. Any maintenance in relation to the control measures is an important part of the process. Work procedures should detail maintenance requirements and verification of the maintenance to ensure the ongoing effectiveness of the control measures.

Person 4: Our next topic obtain support for risk management activities

Person 2: Now I am going to explain this.

Person 2: Is essentially a process of identifying, assessing and treating risk. Risk identification is the initial and most critical step of the process that involves listing out potential future outcomes that result in losses. The following are risk identification techniques and considerations.

Creative Processes

Risk identification is first and foremost a creative process that involves imagining the future. It is common to include as many people as possible in risk identification including subject matter experts from critical areas to your project or strategy. For example, information technology projects might require an information security expert for risk identification.

Continuous Review and Updating of Risk Management Plan

Analysis

Techniques based on analysis of past issues and current trends.

Systems Thinking:

Systems thinking are the practice of thinking through broad end-to-end impacts.

Risk Control:

Risk control refers to assuming a risk but taking steps to reduce, mitigate, or otherwise manage its impact or likelihood. Risk control can take the form of installing data-gathering or early warning systems that provide information to assess more accurately the impact, likelihood, or timing of a risk. If warning of a risk can be obtained early enough to take action against it, then information gathering may be preferable to more tangible and possibly more expensive actions.

Risk control, like risk avoidance, is not necessarily inexpensive. If the project is about developing a new product, and competition presents a risk, then one solution might be to accelerate the project, even at some

Considerable cost, to reduce market risk by beating the competition to market; this is a typical strategy in high-technology industries. An example of a risk control method is to monitor technological development on highly technical one-of-a-kind projects. The risk is that the promised scientific development will not occur, requiring use of a less desirable backup technology or cancellation of the project.

Conclusion

Thus, from the above discussion it can be concluded that, the Towns and Country Services is a highly rated company for the service they provide. The company offers cooling, heating, electrical and plumbing services that are beneficial for the resident of the Illinois Valley in Australia. The company however suffers from the several issues like lack of branches and insufficient workforce. The company even plans to spread its branches in New South Wales, and due to the expansion some issues have arose that are degrading the name of the company and also hampering the customer satisfaction.

Reference

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