Risk Management Plan For Toowoomba MacVille Café

Objectives, Stakeholder Analysis, and Scope

A detailed investigation is to be performed in this Toowoomba MacVille Café study. To identify several risks that are currently involved in the system are mentioned as following: New goals are to be achieved; Involve certain stakeholders as per their expertise; technological, economic, political, and social features; identify weaknesses and strengths; find out risks and opportunities; and Analyze project outcomes. Specific reason based on which this particular investigation should be conducted is identification of the good and bad perspectives about risk management planning. The report should convey what are the necessary changes required for implementation in MacVille café. The changes should be identified based on work efficiency increasing with involving certain legislative laws. Conducting investigation is important for viewing the consideration of staff member allocation, community incorporation, and project management activities. Moreover, the investigation should be conducted in a manner to demonstrate the aspects in which management, staff members, and government should be involved along with community.  

MacVille Pty Ltd have implemented chain of café and shops in central distract of Brisbane, Queensland, and CBD of Sydney for becoming central tycoon in Australia. The re-branding strategy for existing Hurley Café in Toowoomba should be incorporated with decisions taken by board of directors. This particular report focused on identifying the risks in Toowoomba along with exposing analytical outcomes and likelihoods, consequences of risks, and priority in risk treatment.    

Purpose of risk treatment and management is considered for ensuring smooth and proper transition towards MacVille Pty Ltd. The risk management plan is considered into account for providing ongoing support to company and its risk management initiatives. The risk management aims are listed as following:

1. To ensure appropriate manner of transition to MacVille systems
2. To meet mentioned compliance standards of OHS, industrial and privacy relations law
3. To employ existing staffs for getting every person for understanding personal roles and responsibilities
4. To set up written policy and procedures for guiding staffs over carrying out personal duties
5. To reduce water usage and install water tank
6. To build up professional business culture along with business goals
7. To monitor and investigate about the changes in business, external environment, and finding out opportunities and threats to business

While opening new café and store in Toowoomba, there exists two major goals in the project. The primary goal is identified as involving the business with growing and running newly opened café. The second goal is identified as focusing on potential risks that are involved in opening the new café.

Primary goal of business is aimed at opening new base of customers for MacVille in order to expand business and grow business popularity. New store in Toowoomba can increase overall profit for help spreading awareness of café with bringing new customers into service offering. The second goal in the study is to identify potential risks that are involved in opening new café and identification of certain actions that needs to be included in place for eliminating risks. The identified risks and threats can be resolved with identifying the internal risks and external risks. The internal and external risks should be resolved along with performing assessment with them individually.  

Goals and Analysis (PEST, SWOT, and Value Chain)

Stakeholders are identified to be a person who will take responsibility for performing certain activities in the project; the stakeholders should be included as taking part in the project actively. The stakeholder interest is identified as positively or negatively affected with project execution or project completion. The stakeholders can exert impact on project and their deliverables. Stakeholders are important for performing risk management along with identifying stakeholders with casting clear vision to mentioned figures in business process. The following table includes details about stakeholders along with dividing them under types as ‘internal’ or ‘external’.

Stakeholders	Internal/external	Role in process	Stake in process
Board of directors in MacVille Pty Ltd	Internal	Providing support, decision-making, reviewing CEO’s performance, measuring stakeholder performance	MacVille’s business performance
MacVille’s Café Queensland CEO – Paula Kinski	Internal	Reporting to board of directors along with managing daily operations	MacVille’s business performance
Assistant managers of Brisbane Queen Street store	Internal	Managing the new store activities, managing the risks of taking over process	Appropriate transition of business to Toowoomba café store
Existing staffs	External	Hurley’s café existing staffs and employees	Securing employment
Current supervisor-in-charge – James Mansfield	External	MacVille second in-charge personnel	Offered to personnel level as second in-charge person in operations
The legal firm company – Goldsmith Partners	External	Providing legal advises and keeping MacVille aware about legal decisions	The legal or compliance issues can be reduced and the legal firm can help with providing legal decision-making
The landlord – Ron Langford	External	Providing assistance with store establishment in Toowoomba	Landlord can get rental payment from new tenant
The customers	External	None	Order best quality food, breakfast, and coffee

Table 1: Stakeholder analysis

(Source: Created by author)  

In this analysis process, PEST, SWOT and value chain analysis is accomplished aligned with mentioned case study of MacVille Pty Ltd.

The PEST analysis is performed analyzing the political, economic, social, and technological aspects in MacVille organization.

PEST Analysis	Aspects
Political	Economical	Social	Technological
Considered points	For importing espresso machines, tariff cost should be removed. There is strong possibility for introducing impose of carbon tax over energy intensive products for commercial usage.	Economic aspect is identified as strengthening the Australian dollar against trading partners in recent years.	Social aspect is considered as lifestyle trend for eating out rather than taking away foods. Eating out is more frequent and steady population growth matters as well.	New espresso machines should be installed with using 30% less energy. Currently, home markets for espresso machines are following high growth rate.

Table 2: PEST Analysis on MacVille Pty Ltd

(Source: Created by author)   

Value chain analysis is considered in this aspect with considering viewpoints:

Inbound logistic: Lack of experience exists for personnel with custom and importing raw materials

Operations: The management information system can provide internal controlling over strategic planning

Outbound logistic: The outbound logistic can be contracted with delivering machines on time due to faster expansion planning.   

Sales: The marketing and sales department is performing as per business standard with strong profit points and this department can be expanded for better performance with using internet connection.

Service: The MacVille organization can provide better service with building appropriate reputation on business after sales process is improved for offering services to customers.   

In structured analytical manner, the SWOT analysis can be performed with segmenting the viewpoints under four quadrants as in threats, weaknesses, opportunities, and strengths. SWOT analysis is performed as following:   

Strengths: The strength aspects are mentioned as following:

1. Location of store on corners in main streets are favorable for easier access to all local customers
2. Café can attract large group of customers as per easier access to transportation and stores primary location.  
3. Among the staff group, particular staff was trained chef as the chef developed innovative and popular range of rice wraps. The dish was tasty, healthy and gourmet. Other café in this chain of business cannot offer these dishes.

Weaknesses: The Hurley’s café is identified as family business store in which Hurley’s café family members were included among working stakeholder groups. James was considered as another member in family for supervising café operations and as manager Mr. Hurley would authorize salaries without authorizing deliverables:

1. There were no written policies and procedures for manuals in stores.
2. Currently, the store use 41,500-liter water a week.
3. Similar staff members who maintain cash register so that balancing can be completed with bank deposit and staff member can perform banking activities as well. The banking should be performed daily and often amount of $4,000 kept unsafe in office premises overnight in cash register.
4. Cash register entry was not considered for all banking procedures over all staff members.
5. Fit-out parts can be older and fit out chairs can be unattractive that became unstable and broken along with some other parts. As gaffer type, the carpet was taped.
6. There exists no such process for dealing with injuries along with safety at workplace.
7. Lack of sales process promotion exists for this business strategy and techniques.
8. Wages and salary records considered as incomplete along with several calculations along with working out numbers of hours that is multiplied with set amount.  

Opportunities: Several opportunities exist for MacVille Pty Ltd:

• Innovative frozen par-bake cooking system can be used from council with exhaust system; yet this cooking system can cook fresh bakery food items can be ready within 30 minutes from frozen par-baked pastries.
• Opportunities exist for opening more café stores around the surrounding shopping areas such as Wilsonton, Clifford Gardens and K-Mart plaza.
• Federal Government National Broadband Network is rolled out in Toowoomba with allowing efficient and effective way of video streaming and teleconferencing.
• Currently, the by-law due from implementation on first of next month allows café for expanding footpath dining for putting more tables and chairs outside the café premises.

Threats: Some threats can be considered as:

1. Representatives over large international chain of coffee shops can make enquiries around the town so that new café store can be opened in Toowoomba CBD.  

Following list of risks are found throughout investigation; the issues can be involved pre-existing risks along with other risks can be caused with opening new store.  

OHS is considered as following points:

1. Some of the chairs can be used for dining in store; some chairs are broken and unstable, this could make proper certain hazard of staffs, customers, with breaching duty of care as store.
2. There exist no written policies and procedures that are available for staff, consumers, and other third parties for referring to
3. No appropriate way of dealing injuries exists from happening in workplace
4. There exists lack of internal controls, lack of professional business culture, failure to meet OHS, privacy, and industrial law; failure to monitor external environmental and finding out opportunities and threat to business.  

Government compliances can exist for potential fine up to $50,000 with issuing for excessive water breaches. The compliance exists for federal government, their rules and regulations.     

1.3 Goals

Financial operations can be listed as following with according operational initiatives:

1. Delivery time for pastries is longer than expected from manufacturing plant to bakery plant and would not be able to arrive to café store before morning rush.
2. Company with branded strategies and supplies would not arrive as quickly as possible for Brisbane CBD stores can come up with issue.
3. Potential loss of money can be taken from cash register overnight when correct procedure is followed without taken care into effect.
4. There exists no safe in the store that this issue could came up as potential risk if proper procedure is not followed
5. No extra security measures exist for entire department such as alarm system and shutters in the store
6. There is no reports for having cash register entries by family staff members recorded  

Human resources are considered in this research in following aspects:

1. Large international chain for coffee shops makes enquiries about opening store in Toowoomba CBD area
2. Computer systems based workplace required for bringing reasonable standards for complying with fundamental information protections, appropriate payment procedures.
3. Computer systems should include employee details and detailed financial records along with password protection; so that unauthorized persons cannot access the computer for stealing information.
4. Employee wages and salary record considered as incomplete as the information seemed to be estimated with in-hand amount depending on the number of hours the employee works.

These aspects are considered in the description in order to assess risks in later sections. This section of the report considered major risk reviewing process that acquires proper analysis works. The analysis activity includes PEST analysis, SWOT analysis, and value chain analysis so that the risks and threats can be identified without making certain issues about research. The stakeholders are identified in this report showing how the entire deliverables can be managed with allocation of time and stakeholders.        

In this section, the risk identification is performed based on clarifying their impacts, severity, and importance. The risks are defined to be as following:

Likelihood: For individual risk, the likelihood is assessed based on risk occurrence such as low (1), medium (2), high (3), extreme (4).  

Consequences: The consequences of risks can be addressed from occurring such as insignificant (1), minor (2), major (3), catastrophic (4).

1. Catastrophic risk:Casualties, fatal injuries, regulatory interventions, violation of rules, loss of revenue, asset damage causing loss of bigger amount of money, reputation damage and long-term environmental damage – these are generally considered as catastrophic risks.
2. Major risk:Utilization of single stakeholder, license breach, legislation issue, regulation standard violation, net revenue loss, significant-value asset damage, reputation damage for national level and medium-term environmental damage – these are potential threats and can be identified as major risks.
3. Minor risk: The internal procedure breach, spreading adverse information, local media damage – these are identified as minor risks.
4. Insignificant risk:The standard, license, guideline breach in which insignificance exists towards project agenda. Public awareness may exist for the risk; though negligible environmental impact exists are generally considered as insignificant risk.      

Priorities: The likelihood and consequences to risk are considered together for determination of risk rating about priorities. Generally, risk table is considered with indentified consequences that meet identified likelihood; risk rating is considered between 1 to 16.

Very Low Priority – Rating 1

Low Priority – Rating  2-3

Medium Priority – Rating 4-6

High Priority – Rating 8-9

Extreme Priority – Rating 12-16

Classification	Low [1]	Medium [2]	High [3]	Extreme [4]
Insignificant [1]	1	2	3	4
Minor [2]	2	4	6	8
Major [3]	3	6	9	12
Catastrophic [4]	4	8	12	16

Options: Once, the risks are prioritized some outlines options are identified for treating the risk. From meeting conduced regard the business risk management and strategy review from first assessment part; three main criteria’s are being considered as a major concern over the course of acquisition of Hurley’s Café in Toowoomba by ranking from its severity to the moderate one, are as followed;

Manager’s travelling risk exists as routes to Toowoomba is too steep and winding up along with regional areas. This risk is identified as major concern in which driving safety should be maintained during evening and late at night under poor light conditions.

This particular risk has possibility as under category to be medium and this risk increases necessity of mitigating the risk. As the risk presence increases threat for travelling between MacVille headquarter in Brisbane and Toowoomba location. The travelling is required for managers to attend weekly meetings that finish late in evening or night.   

When the risk involves certain casualties, personal injuries, and fatal accidents, those risks are considered to be with catastrophic consequence. Moreover, there exists possibility of accidents for managers during long-drive under unfavourable conditions of narrow and steep road. In case any accident occurs, organization requires to bear insurance cost for manager and to hire substitute manager in place of injured manager. This concern can slow down operational efficiency and can cast significant impact on business process.

1.5 Analysis

Risk priority from this assessment can be stated to be high as the rating behind combination of consequence and likelihood is 8.  

To address risk mutation, some essential changes of plan should be included as following:

1. Teleconferencing system installation requirement
2. Management meeting should be scheduled to complete before 3:00 PM
3. Manager who wants to visit regional office can be considered as excuses from meeting activity before 3:00 PM
4. Changes required for meeting time to be shifted to morning session

This particular risk can occur due to the recent reformation of local council legislation where water usage exceeds. This concern is essential for MacVille Pty Ltd for complying with set out legislation standard from local council since the legislation standard can be considered as their responsibility as they are corporate citizen.

The risk presences moderate threats to the continuity of the business due to the fee imposed by local council in case water usage is exceeded from natural limit. Once, the likelihood of risk is considered to be medium; when the employees or associated manager utilizes more water. They managers can cost with large fines for excess water usage and consequent breach to current by-law compliance risks.

Risks arise from failing to comply with legislations are;

• Large amount of fine impose by council
• Brand and reputation damage
• Lack of control in operational cost
• Resource allocation being inefficient

Due to this particular cause, the consequences of this risk can be identified as minor.

Risk priority is identified to be medium and as rating of this risk is estimated to be with combining likelihood and consequences as 4.

In order to assess some proper mitigation activities in by-law compliance risks; some planning changes are required as following:  

1. Installation of native water plants for reducing excessive water consumption and water usage
2. In stallion of water tank for taking advantage of conserved rain water and usage of lesser water from council
3. Installation of dual flush system for increasing cost saving
4. Changes are required for reinforcing water usage according to rule and regulations along with monitoring water usage
5. Replacement of machine for more efficient water usage  

This particular risk can occur from lack in control, monitoring of financial records and method of keeping money in office premise after working hour. Lack of certain rules and regulations exists for following process to deposit cash daily, keeping record of sales, paid out cash, and detection procedure for fraud controlling.

Banking risk is considered with medium possibility for stealing cash from office premises as banking in cafe; banking was not done daily and often $4,000 kept in cafe premises overnight in cash register.

The risks from the lack of controlling and monitoring are as followed;

1. The consequence of risk can occur for losing more asset value from robbery and this concern is considered as increasing chances of breaking in office premise
2. Fraudulence activities in which employees can steal money when the café dose not maintains appropriate financial record keeping.
3. Impractical financial system in place, due to the previously family own café with the lack of appropriate and proper record keeping of any financial transactions both income and expense, making it impossible to generate the accurate financial report in compliance with legislative.

This financial risk hides may be considered minor but the consequences of a robber braking in the business may put the employees in danger, causing possible injuries; the consequences of this risk can be classified as major

Risk priority can be considered as medium as rating to risk priority is under combination of likelihood and consequence and this combination is estimated at 6.

Banking risk can be mitigated based on some certain options available within risk management planning; the options are mentioned as following:

1. To set up certain rules and regulations for banking so that banking risk can be eliminated for carrying cash overnight until amount of cash to be taken as minimal in amount
2. For switching bank from considering nearest bank in order to reduce travelling distance for handling large amount of money
3. For providing insurance to overnight cash protection, safe system should be installed.  

1.5.1 PEST Analysis

Risk	Assess Risk (L, M, H, E)	Controls	Monitoring	Timelines	Responsible
Manager’s Travel Risk	High	Meeting work should be completed before 3:00 PM; therefore, the managers do not need to drive at peak hours	Monitoring can be performed with checking meeting times	During opening week of the cafe	CEO is responsible for managing the risk with incorporating new policy
Banking Risk	Medium	Banking personnel should deposit the money daily	Monitoring can be performed with getting weekly bank statements	During opening week	Financial controller will be most responsible person in this matter
By-law Compliance Risk	Low	Provide training and proper acquaintance role so that effective water usage can be maintained.	Monitoring can be performed with proper water usage bill checking	Should be implemented within three months time from opening	Goldsmith partners are responsible for mitigating the risk

Table 3: Risk Management Plan

(Source: Created by author)

As per considered investigation in the risk management agenda for MacVille, the likelihood and risk consequences are investigated. Based on the risk management procedure, this monitoring report is prepared. Depending on collection of information in the research and analysis includes first step for new shop, some important figures are considered for determining banking problems, insurance risks, weekly meetings with head office, business policy, local council issues and others. Therefore, the risks are evaluated in this section and overall plan and regarding implementation procedure is discussed. From previous section, this monitoring report is prepared with identifying risks; that are summarized and implementation plan is discussed.    

Long drive towards Brisbane from Toowoomba, can arise certain difficult situation for managers to reach the place and further attend the weekly meetings in Brisbane. The difficult situation can arise from some meetings that did not finish until evening even after spending certain leisure time. Some managers require attending some training session that takes next six months to complete along with considering other associate managers. Taking shortest route to reach Brisbane, the route is viewed to be steep and takes more time to drive for even professional drivers. Professional drivers even take more time even in daylight hours; moreover, competent driver can feel that accidents should be mitigated from occurring during the long drive for reaching in favorable conditions. Moreover, chances of accident bother managers in considerable manner. Therefore, manager has planned broadband network access for attending weekly meetings through video conferencing session.

Tele conferencing system that is identified from planning; can be installed for six months after settlement. Time schedule for finishing management meetings is at 3:00 PM and this schedule is likely to provide adequate time to managers. This time schedule can allow managers to avoid meetings at no later than 3:00 PM on daily basis.  

Teleconferencing system that is kept under planning for six months to implement after settlement. This teleconferencing system design is delayed due to time delay from Federal Government’s National Broadband Network rollout situation. Weekly meetings for managers are scheduled for finished before 3:00 PM as per previous planning; however, in some cases, the manager has to stay from head office team request. The manager has not provided any excusal information to CEO as per plan agreed and managers feel that they do not bear authority for walking out of the premises at 3:00 PM. The associate managers at training has been shifted to morning time with allowance to other managers to leave the premises before 1:00 PM as per planning made.      

1.5.2 SWOT Analysis

In this scenario, the by-law compliance risk arises due to certain factors as lack of guidance for staff members for completing their jobs. Again, by-law compliance risk can consider aspect of water usage and wastage of water resource. No written policy exists and all procedures are kept manual; therefore, the managers required setting policy and following the procedures in verbal manner. In few days in each week’s time, manager can be present in the store and show the staffs about professional working procedures. Manager can guide the staffs for limited period causing the staffs taking work based on personal decision-making and this turns out several blunders and mistakes. Therefore, the organization wanted to resolve this issue by providing written manual to every employee and activate the policy from management end.

Furthermore, the store currently utilizes 41,500-liter week running Dishwater Tank when it is half-empty. Washing out fresh fruits and vegetables under fast-running water tank is required from this currently installed tank capacity. However, the toilets use single flushing system and on the other hand, dual flush system in toilet can cost up to $7,500 for upgrade from single to dual flush system. The dishwater is set for fully washing and water efficiency is estimated to be labeling and standards scheme (WELS) rating of 3. For more water efficiency, reaching up to rating of 5-6; star dishwater installation can cost up to $6,000 and more. James explained the situation to Mr. Hurley; and Mr. Hurley instructed the staffs to keep non-native flowering plants for courtyards watering for fulltime in single day.

Therefore, store manager can make plans according to installation routine of native plants for reducing water usage. Hence, water tank should be installed and reduction of water usage should be performed for depending on council water. The installation of dual flash is another aspect for toilets; the existing dishwater should be replaced with new dishwater tank with 5-6 stat (WELS) rating.             

Some issues are identified from this risk identification process; the dealing with local council listed some issues as following:

1. Installation of native plants for cutting down water usage
2. Installation of water tank with reduction of dependency from council water and installing dual flush toilets
3. Introduction of new procedures over water usage and perform water conservation in order to replace the dishwater with 5-6 stat (WELS) rating system    

Board and CEO have introduced another new policy as per associated compliance with Toowoomba by-law on water usage and conservation planned. However, the specific procedure cannot be written in new policy document; and this procedure appears to be achieving the compliance as well. The plants have been changed to natives as per requiring minimal water as per planning approval. Installation of dual flush toilet is under planning for implementation after six months from settlement. The dual flush toilets have been ordered for installation and those products now exist in current stock. Those toilets yet cannot be installed as backlog of district plumber exists. Five-star rated (WELS) dishwater was installed from supplier within this six months planned time schedule.           

1.5.3 Value Chain Analysis

Staff member who completes balancing cash register; he or she has another responsibility to complete depositing in bank account. The staff member has to cover several responsibilities regarding banking activities to perform at the end of the day. Banking is not performed in everyday and overnight at least $4,000 was kept in the office premises. The office premise is not safe, as the management cannot afford to install secure safety deposit box. Two blocks ahead of the office, a bank is situated; however, the Hurley family bank is some blocks ahead of the office and it is quite difficult to reach Hurley family bank often to perform banking for some stakeholders. Henceforth, the organization has prepared a policy for setting regulations about perform banking daily and reducing the risk of carrying money overnight.    

For reducing banking risk, the financial controller required to organize discussion session with related financial, insurance and banking issues. The issues can include business insurance, local banking, and making company policy for perform banking daily. This policy is likely to eliminate the threat of carrying money overnight.   

Financial controller considered charge of $5,000 over insurance coverage for holding cash in premises overnight from opening week as per planning. However, the insurance premium is estimated to be $2,500 per year and this amount is considered to be excessive from viewpoint of financial controller. Company bank account that is under planning for opened in first week; and this account was opened after four weeks from opening bank two blocks ahead from the office. However, this nearby bank is not MacVille’s regular bank and some difficulties exist for receiving similar level of service that Brisbane stores receive daily.

The training for daily banking is considered as successful; and this training session is completed as planned. A particular audit is considered for bank deposit book for showing that there were only two occasions in last six months; when no banking entry exists for daily sales.          

In this section, the risk management outcomes are stated once, the risk identification and management approaches are mentioned previously. Risks are mentioned in this section as following:

Risk name	Risk description	Issues identified	Risk planning	Implementation to reduce risks	Remarks
Manager traveling risk	Between Brisbane and Toowoomba, long distance drive is required. Long distance drive is likely to arise issues of accidents.	Long distance between Toowoomba and Brisbane; Route is not favorable rather the route is more steep and time-consuming for travel. Accident chances should be reduced.	Tele conferencing can be identified as per planning done previously. This system can be installed for six months after settlement.	Implementation is delayed for teleconferencing system and as per planning; after settlement, this system will be implemented. This teleconferencing system design is delayed due to time delay from Federal Government’s National Broadband Network rollout situation.	The implementation plan is currently delayed.
By-law compliance risk	In this scenario, the by-law compliance risk arises due to certain factors as lack of guidance for staff members for completing their jobs. Again, by-law compliance risk can consider aspect of water usage and wastage of water resource.	Installation of native plants for cutting down water usage; Installation of water tank with reduction of dependency from council water and installing dual flush toilets; Introduction of new procedures over water usage and perform water conservation in order to replace the dishwater with 5-6 stat (WELS) rating system	Board and CEO have introduced another new policy as per associated compliance with Toowoomba by-law on water usage and conservation planned. However, the specific procedure cannot be written in new policy document; and this procedure appears to be achieving the compliance as well.	The plants have been changed to natives as per requiring minimal water as per planning approval. Installation of dual flush toilet is under planning for implementation after six months from settlement. Those toilets yet cannot be installed as backlog of district plumber exists.	The risk is currently under processing.
Banking risk	The staff member has to cover several responsibilities regarding banking activities to perform at the end of the day. Banking is not performed in everyday and overnight at least $4,000 was kept in the office premises.	The office premise is not safe, as the management cannot afford to install secure safety deposit box; It is quite difficult to reach Hurley family bank	The issues can include business insurance, local banking, and making company policy for perform banking daily.	Financial controller considered charge of $5,000 over insurance coverage. However, the insurance premium is estimated to be $2,500 per year and this amount is excessive.	The banking risk cannot be resolved as security policy should be included.

Table 4: Risk Analysis Outcomes

(Source: Created by author)

The evaluation of risk can be performed in this following format with additional risk mitigation and management planning. The evaluation planning is performed as following:

Risks identified	Risk measurement level	Risk impact level (after mitigation)	Remarks
Banking risk	Moderate	Low	Negative risk
Manager traveling risk	High	Low	Negative risk
Time schedule risk	Low/medium	Low	Positive risk
Use of water risk (by-law compliance risk)	Medium	Low	Negative risk

Table 5: Risk Evaluation Process

(Source: Created by author)

Risk Treatment, Action Plan, and Evaluation

As per risk evaluation process, risk mitigation can be performed according to planned approach. The implications are found as:

1. Banking risk is considered as moderate risk primarily; however, now daily banking is to be performed for personnel. The money should not be left unattended in the office premises; therefore, the daily cash deposit should be performed in bank. This mitigation planning made the risk impact lower than before.
2. Travelling risk is considered as high regarding its impact on the stakeholder such as managers and associates. The traveling time was reduced to 3:00 PM; causing risk impact lower than before.
3. The time schedule risk for managers emerged from leaving early and this risk is considered as low in impact. The possibilities for this risk to happen is medium; now, the time scheduling risk management planning made the risk impact lower.
4. Usage of water risk can identified as in medium impact; now, the impact is reduced to lower. Once, the dual flush system is installed and 5-6 stat (WELS) rated dishwater is used; the use of water risk can be mitigated and impact can be lower.    

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1.4 Stakeholders

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Fitó, J. O., and Guitart, J., 2014, Business-driven management of infrastructure-level risks in Cloud providers. Future Generation computer systems, 32, 41-53.

Francesch-Huidobro, M., Dabrowski, M., Tai, Y., Chan, F., and Stead, D., 2016, Governance challenges of flood-prone delta cities: integrating flood risk management and climate change in spatial planning. Progress in Planning.

Furlong, C., De Silva, S., Gan, K., Guthrie, L., and Considine, R., 2017, Risk management, financial evaluation and funding for wastewater and stormwater reuse projects. Journal of Environmental Management, 191, 83-95.

Furlong, C., De Silva, S., Guthrie, L., and Considine, R., 2016, Developing a water infrastructure planning framework for the complex modern planning environment. Utilities Policy, 38, 1-10.

Heagney, J., 2016, Fundamentals of project management. AMACOM Div American Mgmt Assn.

Hopkin, P., 2017, Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Ibáñez, A. J. P., Bernal, J. M. M., de Diego, M. J. C., and Sánchez, F. J. A., 2016, Expert system for predicting buildings service life under ISO 31000 standard. Application in architectural heritage. Journal of Cultural Heritage, 18, 209-218.

Islam, S., Mouratidis, H., and Weippl, E. R., 2014, An empirical study on the implementation and evaluation of a goal-driven software development risk management model. Information and Software Technology, 56(2), 117-133.

Ittner, C. D., and Michels, J., 2016, Risk-Based forecasting and planning and management earnings forecasts.

Jereb, B., Ivanusa, T., and Rosi, B., 2013, Systemic thinking and requisite holism in mastering logistics risks: the model for identifying risks in organisations and supply chain. Amfiteatru economic, 15(33), 56.

Jia, G., Ni, X., Chen, Z., Hong, B., Chen, Y., Yang, F., and Lin, C., 2013, Measuring the maturity of risk management in large-scale construction projects. Automation in Construction, 34, 56-66.

Jondle, D., Maines, T. D., Burke, M. R., and Young, P., 2013, Modern risk management through the lens of the ethical organizational culture. Risk Management, 15(1), 32-49.

1.2 Scope

Kettle, N. P., and Dow, K., 2016, The role of perceived risk, uncertainty, and trust on coastal climate change adaptation planning. Environment and Behavior, 48(4), 579-606.

Kirsch, P., Harris, J., and Sprott, D., 2013, Vertical integration of risk management in the Hunter Valley Coal Chain-application of the coal industry’s RISKGATE platform. AusIMM Bulletin, (1), 45.

Landquist, H., Hassellöv, I. M., Rosén, L., Lindgren, J. F., and Dahllöf, I., 2013, Evaluating the needs of risk assessment methods of potentially polluting shipwrecks. Journal of environmental management, 119, 85-92.

Liu, Z. Z., Zhu, Z. W., Wang, H. J., and Huang, J., 2016, Handling social risks in government-driven mega project: An empirical case study from West China. International Journal of Project Management, 34(2), 202-218.

Luko, S. N., 2013, Risk management principles and guidelines. Quality Engineering, 25(4), 451-454.

Luko, S. N., 2014, Risk assessment techniques. Quality Engineering, 26(3), 379-382.

Martinelli, R. J., and Milosevic, D. Z., 2016, Project management toolbox: tools and techniques for the practicing project manager. John Wiley and Sons.

McDONALD, M. A. L. C. O. L. M., and Brown, L., 2016, 5 Strategic marketing planning. The marketing book, 86.

McDonald, M., and Wilson, H., 2016, Marketing Plans: How to prepare them, how to profit from them. John Wiley and Sons.

Neves, A. A. S., Pinardi, N., Martins, F., Janeiro, J., Samaras, A., Zodiatis, G., and De Dominicis, M., 2015, Towards a common oil spill risk assessment framework–adapting ISO 31000 and addressing uncertainties. Journal of environmental management, 159, 158-168.

Newton, R., 2016, Project management step by step: how to plan and manage a highly successful project. Pearson UK.

Olson, D. L., and Wu, D. D., 2017, Natural Disaster Risk Management. In Enterprise Risk Management Models (pp. 175-192). Springer Berlin Heidelberg.

Sadgrove, K., 2016, The complete guide to business risk management. Routledge.

Scannell, T., Curkovic, S., and Wagner, B., 2013, Integration of ISO 31000: 2009 and Supply Chain Risk Management. American Journal of Industrial and Business Management, 3(04), 367.

Shah, S. W. A., Mahmood, M. N., and Das, N., 2016, Strategic asset management framework for the improvement of large scale PV power plants in Australia. In Power Engineering Conference (AUPEC), 2016 Australasian Universities (pp. 1-5). IEEE.

Smyth, E., and Vanclay, F., 2017, The Social Framework for Projects: a conceptual but practical model to assist in assessing, planning and managing the social impacts of projects. Impact Assessment and Project Appraisal, 35(1), 65-80.

Terlizzi, M. A., de Souza Meirelles, F., and de Moraes, H. R. O. C., 2016, Barriers to the use of an IT Project Management Methodology in a large financial institution. International Journal of Project Management, 34(3), 467-479.

Turner, R., 2016, Gower handbook of project management. Routledge.

Ward, J., 2016, Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.