Risk Management Plan: Identification, Analysis, And Mitigation

A. Risk Management Plan of the Company

There is a failure to meet the compliance standards in the duty of care and WHS in the organization along with threats to privacy and confidentiality, freedom of information and environmental law, reasonable adjustment for newly appointed disabled staff and industrial relations law. It has been noted that the organization has relevant policies and procedures for risk management. They comprise of identification, analysis, evaluation and treatment of risk. The risk management plan comprises of principles related to administration, removal, response, dealing with probable risks and formulation of rehabilitation management system in the company.

B. Scope of the Risk Management Process

The scope of the risk management procedure explains the goals and objectives of the risk assessment which is related to mitigating the risks of the failures to meet the duty of care and WHS in the organization. It also aims at defining the accountabilities for the PCBUs and Health and Safety Representative for analysing and mitigating the risks. It also explains the overall relationship between the risk analysis process and the development of the CO₂ geological storage project. It also defines the risk assessment methods for protecting the environment, legal and regulatory compliance and safeguarding the interests of newly appointed disabled people.

C. Identifying stakeholders and their issues and methods of communication with those relevant parties about the risk management process

Internal	Preferred Communication Channel	External	Preferred Communication Channel
PCBU	Meetings, conference calls and emails.	Local community	Through Social Media like Facebook and Twitter.
Health and Safety Representative	Meetings, Emails and Newsletters	Government authorities	Appointment of consultants and Communicating with the government through emails, newsletters and meetings.
Audit and Risk Committee Members	Meetings, Conference call, Newsletters and emails.	Shareholders and investors	They can be communicated through promotion of Investor relation activities like holding investor conferences and meetings.
Officers	Meetings, conference calls, Newsletters and emails.	Consumers	Communicating through electronic and direct communications.

Organizational Communication methods

The organization can communicate with the internal stakeholders through meetings, conference calls, newsletters and emails. The external stakeholders can be communicated through social media and appointment of consultants. The shareholders and investors can be communicated through promotion of investor activities and electronic and direct communications.

D. Construct a PEST/PESTLE analysis based on that chosen issue in A and B.

Political	As per Bluff (2012) the WHS Act 2011 was formulated by the Commonwealth State and territory governments and they were based on the commendations made in British report on safety and health at work in 1972. So, the WHS Act 2011 and regulations were developed as a result of increasing awareness of occupational health and safety laws.
Economic	As a result of change in the nature of labour markets there has been an adverse effect on these due to economic pressures and division of responsibilities on OHS. So, there is a need for the development and implementation of WHS Act on the workplace.
Social	The changes have occurred in the varieties of risk and hazards and these have highly affected the workers and the society as a whole. So there is a need for the implementation of risk assessment process and plans to mitigate it.
Technological	With the use of technologically advanced machinery, there is a risk of accidents resulting into multiple disability or deaths of the employees. So, the implementation of risk management plan and processes is essential at the workplace.
Legal	The risk assessment plan and process is implemented on the basis of The WHS Act 2011 and Work Health and Safety Regulations 2011 in the organization.
Ecological/Natural	The environmental factors such as hazards posed by fire or infectious disease can affect the workers and the environment of the society as a whole. So, there is a need for implementing risk management plan and process of WHS in the company (Bahr, 2014) .

E. Based on your response in D, complete a SWOT analysis.

Strength (Internal)

Safeguards the company from legal penalties.

Enhances the goodwill of the company in the society.

Decreases the accident rates thereby increasing the output in the company (Bahn, 2013).

Weakness (Internal)

Ineffective implementation of the plan.

Improper training procedures.

Lack of follow up regarding the applicability of the plan.

Opportunities (External)

It helps in effective compliance of the WHS thereby increasing the chances of enhanced productivity and output of the organization.

It will also help in enhancing improvements in the business process by reducing the operating cost .

Threats (External)

Reduction in the growth opportunities of the company.

Loss of goodwill in the society.

F. Examine your response in D and E; document at least two critical success factors, goals or objectives for area included in scope.

The objectives of the risk assessment plan is to minimize the risk in order to create safe environment on the workplace.

Secondly, it helps in training the staff members and informing them about the risk factors in the organization( Borys, 2012).

G. Propose a way to obtain support for risk management activities.

As per Australian Government : Department of Education, Employment and Work Relations(2012) the WHS policy shall be included in the mission and vision of the organization, so that it becomes mandatory for the employees to comply with them.

Identify Risks and Analyze Risks

Risk	Relevant Parties	Levels of Management	Tools and Techniques for Risk Management
Hazards posed due to accidents or injuries caused to the workers.	PCBU	Top Management	Meeting, conference calls and emails.
Risk posed by Biomechanical (ergonomics and manual handling) by the workers.	Health and Safety Representative/Inspector (Internal)	Middle Management	Newsletters , meetings and conference calls.
Hazards posed by noncompliance of environmental laws .	Managers /Assistant Managers /Deputy Managers	Middle Management	Social media and through notifications on the website of the company.
Risk of leaking crucial information to the competitors.	Employees	Lower Management	Emails, social media and newsletters .
Various Risks (1.1, 1.2)	Likelihood 3.1	Consequences 3.2	Risk Priority as per matrix 3.3
Risk of leaking crucial information to the competitors.	Highly Unlikely	Severe Loss to the company	High
Hazards posed due to accidents or injuries caused to the workers (Bell and Steele, 2012).	Likely	Major Injuries	High
Risk posed by Biomechanical (ergonomics and manual handling) by the workers (Lerman et al., 2012).	Very Likely	Minor Injuries	Medium
Hazards posed by noncompliance of environmental laws (Reinhold, Järvis and Tint, 2015).	Unlikely	Negligible Injuries	Low

Risk Treatment and an action plan for WHS

Implementation of the risk mitigation techniques and clarity of the approved procedures for mitigating the risk shall be the best option for risk treatment. The action plan would consist of planning at the first stage.It involves formulating strategies for mitigating the risk. They would consider all the evidence and factors responsible for posing hazards to the organization. Then the policies would be implemented through conducting trainings and seminars so that the employees are informed about the mitigation measures and they comply with the WHS Act and other applicable laws. It would then be reviewed that the policies are being implemented and complied properly by the staff and management (Reason, 2016).

Importance of Risk Documentation and Storing Of Risk Information

Risk documentation can protect the company from significant risks such as disaster recovery, compliance issues, the crisis of public relations, security threats and breaches of confidentiality. So, a well-maintained record system can assist in mitigating the risks and safeguarding the company against unexpected future events. It also helps in data security and helps it from unlawful accessibility to the unauthorized people (Commonwealth of Austr?alia, 2018).

Analysis of the Use of Specific Legislative Framework during Communication to Relevant Parties, Risk Documentation and Storing Of Risk Information

If the important documents carrying the information relating to trade secrets f of the company are lost, then it would be a great loss to the company. In this aspect, Privacy Law 1988 provides guidance to safeguard the personal information from misuse, loss, prevention of unauthorized access by the staff or its alteration and disclosure( Australian Government: Office of Australian Information Government, n.d.).

The PCBUs and managers would be strictly informed about this provision through newsletters, emails and meetings that they should digitally record all the important documents and protect them through passwords in the system. They should also install anti-hacking software in their systems to protect the important data from being hacked.

The requirement to analyze, monitor and evaluative the risk management process

The risk management process should be analyzed, monitored and evaluated in order to ensure that controls are being effectively implemented in both design and operation. Further information is obtained for improvement of risk assessment process.

Through this process, the changes can also be detected in the internal and external context so that the changes in the risk criteria may require the revising of risk treatment procedures (Schofield, Reeve and McCallum, 2014).

The Professional Liability Insurance which protects the business by compensating for the errors and omissions done by the management.

2.Worker’s Compensation Insurance which covers the expenditure of medical treatment and disability and death benefits of the employees.

3.Property Insurance covers the property in the event of a fire, natural calamity or theft.

4Business Interruption Insurance covers the business in times of catastrophic disaster.

Conclusion

Hence to conclude, it can be said that the risk management activity of WHS includes minimizing the health and safety risks of the organization along with implementing the policies related to data confidentiality, protection of the environment and the interest of disabled people on the workplace.

References

Australian Government: Department of Education, Employment and Work Relations(2012) BSBRSK501B Manage risk

Australian Government: Office of Australian Information Government(n.d.) Privacy Act.

Bahn, S.( 2013) Workplace hazard identification and management: The case of an underground mining operation. Safety science.57, pp.129-137.

Bahr, N.J.( 2014) System safety engineering and risk assessment: a practical approach. Boca Raton, Florida : CRC Press.pp.1-15.

Bell, A.F. and Steele, J.R.(2012) Risk of musculoskeletal injury among cleaners during vacuuming. Ergonomics. 55(2), pp.237-247.

Bluff , E.(2012) Socio-Political Context: OHS Law and Regulation in Australia. Australia: Safety Institute of Australia Ltd.

Borys, D.( 2012) The role of safe work method statements in the Australian construction industry. Safety science. 50(2), pp.210-220.

Commonwealth of Austr?alia (2018) Identify, assess and control hazards

Lerman, S.E., Eskin, E., Flower, D.J., George, E.C., Gerson, B., Hartenbaum, N., Hursh, S.R. and Moore-Ede, M.( 2012) Fatigue risk management in the workplace. Journal of Occupational and Environmental Medicine. 54(2), pp.231-258.

Reason, J.(2016) Managing the risks of organizational accidents. USA: Routledge.pp.1-10.

Reinhold, K., Järvis, M. and Tint, P.( 2015) Practical tool and procedure for workplace risk assessment: Evidence from SMEs in Estonia. Safety science. 71, pp.282-291.

Schofield, T., Reeve, B. and McCallum, R.(2014) Australian workplace health and safety regulatory approaches to prosecution: Hegemonising compliance .Journal of Industrial Relations. 56(5), pp. 709–729.

Turn in your highest-quality paper
Get a qualified writer to help you with

“ Risk Management Plan: Identification, Analysis, And Mitigation ”

Get high-quality paper

NEW! AI matching with writer