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manage risk

manage risk
question /answer based assignment related business management subject on crimson hotel
This assessment requires you to develop a risk management plan which includes a detailed stakeholder analysis, explanation of the risk context, critical success
factors, identified and analyzed risks, and treatments for prioritized risks, provide details of the monitoring arrangements for the risk management plan and an
evaluation of the risk management plan’s efficacy in treating risks and to know the relevant legislation, codes of practice and national standards.
This Task requires you to establish the context for the risk associated with wine tourist marketing plan to be undertaken by Crimson Hotel. To achieve this you must
access Crimson Hotel business in www.educationclub.com.au under the Infrastructure tab, you will complete a risk analysis for this project. On your own paper, address
the following tasks:
1.1.    Review and report Crimson Hotel processes, procedures and requirements for undertaking risk management.
1.2.    Determine scope for risk management process for Wine Tourist Marketing Plan including internal and external stakeholders.
1.3.    Identify the major issues of internal and external stakeholders.
1.4.    Conduct political, economic, social, legal, technological and policy context in relation to managing risk for Wine Tourist Marketing Plan (WTMP).
1.5.    Review strengths and weaknesses of existing arrangements
1.6.    Develop a list of objectives, goals and critical success factors for WTMP.
1.7.    Develop a procedure to obtain support for risk management activities.
1.8.    With whom you will communicate and invite to participate in the risk management process.
2.1    How you will invite relevant stake holders to assist in the identification of risks of Crimson Hotel WTMP
2.2    What tools and techniques will you use to generate a list of risks that apply to the scope of WTMP, in consultation with relevant stakeholders?
2.3    Conduct and document the research risks that may apply to scope of   WTMP.
3.1.    Assess the likelihood of the identified risks occurring in WTMP
3.2.    Assess the impact or consequence of the occurring risks
3.3.    Evaluate and priorities those risks for treatment using Crimson Hotel Risk guide
4.1.    Determine and select the most appropriate options for treating risks
4.2.    Develop an action plan for implementing risk treatment
4.3.    How you will communicate risk management processes to relevant stakeholder/ parties
4.4.    Prepare a list of all documents in order, you will use while submitting risk management plan. Develop a procedure to make sure that all documents are
appropriately stored?
4.5.    Prepare an Action Plan to implement and monitor the identified Risks.
4.6.    How would you evaluate risk management process?
Print and include any documents you use from the chosen organisation / guided by your trainer website and reference any other information for your Assessor.
5.1     Write a short note on – AS/NZS ISO 31000:2009 Risk management- Principles and guidelines
5.2        Why it is necessary that a manager should have knowledge of various legislation, codes of practice and national standards, for example:
•    duty of care
•    company law
•    contract law
•    environmental law
•    freedom of information
•    industrial relations law
•    privacy and confidentiality
•    legislation relevant to organisation’s operations
•    legislation relevant to operation as a business entity
5.3     Why should an organisation have Risk management strategies and Risk management policies and procedures?
5.4     What types of adjustments might be required in an organisation to deal with employees with disability?  What acts afford these rights to disable work?
5.5    What types of insurance can a business take out that will cover them, their employees, customers, members of public in case of any accident ? Name at least 5
companies that offer various insurances for business?
Assume that you are the project manager of your WTMP in Crimson Hotel. Present and discuss your Risk Analysis for this project to General Manager (Assessor) and other
stake holders (class mates).
You need to present identified risks; their likelihood and consequences. You also need to negotiate on components associated with Risk Control plan and measures. You
need to encourage other stakeholders to collectively participate during the process.
To fulfill the requirements of the Advanced Diploma of Management, all students must complete a Major Project using a virtual business.
Students must select a virtual business available through the Education Club website, as per the instructions provided by their trainer
The virtual businesses on Education Club have been designed specifically for the Major Project and are set up differently to previous virtual businesses that students
may have used for other training activities/assessments
Students will continue working on this project throughout all their study periods
Students may discuss their project with each other, but each student must individually submit their own project for assessment
Students will be allocated 4 hours per week during study terms to complete their project
Students will attend Project tutorial sessions available at the college during these 4 hours – trainers will provide students with details of their allocated Project
tutorial session
Project tutorial sessions will be used by students to research their virtual business, work on their project and to receive project support from their trainer
Attendance at the Project Tutorial sessions is compulsory and any absences will be recorded and reported accordingly
Stages and names with Codes
The Major Project has been divided into 3 stages as per the table below:
Stages    Unit Name and Code
Part 1
1.1 Project Plan
Project plan and Gantt chart for the Major Project
1.2 Strategic Plan
Planning Team / Target Setting / SWOT Analysis / Strategies
Manage Projects BSBPMG510B
Develop and implement strategic plans BSBMGT616A
Manage organisational change BSBINN601B
Provide leadership across the organisation BSBMGT605B
Part 2 – Business Plan
Operational Plan / Marketing Plan / Financial Plan & Controls / Risk Analysis / Action Plan / Executive Summary
Develop and implement a business plan BSBMGT617A
Manage finances BSBFIM601A
Manage risk BSBRSK501A
Part 3 – Policies and Procedures
OH&S Policies and Procedures including relevant forms
Develop a systematic approach to Managing OHS BSBOHS601B
Task 1: Establish risk context
1.1.    Candidate must have reviewed the current processes and procedures within Crimson Hotel for risk management and used this analysis to determine what they need
to do in order to develop a risk context for the Wine Tourism marketing plan. This should include required documentation, standards that are to be implemented and
where approval is required. This will be subjective on the part of the Candidate as there are no obvious gaps in the Crimson Hotel Policy, Procedures and Processes.
However, the Candidate may argue otherwise. Consider the validity and appropriateness of their arguments and make your judgment by giving comments or suggestions.
Print out the related documents from the website.
1.2.    Candidate should have determined the scope of the risk management process in relation to the Wine tourism Marketing Plan. In this case, the risk may concern
the commercial relationships, economic circumstances, human behaviour and individual activities. Check that the scope suggested by the Candidate is broad enough and
fully covers areas that may be impacted. The Scope should examine the processes that are covered by the Crimson Hotel policies, procedures and processes and what areas
of the plan need particular attention and whether the organisational environment will play a significant role in the organisation’s risk profile. Candidate should have
listed the major stakeholders in the organisation. This should include those within and external to the organisation and listed how risk from the organisation is
likely to affect each of the stakeholders. This statement should outline any effect risk will have.
1.3.    Candidate may need to include all the relevant legislations affecting the stakeholder’s e.g.
?    Contract law/Company law – Agreements with corporations must be legal, clear and binding and professionally written
?    Privacy Act — Information on clients of corporations is to be reported back to them.
The candidate may also include any other related issues related to stakeholders.
1.4.    PEST analysis is required by the candidate.
1.5.    SWOT Analysis is required by the candidate.
1.6.    Candidate must have reviewed the information from previous sections and used this to create performance indicators and goals that will assist Crimson Hotel in
minimizing their risk in relation to this plan. Ensure that all goals are specific, measurable and realistic and address any problems that were specified earlier in
the assessment.
Relevant information can also be found on Wine Tourism Marketing plan on Education Club Website.
1.7.    Candidate must have provided details of who they would approach for support in their risk management activities. This is most likely to include senior
management, Hotel Managers and others with experience within Crimson Hotel.
1.8.    Candidate need to identify the relevant parties: staff, senior management, contractors, and technical experts. Candidate need to write about the various ways
of communication with above relevant parties.
Task 2: Identify risks
2.1.    Candidate need to prepare a list of various stakeholders discussed in task – 1.8 and write a letter including an agenda to invite them to participate in Risk
Identification activity for Wine Tourism Marketing Plan.
2.2.    Candidate must have provided documentary evidence of their use of appropriate risk identification tools. This could be provided in a number of different forms
depending on the type of tools that the Candidate used. Brainstorming session, Mind map, Fault tree analysis, Written report or minutes of meetings held to discuss
risks, Written what-if analysis, Behaviour or environmental analysis, SWOT analysis, and any other relevant documentation can be used in this regard. Candidates also
need to justify their choice of using particular tool and technique.
2.3.    The Candidate must have provided a clearly documented list of risks faced by the business. The list should be clear and concise. Be sure to check that all
risks are clearly identified and that they reflect the risks that they established previously. The list should describe the risk in detail — briefly stating what the
risk is and providing enough information to judge that it is a real risk to the organisation.
Risk Guide of Crimson Hotel can be used to do document all risks.
Task 3: Analyse risks
3.1.    Candidate must have listed a cause for the risks they selected. These causes must be logical, and based on the risks that they identified, provided a
likelihood of the risk occurring for each of the risks is being assessed. This should be one of the following: remote, possible, probable or very probable. A frequency
should be provided for each of the risks.
3.2.    Candidate must have described the impact of the risk on their business should it occur. The impact should be with regard to their business and the risk’s
direct impact on it. Look to ensure that the Candidate has adequately covered the impact on resources within the business. These should be selected from low, medium
and high.
3.3.    Candidate needs to categories the risk according to its likelihood and probability. Use the Risk Matrix to assess the decisions made by the Candidate. They
should match with these general categories.
Task 4: Select and implement treatments
4.1.    Candidate need to find appropriate control measures and reasoning are also required to justify the choice of control.
Risk management plan template given in Crimson Hotel can be used in this regard.
Support can also be taken for this format from Vic-Guide-to-Risk-Control.
4.2.    Candidate may use different template to make an action plan which must show when and in what time risk would be treated.
4.3.    Candidates need to write all different methods which will be used in communication of risk manage process to relevant stake holders. Candidate may use
meetings, Briefing Session, emails etc in this regard.
4.4.    Candidates need to prepare a list of documents and then develop a procedure which should address.
?    Whom you will authorize the access to these documents
?    Create a back up of these documents
?    How you will manage old documents
Candidate may produce examples of spreadsheets or other charts if they feel there are no appropriate templates on the Crimson Hotel website.
4.5.    Candidates need to prepare an action plan template for implementation. Gantt chart can be used to for this purpose.
4.6.    Candidate need to mentions ways by which evaluation of risk management   process can be done
For this purpose following ways can be used:
?    Feed back
?    Survey
?    Questionnaires
?    Historical data and analysis
Support for this format can be taken from Vic-Guide-to-Risk-Control.
Task5: Short Answer Questions
5.1    Candidate needs to research on internet to find out the scope and objectives of this standard.
5.2    Candidate is required to understand the importance of various legislative requirements, codes of practice, etc. why basic knowledge important to run a business
5.3    Candidate is required to understand the importance of risk management policies and procedure. The advantages of RMS, importance of pro activeness and also
impact of PEST to be understood on the business.
5.4    Candidate needs to research on internet at to find out responsibilities of equal opportunity employer. What laws are applicable to deal with employees with
disability and also what extra arrangements an employer has to do for employees with extra requirements?
5.5    Candidate needs to research on internet to find out various insurances available for a business, its employees, customers, etc to save them in case of any
accident. What insurances are available for business to save guard it from any disaster?
Also learner should investigate and name at least 5 insurance companies who are offering business insurances.

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