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1.

Develop a risk management evaluation report

This assessment task requires you to evaluate and report on the risk management process that
you have completed. Review all of the following questions and prepare a short report of
approximately 1 – 2 pages that addresses each question A to D.

A. Evaluate the overall risk management process.

Identify risk is a complex process because it demands a complete review of the organizational
processes, procedures and requirement, understanding all those factors in a particular political,
social, legal, technological and policy context.

In-house strategies to assist in the identification of risk are really important, inviting the internal
staff to share comments or concerns about a specific situation is a highly effective resource
because they know the organization in detail and their accurate comments make the
identification risk process relatively simple and straightforward.

The level of confidence in the risk identification process is high because it has been the internal
staff who has provided details and comments that were used as a direct input in the risk report.
Most of the people who participated in the process knew the risk policy within the organization
and how the Business works. The collected information was responsibility of an external
consultant, who provided one last risk analysis from a neutral perspective.

 Was it easy or difficult to identify risks?

It was difficult at start but after conducting surveys and research to manage risks at the outset
of the project, and continue to do so throughout the performances. At each point during the
project, I have come to identify risks by recognizing project’s risk factors, using my project
phases as well as overall project plan helped me to identify risk factors.

A risk factor is a situation that may give rise to one or more project risks. A risk factor itself
doesn’t cause you to miss a product, schedule, or resource target. However, it increases the
chances that something may happen that will cause you to miss one.

Let’s say for example, the fact that you and your organization haven’t undertaken projects
similar to the present one is a risk factor. Because you have no prior experience, you may
overlook activities you need to perform, or you may underestimate the time and resources you
need to perform them. Having no prior experience doesn’t guarantee you’ll have these
problems, but it does increase the chance that you may.
 Was staffs input helpful?

Personally I do believe that staff input was very helpful and mandatory for sustaining
organizational transformation.Employee Input is a valuable business resource respected by any
profound organization which is interested to be strong on the market, that’s because voice of
employees is one of the primal sources for a company to generate new ideas, highlight and
resolve existing problems, and find out loads of new opportunities to reach excellence in
quality of their service. In fact, nobody knows the situation with a process better, than a person
who immediately works at this process daily, so it is desirable for a company to interrogate
their workers on what they think about managerial methods, utilized technology, current
business strategy, and other attitudes, these efforts may result into tons of discoveries and fresh
ideas.

 How confident are you that all the risks have been identified?

Identifying, evaluating and understanding risks are a very important aspect of business
management. Businesses can also suffer dreadful consequences if risks are not appropriately
managed. The most widely understood risks according to me are occupational health and safety
risks. Most people generally associate the word RISK with injury, health risks and death, but
there are many other types of risk faced by any business other than those aspects. So I am fully
confident that all the risks associated with any business organizations can be identify with the
policy, political, environment, social and legal respectively.

B. Consider whether the process indicated in the Nature Care Products current risk
management policy and procedures sufficient to guide the risk management process used
for the business expansion project. Explain why or why not.

The process indicated in the Nature Care Products current risk management policy and
procedures was partially sufficient because they used a PESTLE analysis to identify the key
factors that impact on the environment in which Nature Care Products operates and then as an
input in the risk report, they included the internal staff comments regarding the new managerial
position issues, which is a high-effective risk identification resource. The only issue was the
delay putting in place the performance management system, making hard to follow up the
performance of the employees filling the new positions.

C. Explain whether the principles of risk management in the Nature Care Products risk
management policy and procedure consistent with AS/NZS ISO31000:2009 Risk
Management Principles and Guidance.

The principles of risk management in the Nature Care Products risk management policy and
procedure were consistent with AS/NZS ISO31000:2009 Risk Management Principles and
Guidance because they engaged internal staff throughout the risk management process,
showing that communication was a key to identifying, analyzing and monitoring risk.

Also, the company recognized and included the contribution from new staff with a deep
understanding of the policy and procedures policy of the company, helping to have a complete
identification and measure risk process.
D. What changes would you recommend to the risk management process? Identify at
least two.

I would recommend having an external consultant to assist in the identification of risk process.
They can help to identify risk at a global level and not only in a specific area, in this case the
new opening stores issue. Also, the consultant will provide a neutral perspective that can be
used to manage discussion and debate about the risks within the organization, without any bias
or favor from internal staff.

Secondly the Communication and Communication Planning, many managers assume that if
they communicate clearly with their employees, their job is done. However, there are many
reasons why employees may not hear or understand what their managers are saying the first
time around. Initial communications are typically designed to create awareness around the
business reasons for change and the risk of not changing. Likewise, at each step in the process,
communications should be designed to share the right messages at the right time.

Communication planning, therefore, begins with a careful analysis of the audiences, key
messages and the timing for those messages. The change management team or project leaders
must design a communication plan that addresses the needs of frontline employees, supervisors
and executives. Each audience has particular needs for information based on their role in the
implementation of the change.

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