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BSBRSK501 Manage Risk

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BSBRSK501 Manage Risk

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Course Code: BSBRSK501
University: Victoria University is not sponsored or endorsed by this college or university

Country: Australia


For this assessment you are required to manage risks in a range of contexts across Town and Country Services. You must demonstrate your ability to:

Establish the risk context
Identify risks
Analyse risks
Select and implement treatments

For the provided case study, you will assume the role of the Risk Manager and it is your responsibility to identify and manage the risks in the regional expansion project. The Board of Directors of Town and Country Services will be responsible for strategic and financial risks.
In order to complete this project, you must develop a risk management plan which:

includes a detailed stakeholder analysis, explanation of the risk context, critical success factors, identified and analysed risks, and treatments for prioritised risks
includes details of monitoring arrangements and reporting mechanisms for the risk management plan and an evaluation of the risk management plan’s efficacy in treating risks

You must develop risk management processes and determine the scope and objectives, taking into account stakeholder input and both internal and external environmental factors affecting the organisation.
When developing a risk management plan, you first need to establish the context of the risk management plan in relation to external factors. You must review and monitor industry information and trends in the regions. It is essential the risk analysis is based on careful industry research.
Identify external factors that could have an impact upon the success or otherwise of the project
Your report should have 4 headings and one paragraph under each heading:

Political factors
Economic factors
Social factors
Technological factors
The strengths and weaknesses of any existing arrangements


The practical demonstration involves the capability of an individual to actualize and present information gained and gathered from various sources and assessments to particular given audiences. It can range from arranging and holding of meetings, communication of meetings to be held, ability to elaborate and deliver information to various audiences and the ability to break down complex details to simple conceivable details. Obtaining support from stakeholders is an integral part of a practical demonstration of the grip one has on his role. Therefore an individual should ensure that he gains the necessary support he or she requires to affect his or her leadership roles.
Email to Stakeholders
This is to invite you to a stakeholders meeting which is to be held on the 24th of October 2018 at the Boardroom as from 9:00 AM. The meeting will focus on aspects relating to risks. The areas of focus are derived from an assessment conducted and they include communication of the risk management process, participation in the risk management process, and obtaining support for risk management. During the meeting, the company’s risk management process will be communicated and changes made where necessary as per to your contributions and opinions. Your participation in regards to modifications to the risk management process will be highly welcome and appreciated. Clarification will be given pertaining to controversial or unclear issues in the process. Stakeholder contribution is highly welcome in regards to identification of risks and their mitigation strategies that have not yet been included in the risk management process. As stakeholders in the risk management process, your support is highly essential for the success of a particular risk management process. Therefore as the risk management manager, I wish to ask you to support and obtain employee and management support in risk management activities so that the risk management process achieves its objectives.   
Meeting Agenda

DATE: 24/10/2018


TIME: 09:00 AM.


Board Room


 Seeking Support on Risk Management Proposal


Operations Manager – Abdullah Patoli






Myself, Bachar, John, Jelly, Ping, Pong, Ding, and Dong


Meeting Item


Allotted Time

Communication of risk management process

Operations manager

1 hour

Identification and analysis of risks.


30 minutes

Unidentified risks


30 minutes

Any other business


20 minutes




Meeting Minutes

DATE: xx/xx/xxxx


TIME: 02:30 PM



Board Room




Operations Manager – Abdullah Patoli






Myself, Bachar, John, Jelly, Ping, Pong, Ding, and Dong and Abdullah Patoli (Operations Manager)


Stakeholders Jonathan and Kim


Stakeholders Joyce and Obrian

Communication of Risk Management Process
The risk management process was brought into perspective by the operations manager Mr. Abdullah Patoli. He brought into perspective the various aspects that revolve around risks affecting the organization and implementation and actualization of various organizational projects. He brought into perspective that the risk management process adopted by the company is divided into four stages which each has different roles to play in the whole process (Zisa, 2011). The four stages include the establishment of risk context and identification of risks, scoping, identification of stakeholders and their roles in the process, and analysis.
He went further to bring into perspective what each stage is all about. From his presentation establishment of the risk context and identification of risks is the first and essential stage of the risk management process. It involves the identification of the context. The context here refers to the subject organization or the organization likely to be affected by risks. It can revolve around industry, trends, and regions. He brought into perspective that risks are factors that are likely to cause an unpleasant effect on project implementation and as a result hinder achievement of projects goals and objectives (Hillson, 2012). In understanding the context PESTEL analysis was employed in where the political, economic, social, technological, environmental and legal aspects that affect the company were evaluated.
Scoping entails the identification of project goals and objectives. By so doing one is able to identify the risks that are most likely to affect the project and how to mitigate those risks. Here he brought into perspective project goals such as technological innovations, new products and services, new markets and the organizational structure. Stakeholders are key to the success of a project however their involvement possess various risks in a given project. He brought into perspective various stakeholders which include clients and customers, suppliers and contractors, internal personnel, and the project funding body. Each of this stakeholder’s involvement possesses various risks to a given project and therefore an in-depth understanding of the various stakeholders is essential for effective and efficient risk management programs and strategies. The stakeholders each have a distinct relationship with project critical success factors of a given project. The operations manager brought into perspective the role of various stakeholders in risk management activities. For instance, customers help create demand for deliverables, suppliers help in the supply of intermediary raw goods and services, internal personnel are key in policy and decision making, and project funding body is essential in providing financial support for execution of processes (Greiman, 2013).
He further brought into perspective the essence of analysis on the risk management process. In doing so his focus was on the PESTEL analysis. All factors included in the PESTEL analysis posse different risks and challenges. And in order to have an effective risk management process, one needs to ensure that he obtains an in-depth understanding of the political, economic, social, technological, environmental and legal factors on a project and its critical success factors. A SWOT analysis is also very essential and key in the development of a sound risk management strategy and policy.  SWOT brings into perspective strengths, weaknesses, opportunities and threats.
The operations manager besieged the members present of how their support is essential in the success of the proposed risk management process. He asked the members to each take their roles seriously to ensure that the goals and objectives of the risk management process which are to reduce the likelihood, impact, and occurrence of risks in the organization.
Identification and Analysis of Risks.
Bachar brought into perspective the identification and analysis of risks. The areas of risk were brought into perspective as being cross-cultural issues amongst employees and the expectations of the consumer base, economic challenges due to heavy economic expenditure, undesirable environmental consequences caused by construction activities, and an inadequate time period required for a large-scale expansion project (Project Management Institute, 2009). The exact risks identified include insurance risks, customer dissatisfaction, water spillage, and electrical hazards.
Insurance Risks.
Insurance risks refer to risks that are insurable. Risks here are definite and the company must suffer direct consequence as a result of the occurrence of risks.
Customer Dissatisfaction.
Customer dissatisfaction arises when a product or service does not meet the requirements of a particular individual customer or a given group of customers. Aspects that result in customer dissatisfaction may include the quality of the product, the value of the product with a focus on its pricing, product or service availability and services offered by personnel. There are various risks that can be associated with customer dissatisfaction and they include loss of competitive advantage and loss of market share.
Water Spillage.
Water spillage can be defined as the undesirable flow of water that may arise as a result of poor piping and improper management of the water flow schedules and limits.
Electricity Hazards.
 Electricity hazards refer to risks that might arise as a result of electric faults. This risks might include fires that might arise as a result of poor electrical wiring or a surge in electric voltages and employee and personnel electrocution.
When analyzing the identified risks various tools were brought into perspective. These tools include the risk assessment table, risk management plan, and an action plan. A risk assessment table provides a structural framework for assessing the risks identified. The table helps one identify the likelihood of a particular risk occurring, the consequences that each risk brings about, priorities, and options to risk treatment. When using a risk assessment table the use of a risk calculation table is also essential as it helps one to be able to rank the risks identified based on their score in the risk calculation table.
A risk management plan is essential in bringing into perspective the measures that can be put in place to treat the identified risks. A risk management plan identifies the controls that can be put in place to reduce risks, how monitoring can be done, time limits, and to whom responsibilities have been assigned. When developing a risk management plan each risk should be considered independently so as to come up with effective and viable mitigation measures.
Taking into consideration the risks identified, Bachar brought into perspective the management of the various risks. Insurance risks could be controlled by renewing insurance policies taken by the company, it could be monitored by maintaining proper documentation at the end of every year. This responsibility is bestowed upon the financial manager. Customer dissatisfaction can be controlled by gathering customer feedback, it could be monitored by ensuring that customer needs are heard and adhered to all the time. This responsibility will be bestowed upon the customer relationship manager. Spilling of water could be controlled by the maintenance of proper piping, monitoring could be done by ensuring that there is no leakage of water. This responsibility will be bestowed upon the operational manager. Electricity hazards could be controlled by ensuring that proper electricity power points are installed, monitoring will be done by enduring that there is no naked wire twice every year. The responsibility will be in the operational manager’s docket.
An action plan is an essential tool in risk acts as a guide or path to effective risk management (Practical Project Risk Management: The ATOM Methodology, 2012). It brings into perspective all the people who will be involved in the process of risk management, the document filling systems for easy access and retrieval, and the process of risk management evaluation on an ongoing basis. Bachar brings into perspective that employees, suppliers, and investors will be actively involved in the risk management process. He further highlights that the risk management documents will be available to all offices for easy access and reference. Online accessibility will also be provided for. For sustainability to manifest monitoring will be conducted on various construction sites, offices and meetings with external shareholders will be conducted to ensure that relevancy is achieved.
Unidentified risks
Irrespective of the fact that risks have been identified, other risks that are more likely to affect the company have not been identified. Of more importance are the technological risks that the company is more likely to face. This aspect was brought into perspective by John. Technological risks can be defined as the likelihood of technological failures to disrupt and interrupt the normal organizational activities functions. Technological risks can occur as a result of technological failures, change in technological, changes in organizational functions contrary to the technology available, and obsolete technology (Anderson & Felici, 2012).
Technology is changing very fast and it has an immense contribution to the success of any given business and therefore its contribution should be taken into great consideration. Therefore, risks relating to technology are bound to be detrimental to any given organization if not taken into keen consideration and handled with the agency that they deserve.
Any Other Business
Having discussed all the essential issues that needed to be discussed during this meeting. Room was given to members to raise any other issue that they felt was important to the meeting but had not yet been tackled. Jelly raised an issue in regards to costs associated with risks. He said that regardless of the fact that the issues relating to costing are to be tackled by the board of directors, it is essential for the people who directly operate in the risk areas to do the calculations in regards to costs that occurrence and mitigation of risks is likely to cause and make a presentation for approval to the board of directors. This is in order to avoid financing and underfinancing issues relating to risk management and mitigation. Which can be very detrimental to an organization’s goals and objectives.
During the meeting taking into consideration, the various issues tackled, presentations made by various members and the issues made by various members various decisions were made. The members fully acknowledged and approved the risk management process with just a few amendments here and there.
In regards to the consideration of inclusion of technological risks in risks that are likely to affect the organization, the members unanimously agreed that technological risks can be detrimental to an organization when they manifest and therefore they all agreed that it should be included in the potential risks that are likely to affect the organization’s course.
The issues raised by Jelly raised a hot debate, but after thorough evaluation and consideration, the members agreed that it should be the work of personnel especially the operations and finance manager to develop and calculate the costs that are associated to risks to be presented to the board of directors for approval. It was therefore decided that during the next meeting, a presentation should be made in regards to the costs associated with risks.
Documents provided / circulated
Presentation of supporting documents is an integral part of a successive meeting. During this meeting, various documents were circulated in order to provide summarized and easily conceivable information to the members. These documents include the table of stakeholders, the risk assessment table, risk management plan, and the action plan.
The Table of Stakeholders
The table of stakeholders provided brief information in regard to the stakeholders involved in the risk management process, their role and what is at stake for them in the whole process.
The Risk Assessment Table
The risk assessment table provides conceivable information in regards to the impact and consequence of risk and the likelihood of a particular risk occurring.
The Risk Management Plan
The risk management plan provides summarized information on measures that be put in place to mitigate various risks.
The Action Plan
The action plan brings into perspective actualization of risk management. It indicated who will be involved in the whole process and their roles. It brings into perspective how documents will be stored and filed and how sustainability will be achieved.
Next Meeting
After the operations manager concluded the meeting, all the members present unanimously agreed to schedule the next meeting to be held on the 15th December 2018 the same venue.
Anderson, S., & Felici, M. (2012). Emerging Technological Risk: Underpinning the Risk of Technology Innovation. Springer Science & Business Media.
Greiman, V. (2013). Megaproject Management: Lessons on Risk and Project Management from the Big Dig. John Wiley & Sons.
Hillson, D. (2012). Managing Risk in Projects. Gower Publishing Ltd.
Hillson, D. (2012). Practical Project Risk Management: The ATOM Methodology. Berrett-Koehler Publishers.
Project Management Institute. (2009). Practice Standard for Project Risk Management. Project Management Institute.
Zisa, L. (2011). Assessing the Risk Management Process in the Banking Industry. GRIN Verlag.

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