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Management
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Risk Management Process Management Research Paper Essay (Other (Not Listed) Sample)

Instructions:

You are the Operations Manager of “Sparkle” a cleaning chemical - manufacturer and distributor, based
in Sydney.
Sparkle started as a family owned business by the Shields family. The company commenced business in
1996 and manufactures cleaning chemicals for the healthcare and food manufacturing industry.
Sparkle is an Australian owned business that is established to manufacture chemical supplies that offer:
✓ Good quality customer service,
✓ Products delivered a high standard of performance
✓ As well as value for money.
Currently the company employs the following staff: Accounts Manager, Marketing Manager, Marketing
Assistant, Sales Manager, four customer service representatives,10 x contract factory chemical workers,
Office Manager and Administration Assistant, Operations Manager, as well as the CEO and two
shareholders.
The company currently has a risk management policy and procedure in place that incorporates the
AS/NZS ISO 31000:2009 Risk Management Principles and Guidelines.
Currently the business has its headquarters in Sydney with a warehouse/depot in Brisbane and
Melbourne.
They are starting to grow and having difficulties fulfilling the orders directly from the warehouse.
Storage of the chemicals is also becoming a growing problem.
Staff are becoming overwhelmed with in-store orders and deliveries from the
headquarters/manufacturing plant to the warehouse as well as customer orders are becoming delayed
due to transport issues and in-house manufacturing problems at Sydney.
Customer complaints are starting to increase from late deliveries and poor customer service.
The factory workers in the headquarters are all contractors and there are issues concerning training as
well as recruiting suitably qualified staff.
As the operations Manager you have analysed these issues and are ready to share your findings with
the CEO in an upcoming committee meeting.
Assessment Resource | BSBRSK501
BSBRSK501 – Assessment Tool –Student copy
Version 2.0
CRICOS No. 036648 RTO No. 45316 Page 4 of 40
You are required to address the following questions in the form of a report. At the end of the report you
will invite the CEO and the risk management committee to a meeting to gain their support and approval.
This will be demonstrated in a role play in Assessment 2.
1. Define the term ‘risk’
2. List the different types of risk management categories. (What different types of risks need to be
considered?)
3. Identify at least 3 different categories of risk management that will apply directly to the case study
(Sparkle).
4. What is the purpose of risk management? List and describe the key elements of risk management.
5. Why is it important for organisations to have policies, procedures and processes in place for risk
management?
At a recent board meeting, the two external company shareholders and the CEO discussed options for
expanding the business.
Strategic priorities focus on business diversification and growth. Reducing costs and minimising risks.
Specifically, their objective is to increase market share by 10% and to expand the existing product range
to attract more customers.
The current business has always been a “bricks and mortar’ business with stores/warehouses in major
capital cities but now are considering shifting to an online order system.
including creating an online ordering site and customer portal to check and track deliveries.
Due to rising costs the business is considering importing from China one of the biggest selling products
instead of manufacturing on site in Sydney.
The CEO has asked you to investigate all the risks and rewards by undertaking a risk analysis
The CEO and shareholders are keen to get the business expansion started as soon as possible so you need
to get your risk management plan in place immediately.
Assessment Resource | BSBRSK501
BSBRSK501 – Assessment Tool –Student copy
Version 2.0
CRICOS No. 036648 RTO No. 45316 Page 4 of 40
6. What does the term scope mean in relation to a risk management policy?
7. What is the scope of ‘Sparkles’ risk management plan?
8. Describe some of the legislation that ‘Sparkle’ would need to adhere to? – relate your responses to
risk.
9. Document critical success factors, goals or objectives included in the scope of this case study.
10. Which ‘Standard’ relates to risk management? What is the purpose of thisstandard?
11. Conduct your own research and provide an example of a ‘Standard’ that is relevant to the industry
that the case study ‘Sparkle’ operates in.
12. For the case study – list and describe the INTERNAL stakeholders
13. List and describe the EXTERNAL stakeholders.
14. What does the acronym PESTLE stand for?
15. Conduct a PESTLE analysis for ‘Sparkle’ providing at least 2 examples for each component. Make
your responses detailed explaining your reasoning.
16. Prepare a SWOT analysis on the company’s current situation in relation to risk management.
Present your SWOT analysis in the standard presentation quadrant. Give at least 3 examples for each

source..
Content:

Assessment 1:
Case Study
1 Define the term ‘risk’
Risk:
Risk is the chance of something wrong happenings to the desired result, which is measured in terms of its likelihood and consequences. In business, risk management is characterized as the way toward recognizing, observing, and managing the expected risk to limit the adverse effect on an association. Such as potential risks cover security penetrates, cyber-attack, critical information loss, system failure, etc. A viable risk management procedure will help distinguish which dangers represent the greatest danger to an association and guide to mitigate their effects on the organization.
2 List the different types of risk management categories. (What different types of risks need to be considered?)
Following are the possible different types of risk management category:
* Strategic Risk
* Inflation Risk (Financial risk)
* Interest Rate Risk (Financial Risk)
* Liquidity Risk (Financial Risk)
* Market Risk
* Opportunity Risk
* Tax Risk
* Compliance Risk
* Governance Risk
* Operational Risk
* People Risk
* Currency Risk
3 Identify at least 3 different categories of risk management that will apply directly to the case study (Sparkle).
* Compliance Risk
* Currency Risk (Foreign exchange risk)
* Operational Risk
Business is considering to import one of the biggest selling product from China include the risk of compliance with the laws and regulations related to the import. This also have currency risk as an exchange rate fluctuation.
The factory workers in the headquarters are all contractors and there are issues concerning training as well as recruiting suitably qualified staff.

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