Risk Man Project

Topics: Risk management, Management, Economics Pages: 8 (2303 words) Published: May 18, 2013
Describe the organisation’s current risk management policies, procedures and processors and comment on the strengths and weaknesses of these arrangements?

The strength of these processes and policies is that it very simple, to the point and covers itself in most areas.

The weaknesses of the policies and process is very brief and doesn’t give any definitions on what the descriptions in the flow chart boxes mean in great detail. It would be therefore a lot of emphasis on the training in order to understand what the diagram means in full. I think that this is a weakness to rely only on the training instead of defining these items on the diagram as a reminder for all employees.

Describe the scope for risk management process that you will conduct – explain why you decided upon this scope?

The scope for risk management process that I will conduct is on Workplace Health and Safety (WHS). The reason why I have decided on this scope is because it is extremely important to the health and safety of employees and clients. I have read on the Safe Work Australia that as of the 6th of May 54 Australians have been killed at work so far this year. We have many people who are on work cover benefits see the practitioners at the clinic and it is interesting to hear how easily preventable most of the incidents generally are.

Discuss the impact that each of the following has to the organisations approach to risk management?

Political environment:
Federal, state, local, and foreign governments are major regulators, deregulators, subsidizers, employers, and customers of organizations. The growing interdependence among economies, markets, governments, and organizations underscores the importance of considering the political variables affecting the beginning, development, and operation of any business. Existing and potential developments that governments influence including: tax laws, trade quota and restraints, regulatory framework, industry subsidies, investment incentives, local content manufacturing requirements, regulated pricing, trade agreements, economic treaties, and bureaucratic processes are major political realities that must be taken into account when planning for a business. National political stability is also a key consideration. The complexity of today's political landscape is exactly the reason why strategists now spend more time anticipating and influencing public policy actions. Entrepreneurs make sure that they have more time meeting government officials, attending government-sponsored conferences, rendering public speeches, issuing press releases, and becoming visible in trade groups, industry associations, and other congregations where updated political developments can be learned. Economic climate:

Economic analysis, a comprehensive study of national, regional, and global economic performance and trends, represents a highly important phase of strategy development for planned, start-up, and growing businesses. Economic factors have direct impact on the potential attractiveness of various business ventures. Economic analysis yields indications on numerous variables such as: shifts in nature of economy, availability of credit, level of disposable income, spending propensity of people, interest rates, inflation rates, government deficits, gross domestic product trends, consumption patterns, unemployment trends, foreign currency fluctuations, stock market trends, demand shifts in various products and services in different locations, import and export trade, price indexes, monetary policies, fiscal policies, and tax rates, including economic policies of other countries. The world economies have suffered extended severe distortions. As a result, businesses floundered and resorted to manpower cutbacks, with several thousands of small, medium, and big enterprises forced by economic circumstances to close. The housing meltdown is a clear example of how adverse economic factors could bring down huge businesses and...
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