Manage Risks
Manage Risks Project
Part 1
Plan for enterprise risk management
Current risk management policies
The scope I have chosen is to look at the organisation as a whole; I have chosen this as it gives me a learning tool of what the risks of the entire company are.
* Political environment - this can affect taxes, laws and regulations that we have to consider during risk management. This can also affect things such as international trade and supplier selection * Economic climate – The current economic climate is seeing a downturn in retail spending, so this will affect the company’s budget/sales forecast, and customers. * Social factors – Our Company maintains its stance on ethical work practices, by ensuring all of our suppliers, service providers meet global ethical standards. * Legal factors – We need to consider such things as OH&S, fair trading, importing/exporting, equal opportunity, fair work Australia, and Common law when approaching risk management. * Technological advancements – We need to keep up to date with technology to ensure we can communicate with our customers (EDI – Electronic Data Interchange orders) or they will not use us as a supplier. We also need to constantly update our systems to ensure the efficient running of the organisation as all of our orders entered into our IT system. * Policy context –
The critical success factors for this risk management program are: Communication, Research, commitment, and prioritisation of risks. The goal of the Risk management program is to be aware of any potential risks, prioritise the risks, eliminate/reduce the risks and put in an action plan in case of a risk becoming a reality.
I will communicate to the stakeholders via our monthly board members meetings. I will write up policies and procedures regarding risk management and give to all team leaders/managers.
Once I have received my findings of the risk assessment, I will document the findings and make them available to all staff
Part 1
Plan for enterprise risk management
Current risk management policies
The scope I have chosen is to look at the organisation as a whole; I have chosen this as it gives me a learning tool of what the risks of the entire company are.
* Political environment - this can affect taxes, laws and regulations that we have to consider during risk management. This can also affect things such as international trade and supplier selection * Economic climate – The current economic climate is seeing a downturn in retail spending, so this will affect the company’s budget/sales forecast, and customers. * Social factors – Our Company maintains its stance on ethical work practices, by ensuring all of our suppliers, service providers meet global ethical standards. * Legal factors – We need to consider such things as OH&S, fair trading, importing/exporting, equal opportunity, fair work Australia, and Common law when approaching risk management. * Technological advancements – We need to keep up to date with technology to ensure we can communicate with our customers (EDI – Electronic Data Interchange orders) or they will not use us as a supplier. We also need to constantly update our systems to ensure the efficient running of the organisation as all of our orders entered into our IT system. * Policy context –
The critical success factors for this risk management program are: Communication, Research, commitment, and prioritisation of risks. The goal of the Risk management program is to be aware of any potential risks, prioritise the risks, eliminate/reduce the risks and put in an action plan in case of a risk becoming a reality.
I will communicate to the stakeholders via our monthly board members meetings. I will write up policies and procedures regarding risk management and give to all team leaders/managers.
Once I have received my findings of the risk assessment, I will document the findings and make them available to all staff