Risk analysis and management plan
1. Using the case study information provided in this assessment and in Assessment Task 1, develops a report for your manager (assessor) with the headings as described below:
a. Likelihood – For each risk, assess the likelihood of the risk occurring. Banking risk – theft of cash left on premises. More likely to be cross the border. Manager’s travel risk. The manager may have physical risk but not horrible. By-law Compliance risk – reputation/brand loss and fines. This will happen when the organization made terrible mistakes and will be huge damage.
b. Consequence – For each risk, assess the consequence of the risk occurring. Banking risk- it is very important for business especial the business is small and need debt to turn over the money, that will leads the normally operation. Manager’s travel risk- the manager is in the higher position of the organization however the company should find another one to instead of. By-law Compliance risk- that is public credit and will make significant influence to the company. There may be having some ways to solve the problems.
c. Priorities – Use a risk calculation table to assist in prioritising the risks. Banking risk- very important
Manager’s travel risk- less important
By-law Compliance risk- medium important
d. Options – For each prioritised risk, outline at least two suitable options for treating the risk. Banking risk- supervisor acceptance to make sure the fund will fill with the correct using, bank review to supply a safer and easy way with managers with and financial transaction. Manager’s travel risk- the organization will have second manager for any reason the official manager cannot going on. Also the organization should limit the mangers’ power to protect the company under safe control. By-law Compliance risk- The organization should do all the processes under law and consider customers’ rights. Also the organization should have legal cunsel to prevent...
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