Recent Question/Assignment

Assessment 2 – Case Study
CASE STUDY
Background Information
Risk Assessment
As the General Manager of the OceanShores Group, you are constantly required to identify, assess and manage real and potential business risks.
Today your desk has on it:
1. An urgent advice from a credit card company about a team of con- artists who are targeting major hotels in a credit card scam. They have so far been able to fraudulently obtain $880,000 of credit and the last activity was in a nearby hotel
2. Two hours ago the kitchen served a meal containing peanut oil to a customer with a severe nut allergy, despite the wait staff having written the food allergy on the docket and telling the cooks about it when ordering the meal. The customer had to be rushed to hospital after exhibiting a severe anaphylactic reaction and is still in a serious condition
3. There is a transport strike called for tomorrow and, due to your city location, more than 75% of your workforce is public transport reliant
4. In today’s newspaper are reports of a major health issue in Asia which has immediately halted inbound tours from all major airports. It is likened in severity to a similar event 2 years ago which dropped your occupancy rate by 25% for 2 full months. You have already had bulk cancellations for
this week and the occupancy rate dropped by 22% overnight
5. A former employee who is now managing a nearby hotel has been systematically poaching key supervisors and successfully offering them employment. You also suspect that they have copied your database as they have been able to effectively target and win function bookings from your regular client base. The functions they are winning are ones held on a monthly basis that have been a mainstay of your functions revenue
6. You are seriously understaffed in the Bar department and have not been able to attract appropriate responses to the advertised positions for over three months.
A. Develop a risk management process for each scenario which could be, ultimately, used for future assessment of business risks as these may arise. The following aspects need to be included:
• Using a four stage hierarchical process, discuss how you would conduct today’s risk assessment and prioritise the management and minimisation of all these risks.
• Include at least 2 different techniques for assessing the above risks and document the processes you used for each risk scenario.
• Determine the risk level for each risk.
• Detail the contingency plans you would develop and who you would call upon to assist you to deal with all these issues in an effective and timely manner.
• Which legal aspects need to be considered or addressed?
• Which insurance options are there if any?
Structure:
• Use or construct a risk management document to analyse the risks
• Identify the stakeholders which would be involved for each scenario
• Establish criteria for ranking the risks in order of importance
• Determine which risks must be treated immediately and which low-level risks can be monitored
• Assess the capabilities of the business for handling the risks
• Determine how to implement risk control measures for the identified risks
• Document the processes including provisions for communication and consultation
B. 1.1 Determine scope for risk management process
Developed a scope for their Risk Management Plan which included:
The following areas were included in their scope Approximate word count was
purpose of this risk management process 25 words
outcomes required minimum 3, 50 words
description of what the project includes and excludes 50 words
three main organisational units that will be affected by the process Not critical
explaination on why these organisational units will be affected by the process 15 words/organisational unit
two constraints that must be considered when undertaking the process Not critical
1.2 Identify internal and external stakeholders and their issues
Stakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder x
Role
Internal/External
Interests
Contribution
Level of Influence
(Low, Medium, High)
Level of Importance
(Low, Medium, High)
Level of Interest
(Low, Medium, High)
Priority
(1, 2, 3, 4, 5, …, n;
1 being the highest)
Method of communication
Frequency
Issues if not involved
1.3 Review political, economic, social, legal, technological and policy context
Dimension Sample areas to cover
Social •
Technological •
Economic •
Legal
Political
Policy •
Government Policy Organisational Policy
• •
1.4 Review strengths and weaknesses of existing arrangement
Strengths Contribution

Weakness Recommendation

1.5 Document critical success factors to achieve objectives
CSF 1
CSF 2
CSF 3
CSF 4
CSF 5
1.6 Create Communication Plan to obtain support for risk management activities
Stakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder x
Outcomes
Key Message Benefits
Impact
Role
Channel
Responsible
When/Frequency
1.7 Communicate with the Risk Manager and Obtain Support.
Attach the email exchange with the manager.
1.8 Provisions for maintaining a risk register
Risk ID Risk Risk Area Risk Owner Risk Status

2.1 Research risks that may apply to scope
Risk ID Risk Risk Area

Insert your answers into the Risk Assessment Plan template.

2.2 Use tools and techniques to generate a list of risks that apply to the scope
Insert your Survey Question and Summary here:
Insert your risks into the Risk Assessment Plan template.
2.3 Communicate with the Risk Manager in the identification or risks
Upon the receipt of the feedback from your Risk Manager (your Assessor), make the necessary adjustments to your Risk Assessment Plan. Also, attach the email exchange with this manager.
3.1 Assess likelihood, impact and consequence of risks
Insert your answers into the Risk Assessment Plan template.
Risk assessment plan sample.
Risk ID Risk Risk Area Likelihood Impact Consequence
OP-01 Cost overrun Operational Likely
(4) High
(7) Unexpected operational costs will cause scope creep and significant delays in product launch.

3.2 Evaluate and prioritise risks for treatment
Insert your answers into the Risk Assessment Plan template
Risk ID Risk Risk Area Likelihood Impact Consequence Risk Ranking Risk Level
CM-02 Competitor innovation Commercial
Market Almost Certain Extreme Will increase the bargaining power of buyers and cause loss of customers 45
(Almost Certain
X
Extreme)
(5 x 9) = 45 Catastrophic

4.1 Create the Risk Treatment and Action Plan
Insert your responses into the Risk Treatment and Action Plan template provided in the following page:
Risk ID Risk Risk Area Priority Risk Treatment Root Causes Risk Control Measures
Actions to be Taken Monitoring Procedures Responsible Person Timeline

4.2 Create an Implementation Plan
Insert your seven critical activities here:
1.
2.
3.
4.
5.
6.
7.
Insert your flowchart here:
4.3 Communicate risk management processes to relevant parties
In this task, you will interact with two stakeholders, CEO and CRO, to gain input and finalise the risk management process.
4.4 Monitor and evaluate the outcomes of the risk management process
Refine your Risk Management Plan in accordance to the feedback provided by the stakeholders.
This update will involve revising your Risk Assessment Plan and the Risk Treatment and Action Plan.
Once this update is done, write your summary of evaluation here:
Sample only
Risk Area Example of change in dynamics
Financial • •
WHS • •
Commercial • •
Operational • •
Technology • •
Schedule •
External Environmental • •
Risk Evaluation
The following refinements are required in my Risk Management Plan:
My recommendations are as follows:
Please add asper your Case Study
• operational risk:
• WHS risk:
• financial risk:
The risk audit process needs further work:

Presentation
Make a short 10 Minutes PowerPoint presentation Explaining Risk Management process of your organisation for Training and coaching purpose.

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