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BSBRSK501 Manage Risk Assessment Task 3

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Plan

  1. Banking risk–Likely hood is minor where the consequence is extreme and the priorities is likely and risk is high and the option making it a company policy to bank every day and eliminate the need to carry overnight. And ensure overnight cash holding.
    1. Insurance on ‘cash on premises’.
    2. Open an account with closest bank.
    3. Policy and procedure requirement to bank daily.
  2. Manager’s travel risk–in manager travel risk likely hood will be tiredness injury death(likely) and the consequence is moderated and even priorities is moderate and risk is high.
    1. Management meetings to finish 3:00pm.
    2. Install teleconferencing.
    3. Management training shift to morning half day sessions.
  3. By-law Compliance risk –the likely hood is moderate where the consequence is major and priorities moderate and where risk extreme.
    1. Apply for time to ‘make good’.
    2. Policy and procedures to change work practices.
    3. Install water saving devices such as native plants, tank, dual flush toilet systems, 5-6 star (WELS) dishwasher.

Implementation

  1. Banking risk –theft of cash left on premises.
    1. The financial controller had taken out $5,000 the insurance cover on cash held on premises overnight from the opening week as planned.
    2. The company bank account was opened about 4 weeks opening at the bank two shops down the street.
    3. The training on daily banking has been successfully completed.
  2. Manager’s travel risk–physical injury –initially rated as extreme.
    1. The weekly management meetings are finishing close to 3:00pm.
    2. The assistant management training has been shifted to the mornings allowing the manager to leave before 1:00PM.
  3. By-law Compliance risk –reputation/brand loss and fines –initially rated as high.
    1. An external audit was completed and presented to the board 6 months after settlement.
    2. The board and CEO included a new policy regarding compliance with the Toowoomba by-law on water conservation.
    3. The plants have been changed to natives.
    4. The dual flush toilets are ordered and in stock.
    5. The 5 star rated (WELS) dishwasher was installed.
    6. The application to make-good by Goldsmith Partners on behalf of Mac Ville, was accepted by the Toowoomba City Council.
    7. There has been one internal audit arranged by the store.
    8. A water tank had been built in to the courtyard.
    9. There is a weekly water usage monitor in the staff room

Outcomes :

  1. Banking risk–theft of cash left on premises –initially rated as moderate now low due to insignificant consequence (insurance cover) and ‘unlikely’ likelihood because cash rarely kept on the premises.
  2. Manager’s travel risk –physical injury –initially rated as extreme still high. Likelihood reduced to rare with the change in time travelled.
  3. By-law Compliance risk –reputation/brand loss and fines –initially rated as high now moderate due to unlikely likelihood with the installed water saving devices and processes.

Evaluation

  1. Banking risk –theft of cash left on premises –initially rated as moderate reduced to low. Could be made more effective by 100% compliance with the daily banking directive and removal of expensive insurance on overnight cash on premises.
  2. Manager’s travel risk –physical injury -initially rated as extreme and reduced to high because of the continued travel. Introduction of tele-conferencing would reduce this risk to nil. CEO should provide an excusal letter to ensure the manager leaves at the appropriate time.
  3. By-law Compliance risk–reputation/brand loss and fines -initially rated as high and reduced to moderate but could be reduced again to low by having Brisbane plumbers install the tank and the dual –f flush toilets in the next 14 days. Monitor should be constantly updated to keep staff motivated and a procedure should be written. More internal audits are required.

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