Addresses Four Major Risk Issues As Shown †Myassignmenthelp.com

Question: Explain Addresses Four Major Risk Issues As Shown? Answer: Introducation The plan was based on the risk analysis results. The plan addresses four major risk issues as shown below; Banking Risk- Although the staff completed the cash register and bank deposit form daily, banking of the money was not done on a daily basis. The business had no safe and kept $ 4000 at the premises was risky. The organization passed a policy to bank the money every day to eliminate the risk of theft (CMC, CPCM, Conrow, 2003). No written policies to guide the staff to complete the tasks- Manager used verbal instructions to guide the employees. Staff forgot the instructions after a few days. The company decided that it was time to offer staff with written manual on applicable procedures and policies (Rejda McNamara, 2013). Use of water- The Company was spending a lot of money on water. A lot of consumption came from the dishwasher currently used. To improve water efficiency, the store manager planned to install native plant, water tank, and dual flush and lastly replace the current dishwasher (Crouhy, Galai, Mark, 2014). Managers travel risk- The manager is spending a lot of time and resources to travel from Toowoomba to Brisbane to attend meetings on a weekly basis. There is a high risk of being involved in accident considering the nature of the road. The Company is planning to install broadband in its premises to allow the manager participate in the meetings via video conferencing (Coleman, 2011).Implementation Banking risk- The bank account was opened as planned at the MacVilles regular bank. The MacVille Store has been banking the money on a daily basis for the past four weeks. Written policies for the staff- Although the CEO and the Board of Directors come up with new policies to govern the employees and compliance of water conservation. However, the particular procedures and policies have not be written yet (Newton, 2013). Use of water-First, the native water plant has already been installed. Second, the dual-flush has not been installed. Third, The WELS dishwasher was installed as planned. Lastly, the water tank has been built although the plumbing is yet to be completed. Managers travel risk- The teleconferencing is yet to be installed because of delay from the National Broadband Network. The manager continues to travel to and fro the meetings (Kamiya, Shi, Schmit, Rosenberg, 2007). Outcomes From the implementation of the proposed risk reduction mechanisms, the following outcome can be seen. Banking Risks- The theft risk that was arising from leaving $4000 overnight at the store has been minimized. Apart from insuring the cash left at the premises, the Store has already opened a bank account with the MacVilles regular bank. In the past six months, it is only on two occasions was the sales not banked because of a busy schedule (Crouhy, Galai, Mark, 2014). Written policies for the staff- Written policies and procedures especially on governance of the employees and water usage are not yet there. Employees still rely on verbal instructions from the management. Likewise, original employees are the ones supervising the new employees. However, they have failed to explain to the new employees on the importance of complying with the Company policies. The risk is still there (Coleman, 2011). Use of water- The risk has been reduced because more water usage has reduced by installing a native plant and WELS dishwashers. However, both the dual flush and water tank are still not functional. Although the risk has been reduced, it still exists. Managers travel risk- Nothing has improved, the manager still has to travel to the meetings. He has to wait until the meeting is over to travel back to the Store. The manager can still suffer injuries in the case of accident occurs during his travel (Rejda McNamara, 2013). Evaluation Risk Assess before implementation Assess after implementation Effective management method Banking Extreme Rare The risk has been extremely reduced. The sales staff has been trained on the importance of banking the daily sales. The practice has been effective for the past six months. It's only on two occasions that money was not banked. The money has also been insured against theft. Written policies Medium Medium The policies has not been written. The new employees are not compliant with the company policies. The policies and procedures should be written. Use of water Medium Low The plumbing soon be completed to allow water harvesting. Likewise, the dual flush should be installed as well. Managers travel High High The manager is still at risk of suffering injuries if an accident occurs during the travelling. The Store should look for an alternate provider of broadband if the Federal government is still lagging behind. The teleconferencing system should be implemented soonest. References CMC, CPCM, Conrow, P. E. (2003). Effective Risk Managemen. New Jersey: AIAA; 2nd edition. Coleman, T. S. (2011). A Practical Guide to Risk Management. New York: Research Foundation of CFA Institute. Crouhy, M., Galai, D., Mark, R. (2014). The Essentials of Risk Management. New York: McGraw-Hill Education. Kamiya, S., Shi, P., Schmit, J., Rosenberg, M. (2007). Risk Management Terms. University of Wisconsin-Madison: Actuarial Science, Risk Management and Insurance Department. Newton, P. (2013). Managing Project Risk. New Jersey: Bookboon.com. Rejda, G. E., McNamara, M. (2013). Principles of Risk Management and Insurance. Paris: Pearson Series.