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Assessment 2 – Case StudyCASE STUDYBackground InformationRisk AssessmentAs 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 hotel2. Two 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 condition3. There is a transport strike called for tomorrow and, due to your city location, more than 75% of your workforce is public transport reliant4. 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 forthis week and the occupancy rate dropped by 22% overnight5. 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 revenue6. 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 consultationB. 1.1 Determine scope for risk management processDeveloped a scope for their Risk Management Plan which included:The following areas were included in their scope Approximate word count waspurpose of this risk management process 25 wordsoutcomes required minimum 3, 50 wordsdescription of what the project includes and excludes 50 wordsthree main organisational units that will be affected by the process Not criticalexplaination on why these organisational units will be affected by the process 15 words/organisational unittwo constraints that must be considered when undertaking the process Not critical1.2 Identify internal and external stakeholders and their issuesStakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder xRoleInternal/ExternalInterestsContributionLevel 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 communicationFrequencyIssues if not involved1.3 Review political, economic, social, legal, technological and policy contextDimension Sample areas to coverSocial •Technological •Economic •LegalPoliticalPolicy •Government Policy Organisational Policy• •1.4 Review strengths and weaknesses of existing arrangementStrengths ContributionWeakness Recommendation1.5 Document critical success factors to achieve objectivesCSF 1CSF 2CSF 3CSF 4CSF 51.6 Create Communication Plan to obtain support for risk management activitiesStakeholder 1 Stakeholder 2 Stakeholder 3 Stakeholder 4 Stakeholder xOutcomesKey Message BenefitsImpactRoleChannelResponsibleWhen/Frequency1.7 Communicate with the Risk Manager and Obtain Support.Attach the email exchange with the manager.1.8 Provisions for maintaining a risk registerRisk ID Risk Risk Area Risk Owner Risk Status2.1 Research risks that may apply to scopeRisk ID Risk Risk AreaInsert your answers into the Risk Assessment Plan template.2.2 Use tools and techniques to generate a list of risks that apply to the scopeInsert 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 risksUpon 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 risksInsert your answers into the Risk Assessment Plan template.Risk assessment plan sample.Risk ID Risk Risk Area Likelihood Impact ConsequenceOP-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 treatmentInsert your answers into the Risk Assessment Plan templateRisk ID Risk Risk Area Likelihood Impact Consequence Risk Ranking Risk LevelCM-02 Competitor innovation CommercialMarket Almost Certain Extreme Will increase the bargaining power of buyers and cause loss of customers 45(Almost CertainXExtreme)(5 x 9) = 45 Catastrophic4.1 Create the Risk Treatment and Action PlanInsert 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 MeasuresActions to be Taken Monitoring Procedures Responsible Person Timeline4.2 Create an Implementation PlanInsert your seven critical activities here:184.108.40.206.5.6.7.Insert your flowchart here:4.3 Communicate risk management processes to relevant partiesIn 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 processRefine 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 onlyRisk Area Example of change in dynamicsFinancial • •WHS • •Commercial • •Operational • •Technology • •Schedule •External Environmental • •Risk EvaluationThe 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:PresentationMake a short 10 Minutes PowerPoint presentation Explaining Risk Management process of your organisation for Training and coaching purpose.
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