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Sample on Risk management

The risk Context

There are different type of risk that the organization has to deals in order to provide safe working environment to employees (Benson,  Lorenzoni and Cook, 2016). The purpose of risk management plan is to guide the project management team for all the process of managing project risk. It covers the identifying the risk, analysing the risk, responding and controlling the risks.

SmarTech organization is an Australian technology company which cells smartphone and tablets. The organization make lower cost product which is manufacture in China. In the organization. There are different type of risk which company can face such as information risk, operational risk technological risks . The main category of risk which is considered by Smartech are as follows:

  • Compliance: such as introduction of new health and safety legislation.
  • Operational: for instance breaking down of key equipment  
  • Financial: for instance, increase in interest of business loan,
  • Strategic: entering of new competitor in market.

Other risk such as flood, natural disaster, political and economic instability. Along with this employees safety and health and safety risk.

Stakeholder analysis

There are different stakeholder type of internal and external stakeholder who are involved in risk management process.

Stakeholder analysis is the techniques which help to identify the important stakeholder of an organization.

Internal stakeholder are those who participate in the co ordination, funding and resourcing and publication of the strategy from a local health and well being partnership (Sano, Amarasiri and Katayama, 2016.). On the other hand external stakeholder are those who are engaged in contributing their views and experience at the time of carry out business activity.

Industry analysis

By conduction PEST analysis company can easily identify its external risk factor in order to carry out its business activities.

  • Political factors: Political factor impact organization revenue because it government charge high tax rate then it impacts profit of SmarTech organization.
  • Economic factor: In economic factor it includes high inflation rate and increase in interest rate which impact organization profitability. Further, at the time of high inflation rate spending power of people goes down which impact sale of SmarTech organization.
  • Social factor: In social factor it includes change in needs and demand of customer which impact organization sale as well as profitability. In modern era, needs and demand of people changes and it make difficult for an organization to make product according to the needs and wants of customer regularly.
  • Technology: Technology play significant role in reducing the cost of production and help in increasing the productivity.

Strength and weakness of current arrangements

The SWOT analysis assist in providing direction in the development formulation and assessment of risk management plan. Further it helps in identifying any obstacles which can be obtained at the of carrying out risk assessment.

Critical success factor

The five critical success factor at the time of launching new product of Smartech organization is as follows:

  • Revenue of the organization increases by selling its new product.
  • Smartech target youngest who come under age of 18 to 25 for selling its new product
  • Company used different promotional activity for attracting large number of customers.
  • Increased in market share through targeting current customers.
  • Achieve order fulfilment excellence through on line process improvement

Initial meeting with CEO

In initial meeting CEO has informed that Smartech is making new product for its customer for this purpose it can manage risk at the time of facing issues related to product and services. For this purpose, stakeholder analysing help in identifying company internal and external stakeholder whose decision support in risk management plan (Newton, 2016.). Further, Smartech is facing risk related to new technology which is adopted by its competitor. From the industry analysis it has been identified that company there are some political and technological factor which is impacting organization profitability and sale. Along with this, strength of organization supports in making new product and help in enhancing the sale.

Identify risks

There are different type of risk which are associated with an organization some of them can identify by using root cause and fish bones
With the help of root cause formula company can easily identify risk which is associated at work place. It provides information related and root source category provide meaningful feedback. In this risk is identified by using different activities. For the work health and safety company can ask from employees. Further, there are different type of root cause which can be used for identifying different type or risk.

Secondly company can have used fish bone diagram in order to identify risk at work place and at operational area. Further organization can work with major factor which are associated with company (Sano, Amarasiri and Katayama, 2016.). Then Smartech can identify possible causes for each of the factor which it considers in second step. Further it can show possible causes with the short line coming of the bones of the diagram. The causes can be large or complex it can show from line coming off each cause line.

In last step company need to analyse the diagram in order to get possible outcomes of the problem.

Interim meeting with the CEO

From the above risk assessment it has been identified that there is are two risk which are associated with the work place that is health and safety of employees and technological risk. This risk is find out through the help fish bone diagram and root cause analysis. Further, company need to take some step in order remove risk from workplace. Further if step are not taken on time then it impacts organization productivity and sale (Sadgrove, 2016). Further it also impacts way of working of employees. Hence, company need to take some step in order to remove risk from work place in order to make good reputation in market and to enhance the sale and profit of an organization.

Risk analysis and evaluation

There is great negative impact of identified risk on the cited organization that is if risk is associated with workplace then employees may get harmed at the time of workings. Along with this lack of use no new technology Impact the sale and profit of an organisation. Further it can be said that if company not remove risk from work place then employees may leave the job because they not like to work in those organization where risk is high

References

  • Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
  • Sano, D., Amarasiri, M., and Katayama, H., 2016. Risk management of viral infectious diseases in wastewater reclamation and reuse: Review. Environment international, 91, pp.220-229.
  • Kuklicke, C. and Demeritt, D., 2016. Adaptive and risk-based approaches to climate change and the management of uncertainty and institutional risk: The case of future flooding in England. Global Environmental Change, 37, pp.56-68.
  • Newton, R., 2016. Project management step by step: how to plan and manage a highly successful project. Pearson UK.
  • Benson, D., Lorenzoni, I. and Cook, H., 2016. Evaluating social learning in England flood risk management: an ‘individual-community interaction’perspective.
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