Develop a risk management and contingency plan for all your

Assignment Detail:- BSBFIM601 Manage finances Learning Outcome: Develop and submit your annual budget as outlined above Assessment Part 1: PART A - For this assessment, students are to utilise the data in the Appendices regarding Ed's Whitegoods- The trainer can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc- Students are to undertake the following:• List all personnel you would consult with in order to gain adequate advice prior to commencing your reports-• Consult with your instructor to determine management requirements• Prepare a 1-year budget & projected financial statement including:- Sales forecast, taking into account additional information in Appendix 5- Estimated expenses / inventory costs- Estimated profits• Ensure report layout and format comply with management information requirements, are clear and error- free Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget- Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures- Any liaison with the proprietor of the business to determine milestones, policies, goals etc- should be carried out with your instructor, who will role play the relevant parts- PART B - Now you are to take your completed budget and arrange an appointment with your trainer, who will role- play a finance specialist- In this meeting, you are to• Manage the meeting direction and progress• Discuss with the finance specialist the aspects of your budgets / financial plans -the package-• Have your package reviewed, ensuring your validate your reasons and proposals• Amend / revise your package as appropriateYou must now:• Detail in writing all delegations and budget accountabilities for implementation and management of your package• Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your plans-• Develop a risk management and contingency plan for all your proposed financial plans; along with a policy and procedure to be followed when implementing these plans• Develop a policy and procedure that outlines proper maintenance of records of financial performance and provides for evaluation of the effectiveness of your financial management process  

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