Identify and describe the critical success factors, goals


You are required to read the following case study assuming yourself as a professional having capabilities of managing risks. You are also required to draft your report in the following format:

- Identify the scope of risk.
- Identify and describe the critical success factors, goals or objectives for areas included in scope
- Identify internal and external stakeholders, their role in the process, and any issues or concern they have. Present this using the table format provided.
- Complete a PEST analysis and a SWOT analysis for risks associated with the scenario.
- Complete the analysis of risk by summarising the associated risks, accompanied by checklists, diagrams or flowcharts that support the draft report.
- Outline the purpose and key elements of current risk management standards
- Outline the legislative and regulatory context of the organisation in relation to risk management
- Outline organisational policies, procedures and processes for risk management.

You are also required to meet your trainer/assessor to highlight your understanding and findings. You are also required to report on how you will communicate with stakeholders about the risk management processes. You are also required to include any suggestions or recommendations from the stakeholders about the drafted report.

Case Study:

PriceBeat is a chain of discounted departmental stores across Australia. They have a store located in Taralgon. The management has asked you to appropriately manage the risks involved in its day to day operations. The management has also asked you to ensure smooth ongoing operations and provide ongoing support for our risk management initiatives. You are required to approach this task in three stages. Prepare a draft report at the end of each phase so that they can later be combined together and discuss with management your plans for the subsequent phases. The three stages in this risk management task will include:

1. Review

2. Analyse and plan

3. Monitor

The strategic and investment risks are being managed by the board. You are required to consider and risks that could impact on human resources management, financial operations, OHS, supply chain and overall compliance issues in legislator and regulatory context. All the employees of the store are on 3 month probation period. Mark is appointed as the store manager. While a part of building is still under construction, the council and developer has given permission to full store's operational processes. You are required to contact head office in relation to marketing, finance and store management functions that you are investigating.

While investigating, you noted the following points:
- The location of the store on the corner of the two main roads thereby making easy access for customers and have ample parking spaces for over 1000 cars.
- The long drive from Taralgon to Melbourne would make attending the weekly managers meeting difficult considering many meetings did not finish until into the evening after refreshments.
- There are also manager training sessions held every month for system and policies update.
- The long distance travel would make the deliveries scheduled for same day from the company's central warehouse impractical. Due to this, there is some problem in maintaining the stock and inventory.
- There are separate employees each responsible for payments, deliveries and inventory management. The internal ERP system is also not good. Thereby any loop-hole in coordination may cause unnecessary delay to customers.
- All Policies and procedures are communicated verbally and there is nothing as specific. Each staff is doing the work, the way they want.
- Unnecessary running of cooling plant and other lighting systems when not needed. Toilets is used the single flush system. Dual flush would cost about $7,500 to upgrade. The cooling plan is not water efficient and requires additional $6,000 and above to revamp it. The store currently uses 41,500lt a week.
-James spoke about the store not attracting a large number of customers despite easy access busses, train and trams.
- The banking is not done every day and often $10,000 was kept on the premises overnight in cash register. There was no safe. Employing an accountant will cost additional $70,000 per year
- There is also a possibility of break-ins saying that there was a 50% chance of it happening the risk was moderate.
- Not all takings from the cash register for other necessary purposes were recorded.
- The adjoining buildings looked old and unattractive, with some side walls unstable and broken and owners planning to knock them down at some stage.
- No established process for dealing with injuries that happened at work.
- The computer with all the stores employee details, and financial records was not password protected and anyone could access the information.
- There is lack of sales promotion techniques as the staff does not seem quite interested in the activity, so in-store marketing and sales-promotion has been stopped.
- The wage and superannuation records seemed to be incomplete with many calculations being worked out by the number of hours worked multiplied by a set 'in the hand' amount.
- There is a long standing demand of self-scan check-outs so that there could be both resource saving as well as customers can quickly pay and check-out without any hassle.
When you met with the management, you were given the following information:
- There were opportunities for opening more stores in the surrounding shopping centers like Highpoint, Moonee Ponds Central, Bourke Street Mall and Westfield Airport West Shopping Centre.
- You have been given a complete set of legislative and regulatory requirements.
- You have been notified that the State Government is now introducing legislation that back the local by-law concerning efficient water usage.
- Taralgon was obviously a place for retirees and the population was growing.
- NBN is being rolled out in Taralgon that would allow efficient and effective use of ERP.
Initially you summarises your draft report with following identified key problems:
- Lack of internal controls, particularly over cash handling, monitoring and recording.
- Failure to meet compliance standards in OHS, Privacy and Industrial relations law, and required legislative and regulatory standards.
- Lack of written policy and procedures to guide staff in carrying out their duties.
- Lack of a professional business culture.
- Failure of the business to monitor the external environment and find opportunities and thre to the business?
You must at least submit the following:
- Scope of risk from the case study
- Critical analysis of case study
- Goals and objectives related to risk management
- Stakeholder's concerns
- SWOT, PEST and Risk analysis
- Risk Management plans
- Legislative and regulatory requirements related to risk management


With the risks that you have identified in Assessment 1, you are required to:
- Assess the likelihood of the risk as L, M, H or E (Low, medium, High or Extreme).
- You are also required to draft the consequences of the risk.
- Then prioritise the risk and develop a risk treatment plan for all the associated risks.
- Communicate the risk treatment plan to all relevant parties.
- Ensure proper documentation is in place in the drafted report.
- Monitor the risk treatment plan and include any stakeholder's or management's (assume your assessor as stakeholder and/or management) suggestions

You must at least submit the following:
- Likelihood of risk
- Risk analysis mentioning the risk, likelihood of risk, consequences, treatments and risk prioritisation.
- Communication plans of delivering risk treatment plans


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