Vocational Training Institute Assignments Australia
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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 concerns they have. Present this using the table format provided.
Complete a PEST analysis and an 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 organization in relation to risk management.
Outline organisational policies, procedures and processes for risk management.
You are also required to meet your trainer/assesor 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 suggestion or recommmendations from the stakeholders about the drafted report.
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 iniatiatives. 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:
2. Analyse and plan
The strategic and investment risks are being managed by the board. You are required to consider any 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 operation process. You are required to contact head office in relation to marketing, finance and store management function 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 all used the single flush system. Dual flush would cost about $7,500 to upgrade. The cooling plant 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 to busses, trains and trams.
The banking is not done every day and often $10,000 was kept on the premises overnight in the 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 and 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 centres 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 backs up 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
Finally you summarieses 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 procedues to guide staff in carrying outtheir duties.
Lack of professional business culture.
Failure of the business tot monitor the external environment and find opportunities and threats 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
SWOT, PEST and Risk analysis
Risk Management plans
Legislative and regulatory requirements related to risk management