Assignment: Risk Management

Table of Contents

  • What is meant by Risk Management? 3
  • Principles of Risk Management 3
  • Involvement of Stakeholders 3
  • Roles and Responsibilities 4
  • Practices of Risk Management 4
  • Securing of Data 4
  • Upgrade risk manuals 5
  • References 6

 

What is meant by Risk Management?

In managing risk and dealing with it, risk management plays a vital role in doing it likewise.  One can really cater to the various risk management probabilities by going hand in hand with several factors present by providing guidelines for managing the risks (Booth, 2015). In New Zealand the risk professionals present deal in such a way so that one does not have to put the organisations in managing the risk under the vision of great guidance. The focus generally lies in organising the company such as Columbus Cafe. The difficulties which have been coming up can be solved thereby. 

Principles of Risk Management 

Identification of risks

Assumption and analysis can be helpful in identification of the risks for companies like Columbus Cafe and so on. Even the Cause and Effect diagram is very helpful. When the project managers want to settle with this the facts that may arise to risk can be identified. In some of the cases the affinity diagram is too of a help. With all these methods and with a great skill present the risks can be identified (Sweeting, 2017).  It is very important for the management of the organisation Columbus Cafe to identify the risks in an appropriate manner. By identifying the risks, the authorities of the organisation will be able to maintain a positive reputation within its business market. The identification of risks will also help the business managers of the firm Columbus Cafe to maintain a positive environment. This will also help the cafe to attract the customers in an effective way. Thus identification of risk implies that prior to implementation of a new project or task in the organisation the associated risk with the task is identified beforehand for reducing and mitigating the risk. For example, working with cylinders has the risk of fire and leakage, therefore, in case it be said that the risk with cylinders has been identified and accordingly the management can undertake safety precautions. 

 

Establish the content

In establishment of the content one thing Columbus Cafe has or similar companies have to keep in mind is deliberate of all the risks present one can surely pass through the problems. The establishment therefore comes as a good result and vary in all the forms leading to the success of the project. It is very important for the authorities of the Cafe to establish the content in such a manner by which the firm can attain a competitive advantage. In addition, the authorities of the cafe can also try to maintain the risks by which the environment can be maintained in an effective way (ISO, 2014). With every one of these strategies and with an incredible ability present the dangers can be distinguished. It is significant for the administration of the association Columbus Cafe to recognize the dangers in a fitting an equipment as by recognizing the dangers, the experts of the association will almost certainly keep up a positive notion inside its business showcase. The distinguishing proof of dangers will likewise help the business supervisors of the firm Columbus Cafe to keep up positive condition. Establish a context can be further defined as the set parameters that are for the external and internal stakeholders in case of risk management. For example, using certain equipment with potential risk has different using protocol for both the customer and the internal staff.  

 

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Practices of Risk Management

Securing of Data 

The data which is been kept and accessed should be safe. It has to be also in safe hands so that no such problem appears in time of dealing with the practice of risk management in using throughout the life of the organization.  If one of the clauses depends as keeping the data safe the other should be handling it the best way possible through Columbus Café (Griffiths, 2016). Data can be misplaced or may be erased at some point of the time. It is the duty of the professionals that they do it in a reluctant manner. In few cases it is also been seen few of the data got mishandled then it is group work which can lead the company out of it by making decision at all the levels needed.  

Upgrade risk manuals 

Risk manuals should be upgraded regularly so that finally the way can be paved out for various different programs in Columbus Cafe. If it happens that there is a program of the company run by the group dealing with the risk management at that point of time upgrading risk manuals helps a lot in approaching in a common way be it industry or in any specific manner (Booth, 2015).  Also in times when the company is faced with a lot of issues then it is the duty of the professionals to upgrade the risk manual by any means. The management of the organisation Columbus cafe can also try to update the risk manuals on a regular basis. In New Zealand the hazard experts’ present arrangement in such a way along these lines, that one doesn’t need to put the associations in dealing with the hazard under the vision of extraordinary direction. The concentrate by and large lies in sorting out the organization, for example, Columbus Cafe. The troubles which have been coming up can be tackled along these lines.

 

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Recommendation

From the study above it has been noted that the organisation needs to employ effective practise of risk management in order to mitigate these issues and the risk associated with the various functions of the organisation. In this context, it can be said that the organisation in the process of implementing risk management needs to consider the following points:

Establish a separate team for risk management and control

Ensure that the staff are adequately trained in the various aspects of risk management 

Encourage risk management in various departments of the organisation

 

References

 

Booth, S. A. (2015, september 25). Crisis Management Strategy. Retrieved from www.taylorfrancis.com: https://www.taylorfrancis.com/books/9781315645674

Griffiths, P. (2016, April 8). Risk-Based Auditing. Retrieved from www.taylorfrancis.com: https://www.taylorfrancis.com/books/9781315606545

ISO. (2019, june 21). International Organization for Standardization. Retrieved from www.iso.org: https://www.iso.org/home.html

Sweeting, P. (2017, July 22). Financial enterprise risk management. Retrieved from books.google.co.in: https://books.google.co.in/books?hl=en&lr=&id=GJsqDwAAQBAJ&oi=fnd&pg=PR11&dq=Sweeting,+P.+(2017).+Financial+enterprise+risk+management.+.+Cambridge+UniversityPress.&ots=dKcUEZlMMq&sig=7ZEG0_hTr3StCzd5uBgNsAq5_04#v=onepage&q=Sweeting%2C%20P.%20(2017).%20Fi

 

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