Report: 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 positive environment. This will also help the cafe to attract the customers in an effective way. 

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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 proper manner. For example- The distinguishing proof of dangers will likewise help the business supervisors of the firm Columbus Cafe to keep up positive condition.

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Recommendation 

For managing the operations of the company Columbus cafe, the authorities of the firm must try to develop its business process. In addition, the operations management of the firm can also try to manage the risks so that the operations of the company Columbus cafe can be maintained in an effective way. 

 

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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). 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.  With the help of data security, the company Columbus cafe will be able to secure the online data of the customers. In addition, the company will also be able to protect its financial metrics by installing suitable antivirus software within their computer system. For example- 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. 

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Upgrade risk manuals 

Risk manuals should be upgraded regularly so that the authorities along with the employees can operate their roles and responsibilities in an effective way thereby increasing the business efficiency of Columbus cafe (Griffiths, 2016).  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 issue 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. The concentrate by and large lies in sorting out the organization, for example, Columbus Cafe.  For example-The troubles which have been coming up can be tackled with the proper maintenance of risk manuals

Recommendation 

For managing the practices of the company, the authorities must try to implement suitable practices. With the implementation of suitable practices, the authorities of the company Columbus Cafe will be able to deal with the potential risks of the business process in an effective way. 

References

Booth, S. A. (2015, September 25). Crisis Management Strategy. Retrieved July 22, 2019, from www.taylorfrancis.com: https://www.taylorfrancis.com/books/9781315645674

Griffiths, P. (2016, April 8). Risk-Based Auditing. Retrieved July 22, 2019, from www.taylorfrancis.com: https://www.taylorfrancis.com/books/9781315606545

ISO. (2014, July 25). International Organization for Standardization. Retrieved June 21, 2019, from www.iso.org: https://www.iso.org/home.html

Sweeting, P. (2017, August 5). Financial enterprise risk management. Retrieved July 22, 2019, 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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