Evaluation Of Risk Management Plan Sample Assignment
EVALUATION OF RISK MANAGEMENT PLAN
Plan
- Banking risk – The staff member that complete the cash register balancing also complete the bank deposit form and did the banking as well. The banking was not done every day and often $4,000 was kept on the premises overnight in the cash register. There was no safe. There is a bank two shops away but the Hurley family bank is a couple of blocks away and there was not always time to do the banking. Therefore, company has made a policy to bank every day and to eliminate the need to carry overnight.
- Lack of guidance to staff to complete their job- there was no written policy and procedures manual, the manager used to set the policy and procedures verbally and on the few days each week he was in the store he would show the staff how to do things the way he wanted them done. Therefore, company planned to provide written manual to employees.
- Use of water - The store currently uses 41,500lt a week in running the dishwasher when only half full. Washing fruits and vegetables under a fast running tap. Toilets all used the single flush system. Dual flush would cost about $7,500 to upgrade. The dishwasher was always set to full wash and had a Water Efficiency Labeling and Standards Scheme (WELS) rating of 3. The more water efficient 5-6 star dishwashers cost about $6,000 and above. James explained that Mr. Hurley instructed the staff to keep the non-native flowering plants in the courtyard fully watered.
Therefore, store manager planned installing native plants to cut down water use. Install a water tank and reduce dependence on council water. Install dual flush toilets. Replace the dishwasher with a 5–6 stat (WELS) rating.
- Manager’s travel risk- The long drive from Toowoomba to Brisbane would make attending the weekly managers meeting difficult considering many meetings did not finish until into the evening after refreshments. There is also manager training sessions that need to complete over the next 6 months in conjunction with a few other assistant managers. Navigating the steep narrow climb up the range with trucks blocking the way is quite difficult even in daylight hours. Being a competent driver you feel that it would be unlikely that you would be involved in an accident, but it still concerns you considerably. So, the manager has planned to install a broad band to attend meetings through video conferencing.
Implementation-the steps taken to manage the risks are
- The financial controller had taken out $5,000 on insurance cover for cash held on the premises overnight from the opening week as planned. The company bank account that was planned to open in the first week was opened about 4 weeks after opening at the bank two shops down the street.
- The employees are told about their work verbally and the written policy and procedures will be introduced soon.
- The plants have been changed to natives that require minimal water as planned. The installation of dual-flush toilets will be accomplished soon. The 5 star rated (WELS) dishwasher was installed by the supplier within the 6 months planned timetable. The training on the water saving processes as directed by the policy has been verbally explained. A water tank had been built in to the courtyard.
- The teleconferencing system planned for 6 months after settlement, has not yet been installed due in part to the delay in the Federal Government’s National Broadband Network rollout. The weekly management meetings are finishing close to 3:00pm as planned.
Outcomes
- The financial controller had taken out $5,000 on insurance cover for cash held on the premises overnight from the opening week as planned, but the insurance premium was $2,500 per year and which is considered excessive by the financial controller. The company bank account that was planned to open in the first week was opened about 4 weeks after opening at the bank two shops down the street, but it is not MacVille’s regular bank and there are difficulties with getting the same level of service that the stores receive in Brisbane.
- The training on daily banking appears to have been successfully completed as planned. An audit of the bank deposit book shows that on only two occasions in the past 6 months that there is not a banking entry for the day’s sales.
- Although the training on the water saving processes as directed by the policy has been verbally explained and followed, the written procedure has not been completed as the store’s manager claims to be too busy. A water tank had been built in to the courtyard but the plumbing has not yet been connected. There is a weekly water usage monitor in the staff room as planned but the information has not been updated for the past three weeks.
The plants have been changed to natives that require minimal water as planned. The installation of dual-flush toilets were planned for completion 6 months after settlement, and although the dual flush toilets have been ordered and in stock, they cannot be installed due to the backlog of work by district plumbers. The 5 star rated (WELS) dishwasher was installed by the supplier within the 6 months planned timetable.
- The teleconferencing system planned for 6 months after settlement, has not yet been installed due in part to the delay in the Federal Government’s National Broadband Network rollout.
- The weekly management meetings are finishing close to 3:00pm as planned but sometimes the manager has to stay on at the request of the head office team. The manager has not yet been issued with an excusal letter by the CEO as agreed upon and feels that they do not have the authority to just walk out at 3:00pm. The assistant management training has been shifted to the mornings allowing the manager to leave before 1:00 pm as planned.
Evaluation
|
risk |
description |
implementation |
outcomes |
Overall |
|
Manager’s travel risk |
high |
Installation of broad band for video conferencing to reduce the risk of travelling |
Wi-Fi not installed yet |
Not satisfied |
|
Banking risk |
High |
Implement daily banking policy to avoid cases of theft |
Employees handles cash obligation well and comply daily banking policy |
satisfied |
|
Lack of guidance to staff |
medium |
Written policies and procedures available for employees |
Written Policy and procedure manual is not provided |
Not satisfied |
|
Use of water |
low |
Installation of water tank and training to employees to the process of limited water usage |
Water tank is installed but the training is not given yet |
Not satisfied |
