Managing Risk - and Leveraging Business Expertise

Question: Discuss about the Managing Risk,and Leveraging Business Expertise. Answer: The assessment of risk review tries to cover the following areas: Scope: The scope comprises of: Project: Mac Ville to enlarge their activities in Queensland and re-brand and purchase an accessible caf in Toowoomba. Business Unit: Mac Ville Cafes in Queensland Risk that are in relation to operations: Financial activities, human resource management, supply chain, OHS, compliance issues and local governance (Sharma et al. 2017). Goals To properly manage the risks associated with the activities of the store. To provide important insights to the new manager about the operations of the store. To make sure that there is a even changeover to the systems of Mac Ville. To motivate the new manager to provide ongoing encouragement for the risk management. Analysis Pest Analysis Political: Legislation of the federal that are concerned with effective usage of water, by-law permitting cafes to enlarge their dining in footpath. Economic: To increase the gross regional product to 8.9% and the number of visitors down to 18%. Social: Population growing and a place for the retired personnel. Technology: WIFI inside the caf, a creative frozen par-bake cooking system, Governments National Broadband network (Walker Schofield and Courtney 2015). SWOT Analysis Strengths: The store is in the corner of the two major streets of the city, popular and newer ranges of rice wraps. Weakness: Inadequate techniques of sales promotion, and there are certain parts in the caf that look old. Opportunities: There are prospects for establishing more outlets of the caf in the surrounding shopping malls, by-law permitting cafes to expand their dining in the footpath. The legislation of CBD concerned about effective use of water (Walker et al. 2013). Threats: The threats involve international coffee chains opening a store in Toowoomba. Research Information Source Primary or Secondary data Essential information gathered A meeting with James Mansfield Primary Operations of the store like cash handling, usage of water, employment etc. An interview with Ron Langford Primary Knowledge about the external environment like by-laws, competition, technology plans, government regulations, etc. Information from the Toowoomba regional council Secondary Knowledge about the economic pointers like the number of tourists, growth of population, unemployment etc (Waugh et al. 2016). Information from the Mac Ville New South Wales Secondary Information about the major problems like rebranding and obtaining existing stores Checklists Human resource management There are no written regulations, policies and procedures about manual and limited staff training, which could lead to errors and inaccurate actions. The system of authorization is not well defined, which could lead to fraud. Inadequate sales promotion techniques that has an effect on the financial viability of the caf. Financial operations risk There is no separation of duties that could lead to scams. The deposit of money in the bank is not done every day and is kept overnight in the premises without a vault that shows that the assets are not protected and could be robbed (Vicente et al. 2015). The drawings from the cash register by the family were not recorded properly and an unacceptable behavior in the cafe could generate misappropriation of money. OHS Risk The manager undertakes a two hour drive from the weekly meetings that could lead to mental and physical injury. There are chances of injury to the customers due to broken and unstable chairs in the caf. There was no constructed method for handling with the injuries leading to staff work loss, suing by the unions and loss of reputation (Wisner and Fordham 2014). Supply chain risk Impossible to deliver fresh and quality pastry from the central bakery plant of the caf on an accurate time leading loss of brand and loss of service quality. Supply of caf branded supplies that lead to brand loss (Stoker and Evans 2016). Local governance and compliance risk over The caf could be penalized for ineffective water use that could lead to brand and reputation loss. Inappropriate employment records could lead to the unions suing, penalties levied by the government, loss of reputation and a financial loss of $ 50,000 as a penalty to the government (Walport 2014). The privacy of the records are not guaranteed that leads to privacy law breach. Table of Stakeholders Stakeholder Internal/external Role in process Stake in process The Board Internal Accountable for management of risk Probable loss of asset. Paula Kinski Internal CEO Probable loss of reputation Queensland Management team Internal Provides assistance in the transition and continuing management. Possible loss of reputation and prospects. Ron Langford External Landlord and councilor. Possible loss of tenant James Manfeild Internal Supervisor of the Hurleys cafe Probable loss of promotion Completion through Email The formal report includes the following: There are no written set of procedures and policies. The receiving of the deliveries are not designed accurately. There is a high chance of robbery as lot of cash is kept in the caf premises. Inadequate sales promotion. Water and human resource wastage. There are no accurate recording of all the financial transactions. The manager has to undertake a long drive. There is no ideal way to deal with injuries or avoid them. The fresh pastries prepared by the central bakery plant cannot be delivered properly. There is a high risk of the breach of the privacy act. References Sharma, P., Lee, S., Guo, T., Irwin, D. and Shenoy, P., 2017. Managing Risk in a Derivative IaaS Cloud.IEEE Transactions on Parallel and Distributed Systems. Stoker, T.B. and Evans, N.R., 2016. Managing Risk After Intracerebral Hemorrhage in Concomitant Atrial Fibrillation and Cerebral Amyloid Angiopathy.Stroke,47(7), pp.e190-e192. Vicente, L.A.B.G., Cerezetti, F.V., De Faria, S.R., Iwashita, T. and Pereira, O.R., 2015. Managing Risk in Multi-Asset Class, Multimarket Central Counterparties: The CORE Approach (Digest Summary).CFA Digest,45(5). Walker, C., Schofield, D. and Courtney, C., 2015. Attracting Investment Capital to Nutrition Interventions: Promoting Sustainability, Managing Risk, and Leveraging Business Expertise. Walker, P., Grey, S., Raymond, G. and Cooper, D.F., 2013.Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements. Wiley. Walport, M., 2014. Innovation: Managing Risk, not Avoiding It. Evidence and Case Studies.Annual Report of the Government Chief Scientific Adviser.(https://www. gov. uk/government/uploads/system/uploads/attachment_data/file/381906/14-?1190b-?innovation-?managing-?risk-?evidence. pdf). Waugh, C., Hanger, J., Timms, P. and Polkinghorne, A., 2016. Koala translocations and Chlamydia: Managing risk in the effort to conserve native species.Biological Conservation,197, pp.247-253.