Introduction
According to data analyzed and evaluated from Hurley’s café risk review to create a monitoring plan for risks. The audit investigated the status of the planned actions on the risks identified below.
Plan
No.
Risk
Plan implemented
Manager`s travel risk
Install the teleconferencing system
Planned.
The weekly management meetings finish at about 3:00pm as planned.
Banking risk
Out &5000 on insurance cover.
Cash held on the premises overnight from the opening week as planned
Training sessions
Install the telecom system or video system
Preparation
Some budget is needed for fit-out. Something essential is also needed for risk monitoring.
By-law Compliance risk
By law on water conservation as planned.
Minimize water usage as planned.
Installation of dual-flush toilets were
Planned.
Implementation
It could include several parts below
1. Issuing a risk management statement. A good starting point is to let everyone in the organization know that your organization is serious about risk management and to outline the key risk management strategies. The risk management statement should also outline the proposed timetable and key contact people, and procedures for contributing to the risk management process.
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2. Training. It is most likely that training was identified as one of your risk management strategies. As well, the introduction of new practices will often require training. Training for risk management needs to be carried out in the context of your organization’s overall training activities.
3. Establishing and documenting procedures. Your risk management plan will have identified areas where written procedures need to be developed and/or documented. In implementing the plan it will be necessary for staff, volunteers and management committee members to work together to develop these procedures. Existing procedures should be reviewed to ensure that they are consistent with new procedures.
4. Allocating specific responsibilities. A risk management plan does not just implement itself – different people within your organization should be given responsibility for implementing different parts of the plan. It should be clear to everyone who is responsible for each aspect of implementing the risk management plan.
Outcome
Risks
Plan
implementation
Reduced risks
Outcomes
Banking risk
Out &5000 on insurance cover.
Cash held on the premises
overnight from the opening
week
The training on daily banking appears to have successfully completed. An audit of the bank deposit book shows
The insurance premium was $2500 per year so it is excessive. Not Mac Ville`s regular bank and difficulties with getting the same level of service. Manager`s Travel risk
Install the teleconferencing system
The weekly management meetings are finishing close to 3:00pm
Internal audit arranged: a call ever two months.
Not yet been installed due in part to the delay.
Sometime the manager as to stay on at the request of the head office team. Not yet been issued with an excusal letter
By-law
Compliance risk
By law on water
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conservation
Minimal water as planned.
Installation of dual-flush
toilets were planned
A water tank had been built in to the courtyard.
A weekly water usage monitor in the staff room.
Not yet been written.
Cannot be installed due to the backlog of work by district plumbers.
Training sessions risk
Install the teleconferencing system or video system.
-Internal audit arranged: a call ever two months.
Not yet been installed due in part to the delay.
Sometime the manager as to stay on at the request of the head office team. Not yet been issued with an excusal letter
Fit-out risk
We need some budget for fit-out. Something also can use fix it, something we can’t use anymore we change the new. We change some cannot use fit out and also we change the older model to new one. It is very successful there are many customers ask us where to buy it.
Evaluation
Evaluation could involve these steps below
1. Problem Analysis: Keep a note of all the events and activities of a risk management plan. Check out the problems arising from their implementation and assess if they have a serious impact on the whole process. Make a note of those that have serious implications.
2. Match the Outcomes of a Risk Management Plans with its Objectives: Ends justify means. Check if the possible outcomes of a risk management plan are in tandem with its pre-defined objectives. It plays a vital role in analyzing if the plan in action is perfect. If it produces desired results, it does not need to be changed. But if it fails to produce what is required can be a really serious issue. After all, an organization deploys its resources including time, money and human capital and above all, the main aim of the organization is also defeated.
3. Evaluate If All the Activities in the Plan are Effective: It requires a thorough investigation of each activity of a risk management plan. Checking out the efficiency of all the activities and discovering the flaws in their implementation allow you to analyze the whole plan systematically.
4. Evaluate the Business Environment: A thorough study and critical evaluation of business environment where a risk management plan is to be implemented is essential. Take time to assess, analyze and decide what exactly is required.
The Business plan on Risk Management Case Study
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5. Make Possible Changes in Faulty Activities: After evaluating the effectiveness and efficiency of all the activities, try to make possible changes in the action plan to get desired results. It may be very time consuming but is necessary for successful implementation of your risk management plan.
6. Review the Changed Activities: After making changes in already existing activities and events of a risk management plan, go for a final review. Try to note down the possible outcomes of the changed activity and match them with the main objectives of the risk management plan. Go ahead in case they are in line with them. Conclusion
According to Mac Ville risk management plan, the actions above that we see have some outcomes. Such as, the arranged internal audits of the bank deposit, a weekly water wage etc. and a water tank bad been built in to the courtyard. The board and CEO included a new policy very helpful for risk management plan.
Ref: http://www.managementstudyguide.com/evaluation-of-risk-management-plan.htm https://wiki.qut.edu.au/display/CPNS/10.7+Implementing+Your+Risk+Management+Plan
