We're Open
+44 7340 9595 39
+44 20 3239 6980

Determine and select most appropriate options for treating risks

  100% Pass and No Plagiarism Guaranteed

Determine and select most appropriate options for treating risks

BSBRSK501 Manage risk

Copyright © 2016. All rights reserved. Powered by Mediasphere.

BSBRSK501 Manage risk

Welcome to BSBRSK501B Manage risk

Unit Descriptor

This unit describes the performance outcomes, skills and knowledge required to manage risks in a range of contexts across the organisation or for a specific business unit or area.

Application of the Unit

This unit addresses the management of the risk across the organisation or within a business unit or area. It does not assume any given industry setting.

This unit applies to individuals who are working in positions of authority and are approved to implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.

Learning Outcomes of the Unit

Establish risk context

Identify risks

Analyse risks

Select and implement treatments

Determine and select most appropriate options for treating risks

Determine and select most appropriate options for treating risks

Selecting the most appropriate options for treating risks

There are a range of options to treat risks. If you determine that the level of risk is extremely high you need to put strict measures in place to treat the risk. On the other hand, you may find that the level of risk is negligible and as long as you are alert to it there is no need for action. Sometimes, you might find the expected benefits of a high level risk outweigh possible negatives. Alternatively, you might find that the risks are too great and you should abandon the project, area or issue altogether.

Ultimately, your goal is to eliminate or avoid the risk where possible and, should the risk materialise, control the outcome.

Risk control options

Here are five options to control or manage risks.

1. Avoid the risk

Can the risk be removed totally? For example, if the risks of moving into a new market at this time are too high or above management`s tolerance for risk, can the organisation simply look for alternative markets to move into first, avoiding the riskiest markets altogether? Options to avoid risk include the following:

do not become involved in activities that lead to the possibility of the risk eventuating outsource risk-related tasks to contractors or specialist providers

discontinue operations that may realise the risk

However, be aware of being too risk-aversive and making decisions to avoid risk regardless of a positive _evaluation. A decision to avoid an activity can comfortably be made if the outcome is identified as high impact/high likelihood and low gain.

2. Change the likelihood

You can lessen or lower the likelihood of risks occurring by removing various stimuli or situations likely to materialise the risk. This may be as simple as providing better consultation or communication channels with local government to ensure planning permissions are achieved, or delaying action until conditions become more favourable. Change the likelihood of technological breakdown by ensuring equipment is regularly serviced. Options for changing the likelihood include:

removing or reducing activities that may lead to the risk being triggered reducing exposure to the risk environment

ensuring risk management strategies are in place

using inspection controls and quality assurance measures implementing tighter control of contract conditions ensuring time lines are realistic

3. Change the consequences

By understanding the potential consequences of a particular course of action, you may be able to find opportunities to allow the organisation to proceed in a different direction to achieve its goals. Contingency plans are a valuable tool for helping reduce the impact or consequence of a risk event. It means you can react quickly and calmly to anything that threatens progress and ensure disruptions are limited. Contingency planning may include:

establishing measures to control or minimise damage if the risk is realised, such as fraud control planning, public relations, disaster recovery planning, pricing controls

developing administrative measures, controls, policy or procedures to provide guidance.

4. Share the risk with a third party

If a risk is too great to take on alone (for example, expanding the business into a new market, field or product line), partnerships and strategic alliances allow for risks to be shared. International expansions by large companies are seldom successful unless they partner with local businesses to share risk and gain greater market understanding. Sharing the risk may also commonly involve external investors, such as venture capitalist, or insurers and underwriters, and may include:

insuring against an event occurring (includes all forms of insurance such as liability, indemnity, life, workers compensation cover, third party, hedging) - make sure you understand the types of insurance available and maintain a database of preferred insurance providers

joint ventures

partnering arrangements underwriting

investor participation

5. Retain the risk

All risk is not bad; however, some `bad` risk may be at an acceptable level when the likelihood and consequences can be adequately managed internally within the organisation. For example, if your company specialises in moving hazardous liquids and has extensive safety, environmental, personnel and hazard handling procedures in place, you may choose to accept and retain this risk.

Selecting risk treatments

First look at all available options for each risk. Available options are influenced by:

the priority of the risk

the cost and other resources available

the timeliness required in addressing the risk legal implications

sustainability of controls

stakeholder sentiment and preferences

When considering what measures to apply to control risks or enhance opportunities, make sure you look at the activity as a whole and see how it fits into the organisation`s strategic plans. The bigger picture may influence your decision about what measures to adopt. For example, it might be wise to pursue an activity despite its potential for a negative outcome - as long as you put plans in place to control the risks. The activity might be crucial to your organisation`s continuing relationship with another organisation; the activity may be essential if your organisation is to expand into a new market or increase its profits. Considering the context of the activity is essential when allocating controls.

To be really sure you are choosing the right control measures, you should go back to the risks you have identified and look more closely at their causes. The control measures you implement should treat the cause, not the result of the cause.

Here is an example of the risk treatment process to control the risk of transportation delays.

Example

Application of risk treatments

Identified risk transportation delays in product delivery to customers.

Consequence damage to company reputation and subsequent loss of business

Treatment You cannot totally avoid this risk options but there are control measures

that can be put in place. Can we change Yes - increase inventory holdings, the likelihood?employ or contract more delivery

drivers, open more {smaller) local distribution centres.

Can we change Probably not. Delays in delivery, theparticularly where they occur

consequences? frequently, give the company the reputation of being an unreliable

supplier.

Can we share Possibly. If you contract a courier the risk? company and include either

performance incentives,or non- delivery penalty clauses with `delivery guarantees`, you can offer customers similar guarantees or other incentives where delays materialise.

Can we retain Probably not. Unless you have a the risk?dominant market position, and can

afford to lose some disgruntled customers, reputation in business is everything.

In addition to knowing the various options available, you also need to know who to direct the treatment to.

Risk level

Management options

Low risk or

can be managed by administrative

opportunity

procedures or processes

Medium or

will need specified management

moderate risk

 

or opportunity

attention by senior management

Severe or

significant risk

required

or opportunity

requires immediate action; detailed

High

{extreme)

planning required at senior levels to

risk

prepare for and capture opportunity

opportunity

 

Use or adapt the following questions to approach decision-making in a systematic way.

is the treatment option feasible?

what is the cost of implementing the control measure? Is it more cost-effective not to treat the risk? are there any benefits to be gained by not reducing the risk?

what resources are needed to control the risk?

do the risk treatments comply with legal requirements and organisational and government policies, especially those regarding access and equity, ethics and accountability?

does the treatment mean more risks are identified or does it lead to additional benefits? is the control measure sustainable or is it only a short-term fix?

are the costs of the measures selected too great? Is a cost-benefit analysis needed? are there rare but severe risks that need to be treated regardless of cost?

The control measures selected should be based on the resources you have, the time it takes to implement the measure and the cost of

implementation. These criteria will influence your decision. Be flexible and keep in mind the alternatives available to you if your first choice proves unsustainable. Seek advice from colleagues who have experienced a similar situation.

This next example demonstrates how one of Australia`s largest retailers incorporates risk reduction measures.

Example

Woolworths move into hardware

An example of risk management in everyday corporate use can be seen in the recent announcement by Woolworths that it intends to expand into the Australian hardware retailing sector. Woolworths is a goliath in the domestic retail market; however, it has little corporate knowledge of the hardware trade and DIY market, which present operational risks.

The giant US home improvement company, Lowe`s, is looking to expand overseas and has eyed the Australian market, but without a good local knowledge and understanding of the Australian consumer, also faces high operating risks.

Woolworths have partnered with Lowe`s in a two-thirds-one-third buy-out of Danks Holdings, who operate the Thrifty Link and Home Timber and Hardware retail brands in Australia. This has several benefits for both companies, and substantially reduces risks faced by both.

Brand/Reputation is provided by the well known Thrifty Link and Home names. These operations now have the financial and logistical support, and buying power, of Woolworths and Lowe`s behind them. Local market knowledge, including understanding or risks and opportunities, are also present.

Develop an action plan for implementing risk treatment

Develop an action plan for implementing risk treatment

Developing an action plan for implementing risk treatment

An action plan is a clearly articulated and documented plan that defines how the risk management process is to be conducted. The content of the action plan is dictated by organisational policy and the size and nature of the business. Some action plans are basic documents outlining actions to be taken, responsibilities and time lines, while others are more complex and cover a wide range of risk areas, multiple risks and control measures and regular monitoring and review strategies.

Of course, you cannot do this in isolation, and your action plan needs to be completed with input from your stakeholders and participants. Your action plan should address the following for each identified risk.

Action plan

Example

content

 

What risk areas

categorise your plan into risk areas appropriate to your organisation such as personnel-centred,

have been

finance, market- centred etc.

identified?

 

What are the

define the risks in clear terms so they are easily understood

identified risks?

 

What are the risk levels?

What actions are required?

define the likelihood, frequency of exposure and impact. List the risk prioritisation

detail the treatment required, including resources and specialist personnel where required

explain how you can provide for people with disabilities to ensure they have access to risk management processes and resources

Who is taking

identify the person or position responsible for ensuring the action is completed

responsibility?

 

Timelines

include the time line for enactment, This time line may feature milestones on the way to

 

completion, but more importantly it must be realistic and achievable for the responsible person.

 

Consultation is critical.

Monitoring

how, and at what point in the process, can you assess the progress of the action plan? You need to

processes

determine progress and completion benchmarks (milestones for your time line) to ensure

 

compliance with the action plan.

In some cases there may be other information to include in the action plan, such as:

policy references

participants in implementation documentation requirements resource allocations

action plan management detail

Example

Access this website to read an example of a comprehensive risk management action plan from the Mosman Municipal Council (NSW}: www.mosman.nsw.gov.au/file_download/149/risk-management-action.pdf

Generating the plan

Use your organisation`s risk treatment template or develop your own treatment plan to suit the nature of the activity. You might use a spreadsheet format that allows you to record multiple risks, although a vertical format might be more suitable for a small scale activity. You might use a separate sheet for each risk. Follow the plan carefully as you implement the treatment. While the plan is a valuable support tool, do not be afraid to change it if you discover a treatment is not working.

As you can see by the following two examples, a risk management plan can be formatted in different ways.

Example

 

 

 

 

 

 

Example 1

 

 

 

 

 

 

Risk

Risk

Action ResponsibleCompleteReview Review

 

level

 

person

by (date)

by

date

Delay in

M

ensure

Financial

23/07/12

(name)

 

Project 12/08/12

project

 

underwriting

manager

 

manager

 

completion

 

includes

 

 

 

 

 

 

project

 

 

 

 

 

 

completion

 

 

 

 

insurance to cover cost over-runs by delays

Example 2

The risks,

Non-payment of accounts

what can

 

happen and

 

how

 

Consequences

Cash flow difficulties

 

May need higher provision for doubtful

 

debts lower profits

Likelihood

Possible low $ value of bad debtors

Adequacy of

recorded to date

Adequate - Debt collection policy and

existing

process in place

controls

3 (Mod.)

Consequence

rating

P (Possible)

Likelihood

rating

M (Moderate)

Risk rating

Action

Ensuring clients adhere to stated

taken/future

payment terms or if necessary,

strategies

reviewing to improve existing

Review3/7

payment schedules

 

Restrict approval of client accounts

 

Follow·up collections system in place

 

Credit limits in place

 

Non-payers are red flagged on system

Communicate risk management processes to relevant parties

Communicate risk management processes to relevant parties

Communicating risk management processes

No risk management strategy or plan is workable unless all stakeholders and participants are aware of what is required to implement it and make it work. An important aspect of your role is to inform and communicate information about the implementation of the plan and designated responsibilities. In many cases you are not the person implementing aspects of the plan.

Each target audience requires a key message with the emphasis on the following questions.

what is risk management and what is the organisation`s strategy?

how is it being implemented, and what is my role in its implementation? what benefits should I expect to see?

how can I actively participate to ensure successful implementation?

Communicating strategies

Your communication depends on your target audience.

for those involved in the risk management process, such as a risk management committee or team, regular, direct progress meetings are the easiest forum in which to deliver information

for higher level stakeholders, such as senior management, directors, financiers, shareholders or insurers, the following strategies allow you to provide tailored information for audience participation and feedback: direct meetings, presentations, a video presentation/web-hosted Flash presentation, website, targeted briefings, corporate plans

where you are disseminating general information about the process to a wider audience, such as divisions, units or company-wide, consider the following strategies to outline the plan for implementation and the expected milestones/resultant benefits: workshops, information sessions, staff information booklets, newsletters, flyers or posters, intranet, articles and periodicals

Here is how an experienced manager communicated the risk management plan to workers.

Example

`At all stages of the risk management process we had to communicate our progress to various participants.

`When the process at the paint and surfacing hanger was completed , we called a meeting of the painters, surface finishers and airframe fitters, ond gave them a quick briefing on what we`d found and how we`d decided to deal with the risks. Absent and deployed members were emailed a precis of our findings and asked to provide written feedback.

`Feedback was accepted from meeting attendees, and some new ideas for risk treatments were accepted from those assembled by the management team. Overall, a very successful meeting.

`Follow-up meetings were held with external stakeholders and a report included the ideas raised at the meeting and some of the email feedback was provided to Logistics Group headquarters, which was positively received by senior managers.`

Ensure all documentation is in order and appropriately stored

Ensuring documentation is in order and stored appropriately

Make sure all documentation associated with your risk management process is saved and stored appropriately. This includes document reviews, risk assessments, reports, meeting minutes, draft and final copies of the risk management action plan as well as associated documents such as contracts, agreements and memoranda of understanding.

There may also be a legal or legislative requirement to retain certain documents and records for a specified period (usually seven years) or destroy documents for confidentiality reasons. Makes sure you know the regulations and what documents are involved. Ask your manager if you are unsure.

Documentation must be retained for the following reasons:

to demonstrate the risk management process has been conducted properly and in line with the scope

to provide senior management with a plan that identifies and prioritises all risks the organisation is exposed to

to facilitate ongoing process monitoring and evaluation of the risk management strategy to provide an accountability mechanism that supports the organisation`s corporate plan to provide an audit trail for the follow-up of key actions identified in the action plan

to communicate risk management activities with all stakeholders, participants and employees to comply with legislation (work health and safety legislation and regulations)

For example, ensure individual work areas report the progress of individual risk management programs to management through the risk management and/or work health and safety committee.

Storage options

Security of storage is crucial as you may be dealing with commercially sensitive information.

Electronic storage of documentation is the most common form of retaining information. Make sure you understand the file paths and other storage implications such as whether the folders are to be password protected. For example, your organisation may allow access to current working documents only for specific people, whereas you might store general information on the intranet. You may need to electronically scan and store written documents such as legal documents.

Ifyou receive written or printed documentation that you need to keep but cannot scan, you may need to consider other security options including lockable filing cabinets, safes or secure server storage.

It is also advisable to retain valuable or important electronic documents backed up to off-site media; for example, an external server, removable/securable hard-disk drives or single-use media such as writeable DVD or Blu-ray discs.

For certain documentation there may also be a time requirement for storage, that is, certain documents or records such as financial or taxation records and company takeover documentation may need to be retained for a defined period of time.

The following example describes how a manager ensures the safety and security of all documents relating to the organisation`s risk management processes.

Example

Brett Michaels has recently been appointed the managing director of a small delivery company. As part of his responsibilities, he has overseen the development of an updated risk management plan. Managers and staff have been informed and trained where necessary in relation to the storage of all risk management documents. Key elements of the document management system include the following:

The document management system includes a folder on the organisation`s computer network titled Business Support. Within this folder is a Risk Management folder.

Within this folder is a range of clearly named folders and files containing documents such as the company`s asset register, the current risk management plan, past risk management plans, the emergency evacuation plan, a blank template for a risk audit, completed risk audits and risk assessments, a list of current and prior work safety officers, insurance coverage and a blank template for a risk matrix.

electronic copies are created in PDF to avoid them being altered

back-up copies are stored on an external server in the company`s off-site location

a final copy of the current risk management plan is stored electronically in the Business Support folder as well as on the company intranet

a master copy is stored in the company`s Publications Master Copies folder labelled Risk Management Plan

a hard copy of the risk management plan is available in the company`s library

electronic copies of risk management documents available only for senior staff are password protected a copy of appropriate risk management documents for all staff (the risk management plan, risk audits, risk analyses) is made available for staff on the company`s intranet under policies and procedures

the version of all risk management documents is clearly indicated

copies of the company`s insurance documents are held in the company`s safe

Implement and monitor action plan

Implement and monitor action plan

Implementing the plan

Implementation of the action plan involves significant communication skills. Remember, your job is to manage the process - you may not be involved in the day-to day implementation of the control measures. Participants must be briefed on their roles to ensure they understand their required duties and the part they play in the overall success or otherwise of the risk management strategy.

There are five key steps to follow when implementing an action plan.

1.Develop a communications plan to provide relevant information to target audiences, This is particularly relevant to those key personnel who are performing tasks associated with the action plan.

2.Promote the plan to raise awareness among all personnel in the organisation through various media, Open channels of feedback to allow concerns to be raised, providing ownership and inclusivity to all staff.

3.Motivate participants by keeping them aware of the progress of the risk management processes, Regularly meet with participants in the process to ensure they are motivated and on schedule. Reward success.

4.Monitor and evaluate the plan performance for achieving milestones and to provide insight into potential shortcomings.

5.Modify the plan if or when the need arises, If the risks change or as new risks emerge, allow the plan to be flexible enough to incorporate change effectively.

Monitoring the plan

Monitoring the action plan is an ongoing process that ensures you manage the control measures effectively. You need to check controls are effectively reducing or managing the identified risks or, alternatively, increasing the identified opportunities. This is essential because risks by their very nature are not static - circumstances can change quickly and render the treatment you have chosen ineffective; you might need to revise an inappropriate option; other risks can arise that need to be treated; or risk treatment priorities might change. An inflexible, stagnant action plan is unable to meet the changing needs of the organisation.

Regular monitoring helps you determine whether the impact has been reduced, the likelihood has been reduced, the risk is occurring less often and the treatment is cost effective.

Include all stakeholders, staff and other relevant personnel in your monitoring as they are able to report their findings from a perspective possibly very different to yours. Make sure you document any findings you make as you monitor the process.

Monitoring methods

Regular monitoring to check whether control measures are successful can be done on a regular basis through:

self-assessments

observation and physical inspections customer feedback

audits and reassessment of risk

review of policies, strategies and documentation

You can also use a set of established criteria to provide a concrete measure of success against which you can judge the effectiveness of the treatments. Criteria help you compare the actual performance with the desired outcome. Criteria include:

costs

reduction in impact reduction in likelihood reduction in occurrence

For a thorough, consistent monitoring process, you need to go back to your risk identification chart, your risk analysis, the risk register and the risk treatment plan.

Here are example questions that can be used to monitor the risk management action plan.

Example

Key questions to ask yourself and others include the following: Are the risk treatments effective in minimising the risks?

Are the risk treatments cost-effective and time-efficient in minimising the risks? Do the performance outcomes address the key elements for risk treatment?

Are the assumptions made about the organisation`s environment, technology and resources still valid? Are the management and financial controls adequate?

Do the risk treatments comply with legal requirements and government policies such as accountability, ethics, access and equity? How can improvements be made?

Evaluate risk management process

Evaluate risk management process

Evaluating the risk management process

While regular monitoring is essential for ensuring control measures are being implemented effectively, there also needs to be a formal review process that is implemented on a regular basis to determine the effectiveness of the risk management process itself. An evaluation allows you to learn lessons from the process: what worked well, what could have been done better, and what didn`t work at all.

Most organisations review their risk management strategies via an annual cycle so they can be sure their strategic plans meet the current environment but allow for ageing risks and future potential risks to be identified.

What is evaluation?

Evaluation is systematic determination of value or performance against set criteria, benchmarks or set of standards. Evaluation offers you the opportunity to review performance and constantly improve your organisation`s overall approach within systems, processes and procedures.

There are three main approaches to evaluation. The ideal methodology is the one that best suits your needs and desired outcomes.

Types of evaluation

The three types of evaluation offer different perspectives and are designed for different purposes. It is suggested that where your goals are to reduce loss or reduce risk you use the goals-based method with scope to also use elements from process- and outcomes based evaluation.

Goals-based evaluation

Goal-based evaluation determines the extent to which the program meets preset goals or objectives. In a risk management process, these goals are defined in the preparation of the project or process scope.

Questions to ask yourself when designing an evaluation to see if you reached your goals are: (number)

1.How were the program goals (and objectives, if applicable) derived? Was the process effective, and were the goals SMART?

2.What is the status of the organisation`s progress toward achieving the goals?

3.Were the goals achieved according to the time lines specified in the program implementation or operations plan? If not, why?

4. Did personnel have adequate resources (time allocation, money, equipment, facilities, training, etc.) to achieve the goals?

5.How should priorities be changed to put more focus on achieving the goals? (Depending on the context, this might be viewed as a program management decision more than an evaluation question.)

6.How should time lines be changed? Be careful about making these changes. Know why efforts are behind schedule before time lines are changed.

7.Should goals be changed? Should any goals be added or removed? Why? Make sure you understand why efforts are not achieving the goals before changing the goals.

8.How should goals be set and defined in the future?

Process-based evaluations

Process-based evaluations provide an understanding of how a program works and how it produces its results. Process evaluation can be applied to long standing or ongoing programs or processes.

Process evaluation can address a number of questions relating to the subject program, project or process. The questions you develop depend on what you specifically want to know about the performance of the process. Some examples of questions to ask yourself when designing process- based evaluation could include:

(number)

1.On what basis do staff and/or stakeholders decide what is included in the process?

2.What is required of staff/stakeholders in order to implement the risk management processes?

3.How are employees trained or informed about the process?

4.what input is required of stakeholders?

5.What is the general process customers or clients go through with the product or program?

6.What do stakeholders consider to be strengths of the program? What typical complaints do they have?

7.What do participants and staff recommend to improve the risk management program/process?

8.On what basis do employees and/or the stakeholders decide the risk management process/processes are no longer needed?

Outcomes-based evaluation

An outcomes-based evaluation allows you to see whether the program or process is achieving the outcome required by management or directors. The general steps to accomplish an outcomes-based evaluation are as follows.

1.Identify the major outcomes of the process. For example, ask yourself, `What processes are we doing now?` and then for each activity, ask `Why are we doing that?` The answer to this `Why?` question is usually an outcome. This is a last resort approach, though; it may just end up justifying ineffective activities you are currently undertaking, rather than examining what should be done.

2.Choose the outcomes you want to examine and prioritise; if time and resources are limited pick the top two to four most important outcomes to examine first.

3.Specify observable measures, or indicators, for each outcome that can help you evaluate whether you are achieving the required performance. It helps during this process to have someone who can question why you can assume an outcome was reached because certain associated indicators were present.

4.Specify a target level or goal of achievements, that is, how often the risk management process succeeded based on the criteria identified in step 3.

5.Identify what information is needed to show these indicators, such as statistical records of decreasing downtime or losses, increased productivity or profits.

6.Decide how information can be efficiently and realistically gathered. Consider program documentation, observation of program personnel and stakeholders in the program, questionnaires and interviews about clients` perceived benefits from the program, case studies of program failures and successes, etc. You may not need all of the above.

7.Analyse and report the findings.

Methods of conducting an evaluation

How complete and thorough your evaluation is depends upon the quality of the information you gather. The following data collection methods are not exclusive and it is strongly recommended a combination of methods is used to ensure data validity and depth.

Method

Purpose

Advantages

Disadvantages

Questionnaires, surveys and checklists

quickly and/or easily get lots of information from people in a non- threatening way can be completed anonymously (allows for more candid responses) inexpensive to administer

easy to compare and analyse can gather large samples

can get answers to lots of questions at once might not get carefully considered feedback wording can bias client`s responses

are impersonal

may need sampling expert

doesn`t get the full story (cannot capture emotion, peripheral events etc.)

Interviews

fully understand someone`s impressions or experiences, or learn more about their answers to questionnaires can get full range and depth of information

develops relationship with stakeholders and relevant parties can be flexible to meet interviewee`s needs

can take a great deal of time

can be hard to analyse and compare even similar answers can be costly (due to time)

interviewer can bias responses with personal opinions or perspectives

Method

Purpose

Advantages

Disadvantages

Documentation review

understanding how a program operates without interrupting the processes by reviewing finances, correspondence, outputs/outcomes, memos, minutes,etc.

get comprehensive current and historical information doesn`t interrupt process

information already exists

statistical data means few biases can be brought about information often takes a lot of time

information may be incomplete

need to be quite clear about what you are looking for

not flexible means to get data; data restricted to what already exists

Observation

gathers information about how processes work within a program can view steps of a process as they are actually occurring

can adapt to events as they occur

can be difficult to interpret (seen land unseen) behaviours can be complex to categorise observations

observers can unwittingly influence behaviours of program participants can be expensive (in time)

Focus groups

explore a topic in depth through group discussion; for example, about reactions to an experience or suggestion, understanding common complaints, etc.;useful in evaluation and marketing

quickly and reliably get common impressions

can be efficient way to get a wide range and depth of information in short time

can convey key information about programs can be hard to analyse responses

need good facilitator for safety and closure difficult to schedule

6-8 people together

Case studies

understand or depict experiences in a program,and conduct comprehensive examination through cross-comparison of cases fully depicts experience in program input, process and results outcomes

an effective way to portray processes to external stakeholders usually quite time consuming to collect, organise and describe represents depth of information, rather than breadth

Timeliness

Evaluation cannot be a drawn-out process, as findings of an evaluation should be integrated back into the process as a form of `fine-tuning`.Typically a time line must be established prior to conducting the evaluation.

Maintaining an evaluation schedule can be difficult, particularly where respondents to questionnaires delay return or simply don`t complete them; however, this problem will always exist. The onus is on the evaluator to encourage timely returns and chase up slow respondents.

To assist your planning, GANTT charts are a common time line development tool that can be produced in any spreadsheet software. For more information on producing GANTT charts, a simple Internet search can provide countless examples and tips and hints for use.

Reporting

An evaluation report is a standard report format document that includes data results, draws conclusions on performance and makes recommendations. As a minimum, an evaluation report should include the following:

purpose - what was the purpose of the evaluation? target - what is being evaluated?

process - what were the steps in the evaluation process? findings - what data was gathered and what was found?

interpretation - What do the findings mean? What issues are emerging? lessons learned - what has been learned from events as they unfolded? recommendations - what should happen now?

Invite relevant parties to assist in the identification of risks

Invite relevant parties to assist in the identification of risks

Inviting appropriate people to assist in identifying risks

When identifying risks it`s essential everyone involved in the organisation or who is impacted by risk management decisions is consulted and has the opportunity to provide input. In addition to inviting internal personnel, such as managers and staff, to participate, you may need to target specific stakeholders, advisors, technical experts or other specialist personnel. When a course of action may impact upon the public you might need to consult residents, councillors and other local stakeholders.

The type of specialist who can assist you with risk identification depends upon the types of risk you expect to encounter. These should have been identified and documented in your list of stakeholders. By using everyone`s knowledge and skills you can generate a range of risks you may not have considered.

The following table lists some of the stakeholders, consultants and specialists you may need to consult and invite to participate in identifying risks in your organisation or business area.

Risk area

Who

What they can offer

Finance Accountant (internal)

Directors/members of the board (internal)

Auditors {external)

Financiers {external)

Shareholders {external)

Sales and

Marketing

marketing

managers

 

(internal)

Marketing research company

(external)

Members of the public {external)

Shareholders (external)

Security Department heads (internal)

Audited books, profit/loss details, financial impact of previous events, costings of risk servicing,

Financial impacts of negative {or positive) risk events

Strategic planning, upcoming events, mergers, acquisitions, disposals.

Financial risks associated with other entities.

Risks associated with borrowings, refinancing, currency movement {exchange rates, interest rates).

Their perceptions on future events, whether they would participate in share buybacks, splits, new issues etc.

Market research on current conditions, budgets, advertising campaigns.

Broader market research on current conditions, budgets, advertising campaigns than may be possible using internal assets.

Attitude toward the company (reputation), level of trust in the company`s product or service.

Initial feelings about future advertising campaigns, effectiveness of current marketing.

Concerns regarding personnel, general

Risk area

Who

 

Security firm

 

(external)

Equipment Equipment

operators

Safety OHS representatives

(internal)

OHS advisors (WorkCover etc.) (external)

Trade unions/labour representatives (external)

Specialists

Personnel

HR managers

 

(internal)

 

Security firm

 

(external)

feelingWhat theytowardsc n offerthe company by employees (HR risks).

Physical and electronic security risks and vulnerabilities,

industrial espionage. Intimate knowledge of

safety risks associated with operating<


100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

View our samples written by our professional writers to let you comprehend how your work is going to look like. We have categorised this into 3 categories with a few different subject domains

View Our Samples

We offer a £ 2999

If your assignment is plagiarised, we will give you £ 2999 in compensation

Recent Updates

Details

  • Title: Determine and select most appropriate options for treating risks
  • Price: £ 79
  • Post Date: 2018-11-09T06:52:10+00:00
  • Category: Assignment
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

Determine and select most appropriate options for treating risks Determine and select most appropriate options for treating risks
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

Writing is not my field. I take help from this website for my accounting assignment. The work is good and I scored good grades in it. Thank you from the bottom of my heart.
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

This is my second order which I booked recently at Insta Research. I just got my coursework completed expertly. Just waiting for good scores now.