BSBRSK501 - Assessment 2

 

ASSESSMENT 2-

DRAFT RISK MANAGEMENT REPORT

A brief assessment of CrossFit Endurance’s Risk Management Policy against the requirements of the current AS/NZS ISO standard for risk management

Upon studying the risk management policy of CrossFit Endurance, it has been understood that the risks are initially identified, analyzed and then they are treated. The risks that are occurred in the organization are planned to be monitored and reviewed in order to avoid them in future. Finally, the communication and the consultation is provided. The risk management policies and procedures that are developed by the organization is completely suiting the AS/NZS ISO standard of the risk management that is based on ISO 31000:2018. It is also to be understood that the policies should include the record and report considering the future risks.

Establishes the context and scope of organizational risk.

The organization may be facing several risks in operation, compliances and strategies that are used for the development. The scope of the organizational risk is that to identify the risk that are involved in the organization. It has been identified that the risks are in professional competencies, understanding the de-conditional clients to the gym, poor supervision in the gym, trainers failed to intimate about proper practice to the customers, misusing the gym equipment and the poor environments. All these have to be resolved in order to improve and achieve the scope of the organization. The proper mitigation plans should be identified and imposed.

Identifies internal and external stakeholders and their issues.

Internal stakeholders ·         Maria Lorenzo, Fortitude Valley center manager/head coach ·         Tim Green, Marketing manager ·         Part-time coaches/casual All the above stakeholders identified internally in the organization will be analyzing and addressing risks that are involved in each and every part. The marketing manager will be looking to the risks in branding and advertising. The head coach will address the environmental and other practice related issues. The part time coaches will analyze the risks in misusing of the gym equipment. External stakeholders ·         Customers ·         Risk Management consultant Customers will be addressing the benefits that they acquire and the drawbacks that are to overcome. The risk management areas in entire premises will be looked and analyzed by the risk management consultant.

Reviews and analyses the political, economic, social, legal, technological in the context of the risk management for CrossFit Endurance.

Political: The rules for the fitness and health care should be followed. Economical: The pricing that is made should be verified with the pricing norms set by the government. Must be focusing on providing offers and discounts. To provide high quality services (Administrator, 2016). Social: To expand the business providing fitness services to people with affordable cost. Legal: The laws by the government regarding this should be identified (Nitank Rastogi, 2016). Technological: To invest in upgraded equipment, social media marketing.

Reviews the strengths and weaknesses of existing arrangements outlined in the Risk Management Policy.

Some of the strengths and weakness were analyzed from the risk management policies towards the CrossFit Endurance they are, some of the internal control procedure was not as expected, increased costs were assigned for the customization for the personal service and the staff members from the CrossFit endurance resistance to change. The client’s participation was wisely large throughout the scheduled classes and a participant for the special events was derived more. The community and acceptance towards the culture was highly effective and inclusivity, the staff members from the CrossFit endurance was observed to be very much dedicated towards the work and training. Yes the existing documentation contains with many risk analysis progress, which could easily find the lists of risks and it helps for the future project development process too.

Discusses goals or objectives of the risk management initiative and measures of success.

The goals of the risk management initiative is to: ·         The main goal of this initiative is that to identify the various risks that are involved in the organization based on their precedence and consequences of it. ·         To prepare a plan to that will contain the steps to mitigate the existing risks and to avoid the risks that may be coming in future. These goals can be achieved and the success can be measured with: ·         The increase in number of customers to the gym. ·         Achieve the goal of 30% increase in revenue margin. ·         Reduce number of complaints and improved customer satisfaction.

 

References

Administrator. (2016, September 18). Scanning the Environment: PESTEL Analysis. Retrieved from Business-to-you: https://www.business-to-you.com/scanning-the-environment-pestel-analysis/

Nitank Rastogi, M. T. (2016). Pestle Technique – A Tool To Identify External Risks In Construction Projects. International Research Journal of Engineering and Technology (IRJET) , 384-388.

 

 

 

Cover email to finance manager briefing out the report and requesting feedback and approval for the report.

From: Student name

To: Arvin Krishnan

Finance Manger, Endurance Group.

Subject:  Feedback and approval for the attached Risk Management Report.

The organization has planned for development in the future and considering that the risk analysis has been made. The risks management report has been prepared by providing the requirements of the risk, scope and the context of the organizational risks available. It also comprised the internal and external stakeholders along with the areas they could involve and address the risks. The PESTL analysis will be providing the clear idea of development and the strengths and the weakness of the organization are studied. Finally, the goals that are to be achieved and the ways to measure it are addressed.

Kindly do review the report and provide feedback and approval for the risk management activities that are to be carried out.

Thank You,

Regards

Student name

Center Manager

Attachment: Draft Risk Management Plan.

FINAL RISK MANAGEMENT REPORT WITH CHANGED VERSION NUMBER.

A brief assessment of CrossFit Endurance’s Risk Management Policy against the requirements of the current AS/NZS ISO standard for risk management

The risk management policies and procedures that are developed by the organization is completely suiting the AS/NZS ISO standard of the risk management that is based on ISO 31000:2018. It is also to be understood that the policies should include the record and report considering the future risks. The stakeholder analysis, strengths and the weakness of the organization to be identified. The  PESTL analysis , the goals and the measure of success are to be discussed.

Establishes the context and scope of organizational risk.

The organization may be facing several risks in operation, compliances and strategies that are used for the development. The scope of the organizational risk is that to identify the risk that are involved in the organization. It has been identified that the risks are in professional competencies, understanding the de-conditional clients to the gym, poor supervision in the gym, trainers failed to intimate about proper practice to the customers, misusing the gym equipment and the poor environments. All these have to be resolved in order to improve and achieve the scope of the organization. The proper mitigation plans should be identified and imposed.

Identifies internal and external stakeholders and their issues.

Internal stakeholders ·         Maria Lorenzo, Fortitude Valley center manager/head coach ·         Tim Green, Marketing manager ·         Part-time coaches/casual All the above stakeholders identified internally in the organization will be analyzing and addressing risks that are involved in each and every part. The marketing manager will be looking to the risks in branding and advertising. The head coach will address the environmental and other practice related issues. The part time coaches will analyze the risks in misusing of the gym equipment. External stakeholders ·         Customers ·         Risk Management consultant Customers will be addressing the benefits that they acquire and the drawbacks that are to overcome. The risk management areas in entire premises will be looked and analyzed by the risk management consultant.

Reviews and analyses the political, economic, social, legal, technological in the context of the risk management for CrossFit Endurance.

Political: The rules for the fitness and health care should be followed. Economical: The pricing that is made should be verified with the pricing norms set by the government. Must be focusing on providing offers and discounts. To provide high quality services. Social: To expand the business providing fitness services to people with affordable cost. Legal: The laws by the government regarding this should be identified. Technological: To invest in upgraded equipment, social media marketing.

Reviews the strengths and weaknesses of existing arrangements outlined in the Risk Management Policy.

Some of the strengths and weakness were analyzed from the risk management policies towards the CrossFit Endurance they are, some of the internal control procedure was not as expected, increased costs were assigned for the customization for the personal service and the staff members from the CrossFit endurance resistance to change. The client’s participation was wisely large throughout the scheduled classes and a participant for the special events was derived more. The community and acceptance towards the culture was highly effective and inclusivity, the staff members from the CrossFit endurance was observed to be very much dedicated towards the work and training. Yes the existing documentation contains with many risk analysis progress, which could easily find the lists of risks and it helps for the future project development process too.

Discusses goals or objectives of the risk management initiative and measures of success.

The goals of the risk management initiative is to: ·         The main goal of this initiative is that to identify the various risks that are involved in the organization based on their precedence and consequences of it. ·         To prepare a plan to that will contain the steps to mitigate the existing risks and to avoid the risks that may be coming in future. These goals can be achieved and the success can be measured with: ·         The increase in number of customers to the gym. ·         Achieve the goal of 30% increase in revenue margin. ·         Reduce number of complaints and improved customer satisfaction.