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PriceBeat Case Analysis
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PriceBeat Case Analysis
Introduction
In this report we will be analysing the risk management of PriceBeat which is a departmental stores across Australia. Risk is inevitable and can be faced by any organization. It is important for the organization to predict, prevent and handle the risk effectively. Some of the risks that can be faced by the company includes financial loss, interruption in business etc.
Review
The risk of the company is analysed from different perspective which includes the perspective of the human resource management, operations, financials aspect, supply chain and overall compliance to the legal and regulatory perspective. (Ennouri, 2013)
One of the biggest risk that the company can face is the risk related to the injury, as a part of the building is still under construction but the council and the developer has given the permission to start the operations.
There is a separate division of employees for payment, delivery and inventory management which makes it difficult for the company to deliver the products timely to the customers. The company does not have any written policies and thus pose a problem as the employees make up their own rules and policies for working in the organization. The company also has unnecessary running costs of the cooling plant.
The company is not able to attract much customers despite of easy accessibility and reachability.
The company also does not do daily banking and keeps around $10000 cash in the cash register. There are also 50% chances of break-ins which is a threat to the company.
The adjoining building of the company is old and instable which is a risk for the company as the collapse of the old building can greatly affect the company.
The company also does not have any specific process to cater to injury. The company does not have any password protected data on the computer.
The company also lacks on the promotions and in-house marketing which affects the sales of the company.
The company has the self scanning check – out and usually has the long que which at times irritates the employees.
1. Identify the scope of Risk
There are certain aspects of risk that needs to be analysed. The risk has to be analysed from the external as well as internal context. The external context of the risk will be analysed by analysing the environment from different perspective which includes:
Social Environment: The company lacks on the proper business culture.
External Stakeholders: There are different external stakeholders which includes WHS officers, customers. The company lacks on its WHS policies as well as privacy policies. The company is also not able to attract its customers because of in adequate promotions.
Legislation and Regulations: The company does not meet the compliance standards of OHS, Privacy and industrial laws.
Analysing the Internal context: The company lacks on internal control, policies and other aspects which effects the working of the company.
2. Identify and describe Critical success factors
The company is located on the prime location and has given an easy access to the customers along with the parking facility.
The company has also made sure to conduct the training sessions for the managers for updating the company’s policies and the procedures....