manage risk

Risk Analysis and Management: The Case of PriceBeat
Part A
Introduction
To start with, the undefined economic times of the last some years have had a significant impact upon the way how corporations function nowadays (Hubbard, 2009). Corporations, which used to function effectively with the help of projections and forecasts at the present, keep away from forming business decisions, which are set in stone (Dorfman, 2007). Now, corporations hold a renewed focus: of managing risk. Moreover, risk is considered as being the chief reason behind uncertainty within any company. As a result, corporations increasingly concentrate more upon recognizing risks and handling them before they actually impact the business (Dorfman, 2007). The capability of managing risk could greatly assist corporations in acting more positively on future business judgments. Their understanding related to the risks they are experiencing would offer them several alternatives on how to manage likely issues. Risk management is vital within a company since in the absence of it, an organization could not possibly outline its goals for the future. In case if an organization outlines goals without considering the associated risks, likelihoods are that they would lose course if any of the risks hit the business (Hubbard, 2009). Further, this particular paper attempts to focus upon the risk management practices by taking into consideration the provided case of PriceBeat.
Scope of risk from the case study
Taking into consideration the prevailing risks at PriceBeat it can be stated that the company is in immediate need of effective risk management practices and strategies. At present both internal and external stakeholders are being affected by the risk prevalent at the company. The internal stakeholders of the company include employees, management, shareholders and owners. Moreover, the external stakeholders include customers, creditors, suppliers and government.
1. Critical analysis of case study
PriceBeat is basically a chain of discounted departmental outlets spread all around Australia. They brand has an outlet situated within Taralgon. The company requires proper management of risks faced in its daily practices as well as operations. The company also needs to make sure smooth ongoing procedures and offer continuing assistance for the risk management initiatives and strategies. The task would be divided in three stages i.e. review, analyse and plan and lastly, monitor. The strategic along with investment risks are being handled through the board. Now, the company needs take into account any risks, which could have an impact upon human resources management, OHS, financial operations, supply chain and overall compliance concerns in regulatory and legislator respect. Further, this particular paper is specific examines the goals and objectives associated with risk management; Stakeholder’s concerns; SWOT, PEST and Risk analysis; Risk Management plans and lastly, Legislative and regulatory requirements related to risk management.
Review
Goals and Objectives of Risk Management at PriceBeat
The goals and objectives associated with risk management at PriceBeat include:
· Having in place effective internal controls, chiefly over cash handling, recording and monitoring.
· Effectively meeting compliance standards in OHS, Privacy and Industrial relations regulation and necessary regulatory and legislative standards.
· Sufficient and effective written policy and procedures for guiding employees in performing their duties and responsibilities.
· Having adequate professional business culture.
· Effectively monitoring the external environment and finding opportunities as well as threats associated with the business.
Stakeholders Concerns
The internal stakeholders at PriceBeat are concerned about several issues. Firstly, the long drive to Melbourne from Taralgon would make attending the weekly managers meeting hard taking into consideration that several meetings didn’t finish until into the evening subsequent to the refreshments. Secondly, the long distance travel will make the deliveries planned for same day from the central warehouse of the company unfeasible. Because of this, there is few issue in holding the inventory and stock. Thirdly, the inside ERP system is also ineffective. In this manner any loop-hole in management might result in needless postponement to clients. Fourthly, all procedures and policies are verbally communicated and there isn’t anything particular. Every employee is performing the task, the manner they want. Fifth,...