...Manage Risk BSBRSK501B Risk review plan for MacVille PTY LTD Task 1 Janith Damboragama MacVille business plan FY 2011/12 Description about the company Mission MacVille cafes serve competitively priced, high-quality coffee and gourmet food in a safe and comfortable café-style environment. Our friendly, well-trained staffs provide superior customer service. Vision MacVille aims to deliver our valued customers the very best café-going experience. In three years, the business will have established a presence across the Queensland and NSW, with the opening of additional cafes. Values • Customer-focus • Safety • Teamwork • Performance excellence Strategic directions The strategic context in which MacVille will achieve its mission and vision it through: • Engaging with customers and customer research • Developing and improving products and quality History of Hurley’s Café Hurley’s café is located in Toowoomba city at Ruthven Street, which is the corner of the two main streets. Also, Hurley’s café is in 130km west of Brisbane. This café is a family own business and some family members were employed on the staff. As a family business café, James was the person who supervises the operations of the store and Mr.Hurley, as manager would initiate with employees salaries. Scope - Project MacVille Pty Ltd has developed a chain of cafes in the Central Business District of Brisbane, Queensland. The board of directors...
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...Assessment Task 1 Risk Review Macville Risk Management Policy and Risk Management Strategy Written Report Keeley Lassig SCOPE To become a water wise cafe, implementing policies and procedures in order for the cafe to run effectively. Upgrade toilet and dishwasher. Purchase frozen par-bake cooking system. GOALS * Serve competitive high quality coffee and food. * To have friendly well trained staff who provide great customer service. * Be Water wise * Be a profitable establishment with ongoing growth STAKEHOLDERS Stakeholder | Internal/External | Role in Process | Stake in Process | Macville Pty Ltd | Internal | Owners | High | Me | Internal | Manager, Finance, Audit | High | James Mansfield | Internal | 2nd in Charge | High | Paula Kinski | Internal | CEO | High | Goldsmith Partners | External | Legal Advisers | Medium | Ron Langford | External | Landlord | High | Public | External | Customers | High | Staff | Internal | All Roles | High | Suppliers | External | Supplying Stock | High | ANALYSIS PEST Policies and Procedures – to include Human Resources Policy Financial Policies Corporate Governance Policies Business Planning and Budgeting External Audit Risk Management Reviews Monthly Planning Taxation Economic Growth Computers Water Policy Establish own products Employee Confidentiality Wage and Super Records National Broadband Network Footpath Dining Incedent reports SWOT Staff Customers Profit...
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...the finding and assessing of risk of MacVille’s Toowoomba branch. Risks indicated in previous report are explicitly divide into 3 main parts which are similarly to those mentioned and reviewed; bank risks, physical risks, and by-law compliance risks. The purpose of this report is to analyze risks identified in more detail, prioritizing its, and identify suitable options of treating such risks to reduces the probability of its occurred. Background The report previously produced indicated and assessing the possible risks that may affect MacVille’s Toowoomba branch in which the risks assessment had been submitted to management teams. Scope Statement This report will be focusing on the risks that Toowoomba store exposed to and analyze its likelihood consequences of the risks foreseen, priority in treating each risk and its optional in treating. It wills mainly focusing on the issues raised from the meeting, financial risks, physical risks, and by-law compliance risk. Policy The risk management and process will be conducts in compliance with recommendation and guideline set by MacVille Pty Ltd and its OHS policy. This document is mainly for internal used. It will be implement and used as guideline for risk management plan for Toowoomba branch, once it being approve by management team. Approach The information used will be based on the meeting with many related parties, observations, and analyse of situations in order to negate the risks from occurring. Decisions and...
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...Scope Risks are found in all organisational activities. The background behind this report is to manage the current risks that are currently affecting the MacVille Cafe, Toowoomba and to enhance any opportunities available to the organisation. The purpose of this risk assessment is to identify risks related to the MacVille Cafe, Toowoomba. The risk assessment will be utilized to identify risks related to the cafe. During inspection of the organisational premises, many risks have been identified as potential high-risk. Goals 1) Put a Policy and Procedure in place - by putting this in place and having a hard copy available. Instead of having Mr. Hurley address this manually each week, all staff will have will have something to turn to on a daily basis if they weren't at the cafe when Mr. Hurley was present. 2) Train staff in water use - by giving the staff proper training in relation to the water usage at the cafe, this will help water waste reduction and will help the organisation out financially. 3) renovate the Cafe - By renovating the cafe, fit-out will look inviting and refreshed. Replacing any old, broke and unstable furniture, and removing old carpet, will benefit the organisation by decreasing and accidents where staff and customers are concerned. 4) Water Tank Installation - by having a water tank installed, it will allow more savings on the water bill, which will benefit the organisation in many financial ways. The cafe can collect rainwater and substitute...
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...Identify the internal and external context for risk management Introduction: in the October of 2015, MacVille has started a relationship with a small village that grows coffee beans called Papua New Guinea (PNG). The business will provide equipment and high-level skilled training to the village in exchange for cheaper roast beans. Internal context: MacVille is an Australian coffee supply business. It imports and supplies top quality coffee for cafes and restaurants. Their vision is “Within five years, MacVille intends to have established itself as the number one coffee supplier for fine coffee shops and restaurants in Australia.” The business has strategic directions to achieve its vision. MacVille also has Risk Management Policy and Procedure, which shows what to do to reduce level of risk, how to do it and who has responsibility. The business has Risk Management Process follows Risk Management Process Australia standard. External context: * Legislations: Macville follows legislation, standards and codes of practice as Work Health and Safety Act 2011(Qld), Australian Securities and Investments Commission Act 2001(Cwlth), Corporations Act 2001(Cwlth). PNG has developed a new OSH legislation, a new OSH framework, a new OHS structure that is economically driven. In April 2011, the Governments of Fiji and Papua New Guinea introduce a new program that was intended to improve the standards and practices on the workplace. * Economic environment in PNG: PNG’s economic...
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...Identify Risk and Plan Risk Management MacVille Assessment 1 Submission details (Due: week 6) Candidate’s name | | Student ID | | Assessor’s name | Olga Borovkova | Email | | Assessment site | Cambridge International College | Assessment date/s | | Time/s | | Contents Risk Context 2 Have your read the assessment????? 2 Your role and task 3 Internal Risks Context 3 External Risks Context 4 Evaluation Criteria 4 MacVille Risk 4 SWOT 5 Check list 5 Stakeholders 5 Research 5 Risks 5 Risk Analysis 5 Risk likelihood table 5 Risk consequences table 6 Risk Matrix table 6 Level of risks for MacVille 6 Risk evaluation 6 Control Measures 7 Resources 7 Consultation 7 Appendices 7 Appendix 1: MacVille Risk Register 8 Appendix 2: MacVille Risk Treatment Action Plan 9 Risk Context See for some examples: https://sielearning.tafensw.edu.au/toolboxes/toolbox904/toolbox904/u2_cond_risk_ass/u210_estab_conte/u210_estab_conte.htm Have your read the assessment????? Please, do not just list what is in the template. You must discuss and explain why it is important to know or discuss, or understand? Your role and task You have recently been assigned to work in a project team charged with the implementation of the new business endeavour for MacVille. Your duties within the project team include: * risk identification * analysis * evaluation * implementing and monitoring risk treatment, particularly in own areas of...
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...BSBRSK501B Manage Risk Risk Analysis Assessment description: Using the information gathered in Assessment Task 1 and the case study provided, examine the likelihood and consequences of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information you are required to develop an action plan for implementing risk treatment, document the plan as required, and communicate the risk management plan to relevant parties. Assessment Questions: 1. Using the case study information provided in this assessment and in Assessment Task 1, develop a report for your manager (assessor) with the headings as described below: a. Likelihood – For each risk, assess the likelihood of the risk occurring. b. Consequence – For each risk, assess the consequence of the risk occurring. c. Priorities – Use a risk calculation table to assist in prioritising the risks. d. Options – For each prioritised risk, outline at least two suitable options for treating the risk. In your report, include an explanation of the process you used to identify risks and assess likelihood, consequence, priority. Also include an explanation of why options you suggest for controlling risk are: i. likely to be effective ii. Feasible for the organization 1. In your report, include an explanation of the process you used to identify risks and assess likelihood...
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...Risk Management 1-‐A Likelihood Banking Risk: The Likelihood of a break in at Macville café I think is in the possible category. It’s not extremely high but with the banking not been done regularly enough because of the distance to the bank from Macville. This could attract theft if certain people are aware of this Managers Travel Risk: While the possibility of this happening is unlikely, it’s a very serious risk to have there and needs to be focused on heavily from the risk management team. By Law Compliance: The likelihood of this happening is likely. By law compliance is usually policed quiet closely from authorities. If Macville isn’t doing the correct thing it will most likely found out and face fines. 1-‐B Consequence Banking Risk: Minor consequence: While getting broken into and losing money through theft is not an ideal thing to have...
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...GUIDE TO THE ASSESSMENTS TASKS Assessment Task 1: Risk review Outcomes Submit a completed written report? Submit notes of meeting (including feedback) with manager/supervisor (assessor)? Submit a draft communication to be used with stakeholders? Submit report and accompanying documents in agreed timeframe? Performance indicators Scope – covering at least the following. a. Project – MacVille to expand their operations in Queensland and purchase and re-brand an existing cafe in Toowoomba. b. Business unit – MacVille Cafes Queensland. c. Risk in relation to functions – human resources management, financial operations, OHS, supply chain, local governance and compliance issues. Goals – should include some of the following. a. To appropriately manage the risks involved with the operation of the Toowoomba store. b. To give the new manager significant insights into the store’s operations. c. To ensure there is a smooth transition to the MacVille systems. d. To encourage the new manager to give ongoing support for risk management. See stakeholder feedback table in Appendix. Analysis. a. PEST analysis should include at least the following. i. Political – federal legislation concerning efficient water usage, by-law allowing cafes to expand their footpath dinning. ii. Economic – gross regional product growth of 8.9%, number of visitors down 18%. iii. Social – place for retirees, population growing. iv. Technology - WIFI in cafe, an innovative frozen par-bake cooking...
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...``Risk analysis Submission details Candidate’s name Thilakshi Perera Phone no. Assessor’s name Tardeesh Kaur Phone no. Assessment site Assessment date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective In this assessment you are to analyse the risks identified in the case study, to assess likelihood and consequence of risks, evaluate and priorities risks, and determine options for treatment. You are also required to develop an action plan for treatment of risks, and communicate it to relevant parties. Assessment description Using the information gathered in Assessment Task 1 and the case study provided, examine the likelihood and consequences of identified risks, prioritise the risks and determine options for treatment of each risk. Using this information you are required to develop an action plan for implementing risk treatment, document the plan as required, and communicate the risk management plan to relevant parties. Procedure 1. Using the case study information provided in this assessment and in Assessment Task 1, develop a report for your manager (assessor) with the headings as described below: a. Likelihood – For each risk, assess the likelihood of the risk occurring. b. Consequence – For each risk, assess the consequence of the risk...
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...TEAM B TEAM B ------------------------------------------------- Assessing Materiality and Risk Simulation University of Phoenix ACC/491 Dwayne Thompson March 10, 2013 ------------------------------------------------- Assessing Materiality and Risk Simulation University of Phoenix ACC/491 Dwayne Thompson March 10, 2013 The objective of the audit of financial statements is to enable the auditor to express an opinion if the financial statements are prepared in accordance with an identified financial reporting framework. The reason that materiality is allocated to those accounts sampled because materiality represents the magnitude of an omission or misstatement of an item in a financial report. The three function of the audit risk are inherent risk (IR), control risk (CR), and detection risk (DR). Every level of audit risk has an opposite connection that exists between assessed levels of controls, inherent risk, and level of detection risk Why do certain accounts have to be audited 100%? Accounts need to be audited 100% so the users of the financial statements can rely on the information and be able to make decisions for investment purposes. It also helps management make sure the company is profitable as well as following rules and regulations of the accounting standards and policies. Auditing accounts are done to protect the investors, shareholders, banks, and to give assurance that the information...
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...| Entrepreneurship | SBMG 6006 | | Discussion on an importance of risk taking and innovation in entrepreneurship. | | 7/14/2011 | | Executive summary: - This academic work explores that how risk taking and innovation play an important role in entrepreneurship process. This report provides critical view about these given topics by examined different models, theories and opinions of different authors etc. This report also puts light on differences between term entrepreneurship and entrepreneur. Methodology: - Introduction: - Entrepreneurship is a dynamic process of vision, change and innovation. It requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions. Entrepreneurship has been categorized in different skills such as inner control, planning and goal setting, risk taking, innovation, reality perception, use of feedback, decision making and human relation etc. Miller (1983) defines entrepreneurship as a multidimensional concept encompassing a company’s action relating to innovation and risk taking and proactive measures.Innovation and risk-taking has an important place in entrepreneurship. Schumpeter (1994) described role of entrepreneurship as tendency of company to engage in and support new ideas, novelty, and experimentation that may result in new products, services. Risk taking describes the nature of entrepreneur. A.H. Cole has explained entrepreneurship as, “the...
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...THE COST OF CAPITAL, CORPORATION FINANCE AND THE OF INVESTMIENT In the business world we make investment for two main reasons or either of them that can be for the maximization of our profite from a business or it can be for the maximaization of the market value of the assets. Businesses generally aquire the assets if the perceives that the particular asset can help in increasing the profit of the organisation. According to the theory the acquisition of the asset can help to increase the profit only if the returns arising due to that asset are more than the interest costs arising due to that asset. On the individual level when we are cosidering the purchase of any asset we should also consider the risk factor associated with that asset. Profit maximization and value maximization they both have more or less same meanings and implications. But if the case is of uncertainity then the profit maximization has no meanings, it remains meaningless for the investors. When the situation is uncertain then in that case the market value maximization becomes the basis for the theory of investment, if this notion is kept in mind then every time when we are going to make a decision to invest or not we should simply keep one thing in our mind that can be the basis of the decision, that is if we aquire the particular asset will it help to increase the value of the firm’s share? If in response of this question we comes on this point that yes it will result in increase in the value of the firm’s...
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...retailers. However, pursuing this option would drain Rose’s resources and prevent them from launching their own branded goods. Additionally private-labels would make Rose into a manufacturer-only role and limit its long-term prospects, but having its own brand is very costly to promote and comes with many short-term risks. Possible Solutions: 1. Proceed with Rose Partyware branded party supplies. * Retain loyalty of small independent retailers (35% of sales) * Brand advantage in party supplies versus other generic suppliers * Positive long-term returns * Control over pricing, branding, and distribution of goods * Short-term technological advantage 2. Pursue manufacturing private-label goods for retailers. * Retain largest Rose customer (20% of sales) * Supplier of choice in private-label manufacturing * Lowest short-term risk * Cheapest option in terms of change to company structure & spending The Decision: If I were in Tom Roses’ position I would choose to proceed with Rose Partyware branded party supplies and persuade Party! to hold off its test launch. While this decision would expose Rose Partyware to the short-term risk of promoting their new brand, the potential returns as well as the prospects for long-term growth results in a net advantage for Rose Partyware. The threat of operating as an easy-to-replace private-label supplier is too risky Rose Partyware despite the short-term payoff....
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...in order to improve the company. What benefits do you think the employees derive from this arrangement? There are many benefits that the employees can derive from this arrangement. If the business can decide to expand, which creates more opportunities for work and even a promotion if need to. Another example is that if the business keeps up with the latest technology, the employee will work less since technology makes life easier. As machinery innovates as the year passes. With a HR, the employees will have several more benefits and will be protective in case of an accident where to occur at work. What do you think are the risks involved (to HR and the organization as a whole) if HR does not make this a priority and instead remains a purely task-oriented department mostly administrative in nature? In a business everything is a risk there or not there will be a HR or not. However, a HR is a useful organization that can help the business if handle properly with the right decision obviously. By finding the “middle ground” as we say, in order to keep the employees satisfied and at the same time keeps the production going the outcome should be a total...
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