Premium Essay

Risk Assesment

In: Business and Management

Submitted By raryal007
Words 3694
Pages 15
University of Technology, Sydney

49006- Risk
Management in
Engineering
Risk Management Plan for a Small Business

Rita Nusheiwat
Autumn 2014

University of Technology, Sydney
49006 – Risk Management in Engineering

Risk Management Plan for a Small Business
Rita Nusheiwat | 11458039

EXECUTIVE SUMMARY
This report presents the risk management strategy focused on the financial risks of running a fictional convenience store located in the suburb of Bella Vista in Sydney. This study is based on the AS/NZS ISO 31000:2009 standard framework, shown in Figure 1 below.
After starting with an overview of the project, the report establishes the context, which sets the groundwork on what risks to focus on.

A communication and consultation plan of the risk

management study is then set up.
Subsequent sections include risk identification using techniques such as brainstorming and checklists, risk analysis using methods such as Failure Mode and Effect Analysis (FMEA), and risk evaluation using qualitative and quantitative techniques such as the ALARP chart. The last sections of this report consist of the risk treatment plan, which explores possible options if the identified risks come to realisation followed by the monitoring and review process to maintain the effectiveness of those treatments.
The main highlights of this report are that, while there are many options for treating risks, the appropriate method will depend on factors such as number of treatments, cost, implementation time, suitability, and acceptability of residual risk. On the other hand, unless treatment costs greatly outweigh the benefits, every attempt should be carried out to try to reduce the risk to a level that is
“As Low As Reasonably Practical”.
It can be also concluded that for a large share of the identified risks, there is a relationship between the relevant

Similar Documents

Free Essay

Risk Assesment

...BTEC Certificate/Subsidiary/90-Credit Diploma Health and Social Care Task Specific Risk Assessment (P3) Company Name: NewVIc PROCESS / ACTIVITY |I am a NewVIc student, studying health and social care level 3. I have been asked to carry out a risk assessment of a part of the college. I| |have chosen the playground and the C block. The C block is the building where the main subjects are science, math and health and social | |care. Here there are labs, classes with computers and desks. I will carry out the risk assessment in a methodical way, starting from the | |bottom of C block to the top and one corner of outside to the opposite corner. The service users of these areas and building are the | |teachers, cleaners, students and visitors. My risk assessment is to improve the safety of the college for the staff, pupils and visitors. | | |LIKELIHOOD (Chances of occurrence) | |SEVERITY (Outcome) | |1 |Remote Possibility (Very Unlikely) |1 |Negligible/No Injury | |2 |Unlikely |2 |Minor Injury/Minor damage to property or person | |3 |Possible |3 |Major Injury/Disability/Serious damage to Property or person | |4 |Very Likely ...

Words: 2981 - Pages: 12

Free Essay

Risk Assesment

...PROCESS SAFETY AND LOSS PREVENTION ASSIGNMENT INTRODUCTION TO HAZARD ANALYSIS AND RISK ASSESSMENT (CPE6001 Part 1) September 2011 1. Discuss the form in which risk predictions may be presented, including numerical values, and indicate the way in which these may be used by chemical plant managers and safety authorities to judge the acceptability of a particular chemical plant activity. Explain the philosophy underlying acceptability criteria, justifying any numerical values used, and discuss the issues which you would consider in applying acceptability criteria in developing and developed countries. (30 marks) 2. Figure 1 shows a schematic layout of the safety cooling system for the AP1000 pressurised water nuclear reactor. Figure 1. The reactor system is contained within a 'passive cooling' containment vessel (Figure 2) which is intended to provide natural and permanent cooling in the event of a loss of cooling event in the reactor loop. Figure 2 Containment vessel for AP1000 cooling A comprehensive description of the overall system is provided by Schulz (1) and is available on the University Mole system for CPE6001. A brief description of the safety cooling system would comprise the following : The safety system incorporates four sources of passive water management following a loss of coolant accident : - two accumulator vessels (ACC) provide high flow for several minutes - two core make-up tanks (CMT)provide moderately high flow for a longer period - an...

Words: 307 - Pages: 2

Premium Essay

Risk Assesment

...* Assess the risk of the following business decisions (add other risk categories you believe are appropriate) Manufacturing capacity to produce a new product. Expansion of sales and marketing capability to enter Russia. Acquisition of a competitor in China * Rank the above four business and the two decisions covered in class (manufacturing capacity for existing product and new product R&D) from least risky to most risky. Answers: 1) Risk assessment for manufacturing capacity for a new product Exogenous Risk * Competitor introduces similar product before you * New product is not well accepted by customers * Similar but more cost effective products available in market. * Endogenous Risk * Lack of experience to manufacture new product * Whether marketing team is capable of selling the new product and make profits * Technical Difficulty in large scale manufacturing of the product 2) R&D project to develop second-generation product Exogenous risk * Cost, Availability & compatibility of suitable raw materials * Other companies doing similar R&D but more cost effective * First generation of the drug is still preferred. Endogenous Risk * Technical failures * Budget to steep for R&D * Ability to market and sell new product * New product vs existing or similar product competition * 3) Expansion of sales and marketing capability to enter Russia. Exogenous Risk * Product...

Words: 418 - Pages: 2

Premium Essay

Risk Assesment

...Federal Security Risk Management Threats • Devastating: The facility is damaged/contaminated beyond habitable use. Most items/assets are lost, destroyed, or damaged beyond repair/restoration. The number of visitors to other facilities in the organization may be reduced by up to 75% for a limited period of time. • Severe: The facility is partially damaged/contaminated. Examples include partial structure breach resulting in weather/water, smoke, impact, or fire damage to some areas. Some items/assets in the facility are damaged beyond repair, but the facility remains mostly intact. The entire facility may be closed for a period of up to two weeks and a portion of the facility may be closed for an extended period of time (more than one month). Some assets may need to be moved to remote locations to protect them from environmental damage. The number of visitors to the facility and others in the organization may be reduced by up to 50% for a limited period of time. • Noticeable: The facility is temporarily closed or unable to operate, but can continue without an interruption of more than one day. A limited number of assets may be damaged, but the majority of the facility is not affected. The number of visitors to the facility and others in the organization may be reduced by up to 25% for a limited period of time. • Minor: The facility experiences no significant impact on operations (downtime is less than four hours) and there is no loss of...

Words: 411 - Pages: 2

Premium Essay

Risk Assesment

...Running Head: RISK ASSESSMENT PLAN Risk Assessment Plan Therese Kress MGT. 401 Hazardous Materials Management Instructor Stephen Griffith October 6th, 2014 RISK ASSESSMENT PLAN Risk Assessment Plan Holding the position of ‘Risk Manager” can be a daunting task. Their role is to advise their company of any potential risks that might exist within the organization, its employees, customers, and even its reputation. A risk managers job tasks depend on the industry in which they work in, and the level at which they are working at. Their major job duties are to identify and assess hazards, put safety plans in place, and determine how to avoid, reduce, or eliminate the risks altogether. That is why in the 1970’s the “Occupational Safety and Health Act (OSHA) established three permanent federal agencies to help with accessing such issues. The Occupational Safety and Health Administration (OSHA) to set and enforce standards, the National Institute for Occupational Safety and Health to conduct research on workplace hazards, and the Occupational Safety and Health Review Commission (OSHRC) to referee any workplace challenges” (Matthews, P.2011). These three departments were established to set guidelines by which companies both large and small, could follow to minimize the potential risks within the workplace. At my place of employment, Generator Services, we do have a Risk Assessment Plan that observes a safe...

Words: 2043 - Pages: 9

Free Essay

Risk Assesment

...of our own actions as well as how we interact with the charities, business sponsors and the college. Furthermore, the team will have to take into consideration legal factors such as risk assessments and taxation. To begin with it could be suggested that meeting legal requirements is very important because if you are not abiding by them, the team and thus the college could be breaking the law. The main area of legal concern is to do with risk assessments. This is because as students will be going out to a remote area for a long walk in aid of charity, the college must ensure the safety of students. Because of this, they will have to walk the route and see if it is safe and then prepare a risk assessment report to elaborate on whether the walk is safe or too dangerous and also if there are any ways in which the college could assist in safeguarding the students, for example by providing mobile phones for communication and a first aid kit in case of injuries. The whole process of undertaking a risk assessment can be lengthy and also costly but is important requirement as if someone is hurt on the walk and they decide to take legal action, the college could be held liable unless they can definitively show that the risk assessment findings made everyone believe that the route was safe. This shows how risk assessing is so important when a business undertakes anything new –...

Words: 861 - Pages: 4

Premium Essay

Risk Assesment Plan

...RISK MANAGEMENT PLAN PURPOSE AND SCOPE The purpose of the Risk Management Plan is to establish an approach to monitoring, evaluating, and managing risks throughout the life of the project. A risk is an uncertain event or condition that has a negative or positive effect on the project’s objectives. The risk management plan will identify potential risk, assess individual risk and its impact on performance, cost, and schedule of the overall project and develop an action plan that handles individual risk. RISK PLAN OBJECTIVES The scope of this risk assessment assessed the system’s use of resources and controls (implemented or planned) to eliminate and/or manage vulnerabilities exploitable by threats internal and external to the Project. If exploited, these vulnerabilities could result in: • Unauthorized disclosure of data • Unauthorized modification to the system, its data, or both • Denial of service, access to data, or both to authorized users This Risk Assessment Report evaluates the confidentiality (protection from unauthorized disclosure of system and data information), integrity (protection from improper modification of information), and availability (loss of system access) of the system. Recommended security safeguards will allow management to make decisions about security-related initiatives. PROJECT RISKS This risk assessment methodology and approach was conducted using the guidelines in NIST SP 800-30, Risk Management Guide for Information Technology Systems...

Words: 1565 - Pages: 7

Premium Essay

Country Risk Assesment

...Country Risk Assessments You are working for McDonalds Corporation. You want to do a Country Risk Assessment for Iran for the current year to decide whether you should operate a Franchise there. Explain how you would proceed? The first thing I would want to do is analyze the product and determine the risk measures of operating in Iran, and I would accomplish this by conducting a country specific analysis. I would try to surround myself with people that have a very extensive knowledge of the target areas in Iran that I am looking to conduct the risk assessment for. I would also make sure to identify all the pros and cons and the potential problems that I may face trying to sell these product in this country. I would visit the country myself to get a more hands on feel for the country and also determine some of these potential problems that I may face. I would look at creating a broadly diversified global portfolio to determine where the investments should be allocated among developed, emerging and perhaps frontier markets. I would want to make sure that the investments are spread among several other areas in Iran to maximize diversification and minimize risk. What data would you need; how would you use them? I would conduct a correlation coefficient and use this data to help limit my risk. I would conduct a forecast to determine the credit risk posed by Iran, including a regularly reviewed country risk rating. I would look at the currency, sovereign debt and banking sector...

Words: 353 - Pages: 2

Free Essay

Risk Management Assesment

...Risk Management Assessment Summary Risk Management Assessment Summary In a health care organization, tt is very important to advertise and design a secure and successful patient care practices; the conservation of financial resources as well as to sustain a safe working environment, these are crucial to the upholding of the organization. Hospitals and health care organizations today face a long list of risk factors. These risk factors can shape the success or failure of the organization, including: Competitive responses from multiple hospitals and physician groups. Changes in rules and regulations from governement. Extremely small profit margins. Community relations as expressed through zoning and permitting resistance. State of the bond market and the cost of borrowing. Fund raising success and also generating community support. Some dependence on key physicians, admitting preferences, and medical personell ages. High fixed cost structure Advancements in medical technology and a bit of subsequent influence on admissions and pattient lengths of stay. Morristown Hamblem Healthcare System The Morristown Hamblen Healthcare System is a locally owened hospital located in Morritown Tennessee, United States. Morristown Hamblen Healthcare System, located in Morristown, Tennessee, is a for profit multispecialty academic hospital that integrates both a clinical and also a hospital care with research and education (MHHS, 2011). Morristown Hamblen...

Words: 1436 - Pages: 6

Free Essay

Risk Assesment

...PM598 – Contract and Procurement Management PEACH COMPUTER COMPANY Case Analysis At the meeting, the decision was made to utilize detailed design and engineering specifications so as to obtain competitive bids on the project. The executive committee required completion of the building within twelve months since the new facility would allow for production necessary to meet a new government contract. The contract was of vital importance to Peach since it would yield additional net income of $4,000,000 annually. Within 2 months after the meeting, Don issued a request for proposal using the recommended specification method with a specific construction time of 9 months. Four proposals were received. Don reviewed them quickly since he had 3 weeks to award the project and execute a contract. Winstrom Construction was a local Ohio firm that had completed much of the construction at Wright-Patterson Air Force Base. They submitted a bid of $5,960,000 with a required deposit of $1,000,000. Winstrom had worked previously on a similar project for Peach and had finished it on-time. Don was concerned with the deposit given that Peach would have to supply these funds from capital reserves which were invested at 8% annually, but he rated their quality an A since he heard they had a partnership attitude in dealing with the inevitable problems on the AFB projects. Frazier Construction was a firm from Florida who had completed several projects around the country for competitors of Peach...

Words: 498 - Pages: 2

Premium Essay

Risk Assesment

...I decided to take the cervical cancer health risk assessment. I chose this particular one because, when I was pregnant with my son and was having regular pap smear . I was told by my doctor that I had been exposed to one of the main causes of cervical cancer which is HPV(Human Papilloma Virus). I will get to what HPV is in a moment. Cervical cancer is cancer that forms in the tissues of the cervix. It is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, which can cause tumors to grow. HPV is a cause of at least seventy percent of all cervical cancers. HPV is a sexually transmitted disease and is one of the most common. It is so common that every man and women at one point in their lives will get it. There is some evidence that suggest that another sexually transmitted virus, the genital herpes virus also may be involved in cervical cancer. More than six million women in the United States have persistent Human Papilloma Virus infections. HPV does not have a current cure. Another fact, most women do not have any sign or symptoms of cervical cancer until it is invasive. When the cells grow uncontrollably and into the deeper layers of the cervix it is then invasive. Several risk factors for cervical cancer include family history, Immunosuppression which is HIV and having a chlamydia infection can also increase your risk. Sexual behaviour can also play a part and put women at risk for not only HVP infections which lead to cervical...

Words: 682 - Pages: 3

Premium Essay

Risk Assesment

...GENERAL SIR JOHN KOTELAWALA DEFENCE UNIVERSITY CLASS ASSIGNMENT SUBJECT: INFORMATION TECHNOLOGY POLICY & PLANNING (MEG 3123) Prepared by Name | Number | | | MBA IN E-GOVERNANCE Programme 111 Year 2 Semester III Report Submission Date : 15 October 2015 Lecturer: Lt Col (Retd) Athula Samarasinghe Student declaration: | I declare that: | * I understand what is meant by plagiarism * The implications of plagiarism have been explained to me by our institution * This assignment is all my own work and I have acknowledged any use of the published or unpublished works of other people. | Student's signature: | Date: | Total number of pages including this cover page | | Submission Date | | Due Date | -10-2015 | Lecturer's Name | Lt Col (Retd) Athula Samarasinghe | OFFICIAL USE ONLY MARKER’S COMMENTS | Marker’s Name | Marks Awarded (100%) | Analysis of Topshoes Company Introduction This is an analysis of make-believe company called “topshoes”, with aim of drafting/imposing IT policies in each area where IT has been used. This hypothetical “topshoe” brand focuses on all age groups of the company. Products of this company maintain high demand in the local market as well as foreign markets. The company is very much concerns with the quality of the products and cost effective ways of manufacturing by using cutting edge technology as well as appropriate IT applications witch effects both quality and cost...

Words: 1771 - Pages: 8

Premium Essay

Risk Assesment for Unit 3 Health and Social Care P3

...GENERIC RISK ASSESSMENTS CONTENTS PAGE 1. All educational visits 2. Travel on educational visits 3. Residential visit accommodation 4. Use of tour operator or provider of activities 5. Ski trip 6. School exchange visit with a school abroad 7. Walks in normal country 8. Walks in remote terrain 9. Indirectly supervised walks (Duke of Edinburgh expeditions and similar) 10. River walks, gorge or stream scramble as an adventure activity 11. Field study by or in water 12. Rock climbing 13. Swimming during educational visits 14. Visits to coastal locations 15. Visits to farms 16. Cycling 17. Standing camps 18. Lightweight camping (Duke of Edinburgh expeditions and similar) 19. Canoeing/kayaking Assessments completed by. Rob Brindley | Date. January 2010 | Reviewed. | GENERIC RISK ASSESSMENT 1 – ALL EDUCATIONAL VISITS HAZARD OBSERVED | RISK BEFORE CONTROL MEASURES | PERSONS AT RISK | CONTROL MEASURES | COMMENTSACTIONS | RESIDUAL RISK RATING | Exposure to weather. | Cold injury, heat injury, over-exposure to sun. | Pupils and staff. | Consider possible weather conditions and plan appropriate programme, clothing and equipment. Plan for pupils who may not bring suitable clothing – check before departure and/or bring spares. Daily weather forecast obtained and plans adjusted accordingly. | Provide clear information about suitable clothing and equipment to pupils and parents. | Low | Pupil lost or separated...

Words: 6311 - Pages: 26

Free Essay

Threat and Risk Assesment

...Below is my quantitative data findings on the threats and vulnerabilities our qualitative research founded in our look into your company. First we will provide some recent attacks that have happened to other companies. Second we will let you know how likely the attack is to occur at your company. Third we will provide you the real number data to support the idea if you should spend money or not on improving your protection from this type of attack. Spoofing: In 2006 banks were targeted by attackers with a spoofing attack. An article written by McMillan (2006) stated that the attackers were able to hack into the banks' ISP servers and redirect traffic from the legitimate banks' websites to a bogus server. The attackers were able to affect about 20 customers by being able to get them to enter in PINs and other personal information (para. 2). There is an article by Zetter (2012) in which a mathematician noticed that several technology companies and other types of companies used a weak DomainKeys Identified Mail (DKIM) that he was able to break and then use to pretend to be high up personnel in that company. In our report we noted you had in-house servers and the firewalls seem properly configured for outside attacks. In 2014, AOL had its mail service attacked, and the attackers used the email address book to send spam to everyone in the address book as the owner of the email. Spoofing is still a viable attack and even with properly configured network and validation methods human...

Words: 2034 - Pages: 9

Free Essay

Manage Risk Assesment

...Manage Meeting Whether as an individual, or as part of a group, real Progress depends on entering whole-heartedly into the Process and being motivated to make you a more Deeply satisfied human being. Introduction: If learning comes through experience, it follows that the more one participates in guided experiences, the more one learns. Therefore venturing into uncharted waters - and experiencing the failures that may occur - is an important part of organizational learning The different types of meetings is Formal meeting • • • • Informal meetings Semi-formal meetings Formal meetings – these are highly structured, and are governed by Corporations Law, the Constitution of a corporation, club or association, and the organization’s policies and procedures. Examples of formal meetings include board meetings and annual general meetings. Informal meetings – these are usually less structured than formal meetings, and are generally held to discuss ideas, share information and promote discussion. Examples include team meetings, project meetings, sales meetings and managerial meetings. Semi-formal meetings – combine elements of both informal and formal meetings. The meeting structure will be determined by the purpose of the meeting and the organizational requirements. Table 1.1 below sets out the main characteristics of formal and informal meetings. Formal meetings Informal meetings Held on predetermined dates and at predetermined locations. Can be impromptu, although...

Words: 4986 - Pages: 20