Risk Management Plan

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MANAGE RISK
BSBRSK501B

RISK REVIEW PROJECT
ASSESSMENT 3

Introduction
According to data analyzed and evaluated from Hurley’s café risk review to create a monitoring plan for risks. The audit investigated the status of the planned actions on the risks identified below.

Plan
No.
Risk
Plan implemented
1
Manager`s travel risk
Install the teleconferencing system
Planned.
The weekly management meetings finish at about 3:00pm as planned.
2
Banking risk
Out &5000 on insurance cover.
Cash held on the premises overnight from the opening week as planned

3

Training sessions
Install the telecom system or video system

4

Preparation
Some budget is needed for fit-out. Something
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Evaluation
Evaluation could involve these steps below
1. Problem Analysis: Keep a note of all the events and activities of a risk management plan. Check out the problems arising from their implementation and assess if they have a serious impact on the whole process. Make a note of those that have serious implications.
2. Match the Outcomes of a Risk Management Plans with its Objectives: Ends justify means. Check if the possible outcomes of a risk management plan are in tandem with its pre-defined objectives. It plays a vital role in analyzing if the plan in action is perfect. If it produces desired results, it does not need to be changed. But if it fails to produce what is required can be a really serious issue. After all, an organization deploys its resources including time, money and human capital and above all, the main aim of the organization is also defeated.
3. Evaluate If All the Activities in the Plan are Effective: It requires a thorough investigation of each activity of a risk management plan. Checking out the efficiency of all the activities and discovering the flaws in their implementation allow you to analyze the whole plan systematically.
4. Evaluate the Business Environment: A thorough study and critical evaluation of business environment where a risk management plan is to be implemented is essential. Take time to assess, analyze and decide what exactly is required.
5. Make Possible Changes in Faulty Activities: After

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