Risk Management Plan

7.2 Describe how to carry out a risk assessment and risk management in line with policies and procedures

The purpose of a risk assessment (RA) is to identify the entire organization’s risks and quantify the

Effective planning & execution of risk assessment procedure in all financial & operating sectors to identify potential risk to organization.

Clear procedures for risk assessment (e.g. the regular checking of equipment for damage and to make sure it is safe)

 What type of risk assessment is conducted at the business? What systems are in place in order to provide

-Effective, regular risk assessments to check that the safeguard policy and plans are effective and working

date, and that a new risk management plan must be developed. Because of the importance of risk

- Immediately carry out risk assessment, act on the identified risks and communicate the outcomes to the staff;

A predefined criteria should be established in order to control risks and for the continual assessment of risks. This will further aid in monitoring and reporting of the risks. Management should also stay in touch constantly in order to keep a keen eye on any abrupt changes and emerging risks.

assist in the identification of hazards, the assessment of risks and the implementation of risk control measures

• Ensure that an experienced team is selected with more experienced staff allocated to higher risk audits and high risk balances.

The concern areas for risk assessment include administration, marketing, crowd management, health, safety, security, and transport (Bennett 2012). Nevertheless, its influences can arise from internal and external environment while the precise outcomes are hard to estimate and control, organisation then need to construct a strategic risk management plan for specific departments or projects to eliminate and minimise the possibility. It will reassure company’s stakeholders that the safety is the priority objective as well in case of law suit occurs, the organisation has already established appropriate legal responsibility measures and duty of care.

Internet surfing might be at risk in this product as web commenced is in used.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

The Risk Management plan will show the process identifying, assessing, responding, monitoring, and reporting risks which will cause risk levels to be lowered to acceptable levels, it shows how International Exhibition Centre project risks will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides practices for recording and prioritizing risks.