This summary report describes the risk factors that can be raised during the implementation of GSE’s new business plan about the “New Product Awnings”. GSE has decided to expand the operations like manufacturing, distribution and retail of fixed and retractable aluminium awnings in South-east Asia where residential and commercial construction is growing.
A risk can be anything that affects the smooth running or interrupts the workflow of an organisation in meeting its requirements and the term risk context means the how this risk should be managed by the business and its employees using the resources and knowledge. GSE’s approach to risk assessment is based on ISO 3100:2009 to effectively manage these risks and in working towards the business objectives and goals.
Business Plan New Product Awnings: Risk Assessment.
To implement GSE’s new business plan initiative of extending its operations to become one of the Australia’s premiere manufacturer of quality doors and windows successfully, the organisation needs to consider the possibilities and consequences of various potential risk factors through an efficient risk assessment process by considering the below facts:
1. Key risks identified in the Risk Treatment.
The key risks identified in the risk treatment schedule and action plan which are unacceptable because of its highly negative impacts to GSE are listed below:
• Low budget or no investment which can lead to quality compromising which can have a negative impact to GSE’s reputation.
• Loss of credibility of GSE due to product quality compromising in the highly competitive current market.
2. Management and monitoring of the risks identified.
The risk management steps that are going to be performed over the next 6 months period is:
• Establishing the goals and context.
• Identifying the risks.
• Analysing the identified risks.
• Assessing or evaluating the risks.
• Treating or managing the risks.
• Monitoring and reviewing the risks and the risk environment regularly and
• Continuously communicating and consulting with stakeholders.
The identified risks need to be regularly reviewed and monitored. New risks and their impact on GSE’s business need to be established. This stage of the treatment planning requires the description of how the outcomes of the treatment will be measured. Milestones or benchmarks for success, and ‘warning signs’ for failure, need to be identified.
3. Referring risk management issues in the company.
If the identified risks are outside of responsibility of the risk management person or team, those must be referred to senior management which includes the GM, employer, direct reporting manager or the compliance manager. This can be verified by using the GSE’s organisational chart located in the Policies and procedures in website. Also, it would be great to use an appropriate communication mode like written or face to face and time-frames for reporting the risks.
The report is concluding that the identified risks must be managed, monitored, and reviewed according to the GSE’s Risk Management Policies and Procedures. Also, its important to do it on a regular basis to improve the risks in future.
This report recommends referring any risk if found, out of responsibility must be referred to the senior management for expert advice and effective management.