Reference no: EM133186010

BSBRSK501 Manage Risk

TASK

CASESTUDY

Case study 1: Kupfull Taxation solutions and wealth solution

Kupfull Taxation and Wealth Solutions is a national company of over 1300 employees that offer taxation and wealth management services across the country. It is a highly regulated industry and there are many laws that must be adhered to.

The company is divided into 5 divisions which are:

• Personal Taxation

• Small Business Taxation

• Corporate Services

• Personal Wealth Creation

• Corporate Asset Management

PART A: Scope

You have been asked to conduct a risk management assessment for the entire organisation. Your manager has requested that you prepare a response to this request in the form of a report. This report (approx. 500 words) will need to cover the following elements:

• Synopsis of the scale of the program:

• Advantages of a scope of this size:

• Difficulties and Challenges of a scope of this size:

• Alternative approaches/strategy to the management of risk at Kupfull Taxation Services:

Case study 2: Wavelength Boat hire
Wavelength Boat Hire is a family owned business that has been operating for just over 6 years. It is located at a marina at the mouth of a major river in regional Victoria. The businesses boat hire product mix and target customers are made up as follows:

Wavelength Boat Hire is currently researching whether to expand their business offerings to include Houseboat Hire to families and groups. They recently conducted a range of surveys which revealed that a significant number of their client base were tourists from interstate and overseas. Most were single use hirers who had no knowledge of local waters and weather conditions.

The owner's business planning processes have identified the following potential risks regarding the new Houseboat Hire offering:

• Drowning risks: People are not generally strong swimmers especially children

• Navigation risks: House boat clients may get lost and or get stuck on sandbanks

• Boat control risks: Clients may find the houseboats very difficult to control in strong winds - resulting in damage to the houseboat and/or land structures

• Weather risks: Clients getting sunburnt and/or dehydrated on not summer days

• Noise risks: When boats are moored clients may make a lot of noise causing local residents to complain

PART A: Critical success factors, goals and objectives

Using the information provided in the above scenario, develop a set of recommendations regarding the goals and objectives that Wavelength Boat Hire could adopt for managing these potential risks.
Recommendations for goals:

Recommendations for objectives:

PART B: Communicate with relevant parties about risk management process and invite participation
The Owner has appointed you to oversee the risk management program for the Wavelength Boat Hire company. For the key stakeholders that you will need to communicate with, outline:

• Their interests

• The primary and secondary communication methods that you will use with them

• The key messages to engage and obtain their input

• The contributions that you expect from them

PART C: Likelihood of risk occurring
Rank the likelihood of each of the following new Houseboat Project risks occurring using the criteria in the Risk Likelihood table below:

• Drowning risks: People are not generally strong swimmers especially children

• Navigation risks: House boat clients may get lost and or get stuck on sandbanks

• Boat control risks: Clients may find the houseboats very difficult to control in strong winds - resulting in damage to the houseboat and/or land structures

• Weather risks: Clients getting sunburnt and/or dehydrated on not summer days

• Noise risks: When boats are moored clients may make a lot of noise causing local residents to complain

PART D: Impact or Consequence if risk occurs
Using the Likelihood ratings from Assessment C, transfer each of these to Matrix 1 and add an assessment of the severity of the impact for each of the identified risks. Then plot the risks on Matrix 2.

PART E: Evaluation and prioritise risks
Using the severity and likelihood matrix in Part C, list the Risks in order of priority. Give reasons for your rankings.

Case study 3: Security System Inc

Security Systems Inc. are a small security provision service and products company that have been operating out of an office and small storage facility in the outer northern suburbs of Melbourne for over 3 years.

The business currently supplies the following security services and products:

• Security guards at banks, hospitals and the local university

• Armed guards for money and valuable goods transport

• Metro Mobile security patrols to schools and industrial estates

• Business Alarm systems and Personal security device products

Due to rapid business growth, the company have recently relocated to a new office and warehouse space based in the inner eastern suburbs. This move requires the new premises to undergo a number of modifications as the building was constructed over 80 years ago and the asbestos register has indicated that there are still significant amounts of asbestos still in situ.

The Managing Director is currently considering how to best manage the upcoming re-furbishment project by appointing a contract maintenance team to make modifications to the building, which requires removing 2 walls and part of the floor.

Works are planned to be undertaken during normal business hours with nearly half of the current staff including guards, administrative staff and management team likely to be exposed to significant dusts that will be created during the works from drilling, sawing, manual dusting and sweeping

PART A: Relevant parties assist in identifying risks
Using the information provided and the table below, identify the key stakeholders that should be consulted or involved in identifying the risks associated in the building modifications to be undertaken. You will also be required to outline the reasons for their involvement and suggest the appropriate mechanisms for their involvement.

Case Study 4: One plus one accounting services
OnePlusOne Accounting services are a small Accountancy firm located in the inner Melbourne suburb of Richmond. A senior partner at the firm has just called in to advise that they had their laptop stolen from a restaurant while they were Interstate at a client Dinner in Brisbane.

The laptop contained over 4 weeks of data and client information that had not been backed up. This represents the loss of a significant volume of personal information regarding their clients and new business opportunities. To make matters worse, the partner is now without his laptop and still has more client meeting and appointments to complete before returning to Melbourne.

This situation has prompted OnePlusOne Accounting to undertake a risk assessment for all company employees with Laptops. This leads to the creation and implementation of an action plan to ensure that this type of situation is minimised in future.

The Action plan recognises that the use of laptops is a critical function, particularly for all Accounting staff and that the information that they contain must be protected to ensure client confidentiality.
The plan contains details regarding the following:

o Protocols for safeguarding laptops while travelling

o Protocols for the backing up of data

o Procedures for updating the asset register with laptop warranty and insurance details

o Procedures for how to report the loss of a laptop and how to expedite a replacement
PART A: Communicate risk management process to relevant parties
For this Part you will be required to outline who the Action plan and its associated details needs to be communicated to and when and how this could best be achieved