MONITOR RISK & EVALUATE

PROCESSES
Assessment 3

BSBRSK501
ANUSHA DILSHYANI
Risks
Banking risk- theft of cash
left on premises
Manger travel risk- Physical
injury
Plan
-Making it a company policy
to bank every day and
eliminate the need to carry
overnight
-Insure overnight cash
holdings
-Change banks to the nearer
one to avoid the long walk
-Install a teleconferencing
system.
-Finish management
meetings at 3.00 pm.
-Management training shift
to morning half day sessions
- issue an excusal letter by
the CEO to the manager
Action taken
-New bank account opened
at near location
-Training on daily banking
in policy conducted
-The financial controller had
taken out $5000 the
insurance cover on cash held
on premises overnight from
the opening week as planned
-The training on daily
banking has started.
- occasions in the past six
-The teleconferencing
system has not yet been
installed.
- The weekly management
meetings are finishing close
to 3.00 pm
-The assistant management
training has been shifted to
the mornings allowing the
Outcomes
-Now low risk due to
insignificant consequence
(insurance cover) and
“unlikely” likelihood
because cash rarely kept on
the premises.
- training on daily banking
appears to have been
successfully completed as
planned.
-Still having the risk because
was not able to install the
system as planned.
-Still they have to stay till
the meeting finish.
Evaluation
-Overall improvement noted
Compulsory training on the
new policy of daily deposit
for all staff.
-Regular audit to be carried
out in the future ‘spot check”
-Target to reduced insurance
coverage within 30 days.
- An audit of the bank
deposit book shows that
there is no banking entry for
the day’s sales on only two
months. The store manger
needs to monitor this on
daily basis
-The telecommunications
system needs to be installed
within three weeks and
given the authority to the
Store supervisor to monitor
the progress.
-Send a request email to the
CEO and get it done by
within first week.

By law compliance risk- -Installing native plants to
reputation/brand loss and cut down water use
potential fine/penalty
-Install a water tank and
reduce dependence on
council water.
-Install dual-flush toilets.
-Write new policy and
procedures for water use in
Toowoomba.
-Replace the dishwasher
with one that has a 5–6-star
(WELS) rating
-Apply for time to ‘make
good’
manager to leave before 1.00
pm
-The manager has not yet
been issued with an excusal
letter by the CEO
-An external audit was
completed and presented to
the board 6 months after
settlement
-The board and CEO
included a new policy
regarding compliance with
the Toowoomba by-law on
water conservation.
-The plants have been
changed to natives.
-The dual flush toilets are
ordered and in stock.
-The 5 star rated (WELS)
dishwasher was installed.
-The application to make-
good by Goldsmith Partners
on behalf of CoffeeVille,
-The specific procedure has - Overall improvement noted
not yet been written.
-It appears that compliance
-The plants have been
is being achieved.
changed to natives that
require minimal water as
-Target to write the specific
planned. With these changes
procedure within two weeks.
we are doing well and
changing things according to
-Install dual flush toilet and
the reports
find a plumber to for the
-Now saving more due to water tank within two week
installation of dish washer and get quotation from
and water tank had been plumbers.
built.
- plumbing has not yet been -Appoint a person to update
connected to the water tank. the information in staff
room.
- the store is still above the
acceptable benchmark for
water use.
-Weekly water usage
information has not been
updated for the past three
 was accepted by the
weeks.
Toowoomba City Council.
-There has been one internal
audit arranged by the store.
-A water tank had been built
in to the courtyard.
-There is a weekly water
usage monitor in the staff
room.

Risk of decreased brand -Apply a policy and The authority has given to
Informed all the staff to wear All the original staff are
recognition-employee not procedure of staff wearing Original employees for
uniform and supplied. wearing uniform, but still
following uniform directly supervising new
new staff are not wearing.
requirement employees & delivering any
warnings for uniform non-
compliance.