NatureCare Products

Risk Management Plan

The risk management process will be used by the management team to ensure risk control methods are
included in all organisational planning, management of operations and governance.

Definitions
The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS
4360:2004.

Risk
The chance of something happening which will have an impact upon objectives. It is measured in terms of
consequence and likelihood.

Likelihood
A qualitative description or synonym for probability or frequency.

Consequence
The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury,
disadvantage or gain. There may be a range of possible outcomes associated with an event.

Risk assessment
The overall process of risk analysis and risk evaluation.

Risk treatment/control methods

Selection and implementation of appropriate options for dealing with risk.
Conceptually, treatment options will involve one or a combination of the following five strategies:
 Avoid the risk.
 Reduce the likelihood of occurrence.
 Reduce the consequences of occurrence.
 Transfer the risk.
 Retain/accept the risk.

Risk management process

The systematic application of management policies, procedures and practices to the tasks of establishing the
context, identifying, analysing, evaluating, treating, monitoring and communicating risk.

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Risk management procedure
This risk management plan template should be used. The following procedure should be followed for risk
management:
1. Gather information about potential risks and risk treatments or controls using a range of risk
management tools and techniques. The preferred method is brainstorming potential risks
with key staff members and conducting a PESTLE analysis to identify external risks.
2. Confirm key risks and risk treatments or controls to be documented in the risk management
plan. For each risk, indicate the consequence of the risk e.g. loss in sales, loss in profits,
business closure, lack of qualified staff, etc.
3. Identify key risks and document them in the risk register.
4. Using the risk legend within the risk management plan, assess and document the likelihood
of the risk occurring.
5. Using the risk legend within the risk management plan, assess and document the severity of
the risk occurring.
6. Identify and document the agreed treatment or control method for each risk.
7. Assign a ranking to the risk using the risk assessment legend. The ranking of the risk will
determine its importance in terms of risk management.

Risk assessment legend

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Risk register
See risk management procedure.
You must document at least five risks and treatment measures using your research and review of team minutes, feedback from CEO and brainstorming meeting.
Evaluate each risk as to whether it is high, medium or low priority and assign an order for treating risks.

Scope of assessment: become in the number one retail store company in Australia
Critical success factors: global environment safety laws
Internal & external stakeholders:
Internal: Managers, Employees and internal supervisors.External: Government
organizations, risk consultants, external advisors, risk auditors.

Risk Consequences Severity Rating Likelihood Rating Treatment or control Priority rating (high, medium or low)
methods
Order of priority
Inefficient Delay in all of areas Significant Occasional Meeting and plan Medium
resource usage and projects
Low customer  negative Significant Occasional Staff training and company Medium
satisfaction with impact on the culture.
customer service. business and
damaged
reputation
Low staff Decrease in the Catastrophic Probable Meetings and rewards Medium
satisfaction with staff production and
the company work.
Operational Risk. Can be a injury or Catastrophic Frequent Check safety and make High
big issue for one of safe rules according to law.
the workers inside
the workplace
Business Big Cost of money. Significant Occasional Set clear goals and High

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Copyright© ECA College RTO 45012 v19.0
 Scope of assessment: become in the number one retail store company in Australia
Critical success factors: global environment safety laws
Internal & external stakeholders:
Internal: Managers, Employees and internal supervisors.External: Government
organizations, risk consultants, external advisors, risk auditors.

Risk Consequences Severity Rating Likelihood Rating Treatment or control Priority rating (high, medium or low)
methods
Order of priority
strategy- poor or objectives
less effective

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Copyright© ECA College RTO 45012 v19.0
Risk action plan
Each of the risks identified above should be included in the table below and actions shown. The table should be copied and pasted for each risk.

Description of risk Business strategy- poor or less effective

Summary of recommended response and impact A good improvement, and goals achieved, a good earn of money to the company.
Proposed actions Set clear goals and objectives.
Resource requirements A room to complete Meetings
Responsibilities Make sure everyone knows and agrees with the goals.
Timing 3 months
Reporting/Monitoring Every 1 month

Description of risk Operational Risk.

Summary of recommended response and impact A good environmental workplace, where everyone can fell understood and safe.
Proposed actions Check safety and make safe rules according to the workplace safety legislation and make meetings
and staff training talking about safety in the workplaces for all of the employees.
Resource requirements a professional from workplace safe legislation that can identify the risks and create method of control
and pass that to employees.
Responsibilities make a safe environmental workplace
Timing Urgent, 1 month.
Reporting/Monitoring Every 1 month

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 Description of risk Low staff satisfaction with the company
Summary of recommended response and impact Happier workers work better when they feel value and increase productivity
Proposed actions Meetings and rewards
Resource requirements A room to complete Meetings and money to provide rewards to employees every month.
Responsibilities Make your employees feel value
Timing Every month
Reporting/Monitoring Every 6 months

Description of risk Low customer satisfaction with customer service.

Summary of recommended response and impact Positive reputation and increase sales
Proposed actions Staff training and change the culture of the company, meetings and events taking about importance of
customer service
Resource requirements Money to take time and training staff, meetings and events to talk about customer service. Rewards
for customer services reviews.
Responsibilities Make your employees value the customers.
Timing Urgent, 1 month
Reporting/Monitoring Every 6 months

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 Description of risk Inefficient resource usage
Summary of recommended response and impact Improvement of all projects and areas
Proposed actions Planning
Resource requirements A room to complete Meetings and time to plan.
Responsibilities Make your company grow.
Timing 1 month
Reporting/Monitoring Every 6 months

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Copyright© ECA College RTO 45012 v19.0