Record of Consultation

1. What are the strengths and weaknesses of the current risk management system?
The strengths of the current risk management plan revolve around the consultation with the
stakeholders and the feedback presented by the stakeholders for improving the risk
management system. The risk management system inside the company is designed with the
feedback presented by the managers and the middle level staff members as well. The
weaknesses of the risk management system include low level of technological tools used for
managing and analysing the risk assessment systems. Companies these days use applications
for managing the activities of business.

2. What risks are of concern to the Stakeholders?

The concerns shown by the stakeholders of the company are connected with the

operational costs and the overall performance of the employees. The concerns of the
stakeholders are
associated with the performance of the employees and how costs can impact on the overall
budget of the company. The overall budget of the company can get disturbed if the
stakeholder concerns will not be fulfilled. The overall concerns of the stakeholders will be
managed with the help of understanding the risk assessment framework and also addressing
the risk related matrix. The risk related matrix will be used to identify the most prominent
risks for the business and their impact as well.

3. Will the Risk Management Policy and Procedure support the identification and
management of risk?
The risk management policy developed will help in not only supporting the risk management
process but it will also help in supporting the risk management framework and will also
identify the most critical risks for the business that need to be resolved right away.

4. Are there any alternative options that could be included in the process?

The alternatives considered for the risk management process include the hiring of an
external risk manager who will handle and control the entire risk management process.
5. What sort of risk treatment options are available to treat the risks identified by the
stakeholders?

The risk treatment and options made available for the risk identification by the stakeholders
include the treatment of allocating the budget effectively and also by hiring external risk
manager for handling the situation. The training on job has been decided that will help in
reducing the pressure on the employees as well.

6. Will any costs be incurred in the event that the suggested treatment options are
implemented? What might these costs look like?

The costs incurred during the treatment process revolve around the costs that are
associated with the training of the employees and the costs for hiring the external risk
manager. These costs will be high and they will be allocated in the overall budget as well.

7. If the risks are not treated, what might the consequences look like?

The risks need to be treated because they will have high level of impacts on the business and

the company needs to address these risks for controlling the business information and also
for controlling the business performance.

8. What external factors (i.e. legislative/regulatory, political, environmental) impact the risk
and associated treatment options?

The external factors mainly the political and the legislative environment will be considered

and it will have high level of impact on the treatment options.

9. What does success look like in terms of treating risks? Consider elimination, reduction
and costs

The success will look in terms of improved business performance and motivated employees
that will be a success for the company.

10. How do the following external and internal risk factors impact the risks of the
organisation premises?
External
 Legal: The adoption of the laws.

 Political: The adoption of recent tax and other requirements.

 Economic: Overall GDP

Internal
 Legal: The laws of the company and the industry

 Economic: The financial situation of the company

 Technological: The technological tools used by the company

11. Who participated in the discussion?

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