RTO No: 91223

Student Guide

BSBOPS504 Manage Business Risk

BSBOPS504 PROJECT PORTFOLIO 2

 Contents

Section 1: Establish risk context................................................................................................................. 5

Section 2: Identify and analyse risk............................................................................................................ 8
Section 3: Implement and monitor risk treatment.....................................................................................11

BSBOPS504 PROJECT PORTFOLIO 3

 Student name: Jacob Lloyd Jones

Assessor:

Date:

Business this assessment is

NatureCare Products
based on:

Risk management
project/process:
Documentation reviewed as
preparation:
Financial risks
BSBOPS504 Simulation Pack
BSBOPS504 Student Guide
BSBOPS504 Task 2

BSBOPS504 PROJECT PORTFOLIO 4

 Section 1: Establish risk context

1 Provide a brief overview of the business or organisation you are basing your portfolio on.
1.1 What is the name of the business or organisation?
NatureCare Products
1.2 What is the main focus of the business?
The company manufactures eco-friendly, high quality beauty skin care products. The business was
established to cater for a growing demand for skin products that contain eco-friendly and natural
ingredients. There is also an emphasis on eco-friendly packaging.
1.3 What role will you assume as you investigate risk for your chosen risk management
process/project?
Finance manager

2 Determine the scope of your chosen risk management process/project.

2.1 What does your chosen risk management process/project involve?
 The risks associated with this venture, with a particular focus on financial activities performed by
the finance team.
 General activities and responsibilities of the finance team include payroll, banking, accounts
payable (supplier payments), account receivable (customer receipts) and statutory compliance.
2.2 Which departments or work areas are involved in the process?
 CEO
 Operations Manager
 Finance Department: Financial manager, Payroll administrator, Finance assistant (accounts
payable and receivable)
 HR Department
 Employees
2.3 Are there any risks the business will not manage (for example, staff retention)?
Currently, due to the small size of the business, IT falls within the responsibility of the finance team but
does not need to be assessed for risk.

3 Evaluate organisational requirements and standards for managing risk.

3.1 Which organisational policies and procedures provide input on how you approach your chosen
risk management process or project e.g. Risk management, Record keeping etc.?
 Risk Management Policy and Procedures

 Record Keeping Policy and Procedures

 Internal Communication Policy and Procedures

 Strategic plan
 Operational plan
3.2 Are there any processes you need to follow?

Risk Management Process

BSBOPS504 PROJECT PORTFOLIO 5

 Identify Analyse Control Monitor

3.3 Attach policies and procedures to this section of your portfolio.

4 What are the legal requirements associated with your chosen risk management process or project?
4.1 Explain the legislation you need to comply with.
 Fair work Act

 WHS Acts

 Corporations Act

 Privacy Act

 Environmental legislation

 Discrimination legislation
4.2 Do any regulations apply?
 WHS codes of practice
 Work health and safety regulations 2011
4.3 Is there the potential for new laws to be introduced or existing ones to be amended
or rescinded?
Yes. This is one of categories of business risk sources, i.e., economic causes. Labour
costs can increase with new regulations. When considering and analysing the external
environment of the business to provide information to identify, analyse, prioritise and
monitor risk, pay attention to the legel context such as the potential for new laws to be
introduced or existing ones to be amended or rescinded.
4.4 Which risk management standard/s are used or guide the risk management activities of
the business?
The company currently has a Risk Management Policy and Procedures in place that
incorporates the AS/NZS ISO31000:2018 Risk Management Principles and Guidelines.

5 List the resources available for you to use as you plan, implement and monitor risk.
5.1 Are template documents available to support your risk management process/project?
 All employees are required to use NatureCare’s templates for all workplace documentation.

 Documents should be named [Department_Type_Detail_Version]

 Documents are to be saved using NatureCare’s cloud-based storage system.

5.2 Do you have budget allocation or restrictions for the risk management process/project?
The risk management process budget has made a $20 000 provision for a technology advancement (e.g.
RPA) but any other spending should be kept to a minimum.
5.3 Which employees are available to assist you?
Due to the quick timeframe allocated to establish the retail outlets, the CEO has asked all managers and
the administration assistant to prioritise any requests I (Financial manager) make regarding the risk
management task.
5.4 What other resources are required?
 People
 Finance

BSBOPS504 PROJECT PORTFOLIO 6

  Property
 Reputation

6 Establish objectives and critical success factors for your risk management process or project.
6.1 List two objectives.
 provide a structured basis for strategic, tactical and operational planning across NatureCare
Products, enhancing its governance and corporate management processes;

 provide a practical framework for managers to assess risks inherent in the decisions they take.

6.2 List three critical success factors for the risk management process or project.
 good communication between all parties
 suitable structure and design of the business
 participation of all stakeholders

7 Identify stakeholders who will be part of the risk management process.

7.1 Who is able to shed light on or assist with risk identification, risk analysis and/or risk control?
 Payroll officer

 Finance administrator
 Finance manager
7.2 Who is likely to be impacted by an adverse risk event?
 Employees
 Suppliers
 Customers
 Business owners, the Board and senior management
7.3 How will each stakeholder provide input to the risk management process (such as identifying
possible risks, helping describe their impact and suggesting ways to prevent or mitigate
risks)?
 At a team meeting, the Finance manager met with the payroll officer and finance
administrator. Together they identified risks and associated outcomes.
 The team estimated the likelihood and impact (severity) of each risk.
7.4 What influence does each stakeholder have on risk management decisions?
 Contractors who can easily be replaced may have less weight or influence than a Supplier who is
critical to the supply chain of the business: uppliers (based in China, Philippines and New
Zealand)
 Banks & Willingness to loan
7.5 What are the possible issues each stakeholder may have if a risk event occurs?
 employees will still want to be paid: staff retention issues, work performance
 customers may still need your products or services
 banks will still need to be paid for loans: cashflow problems, criminal charges
 suppliers: delayed payment, weakening of the supplier relationship

8 Communicate with relevant stakeholders.

8.1 Who will you communicate to (at least two stakeholders) regarding:
BSBOPS504 PROJECT PORTFOLIO 7
 8.1.1. Explanation of the risk management process or project?
 payroll officer
 finance administrator
8.1.2. Invitation to assist in risk identification.
 payroll officer
 finance administrator
8.2 How will you consult with each stakeholder?
 As for all business processes, consultation with relevant stakeholders is necessary to create a
comprehensive risk management plan. Both stakeholders will be consulted via email.
 When consulting, use appropriate, professional and friendly language and encourage
stakeholders to present their views.
8.3 If not already viewed in person by your assessor, attach proof (e.g. draft email, telephone
conversation recording, video of meeting etc.) of your explanation of the risk management
process/project to the stakeholders.
8.4 If not already viewed in person by your assessor, attach proof of your invitation to
stakeholders to assist in the identification of risks (e.g. draft email, telephone conversation
recording, video of meeting etc.).
Note: If suitable, 8.3 and 4.4 can be completed as one communication.

Email:
Dear Payroll Officer / Finance Administrator,

I hope that you are well.

The strategic objectives of the company are to increase market share by 20%. At a recent
board meeting the two company shareholders and the CEO have decided to establish a chain
of retail outlets in central Sydney, Brisbane and Melbourne within the next six months. The
company is also currently developing more products focusing on a range of products to meet
particular skin needs rather than a one-size fits all.
The Finance department is investigating the risks associated with this venture, with a
particular focus on financial activities performed by the finance team. General activities and
responsibilities of the finance team include payroll, banking, accounts payable (supplier
payments), account receivable (customer receipts) and statutory compliance.
Risk management process comprises of four steps:

Identify Analyse Control Monitor

I am writing this email to invite you to assist in the identification of risks. A meeting will be held
based on your availability. We are looking foward to hearing from you soon.
For more clerification about the risk management process/project, do not hesitate to contact
me.

Best Regards,
Jacob Lloyd Jones
Finance Manager
NatureCare Products

BSBOPS504 PROJECT PORTFOLIO 8

9 Analyse the external environment of your risk management process/project.
Note: You may choose to perform any external environmental analysis (e.g. PESTLE analysis) to
answer this question instead of the questions below.
9.1 What is the political situation like (e.g. unrest, government support of small business,
government policies)?
9.2 What is the current and predicted economic situation (e.g. state of local and other
applicable economies, interest rates, exchange rates, employment rates etc.)?
9.3 Are there any social considerations (e.g. changing values, beliefs, attitudes and habits)?
9.4 How are technological advances affecting the business (e.g. internet, RPA, risk control)?
9.5 What are competitors doing?

PESTLE Analysis
 P – Political: NatureCare Products is an Australian company based in Brisbane. Suppliers are
based in China, Philippines and New Zealand. The company imports ingredients or products and
sells them in other countries. We all have to follow the legal requirements as per the country’s
policy. Product safety is one of the main concerns in the beauty skin care industry across the
globe, mainly because of the skin-to-skin contact of products. The companies need to report their
products ingredients and are required to be registered manufacturers.
 E – Economic: Manufactoring cost will increase if China, Philippines and New Zealand increase
labor costs. The beauty skin care industry is highly resistant to the economic recession, unlike
other industries. Consumers became price-sensitive and carefully decide the necessary item.
Nowadays, people are spending more on the skincare industries.
 S – Social: We perform CSR activities very carefully over the years. People nowadays are
beauty conscious than ever before when it comes to social media platforms. We manufacture
eco-friendly, high quality beauty skin care products. The business was established to cater for a
growing demand for skin products that contain eco-friendly and natural ingredients. There is also
an emphasis on eco-friendly packaging. The company targets customers that want high quality,
eco-friendly products.
 T – Technology: The company sells its products on-line through its own web site. The technology
helps the organisation achieve our aims, save time and money, enhance compliance levels,
improve the standard and quality of goods and services we provide.
 L – Legal: Legislation we need to comply with Fair work Act, WHS Acts, Corporations Act,
Privacy Act, Environmental legislation, Discrimination legislation. Regulations include WHS
codes of practice, Work health and safety regulations 2011. When considering and analysing the
external environment of the business to provide information to identify, analyse, prioritise and
monitor risk, pay attention to the legel context such as the potential for new laws to be introduced
or existing ones to be amended or rescinded. The company currently has a Risk Management
Policy and Procedures in place that incorporates the AS/NZS ISO31000:2018 Risk Management
Principles and Guidelines.
 E – Environmental: We manufacture eco-friendly, high quality beauty skin care products. The
business was established to cater for a growing demand for skin products that contain eco-
friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. The
company targets customers that want high quality, eco-friendly products.

10 Establish the strengths and weaknesses within your business that have the potential to create or
impact risk.
Note: You may choose to use any relevant analysis tool (e.g. SWOT analysis) to answer instead of
the questions below.
10.1 Are the current risk management policy/procedures complete and comprehensive?
10.2 What is the state or condition of business’ resources relevant to your risk management
BSBOPS504 PROJECT PORTFOLIO 9
 process or project?
10.3 How effective are existing communication mechanisms between management and
the workforce?
10.4 How loyal are staff?
10.5 What is the size and quality of the customer data base?
10.6 What is the business’ ability to fund or raise funding?
10.7 What is the business’ cashflow situation?
10.8 Are supplier relationships strong and reliable?

SWOT Anslysis

Strengths Weaknesses

 Value and quality  Brand name not developed as well it could

be
 Strong management
 Growing organisation
 Customer loyalty
 Small range of products
 Friendly organisational culture

 Eco-friendly, high quality beauty skin care

products

Opportunities Threats

 Customers needing to upgrade technology  High level of competition

and product quality
 Economic downturn meaning less spent
 Opportunities to offer a larger range of generally
products
 Failing to satisfy clients demands
 Opportunities to increase market share by
20% and establish a chain of retail outlets

Attach: Policies and procedures ☒

Communication to explain risk management process ☒

to stakeholders (if relevant)

Communication to invite stakeholders to identify risks ☒

(if relevant)

BSBOPS504 PROJECT PORTFOLIO 10

 Section 2: Identify and analyse risk

1 Plan to discuss risks with invited stakeholders (identified in Section 1).

1.1 Choose a tool or technique to facilitate the group discussion to identify risks within the scope
of the risk management process
Note: At the meeting, you will collaboratively choose three risks to focus on as a group.
 A team meeting including the Finance manager, the payroll officer and finance
administrator is held.
 Face-to-face discussions, Team meetings, and Email exchanges
1.2 List what will be discussed (e.g. identify risks, assess risks, risk treatments, priorities etc.)
 identify risks
 associated outcomes
 assess risks: estimate the likelihood and impact (severity) of each risk
 risk treatments
 priorities
1.3 What method and scale will you use to assess the likelihood and severity of the risks?

For all risks the business elects to manage, the likelihood of each risk occurring must be estimated. Risk
likelihood must be calculated by taking the average of at least two stakeholder estimations. This must be
done using the following scale:
Rare 1
Unlikely 2
Likely 3
Very likely 4

Similarly, the risk impact must be calculated by taking the average of at least two stakeholder estimations
using the following scale:
Minor 1
Moderate 2
significant 3
Catastrophic 4

1.4 What will guide how you prioritise risk (e.g. risk matrix)?
Risk will be prioritised using the risk matrix:

Extreme and high risks should receive high priority.

Moderate risks should receive medium priority.
Low and very low risks should receive low priority.
BSBOPS504 PROJECT PORTFOLIO 11
 1.5 What are you prepared to negotiate?
 Before any negotiation takes place, a decision needs to be taken as to when and where a
meeting will take place to discuss the problem and who will attend. Setting a limited time-scale
can also be helpful to prevent the disagreement continuing.
 This preparation involves ensuring all the facts of the situation are known in order to clarify my
own position including knowing the ‘rules’ of my organisation, to whom help is given, when help
is not felt appropriate and the grounds for such refusals.
 Undertaking preparation before discussing the disagreement will help to avoid further conflict and
unnecessarily wasting time during the meeting.
1.6 How will you negotiate?
 Discussion: Each side put forward the case as they see it, i.e. their understanding of the situation
 Clarification of goals: Goals, interests and viewpoints of both sides of the disagreement need to
be clarified
 Negotiate towards a Win-Win outcome: Both sides feel they have gained something positive
through the process of negotiation and both sides feel their point of view has been taken into
consideration.
 Agreement: Agreement can be achieved once understanding of both sides’ viewpoints and
interests have been considered.
 Implementation of a course of action: From the agreement, a course of action has to be
implemented to carry through the decision.
1.7 Explain questioning and listening techniques you will use to elicit opinion and
clarify understanding.
 Asking good questions: You can gain more in integrative negotiation by asking lots of questions –
ones that are likely to get helpful answers. Avoid asking “yes or no” questions and leading
questions. Instead, craft neutral questions that encourage detailed responses.
 Listening actively: Listen carefully, then paraphrase to check understanding. Acknowledge any
difficult feelings, like frustration, behind the message. Not only am I likely to acquire valuable
information, but the other party may mimic exemplary listening skills.

2 Summarise risks.
2.1 Summarise at least three risks identified at the meeting that apply to the scope of your risk
management process or project. For each risk:
2.1.1. Identify which type of risk it is.
2.1.2. Identify who may be responsible for the risk.
2.1.3. List at least two potential outcomes should the risk eventuate.
2.1.4. What treatment alternatives were discussed?
2.1.5. How do the stakeholders want to prioritise the risks?
The payroll officer and finance administrator requested that priority be given to the increased work
load on the finance team.
2.2 If not already viewed in person by your assessor, attach proof of your stakeholder meeting
(e.g. video of meeting etc.).

BSBOPS504 PROJECT PORTFOLIO 12

 Risks Type of Responsibility Potential Treatment
risks outcomes alternatives
Theft of stock or Operational Finance cashflow problems security cameras
cash from retail risks administrator
criminal charges using well referenced
outlets
(negative publicity) staff
doing frequent audits
of the storage room
taking out insurance
Incorrect invoicing Financial Finance delayed payment train and reward staff
of new suppliers risks manager
weakening of the automate processes
supplier relationship where necessary
Increased demand Strategic Payroll officer staff retention more staff should be
on payroll and risks issues employed
accounts
work performance
receivable/payable
staff

3 Complete the table below to assess the identified risks (using an appropriate scale and
stakeholder input).
Note, you may enter relevant information into the table below, or use any other appropriate format. If you
use another format (e.g. MS Excel spreadsheet), attach proof to this section of your portfolio

Risk Potential outcome Finance Payroll Finance Combined

Manager officer assistant value (e.g.
average)

Likelihood Impact Likelihood Impact Likelihood Impact Likelihood Impact

Theft of stock or cashflow problems 2 3 1 2 2 2 2 2

cash from retail
outlets criminal charges 1 1 2 1 2 1 2 1

Incorrect invoicing of delayed payment 4 2 2 2 1 2 2 2

new suppliers
weakening of the 4 3 3 3 3 3 3 3
supplier relationship

Increased demand staff retention issues 3 3 2 2 3 2 3 2

on payroll and
accounts work performance 3 3 3 4 4 3 3 3
receivable/payable
staff

BSBOPS504 PROJECT PORTFOLIO 13

4 Research risks
4.1 Research each of the identified risks to learn more about the risk and any related risk treatment
options (e.g. speak to stakeholders, do an internet search, review best practice examples,
check policies and procedures, view past incidents, research technology solutions etc.).
Note: You must access at least two different sources of information.
 Email to management (CEO)
Email:
Dear CEO,

I hope that you are well.

Following the risk management process/project, the Finance department is investigating
the risks with a particular focus on financial activities performed by the finance team. A
team meeting including the Finance manager, the payroll officer and finance administrator
was held. We identified risks and associated outcomes, including assessing risks,
estimating the likelihood and impact (severity) of each risk, risk treatments and priorities.
The outcomes of the meeting are summarised in the table below:

Risks Responsibility Potential outcomes Treatment alternatives

Theft of stock or cash Finance cashflow problems security cameras
from retail outlets administrator
criminal charges using well referenced staff
(negative publicity)
doing frequent audits of the
storage room
taking out insurance
Incorrect invoicing of Finance delayed payment train and reward staff
new suppliers manager
weakening of the automate processes where
supplier relationship necessary
Increased demand on Payroll officer staff retention issues more staff should be
payroll and accounts employed
work performance
receivable/payable staff

I am writing this email to find out more information on the risks that have been identified.
If you have ever had similar risks or suffered an adverse event, please provide us more
information to establish a framework for addressing the risk.
We are looking foward to hearing from you soon. For more clerification about the risk
management process/project, do not hesitate to contact me.

Best Regards,
Jacob Lloyd Jones
Finance Manager
NatureCare Products

 Do an Internet research:
https://blog.retail.org.au/newsandinsights/theft-in-retail
https://www.supplyon.com/en/blog/how-to-solve-5-common-invoicing-problems/
https://blog.procurify.com/2016/05/05/tips-managing-accounts-payable-receivable/
BSBOPS504 PROJECT PORTFOLIO 14
 4.2 Summarise the research done for each identified risk.

Risk 1: Theft of stock or cash from retail outlets

 Theft is the most prevalent form of shrinkage experienced by retailers on average globally. In
Australia, theft costs retailers billions each year, and for most retailers that number is on the
rise. Averaging between 1 and 3% of gross profit, theft can significantly impact the net
profitability of retailers, particularly those working on slim margins.
 How to detect and prevent theft
Risk 2: Incorrect invoicing of new suppliers
 Common invoicing problems and how to solve them
 Main problems which in turn lead to booking difficulties, unnecessary additional work, longer
processing times and excessive costs
Risk 3: Increased demand on payroll and accounts receivable/payable staff
 Managing accounts payable and accounts receivable is essential to any business. You need to
be able to track what you owe a supplier, what you have sold, and what your customer owes you.
 Establish credit policies, shorten transaction cycles, foster more communication, stay on top of
aging accounts, use automation to track everything

4.3 List the options available to you to treat your identified risks.

Risks Potential outcomes Treatment alternatives

Theft of stock or cash from
retail outlets
Incorrect invoicing of new
suppliers
Increased demand on
payroll and accounts
receivable/payable staff
cashflow problems security cameras
criminal charges using well referenced staff
(negative publicity)
doing frequent audits of the storage room
taking out insurance
delayed payment train and reward staff
weakening of the automate processes where necessary
supplier relationship
staff retention issues more staff should be employed
work performance

4.4 Attach proof of your research to this section of your portfolio.

5 Use digital technology to document and calculate risk (e.g. a risk register). Include the risk,
potential outcomes, likelihood, impact/severity, risk calculation, treatment actions and priority of
each treatment action.
Note: Risk is calculated (likelihood)x(impact).

RISK REGISTER

Risks Type of Responsibility Potential Treatment

risks outcomes alternatives
Theft of stock or Operational Finance cashflow problems security cameras
cash from retail risks administrator
criminal charges using well referenced
outlets
(negative publicity) staff
doing frequent audits
BSBOPS504 PROJECT PORTFOLIO 15
 of the storage room
taking out insurance
Incorrect invoicing Financial Finance delayed payment train and reward staff
of new suppliers risks manager
weakening of the automate processes
supplier relationship where necessary
Increased demand Strategic Payroll officer staff retention more staff should be
on payroll and risks issues employed
accounts
work performance
receivable/payable
staff

Risk Potential Finance Payroll Finance Combined Risk

outcome Manager officer assistant value (e.g. Assessment
average)

Likelihood Impact Likelihood Impact Likelihood Impact Likelihood Impact (likelihood)x(impact)

Theft of stock cashflow 2 3 1 2 2 2 2 2 4

or cash from problems Low
retail outlets
criminal 1 1 2 1 2 1 2 1 2
charges Very Low

Incorrect delayed 4 2 2 2 1 2 2 2 4
invoicing of payment Low
new suppliers
weakening of 4 3 3 3 3 3 3 3 9
the supplier High
relationship

Increased staff retention 3 3 2 2 3 2 3 2 6

demand on issues Moderate
payroll and
accounts work 3 3 3 4 4 3 3 3 9
receivable/ performance High
payable staff

RISK ASSESSMENT
Risk will be prioritised using the risk matrix:

Extreme and high risks should receive high priority.

Moderate risks should receive medium priority.
BSBOPS504 PROJECT PORTFOLIO 16
 Low and very low risks should receive low priority.

Theft of stock or cash from retail outlets:

 cashflow problems: Low risk  Low priority
 criminal charges: Very Low risk  Low priority
Incorrect invoicing of new suppliers:
 delayed payment: Low risk  Low priority
 weakening of the supplier relationship: High risk  High priority
Increased demand on payroll and accounts receivable/ payable staff
 staff retention issues: Moderate risk  Medium priority
 work performance: High risk  High priority

Attach: Proof of your research (2 sources) ☒

Stakeholder meeting ☒

Risk assessment (likelihood and impact) if you did ☒

not use the table provided

Digital risk documentation e.g. risk register ☒

BSBOPS504 PROJECT PORTFOLIO 17

 Section 3: Implement and monitor risk treatment

1 Complete the action plan below for ONE of your selected risk treatments (in your Risk register in
Section 2).
Note: If your business already has an action plan template or other specific documentation
requirements, use them instead and attach your work to this section of the portfolio.

Risk: Incorrect invoicing of new suppliers

Action:
 Train staff
 Reward staff
 Automate processes where necessary
Desired outcome:
 Correct invoicing of new suppliers
 Ontime payment
 Ensure the supplier relationship
Overall person responsible: Finance Manager

Step: Person Timeframe: Resources: Performance Outcome Done?

responsible: measure: requirements:
Train staff Finance 2 months Training % Staff know how to 100% Staff know Done
on the Manager documents use the invoicing how to use the
invoicing RPA system PRA system invoicing PRA
RPA Training system
system location
Traning
facilities
Staff’s working
time
Trainer
Design Operations 3 months Budget Average staff Average staff Processin
reward Manager retention retention = 2 years g
program
for staff

Train staff Finance 2 months Training % Incorrect 0% Incorrect Done

on Manager documents invoicing of new invoicing of new
automation RPA system suppliers suppliers
processes Training
location
Traning
facilities
Staff’s working
time
Trainer
Employ HR Manager 6 months Budget Number of new 2 new financial staff Processin
more staff HR Staff employee for the Finance team g
Recruitment
processes

BSBOPS504 PROJECT PORTFOLIO 18

 2 Communicate the action plan to relevant parties (each person responsible for a step in the
action plan).
2.1 To who will you communicate?
Operations Manager, Finance Department, HR Department
2.2 How will you communicate (e.g. face-to-face discussion, email)?
Email
2.3 If not already viewed in person by your assessor, attach proof of your communication to
this section of the portfolio (e.g. email with attachment, project schedule, video of team
meeting etc.).

Dear Operations Manager / Finance Department / HR Department ,

I hope that you are well.

Following the risk management process/project, the Finance department is investigating the risks
with a particular focus on financial activities performed by the finance team. A team meeting
including the Finance manager, the payroll officer and finance administrator was held. We identified
risks and associated outcomes, including assessing risks, estimating the likelihood and impact
(severity) of each risk, risk treatments and priorities.
The attachment is the action plan developed for risk treatments based on the outcomes of the
meeting including responsibility of the whole company and your department.
Please refer to the plan and confirm your agreement by replying this email.
We are looking foward to hearing from you soon.
For more clerification about the risk management process/project, do not hesitate to contact me.

[Attchment: ACTION PLAN]

Best Regards,
Jacob Lloyd Jones
Finance Manager
NatureCare Products

3 Implement your action plan.

3.1 What are the organisational policy and procedure requirements to implement an action plan?
 Risk Management Policy and Procedures
 Record Keeping Policy and Procedures

 Internal Communication Policy and Procedures

 Strategic plan

 Operational plan
3.2 Must any documentation be maintained or named in a specific way?
 All employees are required to use NatureCare’s templates for all workplace documentation.
 Documents should be named [Department_Type_Detail_Version]
 Documents are to be saved using NatureCare’s cloud-based storage system.

BSBOPS504 PROJECT PORTFOLIO 19

 3.3 If not already viewed in person by your assessor, attach proof of implementation to this section
of your portfolio (e.g. notify HR, schedule resources, recording of telephone conversation etc.).

Dear Operations Manager / Finance Department / HR Department ,

I hope that you are well.

Following the risk management process/project, we do confirm to receive your agreement with the
action plan.
The approved action plan will be used during the implementation process.
Please refer to the plan and process steps of your own responsibility.
For more clerification about the risk management process/project, do not hesitate to contact me.

[Attchment: APPROVED ACTION PLAN]

Best Regards,
Jacob Lloyd Jones
Finance Manager
NatureCare Products

4 Monitor your risk management process or project.

4.1 What data is available?
 NatureCare stores were opened in Sydney, Brisbane and Melbourne within the six months
requested by the CEO and the stores have been operating for three months.
 An invoicing RPA system was implemented in the finance department one month after stores
opened. There have been no invoicing issues since it was implemented. Implementation of the
system cost $25 000.
 After stores have opened and have been operating for three months, incidents recorded showed
that there had been three instances of store room theft across three stores. The CEO has raised
concerns that the risk management process did not adequately control this risk.
 The finance administrator had taken seven days of sick leave since the implementation of RPA 2
months before (as opposed to an average of 1 per month in the past). When questioned about
the leave, the finance administrator admitted to feeling overwhelmed by the new technology.
 The operations manager mentioned at a recent executive team meeting that one of the regular
container suppliers had merged with another company and would no longer be producing the
containers NatureCare ordered.
4.2 Have any new risks emerged?
Yes
 The operations manager mentioned at a recent executive team meeting that one of the regular
container suppliers had merged with another company and would no longer be producing the
containers NatureCare ordered.
4.3 Have any incidents been recorded?
Yes
 After stores have opened and have been operating for three months, incidents recorded showed
that there had been three instances of store room theft across three stores. The CEO has raised
concerns that the risk management process did not adequately control this risk.
 The finance administrator had taken seven days of sick leave since the implementation of RPA 2
months before (as opposed to an average of 1 per month in the past). When questioned about
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 the leave, the finance administrator admitted to feeling overwhelmed by the new technology.
4.4 Have you (or other stakeholders) received or provided feedback?
Yes. On a monthly basis.

5 Evaluate your risk management process or project.

5.1 Are you identified risks still relevant?
Yes
 Theft of stock or cash from retail outlets: After stores have opened and have been operating for
three months, incidents recorded showed that there had been three instances of store room theft
across three stores.
 Increased demand on payroll and accounts receivable/payable staff: The finance administrator
had taken seven days of sick leave since the implementation of RPA 2 months before (as
opposed to an average of 1 per month in the past). When questioned about the leave, the
finance administrator admitted to feeling overwhelmed by the new technology.
5.2 Have your risk treatments been successful?
Yes
 An invoicing RPA system was implemented in the finance department one month after stores
opened. There have been no invoicing issues since it was implemented.
5.3 Are there any new risks?
Yes
The operations manager mentioned at a recent executive team meeting that one of the regular container
suppliers had merged with another company and would no longer be producing the containers
NatureCare ordered.
 Lack of container suppliers and containers
 Potential outcomes:

 Interruption in the manufactoring process

 Delayed shipping to customers

 Weakening of the customer relationship

5.4 How satisfied are stakeholders with your action taken to manage risks?
 Incorrect invoicing of new suppliers: No invoicing issues since the invoicing RPA system was
implemented  Satisfied
 Theft of stock or cash from retail outlets: Risk management process did not adequately control
this risk  Not yet satisfied
 Increased demand on payroll and accounts receivable/payable staff: Finance administrator
admitted to feeling overwhelmed by the new technology  Not yet satisfied
5.5 Are your selected treatment options still in line with best practice?
Yes. No invoicing issues since the invoicing RPA system was implemented.
5.6 Is any other risk treatment necessary?
Risk: Lack of container suppliers and containers
Potential outcomes:

 Interruption in the manufactoring process

 Delayed shipping to customers

 Weakening of the customer relationship

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 Risk treatments:
 Contract new container suppliers
 Buy a number of containers to restock
5.7 Write a report on the outcomes of the evaluation and attach it to this section of your portfolio. In
you report, include:
 a summary of the risk process/project and associated risks and risk treatments

 a summary of the progress of the action plan

 a summary of new risks

 a summary of risks no longer valid

 any additional risk treatments required.

EVALUATION REPORT attached

Attach: Action plan (if relevant) ☒

Proof of communicating action plan ☒

Evaluation report ☒

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