The Risk Management Assignment Of The Macville Pty Ltd

Reflection statement The risk management assignment of the Macville Pty Ltd involves different types of the elements that helps them to facilitate an efficient and effective operation. Elements of Macville risk management generally include different policies and procedures, business planning and budgeting, review regarding the risk management, different monthly report and external audits so they can understand the current position of the organisation and enable the quick response so they can avoid risks regarding the strategic as well as commercial risk. Different policies regarding the human resources, corporate governance and finance helped them to understand different types of problems they are currently facing so they can develop†¦show more content†¦There are multitudes of internal and external risks associated with running the new venture with PNG villagers. The Operations Manager, the PNG Fairtrade Consultant and myself will be critical in assessing those risks, implementing controls and treatments and reporting on any incidents that may occur. High expectations are associated with this new venture, such as not having any effect on domestic production, jobs, advancement etc†¦ These high expectations create risks of failure to meet those expectations. The Operations Manager and myself will need to clearly assess the risks and communicate them skillfully to the stakeholders and the public. RISK REGISTER- MACVILLE RISK RISK Consequence RISK Likelihood RISK Level Controls Hierarchy control Risks related to finance Loss of revenue High High Hire more employees with commerce background Engineering controls Risks related to written policy Non-compliance with regulatory standards Low High Implement effective policies Elimination Risks related to handle business with more professionalism Reputation damage Medium Medium Hire a professional for the implementation of an effective strategy to maintain professionalism Substitution Risks related to reputation damage as a result of the PNG new venture Reputation