Running Head: Assessment Task 1: Risk Review
Assessment Task 1: Risk Review
This is a report that would reflect upon the different risk factors that are associated with expanding MacVille Cafe to the new Toowoomba store. The risk factors have been identified after several meetings with the current manager of the shop. The report includes an email to the stakeholders as well, and also an excerpt from the meeting with the CEO.
As per the instructions of the CEO, the new manager went to the new Toowoomba store to gather some information about the operations and management of the existing Hurley’s cafe from the current manager of the store, James Mansfield, and the landlord of the premise, Ron Langford. It is understood that expanding and establishing a new shop needs to be planned meticulously, and this needs careful assessment of the entire scenario and properly gathering information. This report is has been made as per the CEO’s specifications that would try to give you a proper knowledge about the current functioning of the cafe and the assessment of all the risk factors that are associated with the expansion.
MacVille knows that risk management is an integral part of proper goods management. The company tries to assess, evaluate and manage its risk factors, so that they can provide the best services to their customers. In this report, risks are identified so that those risks can be dealt with in a correct and efficient manner.
Effectiveness of the MacVille Risk Management Framework
The risk management framework tries to cover a number of important elements that help the company to operate efficiently and provide the customers with the best services possible. An array of operational, financial, commercial and strategic risks are identified and tried to be dealt with in this framework.
MacVille has a very clearly defined risk management framework and the following are incorporated within it, so that most of the obstacles t6hat may arise can be identified easily and solved.
· Policies and procedures: these are to control the internal functionings of the company and to ensure that the shops run smoothly. These include policies on Human Resources (which include policies on harassment in the workplace and staff policy for travel, parental leave policy etc.), Financial prospects and Corporate Governance.
· Monthly reporting: The senior management team regularly hold meetings so that no problems go unnoticed by the authorities and prompt and effective measurements can be taken. The Board is given proper and detailed reports on these meetings so that they are kept up to date with the problems and the solutions as well.
· Business planning and budgeting: The Board of Directors make proper budgeting plans and decide on the business strategies that would best serve the company’s purposes and take the company to the desired goals.
· Risk management review: The Financial, Audit and Risk Management Committee (FARM) reports to...