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Manage Risk Essay

The reason the investigation was conducted was to gauge what was both good and bad about the new café opening, what needs to be changed in order to increase efficiency at work and any legislative laws involved. The conduction of the investigation was done in a way to view the aspects of staff members, the community, management and the government This investigation has been conducted in a way which sees the aspect of management, staff members, governments, and the community. A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. 2.Finance: The probability that an actual return on an investment will be lower than the expected return. Financial risk is divided into the following categories: Basic risk, Capital risk, Country risk, Default risk, Delivery risk, Economic risk, Exchange rate risk, Interest rate risk, Liquidity risk, Operations risk, Payment system risk, Political risk, Refinancing risk, Reinvestment risk, Settlement risk, Sovereign risk, and Underwriting risk.

3.Food industry: The possibility that due to a certain hazard in food there will be an negative effect to a certain magnitude. 4. Insurance: A situation where the probability of a variable (such as burning down of a building) is known but when a mode of occurrence or the actual value of the occurrence (whether the fire will occur at a particular property) is not. A risk is not an uncertainty (where neither the probability nor the mode of occurrence is known), a peril (cause of loss), or a hazard (something that makes the occurrence of a peril more likely or more severe). 5.Securities trading: The probability of a loss or drop in value.

Trading risk is divided into two general categories: (1) Systemic risk affects all securities in the same class and is linked to the overall capital-market system and therefore cannot be eliminated by diversification. Also called market risk. (2) Nonsystematic risk is any risk that isn’t market-related or is not systemic. Also called nonmarket risk, extra-market risk, or unsystemic risk. 6.Workplace: Product of the consequence and probability of a hazardous event or phenomenon. For example, the risk of developing cancer is estimated as the incremental probability of developing cancer over a lifetime as a result of exposure to potential carcinogens (cancer-causing substances).

Procedure:

Scope:

Risks are found in all organizational activities.The background behind this report is to manage the current risks that are currently effecting the MacVille Cafe, Toowoomba and to enhance any opportunities available to the organisation. The purpose of this risk assessment is to identify risks related to the MacVille Cafe, Toowoomba. The risk assessment will be utilized to identify risks related to the cafe. During inspection of the organisational premises, many risks have been identified as potential high-risk.

Goals

1) Put a Policy and Procedure in place – by putting this in place and having a hard copy available. Instead of having Mr. Hurley address this manually each week, all staff will have will have something to turn to on a daily basis if they weren’t at the cafe when Mr. Hurley was present. 2) Train staff in water use – by giving the staff proper training in relation to the water usage at the cafe, this will help water waste reduction and will help the organisation out financially. 3) Renovate the Cafe – By renovating the cafe, fit-out will look inviting and refreshed. Replacing any old, broke and unstable furniture, and removing old carpet, will benefit the organisation by decreasing and accidents where staff and customers are concerned. 4) Water Tank Installation – by having a water tank installed, it will allow more savings on the water bill, which will benefit the organisation in many financial ways. The cafe can collect rainwater and substitute that for mains pressure water for cleaning and washing purposes.

5) Increase of Sales Promotions – by encouraging the staff to get involved with these promotions, this will bring many financial benefits to the organisation. Risk management goals and objectives should be consistent with and supportive of the enterprise’s business objectives and strategies. Therefore, the organization’s business model provides an important context for risk management. Accomplishing and maintaining these goals helps enliven the café and enhance the wholesome spirit we want to project.

These goals are long term, ongoing and ever evolving as we grow and learn our business, and are in no particular order: 1. To maintain positive balance in our lives so that the business rounds us out and reflects our values. 2. To embody the meaning of hospitality through a strong, reliable staff. 3. To offer our community wholesome foods that are satisfying, great tasting, and worth every penny. 4. To have our employees and customers feel appreciated, supported and satisfied, every time they come in. 5. To support local, independent business and the farming community through buying locally, keeping it simple and in season. 6. To remain connected to our community with our charitable giving. 7. To have this business comfortably support our employee family in all ways possible.


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