Please refer to the requirement, there is a sample of the solution which have been submitted. You can have a look to get the ideas, don't write similar to it. Please choose a specific organisation in a hotel group or hospitality industry organisations for this task. I based on Queensland state, Australia so the business should be located here.
Subject: BSBRSK501 – Manage Risk Deadline: 23 Oct 2020 Words counts: 1,500 words report Project 1 · Design, develop and document a risk management plan related to: · the reduction of accidents, illness or incidents relating to worker or general public safety · the prevention of operational discontinuity · the need for new or innovative improvement/ changes in processes or procedures (and the associated risks) · environmental impact issues—including resource use and management You might choose another risk area relevant to the organisation (hotel group/hospitality industry) for which you work. If you do you will need to describe the organisation and the risk being addressed in terms of industry sector requirements. If you are not working the risk management process might apply to a fictional organisation that you describe in detail. Explain why and how you would initiate and implement the risk management plan and: 1. Establish the context and scope of the plan. 1. Identify the risk/s. 1. Analyse the risks. 1. Select, plan and document risk management treatments. 1. Explain the implementation monitoring and evaluation processes. Format your risk identification, analysis and improvement plan/ proposal (or action plan) in a manner that would be accepted by senior management. Ensure that all risk scenarios are addressed and catered for. Introduction Risk is a condition or an event that have positive or negative impact on the business project or the organization operation. The aim of risk management plan is to provide the Sunshine hotel group with the framework in which the project team will identify and come up with the solution for better control and handle any incurred issues. These issues might relate to health, safety, property, and other issues happens in the business operation. Risk management plan also defines how risks associated with the safety office will be recorded and monitor throughout the organization The risk management plan consists of the following sections: · Scope: This is a risk management approach which decides on how to approach and conduct the risk management activities for the business operation or specific projects · Roles and Responsibilities: Defining individuals’ roles and responsibilities in the contribution of managing risk · Risk Identification: The initial stage to identify, quantify and document risks as they are identified · Risk Prioritization & Categorization: Evaluating identified risks to demonstrate probability of occurrence, influences and time frame · Risk Response Planning: Establishing an action plan for risk and assign responsibility · Risk Monitoring, controlling and Reporting: Capturing, compiling and reporting the risk management with the risk register system. Scope This risk management plan applies to every staff members of the Sunshine Hotel Group. The basic risk management approach is to initially identify risks and therefore come up with the solution in case issues arise and influence the organization’s objectives. There are many various tools used as part of this strategy The approach of this plan will comprise a methodological process which is identified, scored, and ranked by the risk management team. Information of potential risk will be entered into the risk register. The project director is responsible to maintain the risk register and information for further use, such as in formal meetings. New risks will be identified to determine if mitigation action is required. The most likely impact from the risk will be added to the project plan so that the assigned managers could take essential steps to implement the mitigation response at the appropriate time. Risk managers will provide with the status update on their assigned tasks every week during the team meeting. At the closing stage of the project, the senior project director will analyze and review the risk management process. Base on the analysis, the senior project direct will assess the improvement and solution plan, assess possibility to work with future projects as well. This process plays an important role in the continuous improvement of the organization Roles and responsibilities The detail roles of different individuals and personnel will be assigned with suitable framework of the risk management project. Everyone in the organization will have different roles with different responsibilities. The details will be presented in the table below Roles Responsibilities Risk Manager · Coordinates with the senior project direct to identify the risk, its likelihood of occurrences and influences to all relevant parties · Create risk statement · Monitor and control identified risks · Review and update the risk regularly · Report issue to the senior management or employer Employer/ Owner · Determine the required mitigation and contingency plan · Conduct risk mitigation and contingency strategies and perform the analysis of costs and benefits of the strategies · Monitor, control and update the status of the risk throughout the project lifecycle · Aid the development of the risk response and risk trigger · Review, evaluate and modify the probability and impact for each risk item on a weekly basis. · Escalate issues to PM that significantly affect the projects triple constraint or trigger another risk · Highlight risks that require action prior to the next weekly review · Identifies and escalates risks where strategy is not effective or productive Other key stakeholders · Assist with identifying risk, demonstrating consequences, timing, and priority of the risk Risk identification Risk identification refers to the project team and appropriate stakeholders. It includes an evaluation of both internal and external factor such as the environment, the organizational culture, the project management plan which comprise the scope, schedule, budget and target customers. Project delivery, assumption and constraints will be given attention to estimate cost, conduct resources plan, and other key project documents. Methods use to identify risk include: · Advice from experts · Risk assessment · Review of previous similar risk or project · Brainstorming · Interviewing · SWOT · Diagramming The risk register will be updated and stored electronically in the hotel data base system locate in the Human Resources department. The table below will indicate the items and categories of potential risks/ hazards: Categories Items Facility and property related · Fire safety equipment · Slip/ trip/ fall · Access/ egress · General housekeeping · Public safety - security Process, task, equipment related · Chemical · Biological · Physical hazards · Material hazards · Equipment/ tool/ machines Environment related · Natural disaster such as flood · Emergency response · Air, land, water pollution · Hazardous waste Liability · Event related · Transportation · Youth interaction Other · Workplace violence · Harassment · Drug/ alcohol use Risk prioritization and Categorization With purpose of identify the severity of the risks, the probability and influence factor will be assigned to each risk. The process will allow senior project manager and director to prioritize the risk base on the potential impact to the project. The probability and influence of risks will be assessed by the senior project director with input from the project time using the following approach: · Probability: · High: Between 80% and 100% probability of occurrence · Medium: Between 20% and 79% probability of occurrence · Low: Below 20% probability of occurrence · Impact: · High: Risk that has potential to significantly influence project cost, schedule or performance · Medium: Risk that has potential to slightly influence project cost, schedule or performance · Low: Risk that has potential to relatively little influence project cost, schedule or performance Risk Response Planning Major risk will be assigned to a risk owner for monitoring and controlling purpose to ensure that risk will be addressed and managed appropriately For each major risk, one of the following approaches will be selected: · Avoid: Eliminate the threat or condition, to avoid influence to the project objectives by eliminating the cause. The project plan might need to be altered or adjusted to prevent risk. Avoidance can be attained by changing scope, adding time or adding resources · Mitigate: Demonstrate methods to reduce the probability or the influence of the risk. These steps may be costly and time-consuming, but could be preferable to allow the risk to go forward in an unmitigated state · Accept: The project team accepts that the risk exists and makes no change to the project plan to address the risk. No response strategy is identified. · Contingency: Take action in response to risk · Transfer: Shift the consequences of risk by making other party responsible For different ricks to be mitigated, the project team will identify ways to prevent risk from happening or reducing the impact of the risk. This may include prototyping, adding tasks to the project schedule, adding resources, etc. Any secondary risks that results from risk mitigation response will be documented and will follow the same risk management protocol as primary risk Risk monitoring, controlling and reporting The risk register is a log of all identified risks, their probability and impact to the Sunshine Hotel Group, the category they belong to, mitigation strategy and when the risk is estimated to occur. This register will be operated in the early stages of the projects. Based on the identified risks and timeframe in the risk register, applicable risks will be added to the project plan. The project manager will assign a risk manager to ensure adherence to the agreed upon mitigation strategy Critical risks will also be assigned a risk owner who are responsible will track, monitor and control, their assigned risks. The risk owner will also provide a weekly status report to the project manager and risk management team. This report consists of an assessment of the effectiveness of each risk response action. As risk happen, the list will be re-prioritized during weekly reviews and risk management plan will reflect any and all changes to the risk management plan.