Abr Writing answered on
Mar 23 2020
Table of Contents
Managing risk strategies for a Bunning warehouse 4
Assessing risks in Bunning warehouse 5
Developing a framework for managing risk in Bunning warehouse 7
Compare options for the treatment of risks 8
Risk treatment plan 9
Monitoring of treatment plan 12
Reference list 14
In this report a
ief analysis on the existing cu
ent and potential risks of Bunning has been done. Using the risk response matrix the severity of the existing risks in the operational management has explained. Using the risk strategy of ACAT identification of the risk along with its recommended solutions has been provided. The main approach of operation management is to management function and to organize the working culture of the Bunning warehouse. Bunning warehouse is a retail company who focuses on the different operational management. The main purpose of the assignment is to focus on the operations risk management processes and practices in Bunning warehouse Company for better operation management.
Managing risk strategies for a Bunning warehouse
Establishing the external context
The external context is related to the environmental firm operations that help in achieving its objectives of the Bunning warehouse. The external context is related to the business, regulatory, social, legislative, financial, political, and competitive and strong. The SWOT analysis is one of the best ways to find out the external areas from the risk is generated.
The internal context is based on the internal operations that are ca
ied by the Bunning Warehouse. The internal context is in relation to the internal environment based on which the organization is functioning. This help in seeking the objectives of the organisation. The factors of the internal environment are:
· Uses of strategies and objectives in order to achieve the goals of the organisation
· Accountabilities, governance, roles, and structure
· Processes, people capability, and systems
· Processes required in changing
· The tolerance of risk and appetite of the firm
The organizational context is comprised of the aims, objectives, members, operation methods, and activities. For example, the main aim of Bunning warehouse is to make the use of safe and proper warehouse that includes recreational activities and improving the skill and help in self-esteems that focuses on the certain evaluating points. In according to Lehmann & Joseph, (2015), the organisation main core activity is o provide proper training to employees in order to provide the proper working culture.
The organization focuses building up a relationship between employees in order to operate the work in proper manner. This help in building up the relationship between employees and other individuals in order to evaluate the working the culture of Bunning Warehouse properly (Hopkins et al. 2016).
In the year 2017, Community Report Card has provided the detail formation about the managing risk through sustainability commitments. The strategies that are used by Bunning warehouse is less energy uses, less water uses, less waste and reduction for awareness.
Assessing risks in Bunning warehouse
Bunning warehouse faces certain risk in the areas in which the proper strategies are needed to be adopted. Bunning Warehouse organisation has faced operational risk issues. There are certain challenges that are faced by the Bunning warehouse are as follows under operational risk:
· Inventory management
The inventory management is controlling the receiving of shipping. The lack of fundamental understandings in stocks leads to customer unhappy and overstocks.
· Hazard risk
The health and safety risk is faced by the organisation. The Bunning Warehouse organisation the hardware is risky to handle and it causes shelter and safety hazards. This hazard is life loss, however; the exposure to hazards in the workplace is resulting in injuries or serves to health effects.
· Financial risk
The financial risk that is faced by the organization is related to liquidity risk, investment risk, funding risk, credit risk and interest rate risk. The financial risk is also faced by the organisation from their investors. It can be stated that certain evaluating factors are considered and this will also help in focusing on the areas and this effect on the total revenue of the organisation (Shahbaznejad & Tripathi, 2015).
· Operational risk
Operational risk is formed due to the certain evaluating risk factors based on which the proper measures are needed to be ca
ied and it also affects the growth of the organisation. The Operational risk in an organization is refe
ed to the internal activities that involve people, products or services that are offered in the operating system and the external factors. The operational risk that is faced by the organisation is internal fraud, external fraud, workplace safety and employment practices. This certain evaluating points based on which the proper measures are taken.
· Strategic risk
The strategic risk is implied to the probabilities for arising the poor strategic business plan and decisions. The strategic risk that is faced by Bunning Warehouse is the availability of capital, the validity of corporation and threat from earning. Another major risk that is faced by the organisation is a risk from stakeholders (Cherchi et al. 2015).
The Bunning Warehouse is facing the risk that hampered the organisational functions. In order to maintain the risk proper risk management strategies are needed to be adopted by the organisation.
ent situation of Risks
At present Bunning has facing the risks associated in its supply chain management and in political changes of the countries and four of the major issues are listed below:
· UK down fall: Down fall of UK economy is one of the greatest risk factor in the business operation for the Bunning. UK down fall is well worth punt for the growth for the organization. Bunning’s business push to the UK has led to result zero outcome. Australian business has created major risk to grow for the Bunning business.
· Expanding business in Offshore: There is highest risk...