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Assessment

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Task 1:

Identification of scope of risk management methods and its impacts:

A. Financial risk- This includes the risk of cash flow, association of funds including

loan agreements. This risk is related with both income and profit earning from the

customers that leads to serious problems among investors. This problem can be solved

by applying legal requirements in order to maintain the financial records. This can be

solved by using the computerized receipt for their customers. This risk creates with the

lack of training and skill employees and hampers the development of professional goal.

B. Legal risk- These Risk Factors arises with the due diligence, integrity and the

operation of corporate that cannot be implemented during professional development.

On the other hand, it can be overcome by the ensuring all the legal documents in safest

place. This legal activities includes the law of company the is based on the following:

Corporation Act 2001 and Australian securities and investments commission Act 2001.

This act includes the correctly description of the transactions, company’s financial

records and so on. This financial record is required in order to deliver the fair and

loyalty statements for their customer. This requires proper audit so as to make it

convenient for the laws of company.

C. Risk of safety- This includes the possible risk of safety arises with the confidential

information, financial transactions, legal aspects and so on. This can be minimized by

proper application of the company legal laws that depicts the company’s overall

records. This includes the external and internal environment that arises during the

operation of professional goals.

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From the case study, it is observed that team fails to take the order through phones,

frequently make typing mistakes and not dispatching the documents correctly. This risk

is rated as high risk because this may creates problems in achieving new scopes for

business. The team are not responding to the problems and reply their customers by

saying they cannot do anything. This is considered as moderate issues .Apart from that,

it is observed that departments of staffs are not answering to any occasion for order

taking over phones and this is considered as high risk. Additionally, the team members

are not taking active part in meeting the goals. They even missed dispatched it and

make frequent mistakes of delivery and this is considered as high risk because it may

hampers opportunities for company.

Task 2: Description of risk treatments and action plan

The risk treatment and its planning for action is as follows:

A. Avoiding risk- This includes the proper management in monitoring of risk hazards

and take necessary prevention

B. Transferring of risk- This includes transfer of better means to other dilute impacts

of risk (Costa & Garmston, 2012)

C. Risk accepting- Some risks are unavoidable and this is best applicable where the

risk rating is low.

D. Mitigating of risk- This includes the necessary action for stopping the hazards from

occurring by application of necessary prevention

Task3 Risk management plan and its necessary implementation

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Manager: hello everyone, this meeting is organized for understanding of

responsibilities for overcoming the risk during the business operations.

Client 1: Yes sir. We are highly interested for communicating over the risk factors ans

proper action plan for its prevention.

Manager: To mitigate the risk there is a training and skills program that will help all of

you to understand the action plan

Client 2: Okay sir. We are pleased to attend the training session and implement the

techniques for managing of the risk and mitigate the issues as well.

Manager: Very good. Hope this will help to enhance your performances as well.

Thank you all.

Task 4: Methods of monitoring

Political factors- This factor emerges increased focus on enhancing the performances

of their workers in order to compete with the external environment. On the other hand,

it includes more competitions for the International market that provides fast responsive

corporation of networks.

Economic factors- This process of monitoring includes proper identifications for

application of technologies in order to provide customer satisfaction. Additionally, it

helps to provides the customers increase in per capita income and enhances standard of

living for customers.

Sociocultural factors- This factor of monitoring helps to identify the necessary

techniques for healthful products and lifestyle provided for the customers. In addition

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to that, it identify the necessary risks arises due to migration of populations. This also

helps to provides necessary ideas for enhancing the interests rate on the products and

services of the company by enhancing performance of employee (Borko, 2014).

Technological factors- This factors includes the uses of innovative methods for

communication such as computers, tablets, smart phones and also wireless network.

This technology helps to enhances the awareness of customers by accessing the process

through mobile applications. On the other hand, it provides growing method of voice

recognition tools and helps in advancements products and services.

Progress of action

The action plan used as follows:

The risks arises due to unplanned techniques provides numerous issue for outsourcing

of proper methods of delivering services to the customers. On the other hand, it is

observed that, the employees are not well trained to tackle the compliant of customers.

This issue is minimized using the risk management techniques that includes the

following:

A. Planning: This process includes the key practices in order to identify the possible

happenings during the execution of development professional goals. On the other hand,

this practices includes the learning skills that is vital part for this performance

enhancement in order to make aware of the roles and responsibilities towards their

customers (Beare et al. 2018).

B. Processing: This includes various options and opportunities for range of solutions

and its best effect on overcoming the issues of performance management. .

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C. Evaluating: This process includes the necessary review and observation in order to

change the techniques and necessary improvements for operation professional goals.

The impact of this techniques helps to overcome the risks of investors

(Cammack,2014).

Current result for the action plan

The result of the current plan is quite successful in overcoming the political, economic,

social and technological issues of the company. Additionally, it adds decision making

ideas such as financial, strategic and personal risk. Apart from that, it includes

partnership with the stakeholders in order to collaborate so as to overcomes the risks

arises during the operation of professional development

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Reference List

Beare, H., Caldwell, B. J., & Millikan, R. H. (2018). Creating an excellent school:

Some new management techniques. Routledge.

Borko, H. (2014). Professional development and teacher learning: Mapping the

terrain. Educational researcher, 33(8), 3-15.Leu, D. J., Kinzer, C. K., Coiro, J. L., &

Cammack, D. W. (2014). Toward a theory of new literacies emerging from the

Internet and other information and communication technologies. Theoretical models

and processes of reading, 5(1), 1570-1613.

Costa, A. L., & Garmston, R. J. (2012). Cognitive coaching: A foundation for

renaissance schools. Christopher-Gordon Publishers, Inc., 1502 Providence Highway,

Suite 12, Norwood, MA 02062 (Order no. 1002B: $54.95).