Candidate's name
Workplace/organisation	Lombra Restaurant
Program name	Risk Management Planning
State/territory where the program is being undertaken	SA, Adelaide
Overview of the program	Opening a second venue in another city
Projects associated with this program	- Having an efficient booking system - Social media on top of last trends - Become a venue popular for functions
Candidate's role/title in this program	Project Manager
Program sponsor/client	Now Book It

Program Risk Management Plan Template

Program Name:

Associated Projects:

1. Efficient Booking System

2. Social Media Management

3. Function Venue Promotion

Prepared by:

Date: 02/10/2023

Program Objectives (SMART)

1.To successfully open a second venue in another city

2. To establish an efficient booking system

3. To maintain an active presence on social media

4. To become a popular venue for functions.

Risk Management Objectives

• Identify and assess risks associated with program objectives.
• Implement effective risk controls and treatments.
• Monitor and document risk management outcomes.
• Continuously improve the risk management system.

Internal Context of Risk Management

• Project Manager's role in overseeing risk management.
• Program sponsor/client: Now Book It.
• Objectives of the associated projects.

External Context of Risk Management

• Competitive landscape in the new city.
• Trends in the restaurant and hospitality industry.
• Economic conditions affecting the restaurant business.

Relevant Standards

ISO 31000:2009

Program Risk Management Methodology to be Used

Description

The chosen risk management methodology for the Lombra Restaurant program is based on the ISO 31000:2009 framework, customized to align with program objectives and industry-specific requirements. This methodology provides a structured approach to identifying, assessing, treating, and monitoring risks throughout the program lifecycle.

Modifications to align with program objectives

• Customized Risk Categories:Risk categories are tailored to focus on aspects directly relevant to program objectives, including market expansion, operational efficiency, and marketing strategies.
• Program-Specific Risk Assessment Criteria:The criteria for assessing risks are adapted to reflect the program's goals, considering factors such as local market conditions, industry trends, and competitive analysis.
• Incorporation of Industry Best Practices:The methodology integrates industry-specific best practices and benchmarks to address unique challenges within the restaurant and hospitality sector.

Methods to be used/implemented for this methodology

• Risk Identification Workshops:Cross-functional teams will participate in regular workshops to brainstorm and identify potential risks. Lessons learned from past projects and external market analysis will contribute to risk identification.
• Risk Assessment and Prioritization:Identified risks will be assessed based on their potential impact and likelihood. Risk prioritization will focus resources on addressing high-priority risks.
• Risk Mitigation and Treatment:Specific risk mitigation and treatment plans will be developed for high-priority risks. These plans will include preventive measures, contingency plans, and response strategies.
• Risk Monitoring and Review:Ongoing monitoring and regular risk review meetings will ensure that risk controls are effective and aligned with program objectives. Risks will be re-assessed as circumstances change.
• Risk Documentation:Risk registers will be maintained for each project within the program, documenting risk descriptions, owners, controls, treatments, and status.

FOLLOWING THE INFORMATION ABOVE, Manage Implementation of Program Risk Responses:

Manage the implementation of responses or treatments to actuated program risks (i.e. actual risks). You will be assessed on: Practical knowledge of program risk responses and treatments. Practical skills relevant to managing the implementation of program risk responses and treatments. Secure documents from each of these instances. These documents may include but are not limited to meeting minutes, email correspondences with relevant program stakeholders, copies of reports, other similar program risk management documents, photo/video documentation, etc. Refer to and follow established risk management systems, plans and processes in your program when completing this task.

Instance 1:

Part A:Copy of the impact analysis of the actuated program risk

The student must submit a copy of their impact analysis of the actuated program risk (Instance 1). The report must show how the actuated risk will affect or impact the achievement of program objectives.

Part B:Copy of authorisation from program stakeholders authorising them to implement these program risk responses/treatments

The student must submit a copy of authorisation from program stakeholders (e.g. email authorisation from CEO),authorising you (i.e. Program Manager) to implement these program risk responses/treatments (Instance 1 and 2).

Optional requirement: These may be authorisation or sign-off documents granting the student authority to implement program risk responses/treatments

Part C:Copy or excerpt of the program risk management system/plan that they referred to and followed to complete this task

The student must submit a copy or excerpt of the program risk management system/plan (developed in Task 1.2 and updated in Task 2.2) that they referred to and followed to finalise this task.

Part D: Copy of program objectives

The student must submit a copy of the program objectives they referred to when finalising this task.

Instance 2:

Copy of the impact analysis of the actuated program risk

The student must submit a copy of their impact analysis of the actuated program risk (Instance 1). The report must show how the actuated risk will affect or impact the achievement of program objectives.

Copy of authorisation from program stakeholders authorising them to implement these program risk responses/treatments

The student must submit a copy of authorisation from program stakeholders (e.g. email authorisation from CEO),authorising you (i.e. Program Manager) to implement these program risk responses/treatments (Instance 1 and 2).

These may be authorisation or sign-off documents granting the student authority to implement program risk responses/treatments.

Copy or excerpt of the program risk management system/plan that they referred to and followed to complete this task

The student must submit a copy or excerpt of the program risk management system/plan (developed in Task 1.2 and updated in Task 2.2) that they referred to and followed to finalise this task.

Copy of program objectives

The student must submit a copy of the program objectives they referred to when completing this task.

Answer rating: 100% (QA)

Answer Heres how you could structure your response for each instance Instance 1 Part A Attached is t... View the full answer