Case Study C: Risk Management Process This assessment task requires you in the role of Operations Manager of Nature Care Products to develop a risk briefing management report associated with the proposed Business expansion and then prepare for a meeting with your team by researching risks, as well as potential risk treatment options pertaining to the Nature Care Products business expansion project. Following this, you will meet with your team to brainstorm risks and then develop a risk Management plan, including action plan to implement identified risk treatments. You are the Operations Manager of a medium-sized Australian company, Nature Care Products, based in Brisbane. The company commenced business in 1996 and manufactures eco-friendly, high quality beauty skin care products. The business was established to cater for a growing demand for skin products that contain eco-friendly and natural ingredients. There is also an emphasis on eco-friendly packaging. The company sells its products in health food shops across the country, as well as on-line through its own web site. The company targets customers that want high quality, eco-friendly products. Market research has identified that around 70% of customers are professional women aged 25 to 55. Strategic priorities focus on business diversification and growth, specifically to increase market share by 10% and to expand the existing product range to attract more customers. At a recent board meeting the two company shareholders and the CEO discussed options for expanding the business, including establishing a chain of retail outlets. The CEO has asked you to investigate this, undertaking a risk analysis on establishing a chain of retail outlets. The idea is to initially set up a retail outlet in central Sydney, Brisbane and Melbourne The CEO and shareholders are keen to net the business expansion started asAt a recent board meeting the two company shareholders and the CEO discussed options for expanding the business, including establishing a chain of retail outlets. The CEO has asked you to investigate this, undertaking a risk analysis on establishing a chain of retail outlets. The idea is to initially set up a retail outlet in central Sydney, Brisbane and Melbourne. The CEOI and shareholders are keen to get the business expansion started as soon as possible so need to get your risk management plan in place immediately. Currently the company employs the following staff: Accounts Manager. Marketing Manager: Marketing Assistant, Sales Manager, four customer service representatives: Ofce Manager and Administration Assistant, Operations Manager. as well as the CEO and two shareholders as indicated above. The company currently has a risk management policy and procedure in place that incorporates the ASINZS 60310002009 Risk Management Principles and Guidelines. Complete the following questions based on a case study C Instruction: Review and research the case study information provided to you to determine the scope of the sh: management process required, as well as the company's risk management policy and procedure and information on risk management standards. Make notes for use in your report that address 1. 2. Objectives of the company Identication of internal and external stakeholders with whom you will need to consult to identify potential risks, as well as issues they are likely to raise as part of the sh: management process. An analysis of the strengths and weaknesses of the company's existing retail approach namely, online and through health food shops. Analysis of critical success factors: goals g objectives for the business expansion project. Following. this you are required to conduct a PESTLE analysis for Nature Care Products in order to identify key factors that impact E the business environment in which the company operates and their relevance in identifying risks. When you have completed your PESTLE analysis; you will be ready to write an initial report for the CEO. In this report you will cover following points: An assessment of the likelihood of the risk occurring, as well as the severity of the risk should it occur. 0 A risk action plan that sets out for each risk including: Risk descn'ption Impact of risk Recommended actions Resource requirements Timelines Responsibilities 0000000 Monitoring processes Section C: Performance Activity Objective: To provide you witi'l an opportunity to show you have the required knowledge for this unit. The candidate must demonstrate The ability to complete the tasks outlined in the elements. performance criteria and foundation skills of this unit, including evidence ofthe ability to: 0 lead at least one risk management process for an organisation or work area. In the course of the above: the candidate must: o analyse information from a range of sources to identify the scope and context of the risk management process. including: stakeholder analysis political, economic. social: legal: technological and policy context current arrangements objectives and critical success factors for the area included in scope risks that may apply to scope 00000 o consult and communicate with stakeholders to identify and assess risks. determine appropriate risk treatment actions and priorities and explain the risk management processes 0 develop and implement an action plan to treat risks monitor and evaluate the action plan and risk management process 0 maintain documentation