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  • Subject Name : Management

Risk Analyzing Management Assessment Answer

Question 1

The current risk management standard is AS ISO 31002018 that allows the businessman to understand and manage the risk involved in business activities. It helps to plan for the risk that may arise in the near future. The planning done as per the guidelines allows to increase the chances of opportunities for the business and reduce the chances of threats. The process allows to identify the risk, track the existing risk, evaluate the effectiveness of the risk on the business and monitor the risk mitigation process.

The information can be sourced on the website of Australian Council at https//www.standards.org.au/standards-catalogue/sa-snz/publicsafety/ob-007 where the risk management policies are clearly framed.
The ISO 31002009 are linked with AS/NZS 43602004. There is a constant iteration between the steps followed by AS/NZS 43602004 and ISO 31002009 framework and is accepted at the global level. The strategies in the standards allow to avoid risk, eradicate the source of risk, reduce the chances of risk with proper strategic planning of finances and operations and enhance the chances of opportunities.

The 10 key elements of risk management are defined as

  1. Achievement of goals
  2. Strategic reporting of the risk
  3. Assessment of key risk factors
  4. Analyzing internal and external factors of risk
  5. Designated management focusing on issues or risks
  6. Reducing crises
  7. Ensuring the right to conduct
  8. Increased opportunities
  9. Enhances the strengths of the company to take the risk
  10. Better decision making

Question 2

Rules and regulations implemented in business protect the workers, consumers, and suppliers and the business as well. It ensures the working of the business being fair and according to the norms of the government. Further, business is responsible for ensuring the health and safety of employees. Therefore, it is essential for the business to comply and implement the laws in the organization to avoid any unforeseen circumstances related to the risk of court case and closure of the business. Without the legislation, the working of business becomes chaotic. It provides stability, certainty, and uniformity in the business. The impact of legislation on business can be observed by ensured work safety, proper wages, and identification of legal risks.

List of 8 Legislations and regulations are

  1. ACT Fair Trading Act 1992 based on the Australian consumer law and applied in Australia.
  2. Working with Contracts Guide, 2012 highlights distinctiveness of the contract.
  3. Privacy Act, 1988 ensures the privacy of the stakeholders of the organization.
  4. Australian Human Rights Commission Act 1986 ensures human rights of the consumers.
  5. Fair Work Act of 2009 ensures the rights of the employees.
  6. Importer Food Control Act 1992 compliance of food standards for imported goods and safety of the public.
  7. Patent Act 1990 This act deal with the patent rights and royalty provisions.
  8. Work Health and Safety Act of 2011 deals with the safety of workplace safety provided to employees.

The business might get affected by the following legislation and regulations

Duty of care
Company law
Contract law
WHS Regulations
Environment law
Industrial relations
WHS codes and practices
Autonomy of information
Fair Labor Standards Act

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