Risk Management Plan.docx - Develop a Risk Management Plan...

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Develop a Risk Management Plan – Virgin Airlines Organisational Details Virgin Australia Holdings Limited is part of the Virgin Group. Conceived in 1970 by Sir Richard Branson, the Group has become one of the most highly respected global brand names of the 21st century. Since the establishment of its first company, Virgin Records, Virgin has created more than 300 branded companies worldwide, employing approximately 50,000 people, in 30 countries. These companies operate in sectors ranging from mobile telephony to transportation, travel, financial services, media, music and fitness and the soon to be launched space tourism operation, Virgin Galactic. Virgin Australia Holdings Limited is engaged in the operation of a domestic and international airline business, and the operation of a frequent flyer program. The Company's segments include Virgin Australia Domestic, Virgin Australia International and Velocity. A high-level structure chart outlined below provides an overview of Virgin Australia’s Corporate Governance Structure: Purpose The effective management of risk is critical to the success of the Virgin Airline Group. Under this risk management plan the company aims to ensure that all activities are undertaken within Board approved risk appetite and management guidelines and sufficient independent oversight to protect the safe operations, profitability, balance sheet and reputation of the Group.
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Stakeholders In continually evaluating the risk and reward balance and building risk management into daily activities, the company will take into account the interests of all stakeholders, including: External: o Shareholders; o Customers; o Service providers; o Suppliers; o Regulators. Internal: o Executives; o Managers; o Supervisors; o Staff at all levels. Communication Management Plan Communication management between internal and external stakeholders is essential to the success of the risk management plan. Communication within the Group is organized to ensure the effective circulation of information. Internal and external communication supports the implementation of the risk management policy by providing objectives, guidelines and information at all the levels of the Group’s operational and support entities and by informing management of the results. It uses all the technical resources of the information systems and telecommunications function ranging from the intranet to the different production and management applications. A communication plan was developed as presented below: Stakeholder What Information? When? How? Executives, Audit and Risk Management Committee, Safety and Operational Risk Review Committee Introduce the risk management policy. Review objectives, goals and approach. Once the risk management policy is approved by the committee Face-to-face Internal Stakeholders Introduce the risk management policy.
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  • '16
  • John
  • Management, Operational risk, Virgin Group

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