Rajat Te Puia.docx - BMGT5017 Risk Management and Organizational Performance ReportTe Puia Assessment 2B Tutor Julie Millar Authors Fuiono Eseese

Rajat Te Puia.docx - BMGT5017 Risk Management and...

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BMGT5017 Risk Management and Organizational Performance Report- Te Puia Assessment 2B Tutor- Julie Millar Authors- Fuiono Eseese- 27035237 Dasuni Dissanayake- 27044753 Rajat- Nishant- Justine Ngahere-
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1 Content Introduction Purpose of the report Findings, Analysis and Discussion Strategy Competitive risk Risk Detail Controls in Place Finance Non utilizing funds Risk Detail Controls in Place Operations Quality of Service Risk Risk Detail Controls in Place Compliance Health and Safety Risk Risk Detail Controls in Place Marketing Pricing Risk Detail
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2 Controls in Place Human Resources Recruitment Risk Risk Detail Controls in Place
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3 Introduction This report looks at risks in Te puia operations. Te puia located in Rotorua and is tourism legacy of Te Whakarewarewa valley and it began almost two hundred years ago with the Ngati Wahiao people of Te Whakarewarewa valley. Te Puia spans 70 hectares in Te Whakarewarewa Geothermal Valley, Rotorua. Te Puia is home to the world famous Pohutu geyser, mud pools, silica formations and hot springs. Visitors will also find the native kiwi bird and the national schools of wood, carving, weaving, bone carving and stone that were established in 1926 by ancestor. Whereas, they are also continuing the tradition of Maori culture proudly (Te Puia, 2018). Te Puia is the trade name given for the Maori Arts and crafts institute (Annual report, 2017). Te Puia is one of the largest tourist attraction places in New Zealand gaining a large amount of profit and around 400,000 visitors visit Te Puia annually. All the businesses show some kind of operational, financial or strategic risks. Therefore businesses tend to have a risk management department within their business. The risk management department strive to avoid or minimise the risks which the company is going to have. It is very essential to have knowledge regarding risks and skills to avoid them when running a business. Purpose of the report Identify Risk and controls that are in place in order to manage the business environment of the organisation Te Puia.
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4 Findings, Analysis and Discussion Strategy “Business strategy sometimes defined only as a firm’s high-level plan for reaching specific business objectives. Strategic plans succeed when they lead to business growth, a strong competitive position, and strong financial performance. When the high-level strategy fails, however, the firm must either change its approach or prepare to go out of business” (Building the Business Case, 2018). Business strategy is the plan made for the business's work to achieve the vision, mission and objectives. And therefore the business can perform well in their finance and operations. A business should comprise of long term business planning. For a business to run for a long time it should have a very thoughtful and comprehensive business plan. Strategies should be there to implement them. It is very wise for a company to investigate about the risks regarding the strategies to find ways to overcome and/or to minimise them.
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