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Project Assessment Task 1You are required to develop a risk management plan for a company of your choice, or for an area of the Registered Training Organisation in which you are studying. Your risk management plan mustinclude:-a detailed stakeholder analysis.-explanation of the risk context.-critical success factors.-identified and analyzedrisks.-treatments for prioritizedrisk.-details of the monitoring arrangements; and-an evaluation of the risk managements plan efficiency in treating risks-SWOT analysis-PEST analysis -all required forms for implementation within a workplace (to be developed by you) Your evaluation of risks must include -considering the likelihood of the risk occurring-considering the impact of the risk-determining which risks are most significant and are therefore priorities for treatmentYour action plans should include-what actions are required-timelines-who is taking responsibility-monitoring processesYour risks may include those relating to:-commercial relationships-human behaviour-economic circumstances and scenarios-individual activities-legislation-management activities and controls-natural events-political circumstances-technologyTo perform this task, you will be required to submit a written risk management plan. Do your research. Find out what the business does, how it operates, and investigate the industry as a whole. Assessment SummaryYou are to submit the following evidence / perform the following tasks●Develop and submit a written risk management plan as outlined above●Include your stakeholder analysisAnswer:IntroductionBackgroundMichael Enterprises is a national retailer of exclusive products. They have more than 150 retail, online and phone order outlets across Australia. Due to many factors and recent events Michael Enterprises isfacing a huge crisis due to their poor risk management strategy. This report will define the current risk context the organization’s ability to address these risks. The report will also propose the implementation, monitoring, and evaluation strategy for new risk management measures. Seven risk management processoCommunicate and Consult – The risk management process will involve frequent communication and consultation with all the stakeholders and participants. All
information related to risk management activities will be discussed with the stakeholders to keep everyone up to date. oEstablish goals and context – We will review the political, economic, social, legal, technological, and policy context to establish the goals and scope of the risk management.oIdentify risks – Risks will be identified by reviewing the current risk management and review both internal and external factors that affect the company.oAnalyze risks – After all the risks have identified, we will analyze the risks using risks analysis techniques.