sali (2).docx - 2 I have Review the provided MacVille...

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2. I have Review the provided MacVille business scenario information and documentation provided in the Appendices of this task. 3. Write a report for the CEO (your assessor) that includes the following: a. An assessment of the effectiveness of the current MacVille Risk Management Framework in supporting the principles and processes of risk management, set out in the risk management standard AS/NZS ISO 31000:2009. Outline the purpose and key elements of the standard in your discussion. d. A listing of relevant internal and external stakeholders, their role in the risk management process, and he purpose of this discussion is to point out the strengths and points of improvements that the MacVille Risk Management Framework has in terms of the principles and processes of risk management set out in AS/NZS 31000:2009. To start, MacVille’s risk management framework has five elements to respond to a variety of risks. According to MacVille’s risk management framework, they are responding to risks which are operational, financial, commercial, and strategic in nature. The first element is “Policies and Procedures”. These policies and procedures are endorsed from the Board of Directors to the Senior Management Team to be implemented throughout the entire organization. As outlined in the framework, one of the policies set out is the Human Resources Policy. These policies respond to the apparent risk against the organization’s Human Resource. Policies such as the WHS Policy responds to the risks that the organization’s people are exposed in. To control these risks, the WHS policy is implemented wherein provisions such as an evacuation plan in case of fires and earthquakes, good and bad workplace practices to avoid unfortunate accidents, wearing of personal protective equipment if necessary. These are just few of the risks that the human resource is exposed in. If these policies and procedures are not implemented and followed, the untoward results of these events may cause the employee to be absent which in turn is an opportunity cost for the organization. Moreso, if the employee who was harmed was an integral part of operations, then the organization will then need to put someone in his stead and train him again which will entail lost time and money spent. The first element is supporting the principles and processes of risk management by, creating and protecting the value of its human resources, baingan integral part of organisational processes, explicitly addressing uncertainty, being systematic, structured, and timely in its implementation. The second element is “Monthly Reporting” wherein decisions to rectify issues arising in the organisation are addressed. With this element, the senior management and the Board of Directors are made aware of the several issues facing the organization during their regular meetings. During this monthly meetings, organisational issues and threats must not be the only subject. Minor employee concerns such as, absenteeism, request for incentives, scuffle or

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