Risk Management Review

Risk management is an integral component of good business practice and quality management. It should be applied to all processes and activities covering the enterprise and is defined as:

a structured process, effected by an entity’s Board of Directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect an entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.

The risk review covered the planning and decision making responsibilities of its management team and employees covering all areas of operations:-

• Strategic Planning and Business Development
• Event Management
• Financial Management
• Asset Management and Resource Planning
• Corporate Governance and Legal Compliance
• Public Risk and General Liability
• Business Interruption and Continuity
• Operating Systems
• Stakeholders/Community

Each risk was identified under a Risk Consequence Rating Key using both financial and non-financial measures and the treatment of each risk according to a probability index and impact.

This process identified the need for various supporting documents including:

• Business Continuity Plan
• Food Safety Plan
• Venue Emergency Management Plan
• Patron Alcohol Management Policy
• OHS Event Performance Risk Analysis
• Continual  Improvement Form
• Legislation Impact Register
• Stakeholder Communication Policy

Risk treatment extends the analysis to explore different treatment options, and to prepare and implement appropriate treatment plans. It is important to identify not only the immediate causes of risk events but the underlying influencing factors (“root causes”).

Effective risk treatments are designed to treat the symptoms and the root cause of risks.

Generally a combination of treatment options were selected after consideration of costs and benefits, effectiveness and other relevant legal, social and political criteria.

The project was completed over a 12 month period, with an initial High level review for Board consideration and then High & Significant risks identified were drilled down to their operational levels to ensure appropriate risk mitigation strategies were in place.

Looking for assisting with risk management services in Perth? Enquire with Greg Wheeler Consulting to learn more about how we can assist.