Why risk management is important for organizations

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Reference no: EM132702118

Imagine the situation in your workplace (B2B Parcel delivery business) where you are a part of a team that has not been performing very well as since Martin Farrell, the previous manager left the team to join the head office. All the members including the new recruits have been experiencing the difficulties meeting the service standards, delivery and performance targets. The team members apparently have no co-ordination among their functions and have no motivation. The team is under tremendous pressure to improve the performance and has been warned several times by the top management.

Because of Martin's successful team management, he was relocated to head office with a higher position. Before leaving the team, head office asked Martin to assist HR manager in getting the suitable replacement to fill the position. Many senior members had the perception that they would be given the opportunity to lead the team. One day, Martin called you and mentioned: "I know there will be people who want to step into my role simply based on seniority. You were not sure what to say but always wished to be a leader. You had been investing your time and efforts on continuous professional development to achieve this goal. At the same time, you knew well that the task of managing people is not so easy.

Martin and HR manager, Kelly sat in a meeting for several hours discussing who to recommend for the position. Later they arrived at the conclusion and decided to recommend you for the position. Before doing that Kelly wants you to provide some information about the present situation of the company, and team. They also need to justify that you have the right skills and capability to lead the team. So she has asked you to prepare short report answering the following questions, to understand your knowledge about the requirements of the position. Once you prepare the report, she will forward it to the head office based on which final decision will be taken.

Question 1. Identify different individuals (5 internal and 3 external) whom you may have to consult for allocating the work and resources. Present the information in the form of table as shown below.

Question 2. Identify the different Groups or departments (at least 6) that you may have to consult for resources.

Question 3. Now suppose you have been advised by the management team that the business has a forecast of 10% growth in sales (current financial year). You know that the only way to ensure the team is capable of achieving such an increase is by reviewing the operational plan and accordingly develop work plans for each staff member. You are thinking of expanding the services to larger area, technology improvement, more training to staff and improving overall service in delivery systems. Now draft a work-plan based on the newly thought operational goals (you may use the following template).

Question 4. If you were to allocate different task to the team members, what are the considerations that you need to take into account? Provide a sample situation where you used the above considerations to allocate work at your workplace. (Sample situation could be a

Question 5. Performance standards and performance Indicators are to be developed and informed to the relevant staff prior to allocating or commencement of work. Identify at least 3 different performance standards and associated performance indicator that you have encountered at your work place. You may use the given template.

Question 6. Why risk management is important for organizations? The Risk assessment and control is one of the most important things at your workplace that has to be conducted before a manager or supervisor can allocate work. This process analyses likelihood and potential consequences of risk events. Develop a risk assessment and control plan for few jobs

Reference no: EM132702118

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