Candidate's name
Workplace/organisation	Lombra Restaurant
Program name	Risk Management Planning
State/territory where the program is being undertaken	SA, Adelaide
Overview of the program	Opening a second venue in another city
Projects associated with this program	- Having an efficient booking system - Social media on top of last trends - Become a venue popular for functions
Candidate's role/title in this program	Project Manager
Program sponsor/client	Now Book It

Risk Register Template

ID	Date Identified	Risk Description	Risk Impacts	Likelihood of the Risk Occurring	Consequence if the Risk Occurs	Risk Rating	Risk Owner	Risk Treatments Accept/Avoid/Mitigate/Transfer	Risk prevention strategies	Revised Likelihood of the Risk Occurring	Revised Consequence of the Risk Occurs	Revised Risk Rating (Residual Risk)
01	29/09/2023	Inefficient integration of the new booking system leading to overbookings or missed reservations.	- Customer dissatisfaction - Loss of revenue - Negative online reviews - Operational inefficiencies	High	Major	High	Project Manager	Mitigate	- Conduct thorough testing of the booking system before going live. - Train staff on the new system. - Have a manual backup system in place for the initial weeks. - Monitor and review the system's performance regularly.	Medium	Moderate	Medium
002	03/10/2023	Failure to keep up with the latest social media trends, leading to decreased online visibility	- Reduced customer engagement - Missed marketing opportunities - Decreased brand awareness	Medium	Moderate	Medium	Project Manager	Mitigate	- Hire a dedicated social media manager or agency. - Regularly attend workshops or webinars on social media trends. - Monitor competitors' social media strategies	Low	Minor	Low
003	05/10/2023	Inability to establish the venue as a popular spot for functions.	- Loss of potential revenue- - Underutilization of venue space - Missed opportunities for brand exposure	Medium	Major	High	Project Manager	Mitigate	- Offer promotional deals for early bookings. - Collaborate with event planners and agencies. - Showcase the venue at local business events or expos.	Low	Moderate	Medium
004	28/09/2023	Delays in construction or renovation of the new venue.	- Postponed opening date - Increased operational costs - Potential breach of pre-booked events or reservations	High	Major	High	Project Manager	Mitigate	- Engage a reputable construction/renovation company. - Regularly monitor and review progress. - Have contingency plans for potential delays.	Medium	Moderate	Medium
005	27/09/2023	Difficulty in hiring and training competent staff for the new venue.	- Poor customer service - Operational inefficiencies - Increased training costs	High	Major	High	Project Manager	Mitigate	- Start recruitment early. - Offer competitive salaries and benefits. - Implement a comprehensive training program.	Medium	Moderate	Medium
006	02/10/2023	Inadequate market research leading to misalignment with local customer preferences.	- Reduced customer footfall - Unsold inventory - Negative reviews	Medium	Major	High	Project Manager	Mitigate	- Conduct thorough market research. - Engage with local influencers and food critics. - Offer initial promotions to gather feedback.	Low	Moderate	Medium
007	30/09/2023	Supply chain disruptions leading to unavailable menu items.	- Customer dissatisfaction - Increased costs due to last-minute sourcing - Potential loss of revenue	Medium	Moderate	Medium	Project Mnager	Mitigate	- Establish contracts with multiple suppliers. - Maintain a buffer stock for critical ingredients. - Regularly review and update the supply chain strategy.	Low	Minor	Low
008	27/09/2023	Negative publicity or reviews from the initial launch.	- Damaged brand reputation - Reduced customer trust - Loss of potential revenue	Medium	Major	High	Project Manager	Mitigate	- Ensure a smooth soft launch before the grand opening. - Engage with PR agencies to manage publicity. - Address negative feedback promptly and professionally.	Low	Moderate	Medium
009	28/09/2023	Failure to secure necessary licenses and permits for the new venue.	- Legal penalties and fines - Delayed opening - Potential closure of the venue - Damaged brand reputation	Medium	Major	High	Projet Manager	Mitigate	- Engage a local legal consultant familiar with Adelaide's regulations. - Start the application process for licenses and permits well in advance. - Regularly check for updates or changes in local regulations. - Ensure all documentation and requirements are complete before submission.	Low	Moderate	Medium

Following the information above, Updated Risk Register that must include the following information and the Risk Register template to follow:

• Residual risks
• Descriptions of these risks
• Revised likelihood of the risk occurring.
• Revised severity of consequence or impact if the risk occurs
• Revised risk rating based on revised likelihood and severity
• Updated risk ownership/responsibility