Please answer these two questions.

1. Research risks

Research and summarise each of the identified risks to learn more about the risk and any related risk treatment options (e.g. speak to stakeholders, by internet search, review best practice examples, check policies and procedures, view past incidents, research technology solutions etc.). List the treatment options available to you for each of the three risks.

Your response:
Attach proof of your research: Source links, documents etc.

2. Use digital technology to calculate the risk value and risk priority.

You need to fill out this table please

Risk identified	Potential Outcome (2 per risk)	Likelihood	Impact	Risk Value ( L x I)	Treatment action	Priority (5 levels- V.Low, Low, Moderate, High and Extreme)
1.
2.
3.

(BACKGROUND INFORMATION on nature care that i have put together for a meeting:)

Structure:

Meeting with Stakeholders: Last Assessment

a. Welcome the stakeholders and thank them for their participation.

- "Good afternoon, [Finance Assistant] and [Payroll Officer]. Thank you both for joining this meeting today."'

Introduction (2 minutes)

a. Welcome the stakeholders and thank them for their participation.

- "Good afternoon], [Finance Assistant] and [Payroll Officer]. Thank you both for joining this meeting today."

b. Briefly explain the purpose of the meeting: to analyse the likelihood and impact of the identified risks and discuss treatment options.

- "The purpose of this meeting is to assess the risks that Nature Care faces due to the theft of stock or cash from our retail outlets. We will discuss the likelihood and impact of these risks and explore potential treatment options."

c. Emphasise the importance of their expertise and input in the risk management process.

- "Your expertise and insights are invaluable in helping us understand the potential risks and developing effective strategies to manage them. Your input in this meeting will greatly contribute to our risk management process."

Nature care uses the ISO 31000 risk management framework, we can ensure a comprehensive analysis of the identified risk, its potential outcomes, and treatment alternatives. This approach promotes a structured and systematic process for managing risks, enhancing decision-making, and reducing the organisation's exposure to potential threats.

use an appropriate tool/technique toidentify at least three risks within the scope of your risk management process/project.

Brainstorming and Identifying Risks (5 minutes)

a. Facilitate a discussion to identify at least three risks within the scope of the risk management process/project.

- "Let's begin by brainstorming and identifying the risks we need to address. What potential risks do you see.

b. Briefly explain the purpose of the meeting: to analyse the likelihood and impact of the identified risks and discuss treatment options.

- "The purpose of this meeting is to assess the risks that Nature Care faces due to the theft of stock or cash from our retail outlets. We will discuss the likelihood and impact of these risks and explore potential treatment options."

c. Emphasise the importance of their expertise and input in the risk management process.

- "Your expertise and insights are invaluable in helping us understand the potential risks and developing effective strategies to manage them. Your input in this meeting will greatly contribute to our risk management process."

Brainstorming and Identifying Risks (5 minutes):

a. Facilitate a discussion to identify at least three risks within the scope of the risk management process/project.

- "Let's begin by brainstorming and identifying the risks we need to address. What potential risks do you see?"

b. Encourage stakeholders to share their insights and perspectives on potential risks.

- "I would like to hear your thoughts and insights on the possible risks we may face."

c. Use an appropriate tool/technique (e.g., SWOT analysis) to help identify risks and capture them in the provided tables.

- "To assist us in this process, let's use a [SWOT analysis] to identify and document the risks. This will help us capture all relevant information in an organised manner."

1. Risk: Theft of Stock or Cash from Retail Outlets - financial risk.

Potential Outcomes:

- Cashflow problems: The loss of stock or cash due to theft can lead to financial difficulties and impact the company's ability to meet its financial obligations.

- Criminal charges and negative publicity: If theft incidents occur, the company may face legal consequences and negative media attention, which can damage its reputation.

2. Risk: Incorrect Invoicing of New Suppliers - compliance risk, financial assistant.

Potential Outcomes:

- Delayed payment: Invoicing errors can result in delays in making payments to suppliers, potentially straining relationships and affecting the company's supply chain.

- Weakening of the supplier relationship: Frequent invoicing mistakes can erode trust and cooperation with suppliers, leading to potential disruptions in the procurement process.

3. Risk: Increased Workload on Finance Staff - operational and financial risk.

Potential Outcomes:

- Staff retention issues: An increased workload can cause stress and dissatisfaction among finance staff, leading to higher turnover rates and difficulty in retaining skilled employees.

- Decreased work performance: Overburdened staff may experience burnout, resulting in reduced productivity and compromised quality of work.

These potential outcomes highlight the potential negative impacts that each risk can have on the organisation. Let me know if there's anything else I can assist you with!

Assessing Risks (5 minutes):

a. Introduce the likelihood and impact scales previously discussed.

- "Now let's move on to assessing the risks. As we discussed earlier, we will use a scale to determine the likelihood and impact of each risk."

b. Assess each identified risk by collectively determining its likelihood and impact, using the agreed-upon scales.

- "Based on our collective expertise, let's determine the likelihood and impact of each risk. We will be using the risk matrix

1. "For the likelihood scale, we can use a five-point scale, where 1 represents 'Highly Unlikely' and 5 represents 'Highly Likely.'"
2. - "Regarding the severity scale, we can use a five-point scale as well, where 1 indicates 'Negligible Impact' and 5 indicates 'Catastrophic Impact.'"
3. - "Let's collectively assess each risk and determine its likelihood and severity ratings based on our expertise and understanding."

2. 3. Prioritising Risks:
3. - "To prioritise the risks, we will use a risk matrix that combines the likelihood and severity ratings."
4. - "The risk matrix helps us visualise the overall risk levels and categorise them as 'High,' 'Medium,' or 'Low' based on their combined ratings."
5. - "By prioritising the risks, we can focus our efforts and resources on addressing the most critical ones."
6. - "Let's discuss the risks' positioning in the matrix and determine their priority levels collaboratively."

Discussing Treatment Options (5 minutes):

- "Now let's discuss potential treatment options for each risk. How can we mitigate or respond to these risks effectively?"

- "Feel free to share your creative ideas and perspectives on how we can address these risks.

- "Let's document these treatment options in the tables provided,

1. Risk: Theft of Stock or Cash from Retail Outlets - financial risk.

Treatment Alternatives:

- Security cameras: Installing surveillance systems in the retail outlets can deter theft and provide evidence in case of incidents.

- Well-referenced staff: Implementing strict hiring and verification processes to ensure trustworthy employees are hired, reducing the likelihood of internal theft.

- Audits of the storage room: Regular and thorough audits can help identify any discrepancies and prevent theft.

- Insurance: Obtaining insurance coverage against theft can provide financial protection in case of incidents.

2. Risk: Incorrect Invoicing of New Suppliers - compliance risk, financial assistant.

Treatment Alternatives:

- Staff training and rewards: Providing comprehensive training to finance staff regarding accurate invoicing processes can reduce errors. Recognising and rewarding employees for maintaining high standards can further incentivise accuracy.

- Automation of processes: Where applicable, implementing automated systems or software can streamline invoicing procedures and minimise the chances of errors.

3. Risk: Increased Workload on Finance Staff - operational and financial risk.

Treatment Alternatives:

- Staff training and support: Offering training programs to enhance employees' skills and capabilities can help them handle increased workloads more efficiently.

- Automation of processes: Identifying repetitive and time-consuming tasks that can be automated using Robotic Process Automation (RPA) or similar technologies can alleviate the workload on finance staff.

- Proper workload distribution: Evaluating the workload distribution among finance team members and reallocating tasks or considering additional staff recruitment if necessary to ensure an equitable workload.