Risk Management Plan

The final part of the assessment task requires you to develop a risk management plan using the Risk Management Plan Template.

Your risk management plan should include:

The risks you have identified based on your research and brainstorming session. You must include at least five risks.

An assessment of the likelihood of the risk occurring, as well as the severity of the risk should it occur.

Identification of at least one suitable treatment measure for each of the five risks Priority rating (high, medium or low) to show the order in which risks must be treated.

A risk action plan that sets out for each risk including:

Risk description

Likelihood of occurring

Impact of risk

Risk Priority level

Recommended actions

Resource requirements

Timelines

Responsibilities

Monitoring processes

Risks

Competition from other beauty brands in the eco-friendly and natural space.

2. Increased regulation of the beauty industry in relation to eco-friendly and natural ingredients.

3. Difficulty in sourcing eco-friendly and natural ingredients.

4. Lack of customer awareness of the NatureCare Products brand.

5. High start-up costs associated with opening retail outlets.