Task 3 Identifying risk and applying risk management processes

George and Mildred have become very concerned about the potential risks that could jeopardise CCF&MB's business operations. They were very impressed with your growth and promotional plans for CCF & MB so they have now moved you into more of a general manager's role with expanded responsibilities, including managing CCF & MB's risk.

Task 3: Question 1

As part of your new responsibilities, you are required to develop a risk management plan which:

establishes the context for CCF & MB's risk management plan and establish the boundaries of that context

outlines the regulatory requirements (in particular who are the regulators)

lists and explains the tools you will use in assessing the risks you identify

identifies the stakeholders (both internal and external) you would consult in establishing context and assist with the identification of CCF & MB's risks

outlines the tools you would use in identifying CCF & MB's risks

identifies at least two risks and the organisational processes associated with that risk that CCF & MB could face for each of the six categories of business risk; including strategic risks, compliance risks, financial risk, operational risks, market and environmental risks and reputational risks; with an appropriate risk statement for each identified risk.

Note: You may make any assumptions in producing your plan, but these should be documented either in the body of your plan or separately before you produce it. You are not permitted to simply answer the points detailed above.

(400 words)