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Political: The political factor that impacts the organization is because of political forces that might affect the organization. Economic: The economic factor that impacts the organization is because of the competition in the nature and also because of the financial resources availability in the economy. Social: The social factors that impacts the organization is due to the fact that the organization meet with demographic changes, the new trends in the market and so on other possibilities. Legal: The legal factors include the laws and regulations, rules and policies from the governments side. Technological: The technological factors that impacts the organization is the new approach and the new ways and equipments of tacking the problems.
Policy: Thus new laws, rules and regulations creates problem for the organization. Activity 5, the, swot Analysis for the current risk management practices of an organization with which the researcher is familiar is known. Swot analysis, name of organization: The chosen organization is Wal-mart for the analysis of the same. The brief description of core function of the organization: Strengths ü Core competence and use of information technology ü Support of international logistics system ü Focused strategy for human resource management and development ü Investment in time and money ü Training and retaining the employees. Ü weak in some areas of control Opportunities ü to take over with strategic alliances with other global retailers ü Tremendous opportunities for future perspectives. Ü Expansion of consumer markets opportunities Threats ü The target market or the competition.
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These policies and regulations are quiet strict. To provide the automobile services successfully and minimize the risk or achieve the expected outcomes the risk management needs to identify the areas that require control and improvements. Through audit team, expert team, numerous training sessions the organization can reduce the different risks that associated with the activities. A part of these to provide services in the area of taxation require through and update knowledge of taxation policies within employees. Activity 3, it is advantageous to consider the stakeholders issues throughout the risk management process design because it helps in finding out the problems and also helps to understand the stakeholders expectations. Risk management has to be disciplined and also it should focus on influencing to reach through the destination successfully. Activity 4, as considering the own organizations risk profile, the influence/ impact on each of the following factors has on it with respect to certain factors such.
Identification of risks that associated with the activities that organization has to complete. Pre planning and post analysis will provide scope of improvement and scope of opportunity areas that helps to define the success path. Organization can able to introduce the control and checks points that control, reduce, minimize and eliminate the possible risks. Difficulties and challenges: As this organization required experts and high expertise to provides their services essay to the target groups because the organization deals in regulatory sectors that needs strong and structured controls and checks points because small error will be cause to lose client. Involve high level financial and manpower in terms of expertise risks. Challenges to define the suitable plan and implement and execute the plan in the organization that addresses the risks associated with tasks. In the above paragraphs consists information about the nature of company and different benefits, difficulties and challenges that can be address through the risk management procedures. The service provider organization is providing its services in the area of Australian taxation solution that carries lots of regulation and policies.
for the future perspectives. If the organization fails to do planning appropriately, they go in trouble situation. Planning can help the organization to grasp through huge number of opportunities and also through the competitors analysis and their strategy to remain competitive and stable in the market place. Activity 2, this company deals in the service industry that provides Australian taxations solutions to numerous segments. As the company size is 1500 employees and offering financial Australian taxation solutions to their clients so, it required high level of taxation and financial skill, ability and knowledge within employees to provide their services successfully. As government amendment their taxation plan and policies with time to time so, in this situation to perform with accuracy and successfully employees required update. To addresses the challenges, issues and risks and use the risk management process the organization have following advantages, difficulties and challenges mentioned below: Advantages: Proper pre plan to addresses the issues and challenges on the basis studied past data.
Risk management: Risk essay management is a scientific, systematic and structured procedure which involves activities of identifying, observing, analyzing and prioritizing the different types of risks that associated with the events. Many people involve managing and controlling the risks and also defining numerous strategies to address these risks successfully. This is very important part of business and this concept is introduced to manage, control, reduce and eliminate the risks. Risk Appetite : Risk appetite is a tool or technique that used to define the overview that provides key information about the associated risks and risk management approaches within organization. This help to identify the scope of opportunity and scope of improvement areas. Normally the risks that an organization define or assume before an activity and also develop a action plan to control or reduce it in this situation this tool represent a balance between perspective benefits and associate threats or risks that can happen if any unwanted. Risk capacity : Risk capacity defines the level of risks that organization can able to take. All the resources use numerous tools and techniques to identify the risks associated with the action in organization. Risk capacity indicates the maximum capacity or level of risk that organization can able to face.
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Project Risk management Assignment Homework review Analysis : Australian wide taxation solutions : pestle, swot risk management Techniques. Activity based questions, solution the Activity frame is:. Risk : Risk term used to define the probability of loss or situations and events that have no assure outcomes. In other word risk is probable quantified outcomes that associated with yourself an activity or event. Its indicated or symbol of the return or outcomes that is less than the expectation. Each and every event has some certain risk associate that can occur in controllable and uncontrollable situations. Some risk can be control through special attention whereas some risk cannot be control. Project risk, inflation risk, currency risk, marketing risk, financial risk, functional risk and many other risk can be control through numerous approaches whereas environmental risk like natural disasters and many other risks cannot be control are the example of uncontrollable situations.