Managing Risks of Organizational Accidents †MyAssignmenthelp.com

Question: Discuss about the Managing Risks of Organizational Accidents. Answer: Introduction: The AS/NZS ISO 31000:2009 Risk Management refers to a set of standards that are set to guide organizations in the process of establishing risk management strategies. Risk management is one of the most important aspects that all organizations should be concerned with. When an organization lacks strategies or addressing all the risks that it is involved in, it becomes vulnerable to events that may cause major problems in its operations. The occurrence of such events can affect the organization, its shareholders, and customers among other organizational stakeholders. In order to ensure that people are protected from the negative effects that might occur due to the occurrence of these risk events, organizations are required to abide by the set risk management standards. These standards help to ensure that the organizations have established risk management strategies that are highly effective and thus capable of preventing the existing risks from occurring (Young, T. 2007). The implementation of these standards is a process that all organizations require to understand. In order to implement them, the first step is changing the means through which risk is viewed. This can be identified as the process of making changes in the paradigm for both risk and risk management. The approach taken in the process of identifying and addressing the organizational risks is of significant importance. The second step is ensuring that the framework the organization utilizes in establishing risk management strategies is capable of addressing both the internal and the external organizational contexts. With this regard, the organizational systems and processes should be assessed to ensure that all aspects are included in the risk management framework that the organization is using (Rudzki, R. Trent, R. 2011). The third step is the evaluation stage where the organization should assess and ensure that its treatment of risks is effective. The goals, benchmarks, and targets should be assessed to ensure that they are completely effective. The other step is developing a plan in which the process of managing risks should commence. The plan should help in providing the means through which implementation of the risk management strategy should take place effectively. The fifth step should be the establishment of a process through which the process of risk management should proceed on without fail. This step is important because the lack of a solid plan that will help the organization ensure that all risks are addressed at all times is a major problem that might result in the occurrence of a risk event in future (Reason, J. 2016). Outline the difference between the Act, Regulations, and Codes of practice The Act, is simply a law that all individuals and organizations are required to obey. The failure to obey the law has significantly thorough consequences like fines or jail terms from processes of litigation of the organization. With this regard, therefore, the organizations have the responsibility and legal requirement to ensure that they fully comply with the act. It is also on the basis of the fact that the codes of risk management and standards are established. Regulations, on the other hand, refer to a set of rules that determines the process of risk management in an organization. The organization can establish its own regulations while at the same time the federal government has a number of regulations which it required addressed fully. Regulations guide how a certain process is carried out in an organization. The aspect of establishing risk management strategies in the organization while conforming to certain set standards is a process. The regulations guide how this process t akes place (Pandian, C. 2007). The code of practice of any organization refers to the means through which that organization operates according to its culture. It is simply the acceptable way of behaviour in any organization. If for example, the organization ensures that at all times, a risk mitigation strategy is established, its code of practice defines the reasons why this risk mitigation strategy is important and the individuals who have the responsibility of establishing the strategy. With this regard, therefore, the organizational code of practice defines the means through which that organization should operate (Theodore, M. 2013). From my organization, certain set procedures are followed in order to ensure that it remains fully capable of mitigating the occurrence of any risk that might possibly occur. In order to ensure that a plan to address this aspect is in place, the organization begins by making a general assessment of the possible risks that it may have, whose occurrence could lead to major problems in its operations. This process helps in ensuring that there is no risk event that may surprise the organization by its occurrence. After all the risks that affect the organization have been determined, the other important aspect of consideration is the establishment of mitigation strategies through which these risks will be addressed. The organization establishes the strategies that it will utilize to mitigate these risks and ensure that even in their occurrence, it cannot be negatively affected (Frank, A. 2007). After implementing the solution to these risks, the organization then establishes a process to determine the effectiveness of the mitigation strategies. This process helps to ensure that the strategies established are effective in mitigating the defined risks. Over time, changes occur in the organization, which also make differences in the initially established risks. In order to ensure that the organization does not become vulnerable to new risks due to the changes that occur, the process of risk assessment and mitigation solution establishment is made regular. The organizations, therefore, carry out the risk assessment and solution generation regularly, an aspect that makes it capable of eliminating any form of risk that might occur and cause negativities (Greggory, 2005). How might you adjust your risk management to incorporate disabled employees/customers? In an organization, disables employees and customers are more vulnerable to the occurrence of certain events compared to healthy and fully capable individuals. Regarding safety, for example, the standards of risk mitigation are focussed on individuals that are fully capable and able, an aspect that exposes disabled individuals. With this regard, important changes can be made to these standards so that the risk mitigation strategies that an organization implements in its process of operation can include even the disabled individuals. Adjusting the standards of risk mitigation and the organizational regulations to include the categories of disabled employees and customers could help to ensure that the risk management plan of the organization is fully inclusive of all individuals including the disabled people. With this regard, therefore risk mitigation plans should fully include all individuals (Melton, T. 2007). The activity of monitoring the risk management plan is important since it helps an individual or an organization to determine whether the plan in place is effective. In order to ensure that I fully manage to monitor my risk management plan, an assessment of the effectiveness of the plan is important. With this regard, the monitoring process involves the process of regular assessment of whether the organization can suffer negative impact after the occurrence of a risk, despite the existing risk mitigation strategies. When there is regular assessment, it is easy to identify any form of ineffectiveness and thus improvement changes are made. To monitor my risk management plan, therefore, I will use the general step of regular assessment on how the organization operates and its risk mitigation strategies. These strategies can help in ensuring that all individuals remain in complete capability and effectiveness (Grady, 2010). How would you communicate your risk management plan to the relevant stakeholders? The risk management plan is important for all stakeholders of the organization, mostly because the occurrence of any risk even within that organization significantly impacts them. With this regard, therefore, the risk management plan is important to consider and communicate to the stakeholders. The most appropriate way through which I would communicate the risk management plan is through a general meeting where all the relevant stakeholders are invited. Within this meeting, important information would be passed to include all the individuals that have any form of interest in the operations of the club and those that are interested in how the club is able to perform. For a short duration of time, I have been an employee in a marketing organization, which involves in the activities of marketing products from through the use of the internet among many other platforms. For this short duration of time that I have been an employee in the organization, I have managed to realize a large number of organizational problems which can cause the organization to experience significant negative consequences on their operations. To begin with, the organization hired new employees but did not organize any form of training and development program which could help in equipping the newly hired employees with marketing skills to increase their effectiveness within the organization. With regard to this organizational problem, the risk that I identified which the organization is vulnerable to, is the risk of employee ineffectiveness. This risk has the capability of making the organization less effective in its operation, less capable in addressing the organizational is sues and even completely unable to remain profitable. This section of the paper is addressed in reference to this organizational risk (Alberts, C. Dorofee, A. 2003). What part/s of the legal framework will impact on this risk? The legal framework regarding organizational risks aims at protecting the interests of organizational stakeholders like investors, who only invest their funds and money with an aim of gaining returns. It also aims to protect consumers of the products and services that the organization offers, to avoid having them exploited through the services and products that the organization offers them. With regard to this risk, the legal framework that has an impact on it is the need for the organization to deliver quality as the agreement between it and the clients require. Any contract that is binding between two parties is recognized by law. When the organization agrees to make adverts for any client, quality of the service is of paramount importance. With the occurrence of this risk, however, quality of the services provided would be compromised (Khatta, 2008). The standards that presently apply are the standards which involve quality of the adverts that the organization makes. A high-quality work helps the organization to manage to maintain a high level of effectiveness in all the operations that it involves in. clients of the organization have one major requirement, which involves the quality of work that the organization provides. With this regard, therefore, the standards that concern quality of the services that the organization offers its clients are the standards that apply with regard to this risk. This risk addresses a large number of areas. To begin with, it addresses the area of the commercial aspect of the organization. When the employees become ineffective, the organization attains the general problem of operational ineffectiveness. This aspect reduces the number of clients willing to work with the organization, an aspect that affects its commercial section significantly. The other area that this work addresses is the area of employee satisfaction. An employee can only be fully satisfied when he or she is able to carry out the give duties and roles within the organization effectively. When the ability to be effective in the contribution that any employee makes in the organization is limited, however, that employee becomes less satisfied There are different types of risk, including legal, financial and safety risk. Which one/s do you think to apply in your case? Risks can be grouped into different types. In the case of the occurrence of this risk, however, the financial category is the most appropriate to group this risk. This is because the risk of an organizations inability to ensure that employees are fully equipped with the skills that they need to carry out their roles and duties effectively reduces the ability of that organization to be profitable and regarded as appropriate. With this regard, therefore, the risk of lowly skilled employees and organizational ineffectiveness with regard to quality service delivery is financial. In general, any major problem that the organization may have can be blamed on the organizations management. To be specific, however, the problem of employee training and development can specifically be pointed on the organizations human resource department. This department plays the role of dealing with all matters regarding employees within the organization. With this regard, therefore, the human resource department of the organization is responsible for addressing this risk (Lee, E. Jones, D. 2004). The stakeholders refer to the specific individuals in an organization that can be affected by the occurrence of the risk. The internal stakeholders who will be directly affected by this risk include the organizational investors since the decrease in organizations gains will also decrease their gains and the organizational employees, who are likely to be pressured to do better after their ineffectiveness is realized. The objectives of these stakeholders are to improve the effectiveness of the organization in order to increase their gains. The external stakeholders, on the other hand, refer to the stakeholders that are affected by the organizations risk occurrence indirectly. With regard to this risk, these are the clients or customers of the organization. The ineffectiveness of the organizations employees affects them negatively since they are less capable of maintaining effectiveness. The risk of employee ineffectiveness has the capability of being influenced by a large number of factors. Due to this reason, there are a number of the important aspect that should be put into consideration, when an assessment of the possible organizational changes that may impact it is being considered. The technological changes, for example, might require employees to increase their skills. The economic changes can also require organizational skills to be more competitive, in order to attract the few available clients. From the SWOT analysis of this aspect, the main strength of this is the fact that the organization has the ability to detect these changes and adjusting to their requirements. The main weakness is the fact that the organization has less competitive employees, who are not highly trained. The opportunity is that the organization can improve significantly when employee training strategies are established. The threat is that other organizations have highly capable employ ees, thus increasing competition for the organization (Pritchard, P. 2000). Outline how critical success factors will influence this case? The critical success factors refer to the factors that are significantly important to consider. All organizations require establishing certain important factors that will help in ensuring that individuals manage to remain completely effective in the activities that they involve in. the critical success factors of the organization will influence this risk by establishing a requirement to create strategies through which it can be mitigated. This aspect is important because when the risk continues unchecked, it has the ability to cause the organization not to develop effectively. Communicating any changes to all the relevant organizational stakeholders is important. A memo is the most appropriate method to utilize in communicating any changes to these stakeholders over time. A meeting can also be organized to serve the same purpose after a short period of time. Research on how the organization is proceeding is of paramount importance to the organization. It is through it that the organization can manage to ensure that it is proceeding to the right direction and that it is highly appropriate for the operations that it involves in. additional research that is important and appropriate is the research on the means through which the organization can train the employees effectively while avoiding any form of ineffectiveness in the training. This research could help in ensuring the organization remains completely effective in the employee training activity (Rausand, 2011). Risk Matrix Consequences Level of Risk Complete financial breakdown Major Financial problem Moderate financial problem Minor Financial Problem Negligible financial problem organizational ineffec-tiveness employee ineffec-tiveness Customer dissatis-faction Employee dissatis-faction Decreased number of customers Likelihood What is the likelihood of this problem arising again? What are the possible consequences of this risk? After a solution to an employee, ineffectiveness has been implemented in the organization, there is a low possibility of the problem arising again. This is because the trained employees will have the skills they need to carry out their duties and roles in the organization. The possible consequences of this risk include the organizational decreased effectiveness in its operations, poor coordination and the lack of organizational effectiveness. The first priority action of this risk is the training of the newly employed employees in the organization. This is the group of individuals that have significantly low skills in the organizational marketing activities. The other priority is to increase the skills of the rest of the employees through further training. I would consider this risk priority because it has the ability to maintain effectiveness and ensure that the organization manages to attain a high level of effectiveness on how it operates (Waters, 2011). In this case, the organization has a large number of opportunities to exploit. The first opportunity is that of increasing employee training, which will help in ensuring that individuals remain effective in the activities that they involve in. The second opportunity is that of attracting more clients from the high level of organizational effectiveness. These opportunities can be used in increasing the effectiveness of the organization and thus increasing its gains. I can utilize a number of ways to minimize risk. To begin with, I can at least establish a number of regular training programs which will ensure that any organizational employee is equipped with the necessary skills and capabilities before working for the organization. I can also increase the requirements of organizational employees when interviews are being held, in order to ensure that I only employ the highly skilled and qualified employees who do not need any further training (Anderson, T. 2006). Since it is difficult to ensure and determine whether a new recruit into the organization has all the skills needed until an assessment is made, the most appropriate risk option is the training option where the newly employed employees are passed through training sessions to equip them with the skills they need in order to operate effectively in the organization. Briefly, explain the risk action plan for this assessment The risk action plan outlines the plan of the action that should be taken to address a certain risk. For this assessment, the risk action plan is establishing risk strategies that will help in ensuring that all organizational employees obtain the skills that they need in order to remain highly effective and beneficial in the activities that they involve in. What documentation and records do you think you will need to maintain and file before, during and after the action plan is implemented? Why? Documentation, especially one that involves activities that are beneficial and highly appropriate is significantly important. Before implementing the risk mitigation plan, a documentation of the intended skills for the employees is appropriate. During the process of the implementation, a documentation of this process is appropriate. After the implementation, a documentation of the changes observed is appropriate. These documentations are important because they can help to guide any other similar process (Boulder, F., Slavin, D. Lo?fstedt, R. 2007). You need to be able to implement the action plan. What do you need to do? Briefly, outline how you will implement each step. The action plan is as explained significantly important. The first step of the implementation is an employee assessment to determine the necessary and missing skills. The second step is making a plan on how these employees will be equipped with the necessary skills. The third step is the training of the employees following the plan established earlier. The other step is the assessment of employee skills to determine whether they have improved. The other steps are the assessment of the general organizational improvement changes obtained. How often will you communicate with stakeholders? Communicating with stakeholders is of paramount importance. In order to ensure that they are all informed of all the processes that are in progress, I will ensure that I communicate with them when the action plan is in its initial stage when it is in progress and after it is complete. In these stages, I will explain the progress of the action plan, its aims and its achievements to these stakeholders (Frenkel, M., Hommel, U., Rudolf, M. Dufey, G. 2005). Case evaluation will help in understanding the situation and determining whether the solution intended is capable of producing the required results. The risk analysis matrix tool can be utilized to assess and determine the level of operation of this risk. This tool has the capability of determining whether the organizational strategies of addressing the risk in question are sufficient in providing positive and the intended result. I will, therefore, utilize this tool to evaluate my case (Hull, J. 2015). References Alberts, C. 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