i) List and define the basic principles of risk management and briefly discuss the rationale of the concept and the advantages that it offers to an organisation.
ii) Develop a business plan recommendation for your executive that clearly articulates:
a) Why your organisation should implement the principles of risk management.
b) Your recommendations on an implementation process and you must justify your reasons.
Before starting this assignment, you should have gained a thorough understanding of the risk management principles, process, and their application aligned with the Occupational Safety and Health Legislative requirements.
Much information is available on risk management and its application in contemporary organisational strategies. You are encouraged to undertake research and attempt to obtain copies of an organisational Risk Management Policy and procedures. Importantly, you need to be clear on the principles of risk assessment, risk rating and prioritisation of the hazard/risk relationship as this will underpin the prevention of loss in the organisational plan.
Be prepared to demonstrate the reliability of your recommendations through supporting references. Most of all be clear on how the application of risk management strategies can reduce or eliminate occupational safety and health loss to the organisation.
For this report you are required to undertake research and if practical attempt to obtain Strategic and Operational Occupational Safety and Health Plans from organisations. Review the plans and assess how they compare against the researched statutory requirements or relevant Australian Standards.
Your objective is to convince your organisation of the benefits of risk management and that the implementation of the risk management principles will reduce or eliminate the potential to injury or harm to persons. Your recommendations are critical as they are to be practical and easily integrated into existing business management strategies. You must show by way of an example how your recommendations will add value to the organisational plan and how they will reduce costs and injury or harm to persons in the workplace.
The following resources will assist:
• Occupational Safety & Health Legislation (Australian and Western Australian standards)
• Internet addresses provided and Australian Standards
the criteria of below items must be of a high standard
Application and demonstration of why risk management principles are needed
Recommendations and supporting references along with practical examples
Assignment flow and readability