Coffeeville Risk Management Report
MANAGE RISK
ASSESSMENT TASK 1.
REPORT TO CEO (P.KINSKY)
As a new store manager I have conducted a thorough research to gather the information and work culture at Coffeeville cafe therefore, After meeting with James Mansfied i have concluded that at Coffeeville there are lots of risk areas which need to be taken care of I will mention each risk below: heavy traffic and hectic freeways are the main concern for the delivery and for the meetings which need to be looked in to although this location is popular tourists and among tourist and retirees. getting deliveries late will affect the Coffeeville standard of food service and quality. there are no written policy and guidelines in procedure which can affect the workplace environment and effectively. …show more content…
There is no set procedure to handle the cash register there is high chances of theft or stealing because same person handles the register and bank transactions. financial documents are not complete. a lot of money is kept on premises because they do not get time to go to hurley family bank which is a block away rather they should deal with the bank next to the store.
Having family members in the store also has some consequences, they are not keeping the records of their duties and any taking from cash register does not recorded there is no set procedure to deal with injuries at work which can be extremely dangerous for the business and employees. computers are not password protected anybody can alter the details and use it for their benefits.
Although Ron Langford meeting was beneficial in a way that we have opportunity to open another cafe in nearby suburbs in Lake Entrance which is growing …show more content…
Monthly reporting
Decisions to rectify problems are made at regular meetings of the senior management team. Comprehensive reporting at Board and Sub-committee meetings is designed to monitor key risks and their controls.
Business planning and budgeting
The business planning and budgeting process is used to set objectives, agree on action plans, and allocate resources. Progress towards meeting business plan objectives is monitored regularly by the senior management team and by Directors at Board meetings.
Risk management review
The Finance, Audit and Risk Management (FARM) Committee is required to report at Board meetings on internal controls. The FARM Committee pays particular attention to risk management. it is the CEO’s responsibility to brief the Directors periodically and as appropriate on the development of policies and procedures to ensure effective and efficient operations, risk management strategies and implementation. .in addition, the FARM Committee oversees internal audit, external audit and management as required in it review of internal controls. The committee is therefore well placed to provide advice to the Board on the effectiveness of the internal control system, including CoffeeVilie’s strategy for the management of
ASSESSMENT TASK 1.
REPORT TO CEO (P.KINSKY)
As a new store manager I have conducted a thorough research to gather the information and work culture at Coffeeville cafe therefore, After meeting with James Mansfied i have concluded that at Coffeeville there are lots of risk areas which need to be taken care of I will mention each risk below: heavy traffic and hectic freeways are the main concern for the delivery and for the meetings which need to be looked in to although this location is popular tourists and among tourist and retirees. getting deliveries late will affect the Coffeeville standard of food service and quality. there are no written policy and guidelines in procedure which can affect the workplace environment and effectively. …show more content…
There is no set procedure to handle the cash register there is high chances of theft or stealing because same person handles the register and bank transactions. financial documents are not complete. a lot of money is kept on premises because they do not get time to go to hurley family bank which is a block away rather they should deal with the bank next to the store.
Having family members in the store also has some consequences, they are not keeping the records of their duties and any taking from cash register does not recorded there is no set procedure to deal with injuries at work which can be extremely dangerous for the business and employees. computers are not password protected anybody can alter the details and use it for their benefits.
Although Ron Langford meeting was beneficial in a way that we have opportunity to open another cafe in nearby suburbs in Lake Entrance which is growing …show more content…
Monthly reporting
Decisions to rectify problems are made at regular meetings of the senior management team. Comprehensive reporting at Board and Sub-committee meetings is designed to monitor key risks and their controls.
Business planning and budgeting
The business planning and budgeting process is used to set objectives, agree on action plans, and allocate resources. Progress towards meeting business plan objectives is monitored regularly by the senior management team and by Directors at Board meetings.
Risk management review
The Finance, Audit and Risk Management (FARM) Committee is required to report at Board meetings on internal controls. The FARM Committee pays particular attention to risk management. it is the CEO’s responsibility to brief the Directors periodically and as appropriate on the development of policies and procedures to ensure effective and efficient operations, risk management strategies and implementation. .in addition, the FARM Committee oversees internal audit, external audit and management as required in it review of internal controls. The committee is therefore well placed to provide advice to the Board on the effectiveness of the internal control system, including CoffeeVilie’s strategy for the management of