Develop and justify a risk assessment structure
This assignment requires you to consider the risks to physical, non-physical, financial and human assets (detailed individually your venue). At the venue you chose for assessments 1 and 2. The assessment should be written in an Executive Report format and there are two main parts in the body of this assessment.
You need to:
1. Develop and justify a Risk Assessment Structure (RAS). This should be designed based on examples found in your own research. Your RAS will include a risk ranking system and must consider the unique features of your venue.
2. Devise a risk summary sheet for your venue, administer this, and provide an overview of the analysis of your venue in terms of priority areas for action.
3. Provide constructive recommendations, supported with evidence, which can be acted upon by the venue management team.
The length of the report is 2500-word maximum. This excludes the Table of Contents, Executive Summary, References, Appendices. Please try to use 12-point front, Times New Roman, Double-spaced with approximately a one-inch (2.54cm) margin all round.
Part 1: The notion of Risk (1000—1500 words)
Critically evaluate the concept of “Risk”. For instance, what is it? What is subject to risk? Why is it considered essential for a hospitality business to implement a risk management process?
Part 2: Venue Risk Analysis (1000—15000 words)
This section requires you to demonstrate your understanding of how to practically apply a risk management process by conducting a risk assessment of a venue. It is suggested you use the venue selected for assessment 1 and 2.
There are two critical components to this part;
1. A Risk Ranking System—this is the “how” risks will be assessed.
2. A Venue Risk Analysis (VRA) form—this is tool used to measure risk.
Venue Risk Analysis Form
– You need to create a form using a table format
– The LHS should display a menu of identified risk. A standard of 9-12 risks should be identified covering the rang of assert types.
– The Horizontal banner should categorize the different measures of Risk, according to one of the models you have already evaluated.
Page 1 Assignment Cover Sheet
Page 2 will be the Table of Contents
Page 3 will be the Executive Summary (as this report is larger than assessment 2, the Executive Summary will be around 1 page. Also note that we are placing the Executive Summaryafter the Table of Contents.)
Page 4 will be the first major section of your report and should be titled Risk Assessment. The first subheading should be titled something like Risk Assessment Structure (RAS) and this section should be dominated by the literaturebut will also include specific characteristics of your venue to support your understanding of the literature. A RAS is simply a plan to manage risk and is best demonstrated by a flow diagram that outlines the process for managing risk for your venue. In this section you should justify the use of a RAS(what is it, why do one, what are the benefits) and write both generally (i.e. for any venue) and also include specific examples for your venue. You should then provide a diagram of the RAS for your venue.
Also included in this section should be a sub-heading titled something like Risk Ranking System. A risk ranking system is a system that combines the likelihood of a risk with the consequences of the risk to allow management to priorities action. In this section you would first commence with a justification for the process of prioritizing risk (why do this) and also the determination for the identification of a risk (how do you identify a risk for a venue?). You should also provide details (tables) of the risk ranking system for your venue. This would include a table for rating the likelihood of the risk, a table rating the consequence of the risk and a matrix that combines likelihood-by-consequence in order to priorities/rank actions.
The next section will be titled Venue Risk Analysis which is where you provide the risk analysis for your venue. In order to first do this section, you will need to create and complete a risk summary sheet for your venue. The risk summary sheet is a table that will be structured with four columns. The first column identifies the particular risk, the second is where the risk is rated in terms of its likelihood, the third is where the risk is rated in terms of its consequence/impact and the fourth is the priority level of any action to be taken. The table will also have rows that specify each potential risk you identified at your venue. You should provide a fully completed risk summary sheet for your venue in the Appendix of your report.
When writing up the results of the risk analysis for your venue in the body of the report, you should provide an overview of the risk priority using a visualization (e.g. pie chart) and a written interpretation of this. Try to keep in mind the four asset areas for an organization (physical, human, financial, non-physical) to help you structure this section and analyze the risks for your venue.
The next section will be titled Recommendations. This is where you provide management with advice on any action you believe should be taken to minimize risk. You may structure this using the four asset areas and/or the priority levels of the risk summary sheet. Try to use the literature to support your recommendations and to argue for a particular action or non- action if you think so (e.g. an uneven floor might have a low likelihood of risk because the area is currently used infrequently, but if the use of area changed then the area might be of high risk).
On a new page will be References and then will be Appendix with your completed risk summary sheet.
Require: 15 references
Length: 2,500 words, not including Title page, References, not the Venue Condition Assessment (VCA) Form.