Risk Management ACU College Coursework for tasks PDF

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Summary

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Description

Strategy The goal of this policy is to describe ACU College's risk management approach in all academics, administration, and business affairs. The following are potential organizational strategies: 1. Introducing a novel method to academics 2. Business growth as a result of providing cutting-edge academic and educational services in different sectors. 3. Finishing everything in the next five months 4. Risk management policies and procedures 5. Realizing that there are no risk management rules and processes in place at the organization. Make a risk management strategy for this business.

Scope This policy will apply to the whole college. ACU is committed to risk management procedures that are suitable, coherent, organized, and productive. Risk is defined as "the impact of ambiguity on strategic goals" by the International Standard on Risk Management AS/NZS ISO 31000:2009, and risk management is defined as "synchronized actions to guide and direct an institution with respect to risk." ACU handles risk in a coordinated and consistent manner, including risk analysis, assessment, reduction, and reviews. The ACU Risk Management Plan includes all of the College's academic and financial operations and encourages staff to embrace accountability of continuous improvements.

Stakeholder Table The suggested risk management strategy would encompass all stakeholders, both internal and external, and will have a broad reach. The following parties will be involved:

Internal Stakeholders 1. Parents and guardians of students 2. All teachers, including management and department heads

External Stakeholders 1. Local Governments 2. Educational Groups and unions 3. The neighborhood

PESTLE Analysis Political: A government initiative raises the possibility that the college may fail to implement the policy or will be distracted from local goals, among other things. The abilities necessary to be a teacher/tutor have changed. Curriculum changes with a limited lead time. Self-management is a requirement. Self-financing is a must.

Economical: Funding choices made by the federal government or local governments may have an impact on college budgets. The closure of a local industry may have an impact on fundraising initiatives, for example. Parents' ability to raise finances for extracurricular activities. Materials scarcity in national and international markets. Due to an overabundance of school spaces in the region, rivalry from neighboring schools has arisen. There's a chance that important personnel will leave for more 'up and coming' schools or academies.

Social: Changes in the local population (increased/decreased numbers). Changes in demographics may have an impact on the number of students enrolled or the nature of their demands. For example, students who speak English as a second language. Parental preference a rise in 'parent power' has given parents more control over their children's education.

Technological: Academic institutions will need to change their standards and purchase new equipment. At times of transition, there is a risk of picking the unsuitable technology. Shifting away from paper books and toward e-book reading. Out-of-date computer hardware & software is a problem.

Legislative: Additional laws may increase the risk of non-compliance, add new administrative difficulties, and so on. Changes to the law relating to the protection of children. Increase in the school-leaving age. Raise or reduce the age at which children begin school. Changes in school opening hours and financing for charitable organizations.

Environmental: A new road and infrastructure layout near the institution may provide new risks to students. Policy on waste disposal and the reduction of accessible green space for activities To create printed information, a substantial amount of paper and photocopier toner is used.

SWOT Analysis Strength  The teachers and their common goal of student achievement  A broad number of academic programs are available, many of which are nationally accredited.  A student body and campus community that is varied and lively.  Extensive international contacts and alliances  Solid and established alliances within the community

Weakness  Enrollment is declining as a result of shifting demographics, rising competition, and certain programs with unclear future paths.  Student success results, such as learning, retention, and completion, are lower than intended.  There is a lack of a brand and a systematic marketing and communications plan.  Unsymmetrical student, college, and community involvement including within and throughout  Inadequate resources for buildings, equipment, and professional staff acquisition and retention

Opportunities  The public's interest in educational value and pricing transparency is growing.  Expansion of non-traditional markets, such as baccalaureate completion in various cities  Increasing the number of collaborations and chances for participation in our communities

Threats  Students compete in a regional and online tournament.  State spending in higher education has remained stagnant.  Family purchasing power is dwindling, and there is a high percentage of unmet financial needs.  The current function of higher education in society is undervalued, but expectations are growing.

Risk Action Register The Risk Management Group of ACU College has produced a Risk Register, which is regularly monitored. In addition, the College maintains a Risk Register that compiles the most significant risks facing the institution into a single document that is reviewed at each Risk Management Group and Executive Committee meeting, as well as being forwarded to each Audit Committee and Corporation meeting for review. The Risk Register provides information about all known hazards to the Institution, along with information on the risk. The most important risk indicator, the owner of the risk, Risk-reduction activities are in place, as well as actions to further limit risk. Risks are also graded based on the likelihood of an incidence and the College's possible impact. The grading is performed while considering the risk mitigation measures in place. The scoring is based on the preceding parameters, and the ultimate performance index by combining the two resulting values together:

Communication Strategy Message Plan for management

Purpose Audience risk Awareness, Increasing Directors self-assurance, shareholders Obtaining budget approval

Delivery Method and Official document, board meeting, presentation to board members, firm website

Risk control strategies training program

Using the training program Everyone on staff to make people feel at ease and accountable

Meetings in person, brainstorming sessions Notifications by email

A training program on how to employ new, creative construction processes is being offered.

To get the procedures Personnel who are implemented without any relevant complications with the personnel

Face-to-face talks with employees who are worried

Identified Risk & Risk Checklist The following categories have been assigned to the areas indicated in the Risk Management framework: a.

Human Resources Risks

Various personnel-related concerns are unavoidable due to inexperienced workers on new creative building procedures. The following are some of the most notable: • • • • •

An increase in stress levels Excessive employee turnover Requests for sick or yearly leave on a regular basis A decrease in motivation Lower degree of efficiency b. Security Risk

According to local data and minutes from staff and stakeholder meetings, the crime rate is slightly higher, which might pose a danger to the planned College's security. c. Legal/Contractual Consequences The following two factors might be to blame for the occurrence of this risk:    

To begin with, excessive operational costs may lead to the early termination of rent leasing agreements, increasing the company's legal and contractual risks. Second, there is the possibility of breaching contractual obligations. This danger might be caused by a scarcity of specialists or ineffective instructional methods. Another explanation for this risk might be the staff's inability to employ cutting-edge academic methodologies.

d. Risks associated with promotion and public relations: This might be due to a lack of financing for pushing plans such as the establishment of institutions in big, targeted geographical areas. This danger might also arise as a result of the abrupt departure of key marketing professionals.

e. Uncertainty in planning regulations: The changes in planning laws are mostly attributable to the local government, when a new team appears to be more realistic in addressing operational difficulties such as shortening the time it takes to approve a college related project. This points to a danger of uncertainty for the corporation in terms of local governmental policies.

Risk Checklist

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Risk a. Human Resources Risks An increase in stress levels Excessive employee turnover Requests for sick or yearly leave on a regular basis A decrease in motivation Lower degree of efficiency

Examined  

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b. Security Risk Higher Crime Rate

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c. Legal/Contractual Consequences Excessive operational costs may Possibility of breaching contractual obligations. Scarcity of specialists or ineffective instructional methods.

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d. Risks associated with promotion and public relations Lack of financing for pushing plan

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e. Uncertainty in planning regulations Changes in Laws

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Unexamined

Risk Assessment Register Risk Security Legal/Contractual Human Resources Planning Regulations

Likelihood Almost Certain Likely Likely Likely

Consequences Major Major Moderate Moderate

Level of Risk High High Medium Medium

Priority 1 2 3 4

Email To …….. ACU College

Subject: New Control Measure

Dear X, Please accept my heartfelt apologies for communicating late. The matter is that the risk-action plan and risk register was made and the security of the college is the main concern. So the policy regarding the concern was done first and according to local data and minutes from staff and stakeholder meetings, the crime rate is slightly higher, which might pose a danger to the planned College's security, therefore the new policy for security has been adapted. Please take a look and provide feedback regarding the matter and what could be changed in the policy.

Regards, Y Attachment: Risk management Policy.docx

Risk Management Schedule Risk Security

Assess Control Risk H Strict financial transaction SOPs, such as no cash on premises

Legal/Contractua l

H

Human Resource

M

Monitoring

Timelines

2 months Security cameras must be reviewed on a frequent basis to ensure that they recording Place a security are guard in each correctly. regional office. Service of Legal As and when 3 months Representative necessary, specialists' Data backups should opinions on be made, ideally contracts should offsite backups. be requested. Improve working Close staff 3 months conditions in general supervision

Responsible Operation Manager

Finance Manager

Human Manager

Resource

Planning Regulations

& M

Create and implement training strategies, with a focus on cuttingedge educational methodologies. Regular assessment Regular Updates 3 months of local and through various mediums governmental policies

Operations Manager

ACTION PLAN: Security Risks:   

IDENTIFIED RISK ACTION - Crime rate is high & there is a security risk in terms of the loss of confidential data due to unsecured environment WHO IS RESPONSIBLE? – Risk Manager WHAT RESOURCES ARE NEEDED? - Get in 3 quotations weeks' for security time cameras from at least 5 different companies

Legal/Contractual Risks   

IDENTIFIED RISK ACTION? - Early breaking of rent lease agreements & develop SOPs on financial and banking transactions WHO IS RESPONSIBLE? – Risk Manager WHAT RESOURCES ARE NEEDED? - Conduct Feasibility feasibility & getting analysis of quotes:...