Risk Management Plan

Question: Discuss the risk management plan. Answer: Summary As per the conduct of the Audit various deficiencies is witnessed in Blue Horizon services. The bank account of the company is not yet opened even after four weeks even considering that the bank is very near. Since, the bank is not near it is creating problem. The delay in installation of teleconferencing system has led to potential issue. The training of the managers has been left to alteration creating time problem. The training on banking shows that it is done however, the audit of the bank deposit book signifies that no banking entry. The training on water saving process has been done on a verbal note hence, could not be result oriented. The original members need to wear the Blue Horizon uniform and guide the new employees. However, they fail to provide a proper explanation to the new employees regarding the importance and compliance of wearing the uniform. Implementation Risks are many since it is the beginning for Blue Horizon services. Therefore, the risks can be reduced by different mechanism. Firstly, the conduct of audit in a weeks time is essential to ensure compliance. This will help to chalk out the difference. Secondly, proper training must be given to the new employees about the organizational value and the importance of uniform. It should not be left to the old employees. Thirdly, bank account must be opened at a place where there is no hassle and helps the business. Outcome and evaluation Risk management plan is the need of the hour as it helps in mitigating risk. In the above mentioned plans implementation the process of audit will lead to significant result as deficiencies will be easily traced. Secondly, training of the employees will ensure that the compliance is done and the risk factor will be less because trained employees has less exposure to risk. References Baldwin, S 2010, Doing a content audit or inventory, Pearson Press. Cappelleto, G. 2010, Challenges Facing Accounting Education in Australia, AFAANZ, Melbourne.