BSBRSK501 Manage Risk

1. Identification of the current risk management policies processes and procedures in context of Qantas Airline

Qantas airline has undertaken specific safety policies and procedures in order to manage the risk. However, it is important for the aviation industry to take good steps for risk management (Yilmaz and Flouris 2017). Identification of risk and hazards in the workplace is a vital process o such organization to manage risk. Therefore, analysis, control and monitoring the risk are the major processes of such organization. Protection of airspace and reduction of dangerous goods are undertaken by this organization to reduce risk. This organization follows Australian Transport Safety policy ATSB). Among such risk management procedures identification of the risk is considered as the strength while maintenance only ATSB policy is considered as the weakness of such organization. However, this organization needs to follow more policies of the airline government to reduce risk.

2. Scope of the risk management

Establishment of an efficient organizational framework can be done by managing risk (Wada et al. 2017). However, in the context of Qantas airline identification of the hazards in the workplace leads this organization to understand the background of the risk. Development of the effective framework is considered as the scope of risk management as a safe working culture enhances the organizational performance by providing a healthy environment to the stakeholders.

3. Impact of different factors on risk management

Political factors like the introduction of new government rule often lead the organization to change their risk management policy. Lack of proper financial resources hampers the risk management process (Kleymann and Seristö 2017). Social factors like the lifestyle of people influence the risk management process. Legal factors force the organization to change their risk operation approach. Technological and policy allows the organization to implement the new methodology to manage risk in the workplace.

4. Critical success factor

A safe and effective working culture causes employee satisfaction. This also leads the organization to get more productivity, which ensures the success of the risk management process.

5. Identification of the stakeholders

Internal stakeholders of Qantas airline refer to their employees while external stakeholders refer to clients, supplier and audit agency. The internal stakeholders face their safety issue in the aviation industry while the external stakeholders face issues during their inspection due to lack of proper data (Davies and Delaney 2017).

6. Communication process with the stakeholders

Conducting conference and by using e-mail the organization can communicate with their stakeholders (Yilmaz and Flouris 2017). This will enable the organization to deliver key messages by using delivery strategy. This also encourages the stakeholders to give more input in their work.

7. Description of the support level for risk management

Qantas airline needs government support and support from the internal stakeholders. However, government support will enable such organization to implement their risk management approach without any legal issue (Wada et al. 2017). Therefore, the participation of the internal stakeholders in risk management will enhance the safety awareness by sharing safety information in the workplace. In order to get the government support, such organization can send the application for their new risk management approach for its approval. Therefore, by providing the guideline to the employees this organization allows the employees to understand the importance of risk management in the workplace.

References

Davies, J.M. and Delaney, G., 2017. Can the aviation industry be useful in teaching oncology about safety?. Clinical Oncology.

Kleymann, B. and Seristö, H., 2017. Managing strategic airline alliances. Routledge.

Wada, M., Delgado, F. and Pagnoncelli, B.K., 2017. A risk averse approach to the capacity allocation problem in the airline cargo industry. Journal of the Operational Research Society, 68(6), pp.643-651.

Yilmaz, A.K. and Flouris, T., 2017. Resource Dependency Risk Management. In Corporate Risk Management for International Business (pp. 49-64). Springer Singapore.