Risk and Audit Committee Grow Management Consultants HGE401 Assessment Prelab Assignment Professional Capability Gap Analysis Th…

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Risk and Audit Committee paper appendices

Risk category
Principles and guidance
Risk appetite
Pandemic
Significant uncertainty with different countries having variations on regulations relating to travel, lockdowns, the opening of venues and other factors. Need to comply with health directives in different countries. Unable to estimate the financial and other impacts on the business.
Moderate
Cyber and data security
Clean Hotels is the holder of sensitive data, and there is a rapid evolution in societal, regulatory and media scrutiny of privacy arrangements. There is potential for financial and reputational damage due to a data breach.
Low
Legal, ethical and regulatory compliance
Failure to operate within contractual and regulatory requirements, or within societal expectations, will result in loss of reputation, fines and impact Clean Hotels’ operations.
Low
Health and safety
Clean Hotels seeks to create authentic customer experiences and relationships and ensure all employees return home safely. Failure to meet legislative requirements, and to operate within Clean Hotels’ policies and procedures, can lead to death or serious injury to customers or hotel staff.
Low
Risk category
Principles and guidance
Risk appetite
Food safety and hygiene
Clean Hotels seeks to create authentic customer experiences and relationships. Failure to manage supply chain and preparation and storage of food may result in food poisoning, leading to financial and reputational damage.
Low
Change
The flexibility and resilience to execute change relating to external and internal challenges.
Moderate
Growth
Clean Hotels is looking to increase its portfolio of hotels in the target regions. The risk has increased due to uncertainty relating to the COVID-19 pandemic.
High
Foreign exchange
Clean Hotels operates in multiple locations with different currencies. Variation in exchange rates will impact the profitability of hotels and the value of hotels within consolidated financial statements. Foreign exchange is linked to demand for travel, so fluctuations will impact demand.
Moderate
Interest rates
Clean Hotels is the holder of freehold land with debt required to operate the business and acquire land. Fluctuations in interest rates can lead to reduced profitability and cash flow.
Low
      Digital transformation
Clean Hotels seeks to innovate, implement emerging technologies to improve cost management and create an authentic customer experience. Clean Hotels is willing to be a first mover with the implementation of technology.
Low
Appendix 2: Risk Register
Inherent risk assessment                                                                                                                        Residual risk assessment
 
Risk category
Risk description
Likelihood
Consequence
Risk rating
Key controls
Likelihood
Consequence
Risk rating
A
Pandemic
Loss of revenue due to regulation on travel, lockdowns and venue capacity or opening hours. Failure to comply with health directives resulting in fines and/or reputational damage. Variation in regulation and health directives in each location leading to increased risk. Increased risk of cyber and data security due to increased remote working. Reduced availability of critical workforce.
Likely
Catastrophic
Very high
Non-essential employees are working from home where possible avoiding the risk of cross-infection. Annual business plan updated with all discretionary spending reduced to minimum possible. Personalised training for team members on regulatory requirements and health directives.
Possible
Major
High
B
Cyber and data security
Data breach (customer, employee, and other sensitive data) resulting in financial and reputational damage.
Likely
Major
High
IT security controls are in place.
Possible
Minor
Low

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Likelihood
Consequence Level

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