The paper "Typical Risks a School Bus Service Business Would Be Exposed to" is an outstanding example of a management report. The purpose of this report is to perform a preliminary risk assessment of the typical risks a school bus service business would be exposed to, in addition, to provide an explanation of findings to the management. The report makes research on a range of risks that are typical to the school bus service business. The report ensures compliance with AS/NZS 5050:2010 Business Continuity – Managing disruption-related risks, AS/NZS ISO 31000:2009 Risk Management – Principles and guidelines, and HB 436:2004 Risk Management Guidelines. Part A: Analytical Report Introduction It is essential for a business to have a risk assessment of the typical risks that would be exposed to a business of its type.
This requires the performance of a thorough work-place assessment whereby researches on a range of risks that are typical to the business are carried out. A business needs to have an appropriate risk management system in order to have effective management of risks (Aaker, Brumbaugh & Grier, 2000). For instance, a safe and sound workplace reduces the instances of risks. Core Activities There are several activities that the client undertakes to meet its operating objectives.
However, the main core activity of the business is transporting students to and from school. There are other activities that are carried out, which are related to the school’ s activities. They include: Delivery of school supplies such as foodstuffs and stationery Tour services Emergency cases like sickness Risk Categories The various risk categories in this business include: Financial versus non-financial risks Pure versus speculative risks Fundamental versus particular risks Business risk Operating versus non-operating risks According to Bennett (2010), financial risks are those risks whose outcomes can be measured in monetary terms such as material damage to property after fire or theft of goods.
Non-financial risks are risks whose outcomes, though undesirable, may not be quantified in monetary terms, such as choices of wrong business opportunity or loss of items with sentimental attachment, such as a locket given by a loved one.
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