Minimise Agency and Consumer Risk

  • Category:
    Management
  • Document type:
    Assignment
  • Level:
    High School
  • Page:
    3
  • Words:
    1599

Minimise Agency and Consumer Risk

ASSESSMENT

Minimise Agency and Consumer Risk (CPPDSM4015B)

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Units of competency

This assessment is your opportunity to demonstrate your competency in the following unit:

CPPDSM4015B

Minimise agency and consumer risk

Assessment activities

The assessment consists of the activity below.

• This project requires you complete a risk management plan

• This project consists of two (2) parts

• Part A requires you to complete a risk analysis, a template has been provided to you in this assessment.

• Part B consists of three (3) questions.

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If you have any questions about this assessment you can email us at [email protected]. You can expect an answer from one of our technical advisers or student support staff.

Take one department in a real estate agency — it could be sales, property management, commercial, administration, etc. You are required to prepare a risk management plan for this department, by completing Part A and Part B below.

Part A — Risk analysis

Carry out a risk analysis for your chosen department. Your analysis must include:

1. Identification of potential risks, both to the agency and to clients. You must include in your response:

• Client risks

• Agency risks

Note: This unit requires you to identify both agent AND consumer risks, so ensure there is a spread of both.

2. The causes of each risk you identified in ‘1’?

Note: Check that each risk identified has a cause associated with it.

3. The sources you would use to locate information about each of these risks.

Note: Check that for each risk, you have identified at least one source of information you could use to find out more information about the risk.

4. The impacts of each identified risk on the agency, client, or other stakeholders?

Note: You must indicate that you have considered impacts not just on agent but also on consumer and other stakeholders, e.g. if agent risk relates to a rental property the agency manages, the landlord as the client is impacted, but also the tenant is a stakeholder.

5. A risk rating — rate each risk according to the risk rating grid in your workbook (i.e. consequences, likelihood and severity of risks).

6. Categorise these identified risks and set priorities for managing these risks moving forwards.

Below is an example of the type of information which may be included in your risk analysis. This is an example only and the question requires that you identify as many risks as possible for the agency and the client.

Identified risk: Risk to personal safety of agency staff when completing open for inspections.

Cause of risk: Attack from aggressive client or unknown person who attends property, agent is alone in a remote location.

Source of information about risk: Industry association, Workcover web site.

Impact of risk on agency, client or other stakeholders: Staff may be unable to work due to physical injury, psychological stress etc.

You may like to use a template similar to this below:

Priority to treat risk

Risk rating

Potential impacts of risk

Sources of information
about risk

Causes of risk

Identified risk

Loss of property to un-authorised individuals

Industry association

Intelligent approach from con artists

Risk to manipulation by malicious individuals

Fines imposed on the property

Industry association

Inadequate information concerning legal proceedings

Legal battles

Stall company’s growth strategy

Marketing department

Complacency in marketing strategy

Risk of losing customers to competitors

Lead to legal liability or loss of market share

Industry association

People taking advantage of the company’s reputation to achieve personal benefits

Risk of imposters

Lead to legal liability

Industry association

Personnel engaging in dubious business

Corruption

Lead to loss of company’s property

Industry association

Employees engaging illegal transactions using the company’s name

Lead to loss of property

Industry association

Natural phenomenon destroying real estate’s developed by the company

Natural events affecting property

Part B — Establish systems to minimise risks

Question 1

of the risks you have identified in Part A, indicate:eachFor

• The options for minimizing each risk identified.

• The legislative requirements which need to be considered when suggesting options to minimize each risk. Note: Be sure to refer to legislation including any relevant state/territory specific legislation.

• The agency policies and procedures which will need to be implemented for each risk.

Identified risk

Options for minimising risk

Legislative requirements to consider

Agency policies and procedures to be implemented

Risk to manipulation by malicious individuals

Training of employees

Enhancing supervision

Land and business act (sale and convincing) regulation 2010

Land agents act 1994

Land agents act 2010

Honesty and trust in real estate business

Legal battles

Training of personnel

Hiring a company lawyer

Land and business act (sale and convincing) regulation 2010

Adherence to the rules and regulations governing the real estate business

Risk of losing customers to competitors

Training of employees

Enhancing service delivery

Land and business act (sale and convincing) regulation 2010

Health competition in real estate business

Risk of imposters

Rebranding and enhancing supervision

Information privacy and confidentiality

Land and business act (sale and convincing) regulation 2010

Consumer protection policies

Corruption

Enhance audit and accountability of employees

Enhance supervision

Land and business act (sale and convincing) regulation 2010

Policies demanding trust and honesty in real estate business

Enhance audit and accountability of employees

Enhance supervision

Land and business act (sale and convincing) regulation 2010

Consumer protection policies

Natural events affecting property

Facilitate training of employees in disaster preparedness and disaster management

Question 2

What ongoing monitoring and reporting systems would you need to establish to minimise risks to the agency, clients and other stakeholders?

The monitoring and reporting system that will be adopted to minimize risk will comprise of risk identification, risk analysis and risk control. Risk procedures will also be used alongside programs aimed at risk compliance. More option for risk management will involve risk transfer and landlord insurance cover

Question 3

Describe an appropriate agency complaint handling procedure that you could implement to minimize risks to both the agency and clients. Include in your response, any specific state or territory requirements for your state or territory in relation to complaint handling procedures.

The first procedure for managing risks is identifying the potential risks the agency is likely to face. Assessing of the risk will then be used to determine the significance of the risk to the organization as in terms of impact. After all the identified risks have been identified, mitigation measures are developed. Finally a strategy will be developed to ensure that the risks are effectively avoided using the mitigating or preventive measure.

End of Assessment

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