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Risk In Real Estate

Introduction to Risk Management

The assignment mainly focuses on the various types of risk management process and various types of risk assessments. The researcher has taken Savills, a leading real estate organisation in the UK, founded in the year of 1855 by Alfred Savill. They have many institutes around the world. The main purpose of Savills is to consult in the various projects of building, planning and valuation and so on. The researchers have shed light on the various policies and the procedures of risk management. Various kinds of risk for the real estate have been discussed in this assignment. In this assignment, the researcher has discussed in detail how to reduce the various risk factors in real estate.

Project 1: Processes of risk management

Standards for the matter of risk management

Many numbers of standards are developed around the world, all the standards helped to the various organisations to solve the various types of risk in the management effectively and accurately. In all the standards, there are various practices to make the risk management less risky. There are certain standards for managing risks:

ISO 31000 2009- Risk Management Principles and Guidelines: In this standard, there are various guidelines are mentioned to manage the risk effectively and properly. The main principals of the risk management are also elaborated on this standard. This is one of the most used standards to risk management (McNeil et al. 2015, p.258).

COSO 2004- Enterprise Risk Management Integrated Framework: in this standard, the various risk for the organisations have been stated. With the help of this standard, the management can make the risk less and can handle the risk for management effectively (Lam, 2014, p.874).

ISO/IEC 31010:2009- Risk Management-Risk Assessment Techniques: In this standard, the management of the organisation can be able to know about the techniques of the risk management. With the help of these standards, risk management can be handled accurately (Glendon et al. 2016).

Procedures to handle the complaints

According to Hopkin (2017, p.522), it is one the most important factor to handle the complaints of the customers, agencies and employees as well. To handle all the complaints of the customers the employees of the organisation must have complaint box and various service centres to handle the complaints. It helps to the organisation to get the feedback of the customers more effectively. The employees of the organisations must be effective enough to solve the complaints as early as possible. Apart from this by handling the complaints of the customers, the organisation can make their work more productive. In the case of the complaints of the agencies, the organisations must take bold steps because the agencies are one of the most important parts of Savills, so the organisation must take some effective step to make them happy and to solve the complaint of the agencies as early as possible. To handle the company of the employees, the management of Savills need to know their basic issues that they are facing in the workplaces; it may be related salary or might be a related job. So the management of the organisation must be well aware of the complaints of the employees to make the organisation more productive (Haimes, 2015, p.236).

According to Hopkin (2017, p.522), it is one the most important factor to handle the complaints of the customers, agencies and employees as well. To handle all the complaints of the customers the employees of the organisation must have complaint box and various service centres to handle the complaints. It helps to the organisation to get the feedback of the customers more effectively. The employees of the organisations must be effective enough to solve the complaints as early as possible. Apart from this by handling the complaints of the customers, the organisation can make their work more productive. In the case of the complaints of the agencies, the organisations must take bold steps because the agencies are one of the most important parts of Savills, so the organisation must take some effective step to make them happy and to solve the complaint of the agencies as early as possible. To handle the company of the employees, the management of Savills need to know their basic issues that they are facing in the workplaces; it may be related salary or might be a related job. So the management of the organisation must be well aware of the complaints of the employees to make the organisation more productive (Haimes, 2015, p.236).

Various policy and procedures for Risk management

There are various policies of risk management; they are such as the policy to develop the risk management that is consistent with the strategy for the risk management. Need to implement the plans for delivering the risk management policies. Gutteling (2015, p.526) stated that for the level of management of the organisation need to explain the various purpose of the risk management, the matter of procedures in the various organisations.  Finally, in the support level, all the risk management factors and the purpose of the risk management factors need to explain to its components. The procedures of the risk management are such as death or any kind of injury, the financial loss of the organisation, reputation damage of the organisation, damage of the environment of the organisational and failure of the requirements of the legislature of the organisation (Allen and Carletti, 2013, p.28). Apart from this failure of identifying, the opportunity can be considered as a risk for the organisation.

All these risks for the agencies and the consumers have been stated in the template. For the case of agencies, personal injuries and state the premises can be the cause of high risk and all these factors can lead them to high risk (Bunten and Kahn, 2017, p.52). Apart from this for the matter of the consumers, the death and financial losses of the consumers can be at high risk. However, the risk of any such personal injury of the consumers can be less risky.

Planning for risk control plan

It is very important to have control plan of risk within the organisation. The process of making the plan to control the risk would be included the risk assessment, and the appetite of the risk and the evaluation about treating the risk (Lang and Scholz, 2014, p.696).

In the case of risk assessment of Savills, need to consider the below factors

  • Need to avoid the risk.
  • Mitigation of the risk
  • Transferring the risk
  • Accepting the risk

Then to mitigate the various types of risk the procedures are such as:

  • Need to remove the risk
  • Need to reduce the impact of the risk.
  • Need to reduce the various consequences of the risk that can occur in Savills.
  • Need to have combining approaches.

All these plans need to be executed by the management of the organisation. To control the risk of the agencies as well as the risk of the consumers must be the main priority of Savills. Savills can include all the above-stated plans to make the organisation more effective and efficient. By including these plans, the management of the organisation can be more efficient.

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Planning for Risk monitoring

It is very important to review the plan for monitoring the risk. Monitoring is always the key part of an organisation to solve any such issues of the organisation (Hartmann, 2015, p.69). First of the human resource management of Savills need to monitor the work and the environment of the organisation to make a daily report so that the organisation can be well aware of the various factors for the risk that can occur in the organisation.

  • Need to identify the new kind of risk
  • Need to discuss the existing risk
  • Need to check the daily review of the risk
  • Need to employ efficient employees to monitor all the work of the organisation.
  • Need to execute all the plans to monitor the risk.

According to Li et al. (2016, p.61), the organisation must have proper monitoring system so they can monitor the plans for monitoring the risk of the organisation. The organisation must have a proper plan like how to monitor the risk factors then the organisation must have advanced technology to monitor the daily activity of the organisation. Effective management systems can make the monitor system of the organisation more efficient. Savills can include the entire plan for monitoring the risk planning for their organisation.

Processes for auditing

The first process is to send a letter to the customers and agencies. The second process is to collect the audit evidence. The third is the documentation of the audit evidence. Fourth is providing an annual or respective report. Auditing is important for an organisation. To make the internal process of monitoring the various factors of the organisation can help to the organisation such as the misuse of the assets of the organisation, physical damage of any property of the organisation, review of the profit of the organisations. It is very important to audit all these factors of Savills so that the management of the organisation can be more effective and the goal and the objectives of the organisation can meet easily. Auditing can help to the organisation to become more productive and efficient (Solberg et al. 2014, p.60).

Project 2: Risk assessment

Q.1 Identifications of various kinds of risk in real estate

Risk related to the staff of the organisation about personal safety

The first risk is the risk of death of the staff, in this case, the risk is extremely high and it can affect the entire organisation. Savills must consider this risk to make the organisation more effective. The organisation must be well organised where the staff death must not occur. The management of the organisation must have the facility to avoid the risk of death (Zhang et al. 2017, p.147).

Second is the risk of personal injuries during the work in the organisation. Injuries are always the part of those organisations that are related to the real estate work, so Savills must have proper treatment process so that in the case of any kind of injury of the staff, the organisation can take immediate steps. However, this is not a high risk for the organisation as well as for the staff; but still, personal safety of the staff of the organisation must get the priority from the management of the organisation.

Risk of the agency

The first risk of the agency can be the stolen items of the premises; it can affect the business of the agency. This is a high risk for the real estate organisations. This can lead to the financial loss and can make the agencies less productive and less effective for the real estate. The real state organisations must have the proper monitoring system to avoid this risk of the agency (Zhao and Wang, 2015, p.748).

The second risk of the agency is that the sudden death of any such agency can make the huge impact on the real estate organisation. This is always the high risk. This can lead to both the organisation as well as the agency toward loss and less profit. The death of the agency can stop the present project of the organisation. It can make the organisation less productive. The death of the agency can be said as one of the high risk in the case of the real estate (Saunders and Cornett, 2014, p.586).

All the six risks in real estate can make the organisation less productive and less profitable.

Risk of the consumers include personal safety

First of all the risk of personal safety can be one of the major risks for the consumers. Personal safety of the consumers can help to the organisation to make their project proceed. In the case of any such accidents of the consumers, the organisation can be affected and the organisation can face loss. The sudden death of any such consumers can break the deal with the organisation so that the organisation can be less profitable (Cvijanovic, 2014, p.2690).The second risk of the consumer can happen when any consumers break the deal with the organisation then the organisation can face various financial loss. The organisation can become less profitable and they can face difficulty to continue the business. This is another big risk for the re

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