Billy's Towing (1)

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Curtin University *

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BSBPMG540

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Business

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Apr 3, 2024

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BSBPMG536 Task 5 Usman Bandey Introduction This report will assess the risk management options of Billy’s Towing Company. This will be done by evaluating the effectiveness of the risk identification process by comparing identified risks with actual occurrences. The risk management process will be applied to identify the severity of the risks, who all is being impacted and how a risk can be resolved. Billy Towing Company is a towing service company based in Bassendean, WA. They operate 24/7 and have been in the towing business for 18 years. They value prompt service, care for customers, safety of all but most importantly ensuring that those involved in accidents are taken care off. They have partnered up with other insurance companies like RAC, AAMI and can assist customers with claims, costs, and covers through their insurances. They also have collaborated with Hertz to provide courtesy/hire cars to non fault drivers while their car is under repair. Review Project Outcomes and Identify Effectiveness of Risk Management Processes: Risk Identification Process

Risk Identification Process is simply identifying and defining potential risks that could impact the success of the project. The process is done by firstly defining the project scope. When potential risks are identified, there needs to be an assessment on the likelihood and impact of each risk. Lastly, developing mitigation plans for the most critical risks. 1. Identifying Potential Risks In the case of Billy’s Towing, the potential risks are legal and regulatory compliance. They have been accused by Consumer Protection that their services have not been ethical and can be seen as taking advantage of vulnerable drivers who have been involved in car accidents and crashes. These people are not in the right frame of mind to make a decision but are forced into signing paperwork for getting their car towed and not given enough time to read through the paperwork. It is encouraged that those with insurances contact their insurance company first and then make a decision. 2. Assessing the likelihood and impact Billy’s Towing have analysed historical data, conducted risk assessment and used risk matrices to assess the likelihood and impact. The bad reviews and pressure from Consumer Protection have severely hurt their business. Those involved in accidents are not wary to avoid Billy’s Towing as their practices might not be ethical. The company is now prioritising establishing trust and transparency to their customers. 3. Developing risk response strategies

This data collected during the risk identification process allows companies to develop more appropriate risk response strategies. These strategies can include, risk avoidance, risk reduction, risk transfer or risk acceptance. In the case of Billy’s Towing, they have gone with a risk transfer option. They understand that it will be challenging for them to compete with the bigger insurance companies like RAC and AAMI. They have partnered up with them to ensure drivers on the road that they are in safe hands and everything will be done so legally. 4. Prioritising Risks The risks should be prioritised so that the most critical risks can be addressed first. This allows Billy’s Towing’s limited resources to go towards the most important risks. In this case, the company identified that safety should be number one priority for drivers. As a result, when a tow driver is notified of an incident especially on the freeways or congested roads, they’re first concern should be the safety and well being of the driver. Once they are in a stable frame of mind and are given all the options available to them, only then they should proceed with the paperwork. 5. Continuously monitoring and updating Finally, Billy’s Towing must continuously monitor and update the risk management plan as the project progresses. They are aware that new risks may emerge while the likelihood and impact of existing risks may change so it is crucial they keep the risk management plan up to do. This ensures that the company remains protected against potential risks throughout its lifecycle.

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Develop and Recommend Improvements for Future Projects: There can be some recommendations and suggestions made to Billy’s towing that could make them more effective in risk identification. One of them would involve stakeholders. Billy’s towing has engaged key stakeholders from different departments and areas of expertise to ensure a comprehensive identification. Their diverse perspective can help uncover risks that may have been previously overlooked Utilising risk checklists or templates specifically that apply to the towing and motor vehicle insurance industry will ensure a systematic approach to risk identification. These checklists can serve as a starting point to prompt discussions and brainstorming sessions. Identify and Document Risk Management Issues and Recommended Improvements: 1) Documentation of Identified Issues: Billy’s Towing will keep a record of the list of issues faced during the project’s risk’s management processes. The biggest risk they faced was a breakdown in communication amongst drivers. Drivers were then given adequate training on how to follow protocol post accident, what and what not to say and through radio, stay in constant communication with the other tow drivers in the vicinity. 2) Root Cause Analysis

Root cause analysis refers to multiple risk assessment techniques and approaches, at times applied as a series which are designed to identify the underlying or initiating risk source. In the case of Billy’s towing a significant number of the techniques were developed in the engineering and safety fields. These techniques were developed not only to identify potential safety hazards and points of failure during the design of new engineering processes but also to figure out why the risk events occurred following significant losses. They concluded that freeways, congested roads, where there is rush hour traffic can be deemed as a high risk for drivers. People are rushing home, merging lanes and the speed limits are generally high. As a result, Billy’s Towing kept tow trucks on patrol on the side of the freeways incase of any breakdowns or accidents Conclusion By ensuring and rigorously reviewing project outcomes, not getting complacent but also moving towards improving safety, keeping a diary and documenting all issues and applying the recommendations made by all the stakeholders involved, Billy’s can greatly enhance their overall risk management capabilities for future projects. As a result, the company will enjoy a culture that doesn't stand still but is always looking for new ways to improve and innovate. This will also make them better equipped to adapt when faced risks that challenge the project environment. Billy’s towing eventually regained the trust from drivers all across WA, they have great partnerships with RAC, AAMI. They continually provide towing services on behalf of them. Tow truck drivers are not more satisfied and better equipped to handle accidents and look after the well being of those involved.

Billy's Towing (1)

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