Manage agency risk   Task 1 Hello, how's things? I hope you're enjoying your time with us here at Virtual Realty. As a new employee, it's important that you are aware of our risk management policy and procedures. Every business, large or small, has inherent risk factors that must be considered. At Virtual Realty, we believe in identifying these risk factors or potential threats and putting strategies into place to ensure that we are doing everything possible to prevent the risk becoming a reality. This is known as 'risk management' and it's something we take very seriously. For this section of your training you're going to put together your own Risk Management Plan that you will use to protect yourself, your clients and your agency from suffering any loss or damage. Click each of the numbers below to reveal the three steps we follow to manage risk at Virtual Realty. Identify any potential risks and/or threats to the agency, its employees and clients. Establish and/or implement appropriate procedures to minimise the risk/threat. Conduct ongoing evaluation of the risk and its potential threat. Of course, that sounds very simple but in fact risk management can be quite difficult. Some risks or threats can catch you unawares so it's important to be proactive. To help you compile your own Risk Management Plan, you should firstly read these 2 articlesthat demonstrate what can happen when a real estate agency and/or agent does not follow risk management procedures.   Your task for this unit is to: Read each article, then use the Risk Management Planner (in the Forms section of your Briefcase) to analyse the situation, identify what went wrong and suggest a strategy to prevent it from happening again. Create your own Risk Management Plan that details the areas of risk involved in your job, and what strategies you will follow to minimise these.   If you're confident in this area, you can go ahead and start the task now. You may find some useful resources in the Training Room. Alternatively, if you would like to learn more about the main categories of risk and threat that apply to a real estate agency and your areas of responsibility as an agent, please have a look through the Risk Management section of the Virtual Realty Training Manual by clicking the icon on the right. Your online facilitator will provide you with additional instructions to complete this task.