Risk Management Assessment
Week 2 – Risk Management Assessment
Details:
This assignment builds on the review of risk management in the “Elements of a Risk Management Program” assignment.
In a 1,250-1,500-word paper, discuss techniques for maintaining a successful risk management program by doing the following:
- Refer to chapter 7, “Techniques for Managing Safety,” in Risk Management in Healthcare Institutions: Limiting Liability and Enhancing Care.
- Identify two major categories of risk in your health care organization.
- Explain how you would apply the three elements of risk management that you selected in the “Elements of a Risk Management Program” assignment.
Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
This assignment uses a grading rubric. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.
You are required to submit this assignment to Turnitin. Refer to the directions in the Student Success Center. Only Word documents can be submitted to Turnitin.
MORE INFO
Risk Management Assessment
Introduction
A risk assessment is a systematic process for identifying, assessing and prioritizing risks. The aim is to determine the potential impact of an incident or event on your business. Once you’ve identified these risks, you can then decide how best to respond to them by taking steps like implementing new technology or hiring extra staff.
1. Assess the risks
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Assess the risks
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Identify the risks
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Analyze the risks
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Prioritize your findings and make a decision (e.g., accept/reject) based on them
2. Determine how to respond to the risks
Once you’ve identified the risks, it’s time to determine how you’re going to respond.
There are several ways that organizations can address these security risks. One way is through a formal process of risk management, which involves identifying and prioritizing threats, analyzing their likelihoods and consequences (and thus determining their severity), then developing appropriate responses based on those analyses. Through this process, organizations can decide what risks they want addressed in order to protect themselves from harm—and also determine whether or not those responses are worth pursuing given their cost/benefit analysis.
It’s important here not only because it gives us an idea of what kinds of things we need our organization doing but also because when talking about risk management we often mean different things by “risk.” For example: Some people might think “risk” means something like “danger”; others may use it more narrowly as simply referring only to something bad happening; still others might see it as referring specifically to someone taking action against someone else who caused harm (e.g., suing). These different uses indicate how important understanding exactly how each person uses terms like “risk” is when trying get everyone working together effectively on projects like these one!
3. Estimate the cost of the response
Now that you’ve identified the risks and corresponding impacts, it’s time to estimate the cost of implementing a risk response. This is where your experience in other areas of risk management can be helpful—you know what it takes to implement an effective solution.
As for those costs associated with not implementing a risk response: They can be even higher than estimating the cost of implementing one!
4. Evaluate the benefits of the risk response
The next step is to evaluate the benefits of the risk response. This can be done by comparing it to other costs and risks, as well as its impact on your business goals. For example:
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Is there an opportunity cost if you don’t implement this risk response?
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What other risks or opportunities do you have in place right now that could be affected by implementing this one?
5. Implement the risk response
Once you’ve assessed the risk, it’s time to implement the response. You’ll want to monitor and review your response regularly so that you can make adjustments as necessary.
6. Monitor, review and update risks and responses as needed
In the second phase of risk management, you need to monitor, review and update risks and responses as needed. This is where most of your time will be spent during this phase.
The first thing you should do is monitor your risk response by regularly reviewing it for effectiveness. If there are any changes that need to be made or adjustments made in how your risk response works then this should be done right away so that those changes can be put into place immediately.
If there isn’t anything wrong with how things are going but still feels like something might go wrong at some point then consider making some small adjustments here and there until everything seems stable enough for release into production without any problems occurring later down the road!
Describe your process for assessing, addressing, and mitigating your risks, then show examples of this process at work.
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Describe the process you use to assess, address and mitigate risks.
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Show examples of how you have used this process in your work.
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Include a summary of the process and include steps that need to be taken for each step. For example: -Have a meeting with all employees involved in the project/task. -Identify any risks that could negatively affect the project/task or their ability to complete it successfully (i.e., they may not be able to meet deadlines). -Discuss options available to mitigate those risks (i..e., changing deadlines or tasks). * Include benefits associated with using this method or strategy.*
Conclusion
In the end, the key takeaway from this post is that risk management is a process. If you have identified a risk, but haven’t done anything about it yet, then you should keep moving forward with your plan to mitigate it. You may not be able to change every single aspect of your business without taking risks—but if there are some aspects that can be changed without too much risk then chances are they will eventually get changed!
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