Risk Management Essay

Risk Management Essay
RISK MANAGEMENT ESSAY
The following essay has been written by analyzing the risks associated from the construction managers/ project managers' point of view. Citing the
possible risks associated while working on international or varied geographical location. Risks are associated with almost all levels of the project life
cycle and is mutually shared and mitigated by all parties employed within the construction industry. There are many evidences to state that poorrisk
mitigation leads to poor performance and hence establish risk management processes and practices are required to be adhered to in order to turn any
project's outcome into a success.
The 2000 edition of the Guide to the Project Management Body of Knowledge (PMI,2000) states...show more content...
New entrants who set up similar projects may have access to long term loans at the prevailing rate of interest which may be cheaper. In such a situation,
projects that were implemented with high cost borrowings will find it difficult to compete with the new entrants.
On the other hand if the interest rate increases in the future, the interest on working capital finance (which normally carries a floating interest rate)
increases which will result in lower profit margins than estimated at the time of project appraisal. interest rate risks can be managed to some extent by
entering into interest rate hedging agreements like 'interest cap', 'interest swap' etc.
13 | P a g e
п‚· EXCHANGE RATE RISK
Exchange rate risk, also called as 'currency risk' is the risk arising from currency fluctuations. Volatile exchange rates can reduce cost and productivity
advantages gained over years of hard work. Firms exposed to international economy face this risk. When a firm has already committed to a foreign
currency denominated transaction, the firm is exposed to a exchange rate risk. The firm will incur a
Get more content on HelpWriting.net

Risk is a commonly used term and its usually liked with bad impacts on our objectives. The Oxford English Dictionary define risk as " a chance or
possibility of danger, loss, injury or other adverse consequences". There is no agreeable technical definition of risk as it went through many
developments. The first stage was the management of threats only then the term is extended to cover the threats and the opportunities which face the
organisations. The latest stage which is the management of the threats, opportunities, uncertainties and its sources. Of uncertainty (Ward and Chapmen,
2003). Therefore, Dowie argues to banned use the term "risk" in the risk management because of its misleading.
The definition will be used in this paper is...show more content...
Risk management policy can be centralized or decentralized which based on their philosophy (Clarke and Varma, 1999).
Risk management is developing field and there are many opinions about what does Risk management includes and how it should be done. Many
terminologies introduce to describe the organisations wide use of risk management such as 'Total Risk Management', ' Holistic Risk Management',
'Integration Risk Management' and 'Enterprise Risk Management'. All these terms mean almost the same things which reflect the helicopter view for
the all risks faces by the firms (Ward, 2005). Association of Insurance and Risk Managers in Commerce used the term "Integrated Risk Management"
and they define it as " when risk management integrated (or embedded) into all of the functions and processes within the organisation" (AIRMIC,
1999). While Mottershead and Godfrey used the term 'Enterprise Wide Risk Management' as a technique "that looks at risk across the whole
organisation rather than through the traditional functions and aligns risk management activities to shareholder value level". Hodgkinson used the same
term with wider meaning as " a risk management philosophy that is: positive and proactive; value based and broadly focused ; embedded in processes;
integrated into strategy and total operations; and continuous". (Hodgkinson, 2001). In September 2004, the Committee of

Downer Group: Role Of Risk Management
ROLE OF RISK MANAGEMENT
In starting a business, there can be a set of uncertainties and circumstances that may arise in a period of time. Any potential hazards whether it may be
small or big can destroy a business while others can bring about a serious harm that can be excessive and difficult to repair. Nonetheless, the dangers
present in running a business, CEOs and/or risks management officers regardless of the extent of the business from a small to a corporate company can
prepare in the event when they recognize what they are.
According to Downer Group (2015) itself:
"Downer offers services in the infrastructure maintenance, engineering, construction, telecommunications, mining and resource sectors. A range of
services to its customers is being provided across the whole process of their physical infrastructure assets. At Downer, customers are the main focal
point in everything that they do. A mutual relationship between the company and its customer is one of the key reasons of progress thus a shared
success. By truly understanding and predicting their needs, they can transform ideas into possibilities of reality. Creating and sustaining a modern
environment is made possible through the trusted relationships they build with their customers, colleagues, and communities."
Fundamentally, risk management pertains about distinguishing, assessing and taking financial control of distinctive business risks. An assortment of
diverse tools is utilized as a part of risk management

Case Study Questions On Risk Management
Assessment task 3
ABC Co.
XYZ road, Australia
Website: Phone: email:
TITLE: RISK ASSESSMENT POLICIES AND PROCEDURES
DATE: 1–1–201X
TO: ASSESSOR
FROM: Mr.ABC
Introduction
This report covers the detailed description about risk management conducted from 1–1–201X to 30–1–201X. It contains every information and
documents that was prepared and implemented for the plan including plans, feedbacks and assurance.
Risk assessment– scope
Risk assessment of entire organization at McDonalds.
Risk assessment–Internal external stakeholders
Internal stakeholders are managers, employees and owners
External stakeholders shall be experts, general public and government.(...show more content...
Risk assessment–feedback
a)Feedback was taken through emails. Evidence for this is as:
MEMORANDUM

To: employees
From: managers, supervisors, team workers
Date: 1–1–201X
Subject: feedback for risk management recently done.
As we all know, we are commencing risk management plan this month. so we are trying to perform each and every step to make this risk management
perfect, for this we need feedback from those who are regularly associated with those risks.
This is a memorandum to take feedback from you; this should be filled carefully by each individual till the end of this week. Feedback process is
expected to be completed till 1–1–201X. Recommendations and ideas are appreciated.
Below is the feedback form to be filled in by each employee per the date specified.
Feedback form
Answer each of the five questions.
Identify risks that exists in our organization
What are the causes of such risks
What will happen if those risks are avoided?
Risk assessment– risk identification
Risks were identified as:
1.Questionnaires: we focused on detecting the concern of staff with respect to the risks or threats that they perceive in their operating environment.
2.Brainstorming: a group of employees forward their ideas and sensations of risks.
3.Workshops: 2 workshops were conducted for participation of each worker to identify risks.
4.Delphi techniques:

Risk Management Strategies Essay
Introduction
Financial or technical, commercial or legal, the risk can affect an organization at any given time. Operations and compliance along with laws and
regulations input by an organization have an important role in controlling the factor of risk within a project. As Pinto (2013) well noticed, projects
tend to operate in an environment composed of uncertainty. There are projects that succeed and others that fail. The difference between these two
types of project is given by the plan developed as well as the level of risk. More so, in the event in which the critical path for a project has a high level
of risk, the way the resources are used once the risk factor was identified becomes crucial for the success of the project.
Risk...show more content...
Considering that health care companies are evaluating operational efficiencies, meeting their expenditures can help the healthcare organizations survive
on the long run. (Hall, n.d)
The risk management strategies are presented easily with the help of an important tool, the risk matrix. There are people that are willing to take a
high level of risk while others are not ready to risk anything; unless they are reassured that nothing will go wrong. According with Onkuwa (2010)
this group of people is interested more in preserving capital and reputation. They are unlikely to take an unacceptable level of risk for high gains.
Regardless of the type of risk taker one is, having a method of determining and estimating the level of risks is crucial in any business and organization.
Different levels of risk have different approaches and handling strategies.
Critical Path at Risk
According with Pinto (2013) the risk management is a four–stage process. The first step in the process is represented by the risk identification. In this
step, the critical path is identified and any risk associated with it that might occur in the life of the project. Any delay in the critical path can have
high impact on the final result of the project. This is why the project managers are looking to determine the specific risk factors that are expected to
affect the project. A close monitoring of the project's progress can offer a better

Essay on Risk Management
When trying to create a positive risk management culture as a manager it is important to make sure that all employees of my organization realize the
importance of managing risk. Some of the factors to consider when attempting this approach would be:
Making sure all unforeseen events have been taken into account so that employees are self– assured when succeeding with service delivery projects;
Reassuring employees that their individual safety is always a priority;
Employees will be given the proper guidance, direction and consequences in order to gain and maintain a healthy risk management culture;
Communicate to all staff the importance of the organizations assets and resources, as well as its employees, is an important,...show more content...
After establishing goals and identifying strategies, I will then incorporate a risk manager who will support and organize strategic risk management and
safety programs, along with the ideas of management and staff. Getting everyone involved makes risk management everyone's responsibility.
To accomplish these efforts, a committee will be formed of employees from all levels of the organization. The committee will also consist of
employees who have genuine interest regarding safety in the organization. They will be responsible for:
Drafting goals which would be presented for approval by the board of directors. The goals will be constructed statements regarding safety, customer
satisfaction, sustainability concepts, and organizational effectiveness.
Developing value statements that would identify what we want to accomplish as an organization. These statements will be guided by the terms respect
for people, integrity, service, excellence, and sustainability.
Reviewing all other organization commitments (employee handbooks, job descriptions, and operating manual) so that they are in line with the
organizations overall dedication to risk management.
Incorporating the policy views of the board of directors into the risk management program. The collective process will be gathered into a report which
will be presented by the risk manger to the board of directors. With the assistance of the risk

Applying Risk Management Essay
Applying Risk Management
Steve Panaghi
University of Phoenix
CMGT/430
March 31th, 2013
David Fedorchak
Risk Assessment and control deals with identifying, analyzing, and planning all types or risks. It must also account for any newly rising risks and
keep track of them and what they can do to a system. This paper will explain some possible risks and how to avoid them, but only as an example that
can be extrapolated to the entire concept of Risk Management. It will also cover ideas that be applied to other businesses, not just Huffman Trucking.
Before we can create a plan to assess risk to the company, we must first learn what the risks are. In the case of Huffman Trucking, the risks can be
from data loss from inside or...show more content...
This show of physical protection will help to secure the vehicles and the large warehouse. This will also help to act as another layer of defense to keep
watch on the vehicles that are used, from trucks to forklifts, that could be stolen or broken into.
Transference is when the company (Huffman Trucking) hires an outside firm to control and manage the systems that are at risk. The first step of
Transference is the hiring of a security company. The next stage would include computer security and network security. An outside firm would be in
charge of creating and implementing both software and hardware security systems to prevent an outside attack from happening.
This outside firm would manage all computers and servers. Included with the service would be software updates of installed software, installation of
malware and antivirus protection and fine tuning of said software, and increasing the security of the network.
Mitigation deals with reducing the impact what happens when the network or computers are attacked. Since Huffman Trucking is moving towards
more electronic data use, it is paramount that this data is secured and backed up as much and as often as possible. If there is an issue that causes the
data to be lost, Huffman Trucking would be out of business. Creating a proper backup plan and implementing it properly is essential to allow the

company to recover the lost data and

The Principles Of Risk Management
There are many principles of risk management and this essay will focus on five of the principles: Risk–listing approach, using the best knowledge
possible, be transparent and inclusive, risk culture and continuous improvement of risk management process. This essay will explain why each of them
is important and critically analyze it.
The first principles is the risk listing approach based on a case study of railway planning of Swedish state railway. The Swedish government decided to
invest about в‚¬ 1billion to upgrade roads and rail capacity . Existing single–track rail lines will be upgraded to double–track rail lines. The
double–track rail line promises reduced travel time, increased frequencies of train services and other environmental benefits. However, one of the route
goes through rural farmland and mountainous areas with dense pine forest, also it passes through two rural communities and crosses the canyon built
in the 1950s. The major challenge is to replace the bridge for the double–track and high–speed trains as the area is rich in both archaeological and
historic heritage. It is by law that all Swedish government authorities to have risk management plans. Early in the planning phase is the risk
identification process. It is an important process because it 'aims to identify risks of an activity that threaten the fulfillment of stated strategic goals. '
(Boholm,2010). A one–day meeting was held in March 2007 with fifteen experts, six were women. Eight were from the

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating,
monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and
maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'.
(The NZ Society for Risk Management, 2001)
The goal for risk management in the event industry should be to allow maximum range of activities to be enjoyed in a safe environment. The golden
rule of risk management is to "approach event risk assessment and risk management from the perspective of audience...show more content...
We can take some of the examples of the risks factors that often occur in an event. Size of crowds and over capacity crowds could be under control
if under good management. Event management team must think of the worst case will happened to the size of the crowds and what can they do to
prevent over capacity crowds. There are normally a lot of people got faint and even died due to an over–crowded space in a certain concert. Why was it
happened? Some of the concert organizers want to earn the money as much as they can. They don't care about the capacity of the people, for instance,
the venue has capacity of 200 people. But they want to sell tickets to more than 200 people, and they have 20 security guards .It is still fine if the
audience sitting and enjoying the music. But the thing became bad when the audience became crazy as they saw their idol singing on the stage. They
jump on the chair, they push each others, and some even run towards the stage so that they can get closer with their idol. The limited security guards
can't help in this situation. If they want to sell more ticket, then they should find a bigger capacity venue, such as outdoor stadium. So that there isn't
lack of oxygen, which will cause the faint. And they should also hire more security guards. Thus, risk management is very important for an event, it
can help to avoid tragedy happens.
Risk management needs

Risk Management : An Organization Essay
"Every challenge and every opportunity an organisation faces today demand change. And with change comes risk" (Pual Van Kessel, 2015, P1).
According to ISO 3000, the risk is the "effect of uncertainty on objectives", so risk does not just offer negative benefits and threats but it depends on
how to be managed by the organisation, it can also provide more opportunities and create more value (Sandeep Sehrawat, 2014, P830). However, the
risk is always going to arise for organisations no matter how hard organisations avoid risks. Therefore, the risk management becomes more and more
important and organisation have been a great deal of attention to risk (Kim & Paul, 2013, P82).
According to the introduction to ISO 3000 2009, risk management is used to help the organisation to control the risks by the architecture. This
architecture includes risk management principle, a risk management framework and a risk management process. They can affect its ability to achieve
objectives and resolve the risk to reduce losses. Therefore, the risk may be avoided and controlled by risk management if it runs properly.
The risk is provided by many weaknesses, but unfortunately, enterprise risk management has serious loopholes. Vernon L. Grose expresses that ERM
has main five weaknesses, there is a lack of framework, a lack of initiative, non–targeted, ignoring mitigation costs and failure of rank risk. These five
ERM weaknesses will be overcome as soon as possible to improve risk management and

Security Risk Management Essay
Introduction
The reader will become familiarised with the term risk and it definitions from specifically the ISO 31000 standard of risk management and also the
definition of risk from the criminology crime triangle. Which one of these two definitions that are the most suitable for usage within the security
industry will be discussed and evaluated. How and why consequence is important when assessing risk priorities and determining where to allocate
resources will be examined and answered.
1.Definitions
Security risk management is "the culture, processes and structures that are directed towards maximizing benefits and minimizing disbenefits in security,
consistent with achieving business objectives". (Australia, 2006) And where...show more content...
There are three elements that must exist for a crime to occur:
motivation
capability
opportunity
This concept is called the crime triangle. With knowledge of the elements within the crime triangle the risk of a crime being committed can be
estimated and preventative measures may be put in place. Motivation according to Vellani is created by the actual target for the crime which is the
asset or assets. An asset contains of people, property and information. Vellani states that removal of motivation probably is impossible, and therefore
the focus for security programs should be reducing the opportunity to commit crime. Vellani suggests that the crime triangle is an easy and effective
method of illustrating how crime can be prevented.
1.3.Consequence
Consequence is described in the risk management standard as the "outcome of an event affecting objectives". (Australia, 2009) According to this a
consequence can be both positive and negative.
2.What are the needs of the security industry?
To answer that question one must first know what the security industry is. According to Brooks (2009) security is not easily defined and can even be
considered being the national military defence. To exactly know what the security industry is it therefore quite intricate. However the assumption is
made that the security industry and security in general has the same needs. As previously mentioned security risk management should

Different Theories Of Risk Management
Compare and Contrast Theories of Risk Management to Identify Areas in Need of Further Research
In the academic world, numerous information security (InfoSec) and risk management (RM) models are present. The value of these models differs,
particularly in respect to internal and external soundness. Appropriately, countlesssecurity researchers and specialists seek increased understanding on
the convolutedness of information assurance (IA). To a degree, this need may be motivated by industry demand and application. InfoSec is an
enduring matter for many businesses. Therefore, the aim of this research is to offer an assessment of InfoSec and RM theories and to identify the areas
in need of further research.
Information Security Awareness Approaches
Author Petri Puhakainen classified sixty–four InfoSec awareness tactics from the viewpoint of design theory with an emphasis on kernel theory
(Puhakainen, 2006). Puhakainen felt that in addition to recognizing numerous IS security awareness approaches, a profounder comprehension of these
approaches is of significance (Puhakainen, 2006). Lack of comprehension of the existing InfoSec awareness approaches is apparent, for instance, in the
use of methods unsupported by sufficient empirical data on their pragmatic efficacy (Puhakainen, 2006). Moreover, lack of comprehension can become
obvious in the use of proposals that do not fit the culture of the organization in question (Puhakainen, 2006). Suitably, kernel theories reel on

Essay on Risk Management Process
Purpose
The purpose of this Risk Management Process document is:
To provide a framework to track and monitor project risks throughout the project lifecycle
Establish roles and responsibilities of all participants in the process
Scope
This process will be used by the entire project team. As such, this document defines the Risk Management process and flow for a project.
Description
A risk is any factor that may potentially interfere with a successful completion of a project by having a negative impact to scope, cost, quality, or
timeline/ schedule. A risk is not an issue– an issue has already occurred; a risk is the possibility that an issue might occur. By recognizing project
risks, or potential issues, the Project...show more content...
Risk monitoring will be managed by the project manager or designee and supported by all project team members.
Risk Management Flow
Roles and Responsibilities
The following table represents the roles and responsibilities associated with tracking risks on a project:
RoleResponsibility
Project LeadershipAnalyze and assess risks identified
Attend risk meetings as scheduled
Participate in:
– Identifying, discussing, and clarifying new risks
– Re–evaluating and updating current risks
– Defining and modifying mitigation/contingency strategies for each risk
– Present project point of view in developing risk mitigation strategies
– Perform actions that reduce the exposure for a risk, focusing on probability, risk impact, or both
– Assess risk mitigation activities, program and effectiveness; help refine these as necessary

Final validation of risk owners
Serve as risk owner, as assigned
Project Manager or designeeFacilitate the risk assessment processes of identification, assessment, mitigation
Prompt risk owners as necessary for updates to assigned risks
Manage and update the Risk Management Log
Coordinate risk meetings
Monitor overall status of project risks
Escalate risks as appropriate
Provide initial input to and assignment of risk owner as appropriate
Risk OwnerPerform research required to clarify and analyze risks
Develop mitigation strategies and contingency plans
Monitor status of individual risk

Essay on The Risk Management Process
Risk Management Process Identify Risk
Risk identification, focuses on identifying which risks will affect a project, by looking at the project plan, the work breakdown structure, the project
charter and other project related documents (PMBOK, 2008). Broad risk categories are human resources, technology changes, quality and performance
issues, customers, vendors, management, funding, political, legal, market forces and environmental issues (PMBOK, 2008). Risk identification
involves forward and creative thinking by project stakeholders (Hilson, 2003). Risk identification, should be done on a continuous basis and project
team members and stakeholders should look for new issues that may affect the success of the project (Brewer & Dittman,...show more content...
Hilson (2003) indicated that opportunities are ignored in this process, however since he wrote this book in 2003 and based on the latest Project
Management Body of Knowledge Book (2008) with regards to risk identification we see opportunity and treats are identified. Risks are both known
and unknown and project managers need to minimize treats and maximize opportunities (PMBOK, 2008). Brewer & Dittman (2009), indicated that the
Delphi technique uses experts to identify and resolve issues and when used many of these issues are resolved because members do not meet
face–to–face. The process becomes anonymous reducing interference of egos and personal problems. As stated by Fleming (2005), the Delphi
Technique is an option to aid the project team to brainstorm ideas anonymously, and participants are unknown to each other. Electronic communication,
are used to communicate with the group with a facilitator, and questions are presented electronically to each participant who then generates ideas and
sends them electronically to the facilitator. The responses accumulated into one list by the facilitator who redistributes it for team comments until a
final agreement reached (PMBOK, 2008). Organizations and project managers can look at past project history with documented historical data, to
identify risk pitfalls by learning from the mistakes of other projects (PMBOK,

Risk Management Questions Essay
develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk
evaluation system in place at the same time?
Yes, a quantitative and qualitative risk management system can be in place at the same time. Since theSpace Shuttle Program is so large and
complicated, it would be in their best interest to incorporate both quantitative and qualitative risk management evaluations together. Alone, neither
system is sufficient in analyzing nor predicting all the risks involved in the program. It is the flaw of a qualitative system in that it relies too much on
human opinion and instinct instead of concrete data, while a quantitative relies too heavily on...show more content...
3. How should risk quantification problems be resolved if there exist differences of opinion between the customer and the contractors?
Within a project, the project's success and budget belong to and are the responsibility of the customer. The Customer should have the final say in
regards to what is acceptable and unacceptable in regards to risk and the quantification of risk. It is however, the contractor's responsibility to be the
primary source of expertise on a project or what they are being contracted to do. The contractor should offer their opinion and recommendations, and
the customer should take their contractors opinions and recommendations seriously due to their expertise in the area. Overall, collaboration between
the customer and the contractor should be the ultimate way to resolve a matter of dispute. Members from both the customer and contractor side
should meet discuss historical events, modeling and simulation to arrive at the appropriate answer. Also, with quantifying risk, the customer and the
contractor should be able to go back and look at the data. With risk quantification, there should be very little room for opinion and judgment which
should make it easy to base a decision or a resolution based on hard core data. If a solution or an answer is not able to be decided upon, a third party
consultation

Risk Management : An Organization Essay
Risk management is an organized process to identify, analyze and control risks in any organization. Today's world is all about using information
technology in almost all facets of human life such as business, education, health care or banking. No one will argue that today success of any business
enterprise mostly depend on its capacity of handling risks in the best possible way. Risk management is a continuous process which involves different
steps and processes. In this paper, definition of risks and management is discussed in detail. Risks associated with business organizations are discussed.
Particular emphasize is given on discussing risks related with using, operating, involving or adopting information technology within an enterprise or
organization. Also, different steps in IT risk management process are discussed with detail explanation. Moreover, necessity of risk management is
discussed. Introduction
The phrase "risk management" consists of two words "risk" and "management". According to Hubbard (2009), risk is the probability that a loss or
disaster could happen. Risks possess two characteristics. One is uncertainty that an undesirable event may occur. And the other one is loss or disaster
due to this unwanted event (WallmГјller, 2002). For an organization, an undesirable event could be anything including but not limited to a natural
disaster, default of a major borrower, hacking of sensitive customer data, political unrest around a foreign office, workplace

IT Risk Management Framework Essay
4.3 PO9 Assess and Manage IT risks
4.3.1 PO9.1 IT risk management framework
IT risk management framework is a necessary framework for every successful enterprise. So the City Medical Partners also need their own IT risk
management framework. IT risk management framework can avoid the future risks and it also can gain the benefits. And the IT risk management
framework need to fit with the risk management objectives of the enterprise – City Medical Partners. The example for risk classifications:
Strategic
Programme
Project
Operational
The new risks must be recorded. So if the same risk is happened again, then people can handle it efficiently and effectively.
4.3.2 PO9.2 Establishment of risk context
Establish...show more content...
City Medical Cancer Centre: the unit that risk assessment is informal. Such as the IT director – Barbara Winton, she acts as two positions.
City Medical Kids Centre: the unit that focus on delivery of service includes principal of each units.
City Medical School: for this unit, it doesn't require the risk assessment. Such as the IT director – Dr. Antonio, he think the risk assessment is not
necessary at this time.
City Medical Research: this unit doesn't need to perform the risk assessment, because the IT director acts as a researcher at the same time.
4.3.5 PO9.5 Risk response
The enterprise – City Medical Partners needs to understand the risks. They also need to know about how risks cause the negative impact on the
operations. And City Medical Partners need to reduce the chance of occurrence of the risks. Such as Lisa Alott said:" I had told David that we

probably could save USD $1 billion per year if we were to integrate and virtualise these disparate systems".
4.3.6 PO9.6 Maintenance and monitoring of risk action plan
The City Medical Centre should implement the monitoring of the risk action plan. It allows the organization to make the risks clearly. And it can also
check the current risk are incomplete or complete.
4.4 ME4 – Provide IT governance
4.4.1 ME4.1 Establish of an IT governance framework
The

RISK MANAGEMENT Essays
RISK MANAGEMENT
Clinical risk is an avoidable increase in the probability of harm occurring to a patient
Clinical Risk Management (CRM) is an approach to improving the quality and safety of healthcare by:
п‚·
п‚·
placing special emphasis on identifying circumstances that put patients at risk of harm acting to prevent or control those risks
CRM helps the hospital: to maintain and improve quality of services improve patient safety reduce frequency of litigation help maintain trust in
profession prevent staff lose
Medical Error
It is the failure of a planned action to be completed as intended (i.e. error of execution e.g. error of drug dose calculation) or the use of wrong plan to
achieve an aim (I.e. error of planning e.g. wrong lab result...show more content...
DOB and full name
Patient identifiers
п‚·
Standardize patient identifiers among different departments e.g. name, birth, unique patient number
Have a protocol for comatose and mental patients e.g. tagging
п‚·
Intervention

п‚·
Even if a patient is familiar, check the details of the patient's identifier to ensure right patient receives right care
Patients
п‚·
Involve patients in the process of identification e.g. labelling sample in front of patient for verification of name and DOB
SOP for Prevention of False Procedure
1.
2.
3.
4.
Patient identification
Marking of surgical site
Assignment to correct operating room
Team time out before incision (last call/ check before start)
RISK MANAGEMENT PROCESS
The process of risk management consists of 4 main steps:
Control risk Identify
Risk
Overcome risk Rate Risk
1.
Identifying the risk
Brainstorm on

Case Study Questions On Risk Management Essay
Date: 4th October, 2016
Risk Management; DNSC–6254
Risk Management
"Case Study # 2 – ERM"
Prepared by:
The A Team
Aurelia Lianda
Rafael Aita
Nathan Peppler
Osamah Alturki
Moyaid Aseel
Table of Contents Page
1.Question # 1.13
a)Question # 1.1 – (1.1.1) 3
b)Question # 1.1 – (1.1.2) 3
c)Question # 1.1 – (1.1.3) 3
2.Question # 1.2 4
a)Question # 1.2 – (1.2.1)4
b)Question # 1.2 – (1.2.2) 4
c)Question # 1.2 – (1.2.3) 4
d)Question # 1.2 – (1.2.4) 4

e)Question # 1.2 – (1.2.5) 5
f)Question # 1.2 – (1.2.6) 5
g)Question # 1.2 – (1.2.7) 5
3.Question # 1.3 6
4.Question # 2.1 6
5.Question # 2.2 7
a)Question # 2.2 – (2.2.1) 7
b)Question # 2.2 – (2.2.2) 8
6.Question # 38
7.Question # 4 9
1.Question # 1.1
a)Question # 1.1 – (1.1.1)
Hydro One is the product of government's deregulation of the electric power industry. Canada deregulated Ontario Hydro into two companies, a power
generation segment and a transmission, delivery segment. Hydro One business is separated in three segments: Transmission, distribution and
telecommunications. Telecommunications only accounts for 1% of the revenue. Hydro One's strategic plan consists in maintaining commercial
viability while abiding by the government new conservation laws. Hydro One's

Risk Management Essay

Recommended

Recommended

More Related Content

Similar to Risk Management Essay

Similar to Risk Management Essay (14)

Recently uploaded

Recently uploaded (20)

Risk Management Essay