HCS456 UOPX Challenges in Making Risk Management Decisions Response

Question Description

1.Write a 175- to 265-word response to the following:

Identify two challenges in making risk management decisions. How can health care leaders overcome risks?

Read and respond to at least two of your classmate’s discussion posts. Be constructive and professional with your thoughts, feedback, or suggestions. 125 words each postFILLER TEXT

2.The health care industry faces common business risks such as workplace violence, workers’ compensation injuries, automobile liability, general liability, employee and management actions, financial risk, technical failure and natural disasters. In addition to these standard organizational risks, the health care industry faces additional exposure in a number of areas. Medical malpractice, patient complaints, HIPAA violations, data breaches and medical accidents or near-accidents are all risks faced by health care organizations. Potential risk-management issues can affect the health care industry in a variety of ways, but the greatest effects are often on the employers’ finances. General liability issues can cause increases in liability insurance premiums. For example, workers’ compensation claims will cause employers’ insurance premiums to rise. The health care industry is predicted to see more serious types of claims, which can also drive up the premium costs. Data breaches also create great financial risk and risk to the reputation of organizations. In 2012, data breaches alone cost the health care industry 6.87 billion dollars. Natural disasters and technical failure can cause interruptions in operations, which may result in loss of income.

  • Health care leaders can overcome risks by implementing strategies and processes that include efficient and effective use of tools such as reports and charts that demonstrate the trend in that particular organization, conducting risk analysis, financing and assessments.

Collins, A. (2019). Potential Risk & Quality Management Issues & How They May Affect the Healthcare Industry. Retrieved from https://work.chron.com/potential-risk-quality-mana…

FILLER TEXT

3.The two challenges in making risk management decisions are risk oversight and strategies and overlooking ethical culture. Risk oversight and strategies basically is disconnecting between an organization’s risk management and strategic planning activities. In many organizations, risk management is viewed as a compliance or regulatory activity that needs to be done to satisfy some external demand for risk management. Which may means risk management is relegated to a lower-level, non-strategic position that addresses important, but not strategy-defeating issues. An organization’s risk management efforts are inadequately integrated with strategic planning. This may partially be driven by how risk managers have been leading their risk identification and assessment efforts. Overlooking ethical culture, organizations culture differs across the board and it is important to understand how an organization’s culture might affect its risk management efforts. Considering what values are important to all leaders of an organization may open insights as to the willingness organizational leaders may have to take certain risks. Challenging decisions from an ethical lens may be something that risk managers might want to consider.

Beasley, Ph.D. (2017). Today’s Risk Management Challenges: It’s A Small World After All. Retrieved from: https://erm.ncsu.edu/library/article/todays-risk-m…

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