In order to be successful, a risk management plan must be communicated and applied throughout the organization.
- Prepare a paper that examines the role of the risk manager in integrating the risk management program within the organization and ensuring compliance.
- Evaluate challenges that a risk manager might confront in developing, communicating, and implementing a risk management program.
Include at least three references, of which one must be a scholarly article.
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Role of Risk Manager in Heath Care
In most organizations, there is an overwhelming expectation to conduct their operations with minimal exposure to risks or any forms of liabilities. In order for such organizations to remain successful in terms of avoiding or minimizing exposure to liabilities, they require practicing proper risk management procedure. There should be sufficient time for such organizations to establish structural and organizational policies, which can protect them from experiencing any form risk especially financial liabilities (Kolb & Schwartz, 2009). Even though it is not possible to completely eradicate financial liability risk, effective application of risk management procedures will bring the exposure down to acceptable levels. There are various traditional methods, which various organizations implement in order to practice fundamental risk management. They include; implementing protective policies and procedures to the organization, establishing form practices of employment, development of materials for training and board orientation, and acquiring insurance coverage (Kolb & Schwartz, 2009).
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Role Of The Risk Manager In Integrating The Risk Management Program Within The Organization And Ensuring Compliance.
In modern times, efforts geared towards quality improvement and risk management in healthcare organizations do find it necessary to support patient safety (Youngberg, 2010). It is significant to note that a risk manager performs crucial roles in an organization. Some of these crucial roles include education, patient safety, loss prevention, and identification and analysis of risk (Youngberg, 2010). Risk manager should conduct an analysis of customer satisfaction and then initiate activities, which would improve performance in respect to the findings. He/she should, also, be active in conducting analyses to establish the root-cause of events. In this regard, he/she should design systems, which would assist in implementation of improvements (Kolb & Schwartz, 2009). He/she should engage in continuous identification of opportunities in order to sustain improvement. The risk manager should, also, perform consultative roles as far as various services and departments in the organization are concerned. Such consultative services are crucial for organizational compliance, accreditation and regulatory purposes. All these activities are significant for performance and quality improvement. The manager should, also, oversee programs, which aim at upgraded patient care outcomes (Kolb & Schwartz, 2009).
In line with the roles of a risk manager, risk identification as well as control should be put on the forefront (Okoroh & Gombera, 2006). These two aspects entail adverse event reporting as well as prevention of loss and reduction. The risk managers of the contemporary times should be on the fore front to ensure effective policy review, claims management and risk financing. Risk management should, also, entail compensation of workers, mandatory event reporting, accreditation compliance, regulatory and corporate compliance, security and safety, and patient relations (Okoroh & Gombera, 2006). Some of the overlapping roles of the risk manager include strategic planning, accreditation issues, board reports, patient education, addressing patient complaints, engaging in proactive assessment of risk, and performing root-cause analysis (Kolb & Schwartz, 2009). It is worth noting that charitable and nonprofit organizations can get exposure to risks through various areas. These areas include the misappropriation of physical assets, fundraising activities, investments, possible loss of charitable or nonprofit status, tax liabilities, misuse of funds, and fraud. Therefore, for risk managers to be effective in their roles, they should establish and implement effectual internal controls (Youngberg, 2010).
Challenges That A Risk Manager Might Confront In Developing, Communicating, And Implementing A Risk Management Program
There are various challenges, which a risk manager may encounter during the development, communication and implementation of a risk management program. Following the current market interconnectedness and various other factors, it is significant to note that any form of risk can pop up anywhere in the world (Youngberg, 2010). This accumulates a lot of pressure of work for risk managers due to being uncertain of potential occurrences. Risk managers of today have to deal with the challenge of maintaining the reputation of their organizations. All organizations acknowledge the significance of this exercise especially during compliance or regulatory disputes. Therefore, challenges arise whenever they ensure reputational risk mitigation in all functional areas (Kolb & Schwartz, 2009). They, also, experience the challenge of global reach especially due to the Middle Eastern volatility and the expansion of upcoming markets in China, India, Brazil, and Russia (Okoroh & Gombera, 2006). There is the challenge of cultural change where risk managers have to deal with the introduction of a culture that is more risk enabled across a global organization. Another challenge, which the risk managers do face, is the compliance records. In most cases, accountability of the compliance records of an organization is the responsibility of the corporate counsel. This is mostly common on a global scale including the United States (Okoroh & Gombera, 2006).
In conclusion, most organizations have an overwhelming expectation to conduct their operations with minimal exposure to risks or any forms of liabilities. Even though it is not possible to completely eradicate financial liability risk, effective application of risk management procedures will bring the exposure down to acceptable levels. It is significant to note that a risk manager performs crucial roles in an organization (Youngberg, 2010). Some of these crucial roles include education, patient safety, loss prevention, and identification and analysis of risk. Some of the overlapping roles of the risk manager include strategic planning, accreditation issues, board reports, patient education, addressing patient complaints, engaging in proactive assessment of risk, and performing root-cause analysis. Risk managers of today have to deal with the challenge of maintaining the reputation of their organizations. They, also, experience the challenge of global reach especially due to the Middle Eastern volatility and the expansion of upcoming markets in China, India, Brazil, and Russia.
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