HLT 308 Risk Management Assessment
HLT 308 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.HLT 308 Risk Management Assessment
HLT 308 Risk Management Assessment

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.

Risk is defined as the possibility that an event will occur that adversely affects the achievement of an objective. Uncertainty, therefore, is a key aspect of risk. Systems like the Committee of Sponsoring Organizations of the Treadway Commission Enterprise Risk Management (COSO ERM), can assist managers in mitigating risk factors. Each company may have different internal control components, which leads to different outcomes. For example, the framework for ERM components includes Internal Environment, Objective Setting, Event Identification, Risk Assessment, Risk Response, Control Activities, Information and Communication, and Monitoring.

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Method
For the most part, these methods consist of the following elements, performed, more or less, in the following order.

Identify the threats
Assess the vulnerability of critical assets to specific threats
Determine the risk (i.e. the expected likelihood and consequences of specific types of attacks on specific assets)
Identify ways to reduce those risks
Prioritize risk reduction measures
Principles[edit]
The International Organization for Standardization (ISO) identifies the following principles of risk management:[4]

Risk management should:

Create value – resources expended to mitigate risk should be less than the consequence of inaction
Be an integral part of organizational processes
Be part of decision making process
Explicitly address uncertainty and assumptions
Be a systematic and structured process
Be based on the best available information
Be tailorable
Take human factors into account
Be transparent and inclusive
Be dynamic, iterative and responsive to change
Be capable of continual improvement and enhancement
Be continually or periodically re-assessed
Mild Versus Wild Risk[edit]
Benoit Mandelbrot distinguished between “mild” and “wild” risk and argued that risk assessment and management must be fundamentally different for the two types of risk.[5] Mild risk follows normal or near-normal probability distributions, is subject to regression to the mean and the law of large numbers, and is therefore relatively predictable. Wild risk follows fat-tailed distributions, e.g., Pareto or power-law distributions, is subject to regression to the tail (infinite mean or variance, rendering the law of large numbers invalid or ineffective), and is therefore difficult or impossible to predict. A common error in risk assessment and management is to underestimate the wildness of risk, assuming risk to be mild when in fact it is wild, which must be avoided if risk assessment and management are to be valid and reliable, according to MandelbroN.