Running head RISK MANAGEMENT 1 Risk Management HCS 451 RISK MANAGEMENT 2 Risk Management Introduction The purpose of the risk management is to prevent problems before they occur Organizations have a risk management department that helps eliminates and reduce injuries and lawsuits This allows the companies to ensure safety within the organizations Risk management department must be successful in maintaining safety and early detection Early detection is important because it is less costly and less changes need made to adjust from the disruption In order to properly address a risk it must be identified and analyzed handled and a plan needs made when necessary Risk Management department are committed to safety of the patient s and its employees By assigning trained personnel to oversee the hospital allows for updated information and training on the policies which helps the staff to be able to identify new risk Risk Management According to DARTMOUTH HITCHCOCK MEDICAL CENTER 2009 every organization should have a risk management procedure and policy in place It is especially important in health care field when dealing with people s lives So to reduce accidents malpractice financial risks and such Risk management helps to strengthen the weak areas in a health care setting This will help to reduce injuries that can lead to potential problems Therefore this will enable the company to make changes to the areas of its deficiencies this will help the company continue to grow Project risk management is the systematic process of identifying analyzing and responding to project risk It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of events adverse to project objectives RISK MANAGEMENT 3 It includes the processes of risk management planning risk identification qualitative risk analysis quantitative risk analysis risk response planning and risk monitoring and control Kaluzny 2006 When dealing with people s lives on a constant basis it becomes that much more important to keep safety at the fore front It not just to avoid lawsuits a human life is priceless and having a company in the lime light with several lawsuits is not good for the organization the people or the shareholders Proper documentation is key and providing staff with new and innovative ways to are very important to ensure quality patient care will be provided Management of Reports Unfortunately documentation reports is the downfall of most companies and organization However when organizations keep accurate reports on all areas of the hospital make it possible to evaluate and find areas in need of improvement Reports need to be concise and it should explain all necessary information about the topic Wiley 2009 Hence if it is an injury report then it should state how when of how the injury occurred in the injury report In the any report that is written there should always be a formal statement which would help with the investigation made by the person Risk Management depends on reports to be good and have a good structure A good report should be easy to understand and should help the reader be able to draw a conclusion When conducting business meetings reports are a good way to convey information to the shareholders and those who have an interest in the organization RISK MANAGEMENT 4 Risks Every organization company has several risks that they encounter A prime example would be a teaching hospital that has interns to help continue their study Therefore the interns that are studying practicing to become medical doctors may have to treat some of the patients While in school these medical students are told the risk involved in patient care and that they should follow the policies of that hospital in which they practice They are also told to covey any information that they may be unsure of with another doctor For the most part students will not run the risk of being put out of school for non compliance or negligence However the hospitals run the risk of having the interns work in providing patient care The biggest risks that a teaching hospital must face the consequences of interns and people learning on the job making mistakes and risking malpractice Stake Holders Stake holders have a shared interest in the organizations that they are involved in and they are affected by the choices of these establishments In order to maintain one s stakeholders it is important to keep lawsuits and unnecessary financial lost to the hospital Therefore bad publicity with any organization is not productive to the hospital the stake holders are at risk of losing money The goal of the stakeholder is to gain more than they would lose The CEO s of the hospitals should think about the risks involved when dealing with stakeholders RISK MANAGEMENT 5 Training and development go hand in hand this would help to reduce these risks altogether Is the most fundamental component in every organization Organizations can create a training and development support process that will ensure success When supervisors train their employees on safety for themselves and their patients that they care for It is very important for each organization to implement training education and how to develop policies and procedures that would enhance the well being of its staff and the like Training Evaluation The purpose in evaluation is important when it data shows how it affects the company Evaluation should be a plane created to help organizations measure the extent to which goals and objectives that need to be met Hela Dahen 2006 The reason stakeholders require the evidence about the agency that they are willing to invest in is to see how sound the organization is All organizations should have a clear cut plan how they evaluate their business What are the stakes Is the business reliable and will jobs be created and will the company be able to continue to produce revenue These are a few questions that each supervisor should ask Is there a high incidence of lawsuits if so how many and over what time span RISK MANAGEMENT 6 Conclusion In risk management there many entities it is a constant building upon a structure of events The purpose as we have read is to reduce injuries and maintain a safe environment for the patient s and staff In most organizations there are shareholders which are very crucial in maintaining funding of the establishment However no one wants to a part of an organization that is constantly being sued or