DHA 715 Risk Management Initiatives Discussion
DHA 715 Risk Management Initiatives Discussion
DHA 715 Risk Management Initiatives Discussion
DHA 715 WEEK 1 Risk Management Initiatives
Managing risk in health care organizations involves strategic resource management to reduce loss, maximize financial stability, and protect assets.
Select two initiatives which have been utilized to manage risk exposure in the past 10 years.
Complete the University of Phoenix Material: Risk Management Initiatives Table.
Include at least two scholarly references in your table.
Format your assignment according to APA guidelines.
Submit your assignment to the Assignment Files tab.
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RIM is a collaborative market strengthening initiative aimed at promoting and supporting the implementation of stronger, more appropriate risk management in the microfinance sector.
Risk Management Process
The risk management process is a framework for the actions that need to be taken. There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored. In manual systems, each step involves a lot of documentation and administration.
Now let’s look at how these steps are carried out in a more digital environment.
Step 1: Identify the Risk
The first step is to identify the risks that the business is exposed to in its operating environment. There are many different types of risks – legal risks, environmental risks, market risks, regulatory risks, and much more. It is important to identify as many of these risk factors as possible. In a manual environment, these risks are noted down manually. If the organization has a risk management solution employed all this information is inserted directly into the system. The advantage of this approach is that these risks are now visible to every stakeholder in the organization with access to the system. Instead of this vital information being locked away in a report which has to be requested via email, anyone who wants to see which risks have been identified can access the information in the risk management system.