Question

Chapter 7: Selecting and implementing Risk Management... Homework . Due in 5 days 4/11 answered 8. Lapses in due diligence relating to mergers and acquisitions 9. Counterparty reliability in financial hedges 10. Spoilage or crop disease causing damage to the quantity, quality or marketability of grain supplies Source: Willis Group Assigned as Homework O Discussion Question The adoption of ERM has become much more common in firms of all types including hospitals. What do you think are three non-hazard risks that hospitals may face? Of the risks you identified, which ones do you think have grown in importance of the past several years? Responses LG Fullscre Reply Showing All Responses ordered by Newest Responses

Answer 1

Risk management is a systematic process of identifying or making a realistic evaluation of business risk levels and then developing strategies to manage these risks. Based on the ERM framework, risk can be defined as an observable event(s) or action(s) that can have material impact on the organization’s financial or operational performance. A common problem throughout various industries, especially in healthcare, is to understand and determine when to implement ERM. In fact, not much is known about stages of ERM deployment or factors that affect the uptake of ERM in an enterprise and it can even be difficult to determine which enterprises are using ERM in the process of adopting IT. Steps of implementing an effective ERM program, which are more specific: (1) assemble and educate a cross-functional team representing each significant functional area of the enterprise, (2) identify risks and opportunities the enterprise faces, (3) determine the enterprise’s risk appetite, (4) identify correlations between the risks and opportunities the enterprise faces, (5) prioritize risks and opportunities, (6) determine appropriate actions for mitigation of risks and exploitation of opportunities, and (7) implement an enterprise risk management system to continually monitor and respond to events and trends.

Non hazardous waste include:

Non hazardous include medication boxes, the packaging of medical items and food, remains of food, and waste from offices. These waste management is also important in hospital and it can impose some risks.