PM FPX 4060 Assessment 4 Risk Management Policy & Procedure & Analysis PM-FPX4060 Risk Management in Project Management Part 1 Risk Management Policy and Procedure
Title: Risk Management Plan
P&P #: Assignment 2
Approval Date:
Review: Annual
Effective Date:
Risk Management Policy and Procedure
Purpose Statement
The achievement of safety and quality objectives is closely tied to the risk management program implemented within the organization. A well-executed risk management program allows the company to evaluate and address the various risks it encounters. It recognizes the delicate balance between risk and the potential impact on the organization’s strategic goals.
Key Risk Management Terms
Risk prevention refers to proactive actions and measures taken to prevent potential risks from emerging. This is a critical aspect of any risk assessment process. Staff are responsible for mitigating or eliminating risks in the workplace. Once a hazard is identified and its associated risks analyzed, appropriate control measures should be implemented. Strategies for mitigating risks include avoidance, acceptance, reduction, control, or transfer. For instance, hospital policy requires all staff to use hand sanitizer before entering a patient’s room to limit the spread of germs and bacteria, thus preventing potential illness.
Risk reduction focuses on minimizing both the likelihood and severity of potential losses. For example, an investor may reconsider investing in an oil company due to its exposure to credit and political risks.
Regulatory compliance involves adhering to a set of rules or laws that healthcare organizations and providers must follow. Examples include the Health Insurance Portability and Accountability Act (HIPAA), the Affordable Care Act (ACA), and the Health Information Technology for Economic and Clinical Health Act (HITECH).Patient safety is critical in delivering quality health services. It aims to prevent and reduce risks, errors, and harm to patients. For instance, long or tangled bed cords pose a safety hazard that could cause a patient to trip or become entangled, leading to serious injury.
An adverse event is an incident that causes harm to a patient as a result of medical care, whether preventable or not. For example, a patient may develop a rash or be exposed to a gas leak or snowfall.A near miss refers to an incident that could have harmed a patient but did not. For instance, if a mix-up in medication for two patients is caught before any harm occurs, it is considered a near miss.
Major Risk Categories and Risk Identification Techniques
Within healthcare organizations, significant risk categories include cybersecurity, compliance lapses, physical attacks, healthcare illnesses, and privacy concerns. Cybersecurity, in particular, is concerned with safeguarding electronic information and assets from unauthorized access, use, or disclosure. The main objectives of cybersecurity are to protect confidentiality, integrity, and availability. Securing patient medical records—whether accessed through electronic medical records (EMRs), software, or patient portals—is critical for maintaining patient safety.
Coding errors are another issue that can compromise both the quality of care and patient privacy. Such errors can lead to fraud, reduced payments, or severe fines. Preventing billing and coding errors ensures secure information, quality care, and minimized revenue loss.
Risk Manager’s Role in Program Implementation and Compliance
The risk manager plays a pivotal role in ensuring the success of the risk management program. Risk managers stay abreast of legal and regulatory changes related to patient safety and ensure that staff are updated on current policies. Their role is essential in maintaining both patient safety and the quality of care provided by the organization.
Part 2 – Application of Risk Management Principles – Specific Incident
Risk Description
[Provide a comprehensive overview of the risk you have selected (referencing the risk chosen in the Week 2 Assignment). Discuss the potential risks to the organization, patients, and employees if the identified risk is not addressed. What risk management strategies and techniques can the organization adopt to identify and mitigate such risks in the future? Consider additional strategies that could be utilized to manage risks, providing rationale for each choice.]
Evidence-Based Risk Management Strategies to Reduce/Eliminate Risk
[Discuss the evidence-based risk management best practices or strategies, supported by current literature, that the organization can employ to eliminate or mitigate the identified risk. Outline the steps you would take to implement a plan to address and reduce the selected risk.]
Importance of a Risk Management Program
[Explain the significance of a risk management program in healthcare orga