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RISK MANAGEMENT

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In every enterprise and organization, there are risks that they experience in their operations

that have an effect on the individuals or the performance of the enterprise. As a result of these

risks, the enterprise requires better coordination and cooperation from every stakeholder in

the enterprise in order to curb the risks. Risk management is one of the areas where

stakeholders should come together and work closely together to run its operations. Risk

management is very important in every enterprise and organization since it helps prevent

disruptions in the enterprise as well as makes the organization productive and competitive in

the market.

Based on the risk management in areas like the health sector, there is a need to carry out an

assessment of the issues that might end up putting the functioning of such facilities at risk.

There are many issues that surround all organizations, despite their nature of acceptance or

treatment. Risks can prevent a company or organization from reaching its goal. Before any

organization can identify the risks associated with it, it must first identify the potential risk,

which is highly rated in terms of its effect on operations. Health and safety risks are common

and almost always present in every enterprise or organization since human nature takes part

in the enterprise operations. The identifying factor of a health and safety risk in every

enterprise is the type of hazards that may occur to a person while at work. The goal of every

enterprise is to make sure every measure is put in place to ensure employee safety in order to

increase productivity and efficiency for customers.

In terms of the assessment of risk occurrence in enterprises, there is a highly scored risk that

has a greater impact on health care enterprises. A company or enterprise may encounter some

challenges related to health care workers in a facility. The first and most immediate challenge

to the health care sector may be the lack of adequate healthcare workers in a facility.

Healthcare workers are an essential part of every health facility, as well as all other

enterprises. For an enterprise to work properly and efficiently toward delivery to its

customers, it should have an adequate working body. An enterprise that has an inadequate

number of employees is likely to encounter a variety of challenges in its daily operations. The

most obvious and immediate effect that an enterprise can face as a result of inadequate

workers is the slow attendance of customers. The service in an enterprise associated with

employee shortages is likely to experience poor performance, hence missing its goals. The

better solution to the employee shortage is to employ the best-qualified employees in large

numbers to provide the customer care services required. The issue of a shortage of employees

can be ranked as the first challenge as far as enterprise risk scoring is concerned. (Eduljee,

2000).

On the other hand, every enterprise needs capital to run its operations, so a risk associated

with financial crises must arise. Financial crises also affect the running of operations in the

health services, and if not curbed earlier, they may result in a number of effects. Financial

risk is a very vital risk as far as business performance is concerned, and hence should be

treated with very serious measures. Each enterprise should have strong, manageable criteria

to avoid experiencing financial risk in its operation. A financial crisis in any organization can

have a variety of consequences, including the suspension of operations. Lack of adequate

funding in healthcare enterprises can lead to poor financing of medical services as well as a

lack of enough capital to purchase necessary equipment. The solution to financial crises can

be found through the use of many donors to facilitate the capital for the health facility as well
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as getting loans from financial institutions. The financial crisis being a vital component in

every enterprise, it can be ranked second as far as scoring is concerned. (Eduljee, 2000).

As far as risk assessment and management are concerned, there are risks associated with

overworking healthcare workers in healthcare enterprises. Overworking healthcare workers

can result in a risk that may affect the enterprise widely. Overworking the workers in a health

care enterprise can lead to compromised care for the patients, thereby interrupting the

working condition of the entire facility. For instance, if a health worker is overworked, the

same worker will not have the proper energy and willingness to serve the next patient with

the same effort as the first patient. The effect of overworking healthcare can lead to poor care

in the facility, and the facility may end up losing customers. The best solution to the problem

of overworked health workers is to reduce working hours. When the working hours for

healthcare workers are reduced, the workers can get enough time to rest, gaining new energy

to serve the customers with the best care possible. The risk score as far as overworking

workers can be set at a score of three in our risk assessment case. (Eduljee, 2000).

Poor worker pay can be ranked fourth among the causes of risk in the assessment of the risk

associated with the enterprises, particularly in the healthcare setting. Employee pay is one of

the vital considerations that every enterprise should put first to ensure the smooth running of

the enterprise. Poor payment to the workers may attract many failures to the enterprise

operation, which may lead to the fall of the enterprise. Poor payment to the workers has

effects on the operation of the enterprise and the delivery of services to the customers. If

workers are underpaid, it may result in low motivation, causing them to perform their duties

poorly by providing poor service to customers. The solution to worker underpayment can be

realized by ensuring that the best payment strategies are used for the workers. The

management of the enterprise can increase the payment to the workers in order to motivate
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them in their work. The workers can also be motivated by ensuring payment on time to avoid

payment delays. The risk score caused by the poor payment of workers can be set at four

since it’s not an immediate risk to an enterprise.

In the case of the enterprise, faulty infusion pumps in the healthcare enterprise can jeopardize

the enterprise. Every healthy facility must have proper equipment in order to provide better

services to patients. Lack of proper health care devices like faulty infusion pumps can have

serious effects on the healthcare enterprise. Faulty infusion pumps in health facilities can

cause medication dose errors for patients. Faulty infusion pumps can be very dangerous since

medication dose errors can lead to the death of patients or serious health problems for the

patients. The solution to the faulty infusion pumps can be realized through the replacement of

the faulty pumps with new ones and upgraded pumps.

As far as the current world of technology is concerned, every sector of operations needs

better technology to mitigate the risks associated with the organization. Risk management is

important, especially to stakeholders and investors, since it gives them better values over time

when their organizations perform better. As a result, better data and technology are required

by the organization in order to take action on the emerging risks facing their operations. The

evolution of computing has resulted in the development of technologies that exploit massive

amounts of data, analyse it, compute it, plan it, and manage it in the system. Such

technological advancements in technology assist risk managers in organizations in improving

their existing risk management programs, thereby making risk management more effective

(Turban, 2011).
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For instance, in the case where there are risks associated with patient data errors, medical

coding errors, and access to patient records, the use of technology can be a solution to

mitigating such risks. By ensuring that the office tools for recording data are automated for

use in large, medium, and small organizations, technology can eliminate the errors associated

with patient data. Similar to the case of medical coding errors, solutions to coding problems

can be found by using automated technology to capture and code data directly into the system

using automatic machines. Many organizations also keep large and extensive databases,

which help with proper and accurate data recording and production. The use of technology

can help patient organizations with data mining techniques that can predict the failure of

machines responsible for data by identifying and predicting system inconveniences in time.

(Barton,1988).

As far as the tracking of internal and external benchmark data is concerned, the use of

technology options will be suitable for monitoring and technology approaches. Through the

use of the technology assessment option, the organization will put into action what is required

for their organization in order to understand what type of technology is needed to carry out

their operations effectively. The organizations can compile a list of technological options and

monitoring approaches, then narrow them down to determine which technology is most

preferable and accurate for the organization’s operations.

References

Eduljee, G. H. (2000). Trends in risk assessment and risk management. Science of the Total

Environment, 249(1-3), 13-23.

https://www.sciencedirect.com/science/article/pii/S0048969799005070

Roger Mayer (2015, September 20). Enterprise risk management.

https://youtu.be/HCwjS2o7bXI

Turban, E., Bolloju, N., & Liang, T. P. (2011). Enterprise social networking: Opportunities,

adoption, and risk mitigation. Journal of Organizational Computing and Electronic

Commerce, 21(3), 202-220.

https://www.tandfonline.com/doi/abs/10.1080/10919392.2011.590109

Barton, R., & Bobst, R. (1988). How to manage the risks of technology. Journal of business

strategy.

https://www.emerald.com/insight/content/doi/10.1108/eb039262/full/html