ISORatings

If you had a friend who didn't work in the healthcare industry, how would I explain the concept of risk management to them and how it relates to quality management in the health care industry?

A category of economic risk is:    Liability risk      Personal risk      Property Risk      All of the answers are correct      None of the answers are correct

Once a risk is assessed, it must be treated. Briefly describe one type of risk treatment and give an example of how this may be implemented.

Using the basic risk management matrix, explain the following: a. When would you buy insurance? b. When would you avoid the risk? c. When would you retain the risk? d. When would you use loss control?

How to compare other measures of risk with VaR(value at risk)? Choose a company and compute the various measure of risk and construct a risk management strategy.

Imagine 5 different events that would cause losses that would be covered by renter's insurance.  Write a one-sentence description of each event and a description and estimate of the amount of losses that would result if you experienced the event.

Draw a basic Risk Matrix (Probability vs. Impact) and plot the following. Loss of physical assets Loss of human capital Technology/ equipment failure Operational loss Loss of supply Public Liability

Give typing answer with explanation and conclusion Some of the developments that have occurred in the risk management field relates to the emergence of various standards and frameworks that have been spearheaded by different stakeholders. Based on your understanding and using relevant examples, evaluate the relevance of risk management standards

Which types of events are considered part of a comprehensive risk management plan? Select all that apply, then click Submit below Marriage Illness Liability Disability Death Deductible Property loss

What function does risk detection play in your business?

Operational risk is risk encompasses anything from human error, employee error, and third-party error. what's their function? The most difficult to handle is?

If a company identifies four risks with a risk score as follows: Risk An oven fire may result in the destruction of a store. A cybersecurity attack may result in the theft of customer data. A store employee getting sick may result in them backing out of their shift last minute. An employee stealing from a cash register may result in loss of cash. Which risk is the highest priority? Risk Score O An employee stealing from a cash register may result in loss of cash O A cybersecurity attack may result in theft of customer data OA store employee getting sick may result in them backing out of their shift last minute O An oven fire may result in the destruction of a store 5 15 4 6

Risk assessments will help to priorities risks and provide information on the probability of harm arising and severity of harm by understanding the hazard, combine assessments of probability and severity to produce an assessment of risk and it is used in the assessment of risk as an aid to decision making. Construction sites are dangerous places where injury or death or illness can cause to workers. Select one typical hazard at a construction site and conduct a full risk assessment for that hazard. You are allowed to make assumptions to answer this question.

Case scenario The GID Insurance Company is a mid-sized company that was established in 1990 and has been in business for over 30 years. You are members of the senior management team at GID Insurance Company. One of your smaller competitors, Full Coverage Insurance Company has been hit hard due to many claims from the several hurricanes in the region in recent years. In addition, they have also made some bad investments and is in serious financial trouble. The CEO (your boss) of GID Insurance Company has called a meeting to announce plans to acquire the struggling Full Coverage Insurance Company and the integration of the business. He has asked you to develop the internal proposal that will outline a plan for integrating the Full Coverage Insurance Company into GID’s current organizational model. Your job as the senior management team, is to prepare an organizational model to create a smooth merger of the two companies. You are required to develop a proposal (for internal use only),…

Risk Managemnt in Healthcare: You are the supervisor of your unit within the local hospital. Yesterday, a male employee spoke with you about his concerns over sexual harassment. How do you mitigate this risk?

Explain to a company why statistical analysis is an important tool to use in risk management.

Identify two challenges in making risk management in healthcare decisions. What steps would you take to overcome these challenges?

Search the Internet for the word “risk” to see how this is used in different contexts, e.g. in media, and how the everyday use of the word compares to the formal definition. Some examples to look for are situations where risk is used synonymous with hazard, safety performance, and frequency. >> it is a risk management question

Five common classification clusters of risk?

The health plan bears the risk at all times for medical cost under insurance plans TrueFalse

Within the context of insurance companies, risk management mainly focuses on: Select one: a. Ensuring premiums invested yield planned rate of return b. Reducing the high frequency of insurance claims c. Loss prevention and mitigation d. Prevent underwriting risk

Briefly discuss how organisations can plan risk responses and what can be used in setting up a risk response plan.

Distinguish between the information and statistics views in risk management. Information and Statistics should appear as two separate headings and explained thereunder.

In risk management techniques, why is it necessary to maintain periodic records as part of the process?

What is the purpose of a Risk Management Plan? What are the enterprise risk management domains? What is the role of a Healthcare Risk Manager? • What are the key components of performing Risk Management in Healthcare?

What impact do regulatory and accreditation standards have on the risk management process within healthcare organizations? Why is it important to understand how both affect risk management? Providing examples.

Medication errors are quite common. Discuss how risk management can help a facility reduce medication errors to prevent litigation. What actions can be implemented to reduce major deficiencies leading to medication errors?

This type of risk can significantly increase for financial institutions when there is an economic meltdown, a high rate of unemployment, added to financial pressures faced by individuals. This type of operational risk is identified as which of the following? a. Fraud such as internal fraud which occures in financial institutions as a result of people risks. b. Fraud through the use of a computer device to alter or change information for personal use or benefit. c. Staff dishonesty which occures when dishonest employees obtain individual´s personal and sensitive information. d. Human error caused by mistakes made by humans such as errors in processing information, poor data management etc.

Suggest possible systematic approaches that you would use to identify risk at comapny in order to facilitate an effective risk management programme and ultimately prevent this risk catastrophe.

. Draw a basic Risk Matrix (Probability vs. Impact) and plot the following FIVE (5) risks. Loss of physical assets Loss of human capital Technology/ equipment failure Operational loss Loss of supply Public Liability