Managing Objectives Of Building Risk Management

1675 Words7 Pages
“The myriad reform and regulation activities (pay for performance, accountable care organizations, physician — hospital alignment) can be overwhelming. These new regulations have associated risks of these activities that will impact an organization’s strategic planning. As a result, many boards and executive teams are taking steps to improve the effectiveness of their risk management and risk governance efforts as these new risks emerge. One of the greatest challenges they face is the ability to make risk intelligent decisions for today, and for the future, without really comprehending the new universe of risks in their changing environment. Making risk intelligent decisions requires an integrated, customized approach elements” (Deloitte). Considerations in building risk management strategies Compliance with regulations is one of the largest risks that the health care industry faces. Because the external environment cannot be controlled, companies will need to control internal environments and operations to reduce their risk. Defining the risk and establishing objectives is one of the first steps to achieving an operational risk management plan. This plan should focus on the daily activities that will help organizations such as the Mayo Clinic achieve their organizational goals. To successfully understand the risk that both internal and external environments hold for organizations, correct alignment of resources will aid in reducing the risk and improving overall
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