Risk Management

Risk Management: Coursework Student: Professor: Course title: Date:  Q1 There are five steps in risk management processes, these includes: I)identifying potential risks, (which is basically the evaluation on what can possibly go wrong), ii) measuring the frequency and severity of the anticipated risks, (which is evaluating the probability and impact of such risks to the business organizations) iii) Evaluating the possibility of having alternative solutions, this in other words means finding the alternative potential means on how the anticipated risks could be treated and iv) Choosing the best solutions to be applied and implemented and finally v) Monitoring the implementation results. This is the phase where the workability of the plan is evaluated and if there is need for changes or updates, then they are incorporated ( HYPERLINK "/risk-management-blog/?Author=Craig+Rowe" Rowe, 2010). Q2 Risk management is directly related with the quality of care since it is concerned with the reduction of occurrence of medical errors. These may be in terms of discomfort, damage, distress, disability to a person and reducing financial loss to the health organization. Risk management achieves this through detection, reporting and correction of the potential or anticipated deficiencies. It can therefore, be said that quality management in risk management enhances the provision of quality health services by a health care organization. Q3 The Joint Commission on Accreditation of Health care Organization (JCAHO) was established in 1951 by a conglobation of various professional organizations. These include the American College of Physicians, the American Hospital Association, the American College of Surgeons, and the American Medical Association. The main purpose in the formation of this commission was to improve health care for all citizens with the support other stakeholders. It does this through evaluation of health care entities and inspiring them improve on their service delivery through provision of efficient and safe care that is of high quality. Q4 NASA could provide a good example of risk management area. Though risk management is a crucial element in any challenges involving human endeavor, it is just recently when engineers at NASA began the process of developing and implementing various risk management strategies. This largely owes to the complexity of risk management and the different forms it takes. However, risk management has been acknowledged as very critical in any successful project. Much of the RM processes at NASA are based on continuous risk management (CRM) that emphasizes on how the risks are supposed to be managed. In 2008, NASA came up with a risk informed decision-making project to complement the (CRM). This is basically concerned on analyzing important decisions. Prior to this, RM in NASA was regarded as being equal to CRM. Presently, RM comprises both RIDM and CRM (Dezfuli, 2010). Q5 Among the obligation of a risk management committee includes identifying and assessing risk exposures, coming up with strategies to manage risks, monitoring the implementation of the risk management plan, and making updates to the implementation plan as the need arises. The management committee is also relegated with the role of establishing policies of risk management that indicates the commitment of the organization in maintenance of its assets as well as improving the safety of the clients. Other duties include negotiation of insurance arrangements and communicating the plans of risk management to affected parties. Moreover, the committee is mandated to prevent the occurrence of losses in an entity. Q6 Pest management has been a crucial part in the protection of health and safety of citizens. This is because, pests creates problems with regard to production, storage of foods. They also interfere with the structural aspects of homes and commercial buildings plus the general healt...