Risk Management

Essay by itgeek_College, UndergraduateB+, March 2008

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Risk management is the most important part of any organization to face the risks that might arise when a new project started. It should be a first concern when the decision is being made. Risk management is the practice of looking at the exposure to risk and deciding how to best handle that exposure. The idea behind risk management is to decide if the benefit outweighs the risk. This process will help you to identify risks that might normally be overlooked so when things come up, they do not surprise you by having a plan in place on how to solve them.

Risk management would help to identify and then manage threats that can severely impact or bring down the organization. This could be done by reviewing operations of the organization, identifying potential threats to the organization and the likelihood of their occurrence, and then taking appropriate actions to address the most likely threats (McNamara, C.,


The Healthcare organizations such as assisted living could benefit from risk management. There is one basic fact to realize that they can't always have a cure of the disease and must therefore rely on prevention, the assisted living industry will never be able to remove the risks in caring for an elderly and often frail population. That said, there is much that can be done to manage risk by preventing problems before they occur and minimizing the chances of lawsuits.

The provider seeking to improve outcomes and minimize lawsuit must effectively manage three types of risk:1.The risk of unrealistic expectations held by the family and resident2.The risk of a resident being injured by lack of staff training.

3.The risk of a resident getting injured because they failed to obey the saftey rules.

Risk management starts with the first...