The Board of Trustees just appointed a new CEO for the health system you work in

Question

  The Board of Trustees just appointed a new CEO for the health system you work in. After her initial meeting with the Chief Medical Officer, it was determined that serious attention is needed for a failing Risk Management department. Due to budget cuts and the previous administration's direction, the Risk Management department lost two personnel along with significant resources. As a result, your health system has experienced an unusual increase in injuries, accidents, and illness (mostly nosocomial infections). The senior department directors believe that many of these issues could have been prevented. In addition, new federal mandates and IT projects are further challenging morale and some patients have spoken to the local media. The clinical teams are willing to assist, however their time is limited as they must devote efforts to patient care. You were approached by the COO (Chief Operations Officer) to re-energize and rebuild this department. The COO wants you to present a "rough draft" of a process that will assist in laying the "ground work" for a successful start. It is understood by all that this is a huge task, however this is your opportunity build rapport and trust with your patient community, clinical and support staff, as well as the team members that will work directly with you on this new project. All eyes are on you and the executive team will be expecting results in due time.

Phase III:

     You have completed Phase I and II of your assessment and now your CFO wants to discuss a few issues. He strongly advises the CEO to develop a system to evaluate enterprise and financial risk. The reason for this is that there are two models that are inconsistent and he wants to "work on the same page" as your team. This is an initiative to streamline operations and reduce confusion. You have a few ideas, however you need more time to compile an analysis for review. You are not expected to be an expert, however the goal is to submit a proposal that you and your CFO can work on together to evolve into a policy that assists each department. In addition, you want a strong and financially viable health system. This ensures that you and your team have the resources needed to continue future operations. Prior to your team meeting next week, you want to address the following topics to support Phase I and II:

1. Illustrate how you will use the ERM Framework to address risk (page 125).

2. Briefly discuss how you will support the Insurance Marketing Process (page 145).

3. Discuss how you will evaluate "Risk Bearing" and "Risk Sharing" activities (page 160).

4. How you will assist in implementing a Workers' Compensation program that is fair and equitable

2k o. A steering committne com Setect a steering eommirtee and working task foree process. i wd gram renes The eeing ard approve projers, appris reso osed of four to six members who rep resent senior leadership should be tasked with the responsibility for . Defining ERM Tor the organization wisi generally meer so v . Setting realistic goals, objectives, and . Determining the organization's risk . Establishing an ERM Tramework (Pig expectations aocation, and reveive sanas s existing projerss (see Exi- A working ask foene, reposentr the major risk domairis (hriancxe regulatory, technokryspeenons trons ing and medical sa), and bumar resources)y, along with the ri mana ment professional, wll meet may meet more often in the early sa of program task force wial manage ove r dentification process, devedlop and ienge ment identification toois, reniew e results, and develop a nisk ist Fem shis risk list they will prioniczelrank the dens fied rish and determine the sop 5 w o risks the organization shouid address individual project tearns This nse ter and ure 11-2) . Determining risk-quantification tools to prioritize identified risk. and delin- ing a range for trequency, severity time to impact, and risk mitigants . Establishing performance metrics . Approving the membership of the working task force Depending on the reporting level of the risk management professional within the organizational structure and skill set, he or she may sit on the steer- ing committee. The steering committee will also develop a timeline for program development taking into account the strategic-planning cycle, budgeting of t recormme be reviewed and approved by the seering committee before individual earns and project champions are chosen The al 2. Analyze 4. Solutions Risk and Strategies5.Continupus Initiatives Work groups Montor 1. Identify Risk Quantify impact Opportunities . Risk finance Risk a Formal . Informal . External 3, Prioritize Risk . Cost benefit . "Low-hanging" efforts . Resource conservation FIGURE 11-2 ERM Framework

Explanation / Answer

Only 1st answer will be given

By identifying and addressing risks and opportunities any business enterprises protect and create value for their employees, stakeholders, including owners, customers, regulators etc and a well prepared ERM framework can do that. Following steps can be taken.

1- Avoidance- Need of an hour is to avoid un wanted circumstances. The plan and the implementation of that plan is the key and to avoid the extra things is needed.

2-Reduction- In a situation where something wrong may happen suddenly, it is important that the loss will be minimum.

3-Alternative Actions- Plan B shoud be ready in case plan A fails and it is always wise to have another plan C also ready.

4-Share or Insure- It should be enough to ensure that you and your team have the resources needed to continue future operations.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.