Submitted by: Submitted by emmawang
Views: 64
Words: 2759
Pages: 12
Category: Business and Industry
Date Submitted: 09/19/2014 07:08 PM
-------------------------------------------------
Table of Contents
Overview 1
Risk Management Approach 1
AS/NZS 4360 Methodology and Analysis
Establish the Context 2
Identify the Risks 2
Analyse the Risks 3
Evaluate the Risks 3
Treat the Risks 5
Monitor the Risks 5
Communicate and Consult the Risks 5
Qualifying Criteria 6
Conclusion 7
Appendices
Operational Risks Identified 8
Frequency and Magnitude 9
Risk Matrix 10
References (in APA format 11
Risk Management Approach for the Health Care Industry
OVERVIEW
According to the Basel II regulations1, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events. This includes legal risk, but does not include reputation risk and the risk resulting from strategic decisions.
The Basel Committee has identified seven categories of operation risk. There are:
1/ Internal fraud
2/ External fraud
3/ Employment practices and workplace safety
4/ Clients, products, and business practices
5/ Damage to physical assets
6/ Business disruption and system failures
7/ Execution, delivery, and process management
These risks apply to a variety of industries, including healthcare industry. Operational risk management system should be in place that would help to identify measure, monitor and control operational risk that would have the greatest impact on the industry. To help with this task, we use AS/NZS 4360: 2004 Framework. This framework is the set of the oldest international standards and is the basis for healthcare industry as well.
It is a generic guide for managing risk that may be applied to a wide range of public...