Risk management|My course tutor

Posted: March 14th, 2023

Risk management uses certain documents to track incidents. It will help you to become familiar with the kind of information that goes into these documents. This week, you will create and fill in a quality improvement chart for the high-risk area you selected in  ASSIGNMENT 4.

1. Design a chart to show the indicators, their measurements, and the expected and actual performance. Use the template to design your chart. Further, use 5 out of the 10 standards listed. Use the template below.

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2. Select one of the fictional incidents you created last week. Describe the incident under  Status.

3. For this incident, complete the  Compliance section using fictitious data. The tracking of the indicators should correspond to the incident. That is, some failure of compliance may have led to the incident.

4. Develop a plan of correction to address the incident. Write a brief description under  Plan of Correction

Use the matrix below to design your quality improvement chart. Show all the indicators you selected in the chart.

 

SOLUTION

Risk management is the process of identifying, assessing, and controlling risks that could negatively impact an organization’s ability to achieve its objectives. It involves analyzing potential risks, evaluating the likelihood and impact of those risks, and implementing strategies to mitigate or eliminate them. Effective risk management helps organizations to avoid financial loss, damage to reputation, legal liability, and other negative consequences associated with risks. It is an important component of overall organizational governance and involves collaboration and communication between various departments and stakeholders within an organization.

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