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BAFI1026 Risk Management

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BAFI1026 Risk Management

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Course Code: BAFI1026
University: Royal Melbourne Institute Of Technology is not sponsored or endorsed by this college or university

Country: Australia


Managing medical center
1. Communication planning2. Risk management plan and risk management policies relevant to your project. Document potential risks, a planned response to each risk, and allocate responsibility to specific team members for implementing the response and timeframes for the responses.


A communication plan may be defined as a policy driven approach which would provide relevant information to all stakeholders (Lando 2014). At medical centers, chances of risk or disasters are always high. It is thus imperative to have a sturdy communication plan in place that would be all encompassing. Such a plan would have to be devised so that requisite information can reach the concerned parties in a timely manner. Moreover, it also entails the channels of communication that would be used in case of emergencies or risks. The paper below takes into consideration the various risks at a medical center and draws an effective risk management plan for the same.
The first step in the communication plan for the medical center would be to specify the objectives. The main purpose of the plan would be to ensure that all relevant information is communicated to concerned stakeholders in real time. This exchange of information could be with regards to the risks specified below or any other matter of concern (Trevena et al. 2013). Such a communication plan would promote an environment of trust and transparency between all parties involved. The target audience for the communication plan would be the stakeholders, including patients and their families, employees, policy makers, the management and even the board of directors (Zikmund-Fisher 2013). The communication plan would be implemented through the official website and in the form of newsletters so as to ensure that the decisions are effectively communicated. A communication plan would be of utmost importance in the case of impending risks.
In the health industry, like other industries, there is always a chance of risk pertaining to disasters, accidents and so on. In all these cases, risk management would be of utmost importance (McNeil, Frey and Embrechts 2015). Risk management refers to that aspect of strategic planning in a health organization where all the potential risks are calculated and preventive measures are applied (Iuga and McGuire 2014). It also takes into account the actions that need to be taken post the disaster (Bunting Jr. and Groszkruger 2016).
The risk management policy related to the project would be as follows:

Communication and consultation – This phase of the risk management plan would involve all the members of the operational management.
Identification of risk – At the medical center, four major areas of risk have been identified which include clinical, human resources, quality assurance and operational risks comprising health and safety hazards.
Analysis of the risks – Once the risks have been identified, these risks would have to be analyzed in order to devise measures of reducing them.
Treatment of risks – After evaluating the risks, they would have to be minimized. This can be done through risk management plans.
Monitoring and reviewing – The measures taken would have to be reviewed and evaluated from time to time to ensure maximum effectiveness.






CLINICAL RISKS (All risks pertaining to patient care would fall under this category)

Implementation of risk management plan including details on professional standards. Training programs to train the employees with respect to risk management and communication. For example, to ensure competency at all levels of the organization, all employees should be holding up to date practicing certificates.

Operational management of the medical center.


The main objective of this policy is to improve the quality of patient care provided at medical center.

(Risk related to selection and hiring of staff members, safe workloads, staff competency and maintenance of records)

Incorporation of patient feedback into implementation plan. Staff workloads should be managed to ensure that they are within accepted levels. Effective human resource management practices should be implemented.

Human resource department of the center.


The objective of this plan is to improve the quality of human resources, reduce risks related to staff workload and recruitment.

(Risks which could potentially affect the quality of service at the medical center)

Evaluation of services provided by the medical center would highlight weaknesses and potential threats. Based on data obtained, measures can be taken.

Human resource department.


To pave the way for regular evaluations of service provided to patients

(Risks involved in day to day operations related to safety and health)

Hazard adjustment policies, risk communication and training programs should be implemented to train the staff members about the potential safety issues and their counter measures.

Risk management team


To minimize occupational risks associated with the job. There are a number of occupational hazards that staff members are prone to. Such hazards must be reduced to a minimum.

Risk management plan for medical center
To conclude, it can be said that there are various kinds of risks at a medical center. These could be occupational hazards or even related to human resources and quality assurance. All these risks would have an adverse effect on quality of care provided to the patients. Thus, a risk management plan has been presented where the different kinds of risks have been identified and analyzed. Recommendations and actionable steps have also been presented which would improve the overall performance of the organization and reduce chances of risks which could pose a threat to the organization.
Bunting Jr, R.F. and Groszkruger, D.P., 2016. From To Err Is Human to improving diagnosis in health care: the risk management perspective. Journal of Healthcare Risk Management, 35(3), pp.10-23.
Iuga, A.O. and McGuire, M.J., 2014. Adherence and health care costs. Risk management and healthcare policy, 7, p.35.
Lando, A.L., 2014. The critical role of crisis communication plan in corporations’ crises preparedness and management. Global Media Journal, 7(1), p.5.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative Risk Management: Concepts, Techniques and Tools-revised edition. Princeton university press.
Trevena, L.J., Zikmund-Fisher, B.J., Edwards, A., Gaissmaier, W., Galesic, M., Han, P.K., King, J., Lawson, M.L., Linder, S.K., Lipkus, I. and Ozanne, E., 2013. Presenting quantitative information about decision outcomes: a risk communication primer for patient decision aid developers. BMC medical informatics and decision making, 13(2), p.S7.
Zikmund-Fisher, B.J., 2013. The right tool is what they need, not what we have: a taxonomy of appropriate levels of precision in patient risk communication. Medical Care Research and Review, 70(1_suppl), pp.37S-49S.

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