SDIM71-201 Risk Management and ACME Medical Device Company

This report provides a risk management analysis for ACME Medical Device Company, an Australian firm specializing in medical devices and high-technology solutions. It emphasizes the importance of understanding risk factors, measurement methods, severity of outcomes, and mitigation strategies. The report suggests additional areas to consider, such as organizing workshops for improved patient care, distributing minutes for legal protection and structured actions, and updating status reports for enhanced communication with stakeholders. Figures illustrate key concepts like safety quality clinical risk management and risk mitigation planning. The analysis helps ACME's risk managers compare the likelihood of reverse effects, rank significant risks, and develop mitigation plans, ensuring quality analysis and effective monitoring as per necessities. Desklib offers similar solved assignments and past papers.

Risk
Management
(ACME Medical
Device company)

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1. Introduction
The ACME Medical device company in Australia provides solutions for
medical devices and high-technology ideas. Their way towards gaining technical
superiority has been endangered with high risks and its future has been at stake.
The following presentation illustrates various areas of risk management.
Besides, the sectors like organizing workshops, upgrading status reports and
distributing minutes are also demonstrated here.

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2. Summary of Consultant’s Risk Management:
The risk managers must consider various factors to understand
the risks.
• The reason how it has been possibly occurring.
• The ways to measure those risks.
• The severity of outcomes as anything occurs.
• The ways to reduce the impact and its degree of declination.
• The potential for exposure and the things that must be avoided
proactively (Zipperer, 2016).

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3. Additional areas to be considered:
• Organizing workshops: This should be providing practical tools
and devices regarding improved patient care.
• Distributing minutes: This must offer legal protections, providing
structure, driving actions and acting as a measuring tool.
• Updating status reports: This is helpful to develop
communications, simplifying the process, keeping stakeholders
informed. Further, it must provide the essential messages for targeted
audiences.

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Figure1: “Safety Quality Clinical Risk Management”
(Source: Wu, 2018)
Figure 2: “Risk management process for healthcare organization”
(Source: Sheppard, 2018)
Figure 3: “Development of a risk management protocol and evaluation software system”
(Source: Abkowitz & Camp, 2017) Figure 4: “Risk Mitigation Planning for Healthcares”
(Source: Polancich, Rue, Poe & Miltner, 2018)

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4. Conclusion:
Thus using the analysis results, risk managers of ACME can
compare the likelihood of various reverse effects. They can also rank
the significant risks according to severity. Different plans to mitigate
the risks and controlling them can be developed from the present
consultant’s risk management report. This is also helpful to undergo
through quality analysis such that actions and interventions suggested
can be addressed as actual issues. As the strategy is places, effective
modification and monitoring are to be done as per the necessities.

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5. References:
Abkowitz, M., & Camp, J. (2017). Structuring an Enterprise Risk Assessment Protocol:
Traditional Practice and New Methods. Risk Management And Insurance Review, 20(1), 79-97.
doi: 10.1111/rmir.12068
Polancich, S., Rue, L., Poe, T., & Miltner, R. (2018). Proactive Risk Mitigation. Journal For
Healthcare Quality, 40(1), 58-65. doi: 10.1097/jhq.0000000000000125
Rosiek-Kryszewska, A., & Leksowski, K. Healthcare administration for patient safety and
engagement.
Sheppard, F. (2018). “Risk management” is a verb. Journal Of Healthcare Risk
Management, 37(3), 3-3. doi: 10.1002/jhrm.21311
Wu, A. (2018). The end of the beginning: Clinical Risk and the Journal of Patient Safety and
Risk Management. Journal Of Patient Safety And Risk Management, 23(1), 3-6. doi:
10.1177/1356262217750313
Zipperer, L. (Ed.). (2016). Knowledge Management in Healthcare. Routledge.

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