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Assignment on Risk Management

   

Added on  2019-12-17

15 Pages4614 Words111 Views
Risk Management1

TABLE OF CONTENTSintroduction......................................................................................................................................3TASK 1............................................................................................................................................31.1 Role of the risk management function in business................................................................31.2 Assessing the role of business function in the management of risk......................................4TASK 2............................................................................................................................................52.1 Analyzing the risk assessment process..................................................................................52.2 Evaluating the approaches to managing risk.........................................................................62.3 Risk management process......................................................................................................7TASK 3............................................................................................................................................83.1 Analysis of the main drivers of business risk........................................................................83.2 Appraise the impact of different types of risk for business organization..............................93.3 Assessment which business area are high risk.......................................................................93.4 Analysis of the risk management strategies.........................................................................10TASK 4..........................................................................................................................................114.1 Analyzing the vulnerability of businesses to break the continuity......................................114.2 Critically evaluate approaches to crisis management and business continuity planning.....11CONCLUSION..............................................................................................................................12References......................................................................................................................................132

INTRODUCTIONRisk management refers to the system of applied by business to integrate all businessactivities and manage different activities in order to reduce overall risk. This covers role of riskmanagement and its functions which helps management to set the effective process of managingdifferent kind of risk at workplace. Present report is based on Alliance Healthcare is one of theleading wholesalers and distributors of pharmaceutical, healthcare products (AllianceHealthcare, 2017). This delivers good quality of products of the nations 16500 dispensing pointssuch as dispensing doctors and community pharmacies and hospitals. In this regard, role of riskmanagement function in business are examined along with assessment of role of businessfunction in the management of risk. Furthermore, main drivers or risk as well as business areas athigh risk are explained. In addition to this, risk management strategies are analyzed in thebusiness in order to ensure its long run survival with increased rate of return. Apart from this,different approaches of crisis management are business continuity plan are critically evaluated.TASK 11.1 Role of the risk management function in businessThe risk management function is very important for corporation as it helps to reduce riskto a great extent and assess business to integrate all activities effectively. There are different kindof risk related to quality of services, patient safety along with well being of employees These riskmust be considered by management in order ensure better management of all business activities.However, potential medical error and mandatory federal regulations related to risk are also therewhich can be managed by business in an effectual manner (The Purpose of Risk Management inHealthcare, 2017). In this regard, role of risk management function in business are described asfollows-Access to cost effective sources of finance-Effective risk management plan facilitates toaccess cost effective sources of finance. For example, retained profit will be kept safe forfurther investment in Alliance healthcare. It enables management to maintain higher rateof return so that accordingly competitive edge can be created in the marketplace (Brent,2007).3

Safety of patients and employees-Health care sector generally have risk of safety ofpatients and employees. Owing to this, management of healthcare need to refer the safetyof patients by providing them good environment. At the same time, employees associatedwith corporation should also be provided.Higher quality of services-Risk management aids to bring perfection in the servicequality whereby corporation can easily manage their operation activities in an effectualmanner. Furthermore, quality of services is improved by retaining skilled and competentpersonnel in the marketplace (Caliskan, 2014).Reduction in accident rates-The cases of accident are higher in health care sector whichare generally related to medicine of expiry date etc. This assists corporation to delivergood quality of services to large number of buyers. Here, management can easily focusupon appropriate use of different tools and technique for maintaining good performanceof business.Management of emergencies-It is another aspect which assists management of Alliancehealth care management its emergencies related to patents and delivery of medicine forrespective corporation (Elmassri and Harris, 2011). This aids to ensure bettermanagement of all business activities and integrate all related resources effectively.1.2 Assessing the role of business function in the management of riskThe role of business function is risk management is very important as it assistsmanagement to apply suitable strategies . It consists of different functions such as operations,legal and accounting and strategic planning. Along with that management and quality assurancefunctions are performed by business so as to ensure better management of all business activitiesand determine higher rate of return for Alliance healthcare (Leszcynska, 2012). At the sametime, corporation takes advantages of insurance of and internal audit along with health andsafety. This proves to be effective for managing internal operation and supporting all businessactivities so as to increase overall rate of return and meet expectations of different stakeholdersassociated with business. This helps to integrate stakeholders and ensure well being of thebusiness in the marketplace. Apart from this, business functions focuses towards complianceunder which management shed light on rules and regulations which are imposed by governmentfor ethical conduct of business (Macintosh and Quattrone, 2010). At this juncture, Alliance4

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