How to Create a Risk Management Plan

Running Head: RISK MANAGEMENT PLAN
RISK MANAGEMENT PLAN
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RISK MANAGEMENT PLAN1
Every healthcare organizations have their risk management plans to remove the risk and
threats of any potential hazards that can occur in a medical setting. It includes the administrative
and clinical systems, reports and processes that is utilized for detecting, monitoring, assessing,
mitigating, and preventing risks. Risk management plans guarantees patient safety and
safeguarding of the organization’s assets and brand value, which is necessary for any
organization (World Health Organization, 2017).
The importance of risk management plans in a healthcare organization is that it focuses
on patient safety, which is an essential component required in an organization. It helps in
reducing medical errors that constituents to destructing the organization’s ability to achieve their
mission and vision that will protect them against any financial liabilities. More importantly, it
creates an occupational health and safety management plan for any emergencies or hazards that
is a potential risk to the wellbeing of patients or the staff in the healthcare organizations. It also
creates awareness amongst the employees, cleaners, contractors, public and the visitors.
Hospitals have been consistently using the risk management plans so that they can promote
patient safety and prevent legal issues in situations where there are serious threats to the health of
the patient or the entire healthcare ecosystem (NEJM Catalyst, 2018).
The elements needed in a risk management plan is establishing the context, identifying
risks, analyzing risks, evaluating risks and managing the risk. These 5 steps are equally
important for the initiation of this plan because all of them are required to systematically access
and reduce the chances of any life threatening risks. Establishing context is determining the
fields it is required for. High priority areas for the risk management plans are intensive care units
(ICU), operations rooms (OR), blood transfusion services, Coronary Care Unit (CCU),
Emergency Rooms (ER) and medication management including medication administration.