Risk Management Report: Identifying Issues, Strategies, and Ethics

This report delves into the intricacies of risk management within Victoria Hospital's Emergency Department. It begins by defining risk management and its importance in identifying, assessing, and controlling threats. The main body of the report identifies potential issues and associated mitigation str...Read More

Risk management

Table of Content
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Identify and discuss potential issue risk and associated mitigation strategies.......................1
Discuss potential ethical implications....................................................................................1
CONCLUSION................................................................................................................................2
REFRENCES...................................................................................................................................3

INTRODUCTION
Risk management it is defined as, it is the procedure of identifying, assessing, and
controlling threats to a company capitals and earnings. It also considers the evaluation and
prioritization of risk followed by coordinated and economical application of resources to
minimize, monitor and control the probability or impact of unfortunate events or to enhance the
realization of opportunities(Samimi and Samimi, 2021).It simply means covers the practice of
identifying potential risk in advance, and analysing them and precautionary step to minimize the
risk. It also making and carrying out decision that will reduce the adverse effect of risk on an
organization. This reports revolves around potential issues risk and associated mitigation
strategies within Victoria Hospital’s Emergency along with the potential ethical implications.
MAIN BODY
Identify and discuss potential issue risk and associated mitigation strategies
To identify the risk is an essential because risk will occur some are good, bad or minor,
risk management includes various aspect to avoid this, avoidance is a risks presents and
unwanted negative consequences, that may be able to completely avoid those consequences.
Through stepping away from the commercial enterprise activities include or designing out the
causes of risk that can successfully avoid the occurrence of the undesired problems that is faced
by Victoria Hospital’s Emergency. Another approach that is used by potential issue risk and
associated mitigation strategies is to establish policies and process that help the management to
avoid that risk associated to mitigation. Acceptance include every product produced has a finite
chance of failing in the hands of customers. When the risk in acceptable level, so Victoria
Hospital’s Emergency have to accept it, and after that what will the outcome company must see
and give the appropriate answer to its customers. Sufficient low estimated field failure rate then
ship the product and accept the risk. Reduction and control focus the organization to identify and
prioritize risk. Control also focus on administration or decision making process to improve the
quality to find decisions to improve the accuracy of field failure rate also both improve the
quality to make right decision on regarding risk.
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Discuss potential ethical implications
Ethical implication covers the impact and consequences at the time of psychological
research on the rights of the other people in a broader context for Victoria Hospital’s Emergency,
not just the participants taking part in the research.
Discrimination and harassment, in Victoria Hospital’s Emergency, these are very common
because there were so many people who work in the organization, so this think is common to do
discrimination and harassment with employee (Masso and et.al., 2020). The hospital have to
provide the security to their employees and patients so they are able to do more work. Ethical
implication is very essential to promote the aims and objectives or expanding a knowledge.
They support the values necessary for collaborative work such as, mutual respect and fairness
and also support the social and moral values such as the principle of doing no harms to others.
CONCLUSION
It is inferred from the above report about findings such as, risk management plays very
important role to minimize the risk and gives the benefits to grow more. Also include the ethical
implications that supports the collaborative work as well as social and moral values.
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REFRENCES
Books & journals
Masso, J., and et.al., 2020. Risk management in the software life cycle: A systematic literature
review. Computer Standards & Interfaces, 71, p.103431.
Samimi, A. and Samimi, M., 2021. Investigating the Strategic Concept of Risk Management in
the Stock Market and Investing. Journal of Engineering in Industrial Research, 2(1).
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