Risk Management

Risk Management: Coursework Student: Professor: Course title: Date: Q1 There are five steps in risk management processes, these includes: I)identifying potential risks, (which is basically the evaluation on what can possibly go wrong), ii) measuring the frequency and severity of the anticipated risks, (which is evaluating the probability and impact of such risks to the business organizations) iii) Evaluating the possibility of having alternative solutions, this in other words means finding the alternative potential means on how the anticipated risks could be treated and iv) Choosing the best solutions to be applied and implemented and finally v) Monitoring the implementation results. This is the phase where the workability of the plan is evaluated and if there is need for changes or updates, then they are incorporated ( HYPERLINK "/risk-management-blog/?Author=Craig+Rowe" Rowe, 2010). Q2 Risk management is directly related with the quality of care since it is concerned with the reduction of occurrence of medical errors. These may be in terms of discomfort, damage, distress, disability to a person and reducing financial loss to the health organization. Risk management achieves this through detection, reporting and correction of the potential or anticipated deficiencies. It can therefore, be said that quality management in risk management enhances the provision of quality health services by a health care organization. Q3 The Joint Commission on Accreditation of Health care Organization (JCAHO) was established in 1951 by a conglobation of various professional organizations. These include the American College of Physicians, the American Hospital Association, the American College of Surgeons, and the American Medical Association. The main purpose in the formation of this commission was to improve health care for all citizens with the support other stakeholders. It does this through evaluation of health care entities and inspiring them improve on thei...