The enterprise risk management (ERM) process is “continuous and dynamic,” with organizations continually striving to meet new opportunities and challenges (p. 77). Using the Internet Resources provided by your textbook (p. 91), journal articles, (https://deloitte.wsj.com/riskandcompliance/tag/enterprise_risk_management) and media outlets, find a real-world event that showcases ERM in the healthcare industry.
Use your example to discuss the following questions:
Explain the steps taken in the ERM process for your event
What broad categories of risks are considered in the ERM program? How are they evident in your example?
Why is the ability to forecast losses important for a risk manager, and how is this need demonstrated by the news you found?
Your paper must be a minimum of 1500 words, not including the title page or reference page. A minimum of 4 references must be included: 1 from the course textbook, 1 from the “news” website, and 2 additional of your choosing. Use proper APA 7th edition citations on the reference page and in the text.
According to Redja et al. (2020), enterprise risk management (ERM) is a strategic business discipline that supports the achievement of an organization’s objectives by addressing all the risks that the organization faces. The healthcare industry uses ERM to improve organizational value creation and promote a safe environment for the provision and reception of healthcare services.
- Discuss the following questions in your initial post:
- Since ERM programs differ from traditional risk management programs, what additional expertise, aside from the knowledge of hazard risks, must a Chief Risk Officer (CRO) possess and why?
- Why might members of an organization resist the implementation of an enterprise risk management program and how can this resistance be overcome by the officer?
Read this survey of 15 risk officers active in the healthcare industry. (chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://bmchealthservres.biomedcentral.com/counter/pdf/10.1186/s12913-018-3400-7.pdf) What do you think are some of the unique risks CROs in healthcare face, and why?
Your writings must be written in APA 7th edition style and must be at least 500 characters in length and consist of at least 3 peer-reviewed resources, one of which, must be your course text.