Business Benefits of Risk Assessment
Assignment: Business Benefits of Risk Assessment
Student Name:
Student ID:
Table of Contents
Introduction 2
Analyse and discuss that risk assessment is an overall business benefit. 2
Risk Matrix 3
Critically analyze means of managing Health and Safety at work. 4
Demonstrate the application of best practice to Health and Safety management 5
Mitigation of Risks 6
Conclusion 6
References 7
Introduction
The achievement is considered for the best stage for the association as it tends to carry the chances for developing and extending the compass. The developing incomes and expansion of benefits tend to drive the organization with the use of chance and contracts for the new workforce. The increment is about the generation scale with the search on the general development. The viewpoints are related to the administrators with the major influence of business. The company background includes the prepared workers and framework to deal on the expanded burden. The business interruption includes the crisis, disaster or emergency that tends to occur. The ensured workplace safety in the health and social care organization, with the controlling on the health and safety issues. The risks are related to the current research with the study on conducting my services in a safe and effective manner, where the specific domains are for health care sectors which is selected through focused and enriched general document. The legal framework of risks management in workplace with the residential care authorities for reforming the organizational policies and procedures.
Analyse and discuss that risk assessment is an overall business benefit.
The risk assessment is about the business benefits with the utilized recognition with the rate that includes the preparing, developing ad confirming to the laws and business morals. It includes the association with the structure that is for the total data. It is about the organization procedures and execution, with the individuals related to the commitment of errors purposely and accidentally. The risks are related to the development past for the pioneers and works with the market set for the wagering on organization. The risks assessment includes the prevention of access for the key processes and activities with companies experiencing on the different threats to the mission, with the vital preparation in events that one occurs. The organization needs to craft for the comprehensive plan with describing risks, and the impact or the step-by-step recovery of strategies for the business processes (Zio, 2018). The risks assessment is important for the creation of effective recovery strategies with the processes in the departments, with the incorporating on strategies on comprehensive business, continuity plan with the encouraging of ownership of plan. The achievement of high resiliency is possible for the limited resources. The creation is for the recovery strategies are department by department, process by process which is for focusing on strategies that are relevant for the critical process. The risk assessment includes the methodology with the scope of risks to be managed with the process and systems or procedures to manage the risks. The framework is comprehensive with the capturing of risks and then handling the flexibility with the changed accommodation. The risks policy framework has been effective for the identification of risks, with the acceptance of risk management framework. The guidance is about the integration of risks management into the operations daily of the company.
Corporate governance and risks include the approaches with combined legal duties is for improving the performance monitoring of company. With this, the established risks response strategy includes the functional department, management action with the need to reduced risks levels. The removal of constraints is prevented for the business from pursuing the opportunities. The assigning of responsibility includes the ensuring of daily operations, where the re-sourcing is for the risks management with the different levels of management (Miles et al., 2021). The communication and training come with monitoring the risks management process with the risks responses to continue for operating effectively. The risks prioritizing and the impact assessment includes the capturing of risks exposures with the representation of aggregate exposures with the risks type and the business line. The maximum extent is about the risks categories with the qualitative measures with capturing of risks. The company tends to work on aggregate exposures with the risks type that tends to encompass the short run with the long run major impact. The models include quantifying the risks profile with the qualitative measures with the severity of risks and control of quality. The scoring is attributed for the probability, severity, and internal control. The healthcare sector has been the sole responsibility with protecting the health of public. The health care workers and the service providers are healthy and safe in the workplace. The instances are related to the improved image of the brand for the healthcare organization. The approach is about the lack of awareness, and the lack of knowledge, governance with the risks assessment programs. The healthcare workers tend to face the significant health hazards. The instance is about the residential care settings with the long-term healthcare workers with high risks for injury on job. The experience is about the infected patients or residents with increased risks related to the introducing of psychological risks for staff (Char et al., 2020).
Risk Matrix
It includes the manufacturing that focus on the manageable risks for the operational, liquidity, and strategic risks. The detailed impact is for the probability with the liquidity risks and strategy. The risks associated is for the loss severity and the loss probability. The expected losses are then adjusted with the pricing and the allocation of reserved resources. The liquidity and strategic risks events are related to the passive measures through handling the risks losses. The broader steps are for determining the losses which are operational that can occur. It is about the conducting of research with the social participants where the maintenance of codes is for protecting the research. The risk is related to psychological standards with stress, and depression and confusion for the research work. The breach of research includes the relation to the research data and confidentiality, social or financial risks. The physical risks are for physical injury and the side effects of the drugs. The ethical standards are for the guidelines which provides a better opportunity to be treated with moral right of people (Coffey et al., 2017).
The risks are related to the health and the safety health care workers for the residential care. it tends to review on the suggestions with the recommendation with the health policy systems. The awareness and the proper training are for handling the lack of proper monitoring, with the health scare workers. The data is about the risks management and the safety of workforce which comes with handling contribution for health risks. The diseases and Dangerous Occurrence Regulation 2013 come through key risks and regulating organizational policies. The risks assessment tools are important tool for the regulation of risks. It is important for the incorporating of risks assessment. The ensured approach is for the hazard free for the health care workers. The accident registered is incorporated with the registered accidents and incidents for the organization. The assessment is based on the modifications in the organization policies with improved quality of healthcare and safety. The research proposal includes risks management for healthcare sector with policy and legislative framework with embedding on the regular procedures for residential care. The current research is about the high potential that contributes towards providing the information and the health and safety for residential care framework. It includes enhanced healthcare services with the reduction of accidents in the workplace of healthcare (Panch et al., 2019).
Critically analyze means of managing Health and Safety at work.
The healthcare and safety at work is about the critical self-assessment where the analysis is on the business processes with identifying the potential risks and gaps. The tools are for the questionnaires with the checklists, and the workshops with the helping on the managers analysing on the risks profile. The key idea is about the method includes the business that includes the instances like the sales volumes, order size. The predictive capabilities of the indicators that are tested for the historical loss of data and the measurements of indicator (Fahy et al., 2017). The management of risks are for handling the categorized standards with change in government policies, tax rates, introducing the tax regimes, and the reduction or the abolition of incentives. The product risks are related to maintaining the quality with the policy of disposal of waste for the pre-designed disposal points that are rejected, expired and the damage of items for the raw materials. The volatility is for the export orders comes through the products where the dependency is in between the supply and demand, with the price competition with competing on the high fragmentation.
Demonstrate the application of best practice to Health and Safety management
The effective measurement and monitoring systems are essential which is adequate for the management of liquidity risks. The intention is about the enabling of risks with the remedial measures. The techniques of monitoring with the funding plans with the liquidity risks management framework. The cash flow projections are related to liquidity ratios and limits, where the meaningless approach is for the regular and interpretation for the accounting of qualitative factors. The internal controls are for the different procedures and limits for the senior management. The management of the strategic risks comes with forecast, and detailed financial model (Katkade et al., 2018). The sensitivity and risks analysis includes the functionally and periodically comes with the key management personnel that are assets for the company. The monitoring of risks includes the operational risks with the assessing quality of mitigating actions and identifying the risks to be transferred.
The risks reporting includes the form and format with the aid on monitoring and control of business. The critical risks include the company with the management and event risks, and issues. The intended approach is for the remedial actions where the areas of stress, with the safety of workforce. The proper health and the safety practices includes the employee productivity where the health workers tend to protect the rights of human. The safety and the health environment include the consequences which comes through handling the pay-outs monetarily. The low levels of productivity coms with the poor quality and then handling the higher level of complaints which comes from the customers, with the quality of production. The high costs are about the different sources which includes the payment of insurance that claims for the damages, with the costs of substitution where the high staff turnover. The health and the safety practices include the approach for the low worker compensation insurance costs (Cummins, 2018). The employees and the families tend to benefit mainly from the safety and health where the workplace health and safety includes the worksite with the major impact on the hazards on website. The violent employees are hazard, with the individual testing where the worksite is considered to be necessary as well.
Mitigation of Risks
The maintaining of the risks comes through information where the competitors come with the respect for the latest technological development. The market strategies include the new investments, and the changed management. The managing of operational risks is related to the forms with handling the unexpected losses and the problems of reputation. The loss of profit insurance covers includes the quality risks raw material and packing material. The quality checks include the stringent penalty includes variation of specification with the supplier agreement (Sutton et al., 2020). The delivery risks of suppliers come with handling the transport risks with the company transporting the products. The over-stocking and under-stocking include the production planning system where the correlation where the sales plan that are for optimized stocking policy. The risks are low to medium with the inventory for the proper planning of sales, purchase, production, and distribution. The level of ordering and the expiry dates periods comes with manpower availability risks. There is shortage of skilled manpower, with the company involved on skilled manpower. To mitigate the risks, with long term strategy to invest on production of higher capacity (Mowbray et al., 2020).
Managing reputation risks includes the policy with the stringent quality control with the raw material and packing of materials. The maintaining is about the coverage that owes towards the stringent distribution policy for the finished products. The corporate governance policies include the management with managing the risks of credits and the customers. The exports are for the wider range of countries. It is difficult to assess the credibility with the risks elements which is medium and high. The mitigation of risks comes with handling the legally binding distribution agreements. The credit risks management includes the exposure limits for the single customer and distributors. The marketing department includes the responsibility to ensure documentation with accordance on approved terms and conditions (Fleming et al., 2020).
Conclusion
The customers are communicated with proper records and the update with devising on the procedural guidelines. The managing of liquidity risks includes the factors for cash flow and working capital gaps. It includes the liquidity problem for company where the potential to ignite the problems. The effective liquidity risks management includes the systems to measure, monitor and control the exposures of liquidity (Fleming et al., 2020). The management is about the sources and management with the future risks that is exposed effectively. The MIS efficient includes the systems to measure and monitor and control with existing the future liquidity risks and report for senior management. The essential management information system includes the day-to-day liquidity management comes with the focused and available approaches in a complete timely manner.
References
Char, D.S., Abràmoff, M.D. and Feudtner, C., 2020. Identifying ethical considerations for machine learning healthcare applications. The American Journal of Bioethics, 20(11), pp.7-17.
Coffey, M., Cohen, R., Faulkner, A., Hannigan, B., Simpson, A. and Barlow, S., 2017. Ordinary risks and accepted fictions: how contrasting and competing priorities work in risk assessment and mental health care planning. Health Expectations, 20(3), pp.471-483.
Cummins, I., 2018. The impact of austerity on mental health service provision: a UK perspective. International journal of environmental research and public health, 15(6), p.1145.
Duerksen, D.R., Lix, L.M., Johansson, H., McCloskey, E.V., Harvey, N.C., Kanis, J.A. and Leslie, W.D., 2021. Fracture risk assessment in celiac disease: a registry-based cohort study. Osteoporosis International, 32(1), pp.93-99.
Fahy, N., Hervey, T., Greer, S., Jarman, H., Stuckler, D., Galsworthy, M. and McKee, M., 2017. How will Brexit affect health and health services in the UK? Evaluating three possible scenarios. The Lancet, 390(10107), pp.2110-2118.
Fleming, G.A., Petrie, J.R., Bergenstal, R.M., Holl, R.W., Peters, A.L. and Heinemann, L., 2020. Diabetes digital app technology: benefits, challenges, and recommendations. A consensus report by the European Association for the Study of Diabetes (EASD) and the American Diabetes Association (ADA) Diabetes Technology Working Group. Diabetes Care, 43(1), pp.250-260.
Katkade, V.B., Sanders, K.N. and Zou, K.H., 2018. Real world data: an opportunity to supplement existing evidence for the use of long-established medicines in health care decision making. Journal of multidisciplinary healthcare, 11, p.295.
Miles, D.K., Stedman, M. and Heald, A.H., 2021. “Stay at Home, Protect the National Health Service, Save Lives”: a cost benefit analysis of the lockdown in the United Kingdom. International Journal of Clinical Practice, 75(3), p.e13674.
Mowbray, N.G., Ansell, J., Horwood, J., Cornish, J., Rizkallah, P., Parker, A., Wall, P., Spinelli, A. and Torkington, J., 2020. Safe management of surgical smoke in the age of COVID-19. Journal of British Surgery, 107(11), pp.1406-1413.
Panch, T., Mattie, H. and Celi, L.A., 2019. The “inconvenient truth” about AI in healthcare. NPJ digital medicine, 2(1), pp.1-3.
Sutton, R.T., Pincock, D., Baumgart, D.C., Sadowski, D.C., Fedorak, R.N. and Kroeker, K.I., 2020. An overview of clinical decision support systems: benefits, risks, and strategies for success. NPJ digital medicine, 3(1), pp.1-10.
Zio, E., 2018. The future of risk assessment. Reliability Engineering & System Safety, 177, pp.176-190.
