Analysis of Risk Management Techniques in Healthcare- Advantages and Disadvantages
Risk assessment and mitigation is a core organizational operation that determines sustainability, profitability, employee performance, and overall competitiveness. Assessing the imminence of risks, such as phishing and consequent access to critical company information, is a vital practice. In the hypothetical scenario above, risk assessment can help firms create robust security systems, such as firewalls, to prevent illegal data access, such as personal research and development e-documents. The processes of risk assessment propel the creation of risk mitigation strategies in organizations. These protective strategies have advantages and disadvantages because they vary in scope. The extensive analysis of the risk assessment processes creates a platform to evaluate associated risk mitigation programs’ benefits and adverse outcomes.
The risk assessment process can embody several techniques but must always propel the designing of mitigation strategies. Overall, the methodology to identify a risk includes evidence gathering concerning a suspected risk, using an available knowledge base to interpret the collected evidence, analyzing the risk broadly, involving other decision-makers to review the problem, and deciding on the mitigation techniques to adopt. Risk identification is the process of characterizing uncertainties and uncovering weaknesses in technological, natural, or social systems (Aven, 2016). It is the studying of impending doom based on past events, even though this is not a comprehensive approach. Organizations must define risks for them to create processes that mitigate them. The term risk can be determined using several methods, depending on an organization’s perception of it. For instance, for some companies, the risk is the impending uncertainty and suspicion that it may happen in the future. Alternatively, risk can be defined as a potential consequence of unwanted events. A different organization may also view risk as the unknown severity of a result from an adverse event that can be valued or quantified.
After defining a risk, companies should then decide the best ways to assess it that will guide mitigation strategies. For instance, the risk management process for an organization may involve establishing risk context to help determine the primary purpose of creating a mitigation plan for it. The organization can then identify threats and opportunities that support the risk using tools, such as a checklist. Further, the company could conduct the consequences of the risky events using approaches, such as fault tree analysis, Bayesian networks, and event tree analysis. The above study results will then help a company determine the likelihood that a risk will occur and the significance of the resulting consequences (Songling et al., 2018). Finally, the company will create ways to remedy the trouble and limit or eliminate its chances of occurrence. During the risk assessment process, the organization should also consider alternatives for risk treatment, which will guide the implementation decision. Managers involved in the risk assessment process should use techniques, such as cost-benefit analysis, multi-attribute analysis, and cost-effective analysis, to inform risk mitigation technique choices and final decisions.
Alternatively, organizations could analyze risks and use mathematical models to design remedial strategies. The risk assessment process for such an organization could begin by understanding the uncertain event and its adverse consequences. The company could then structure the identified problems and highlight the primary principles, such as the precautionary one and the associated dilemmas it faces (Aven, 2016). Further, the organization could use statistical tools, such as mathematical simulations to analyze identified risks. The quantified risk evaluation approach will help to determine alternative mitigation strategies to use. Overall, even the mathematical model of risk assessment involves problem identification, alternatives generating, processing, decision-making, implementation, and evaluation of implemented decisions.
Organizations can implement several risk mitigation strategies to eliminate or limit their uncertainty. For instance, the company could secure its information technology systems by designing firewalls, storing data in cloud storage systems, and installing malware scanners in IT-related hardware, such as laptops, computers, and work smartphones (Dvorsky et al., 2020). This approach is advantageous because it is secure and difficult for phishers to attack unless they receive authorization from inside the work premises. However, the above risk mitigation method is expensive to acquire and time-consuming to install. Moreover, the organization needs the IT team to consistently update its malware scanners and firewalls as new phishing tools are constantly being invented. Additionally, organizations can use biometric systems in entry points to allow authorized employees to access work premises only. Employees should also have unique passcodes to access sensitive websites in the organization.
Further, the organization can ensure that only authorized personnel can enter its premises by giving workers access to vital cards and restricting visitors to non-sensitive areas, such as the reception. The advantage of these techniques is that they ensure that critical data and work premises are only accessed by authorized personnel and limit the risk occurring. However, biometric and employee access key cards are expensive to design or buy and install. Employee access key cards can also be stolen by malicious people and then used to access the organization and trigger a risk if additional thorough scrutiny is not conducted at entry points. Lastly, companies can train their employees to identify phishing attacks and appropriate responses when significant risks that threaten their lives occur (Aven, 2016). Watchmen stationed in company premises gates should be prepared to identify suspicious visitors or employees and deny them entry into the organization whenever necessary until cleared by the security office. The benefit of training employees to determine risk is that the organization curbs it at the point of launch and implements remedial actions promptly. However, some employees may experience difficulty learning risk identification concepts, and training requires resources that may be expensive, such as an IT professional from a different firm.
References
Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research, 253(1), 1-13. https://doi.org/10.1016/j.ejor.2015.12.023
Dvorsky, J., Belas, J., Gavurova, B., & Brabenec, T. (2020). Business risk management in the context of small and medium-sized enterprises. Economic Research-Ekonomska Istraživanja, 1-19. https://doi.org/10.1080/1331677x.2020.1844588
Songling, Y., Ishtiaq, M., & Anwar, M. (2018). Enterprise risk management practices and firm performance, the mediating role of competitive advantage and the moderating role of financial literacy. Journal of Risk and Financial Management, 11(35), 1-17. https://doi.org/10.3390/
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Question 
This paper requires a minimum of 3 pages of content (in addition to the title page, abstract and reference page), double-spaced, APA format, on the value. A minimum of three resources should be used.
Analysis of Risk Management Techniques in Healthcare- Advantages and Disadvantages
Use the Electronic-Resources suggested text and databases provided for this assignment, or the Davenport Library through your Davenport Website, Student Connection, and Library. Browse the articles available in the Library Databases and then locate a peer-reviewed article on risk management and probable techniques used regarding risk management- provide a 3-page APA formatted paper that analyzes the advantages and disadvantages of the identified techniques and process associated with risk management.