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Q:

Let’s revisit the FIRM Risk Scorecard this week. Review the elements and examples of dependencies listed in Table 13.1 on page 155). Then look at Table 14.2 (pages 164 – 166). These tables are used to calculate a Riskiness Index. Using the scoring grid on page 166, briefly describe the type and purpose of an organization (you may select the one you are associated with or another you are familiar with – ex: ABC Dialysis Unit, 500 active patients, 1500 annual patient treatments, located in a lower socioeconomic area of an urban environment). Using the format Table 14.2, assign a score to each of the components (Financial, Infrastructure, Reputational, and Marketplace. Report your total “riskiness index” number for each component. Briefly discuss what you might need to do to mitigate the component with the highest score.

1)

Financial component of the FIRM Risk Scorecard

Index

Description

Score

1.1

Lack of availability (or unacceptable cost) of adequate funds to fulfill the strategic plans

2

1.2

Insufficiently robust procedures for correct allocation of funds for strategic investment

1

1.3

Inadequate internal financial control environment to prevent fraud and control credit risks

3

1.4

Inadequate funds to meet historical liabilities (including pensions) and meet future anticipated liabilities

0

TOTAL for the Financial component

6

Infrastructure component of the FIRM Risk Scorecard

Index

Description

Score

2.1

Inadequate senior management structure to support organization and embed ‘Risk Aware Culture’

2

2.2

Insufficient people resources, skills and availability.

1

2.3

Information Technology (IT) infrastructure has insufficient resilience and/or data protection

2

2.4

Business Continuity Plans are not sufficiently robust to ensure continuation of organization after major loss

0

2.5

Product delivery, transport arrangements and/or communications infrastructure unreliable

3

TOTAL for the Infrastructure component

8

Reputational component of the FIRM Risk Scorecard

Index

Description

Score

3.1

Poor public perception of the health care sector and/or potential for damage to the brands of the organization

1

3.2

Insufficient attention to ethics/Corporate Social Responsibility/Social Environmental and Ethical standards

2

3.3

Poor governance standards and/or sector is highly regulated with high compliance expectations

1

3.4

Concerns over quality of products or services

3

TOTAL for the Reputational component

7

Marketplace component of the FIRM Risk Scorecard

Index

Description

Score

4.1

Insufficient revenue generation in the marketplace or inadequate return on investment achieved

3

4.2

Highly competitive marketplace with aggressive competitors and high customer expectations

0

4.3

Lack of government economic instability, including exposure to fluctuations in interest rates

1

4.4

Marketplace requires constant innovation and/or product technology is rapidly developing

2

4.5

Organization is exposed to potential for international disruption because of political risks, war, terrorism, crime or pandemic

3

TOTAL for the Marketplace component

9

The marketplace component has the highest risk score of 9 This result has been attributed to potential risks from the nursing home care company, In the modern healthcare industry, nursing homes perform a critical, yet often overlooked, role. These facilities are designed to provide long-term care to patients, supplementing and often replacing the care patients receive in hospitals and clinics. As the population of the United States ages rapidly, nursing homes will be expected to overcome numerous challenges and risks. Nursing home insurance helps protect against certain risks, and these facilities must also implement best practices in dealing with the ever-changing face. Therefore, Senior management should strengthen the management structure and embed a culture of risk.

Hopkin, P. (2018) Fundamentals of risk management: Understanding, evaluating and implementing effective risk management (5th Ed.). Kogan Page Limited: London, England.

2)

1500 annual patient treatments, located in a lower socioeconomic area of an urban environment

Riskiness Score: 0=No risk, 1=Little Risk, 2= Medium risk, 3=High risk

Marketplace

Reputational

Infrastructure

Financial

Risks that will impact the level of customer trade or expenditure and customer retention

Risks that will impact desire of customers to deal or trade and level of customer retention

Risks that will impact the level of efficiency and dysfunction within the core processes

Risks that can

impact the way

in which money

is managed and

profitability is

achieved

Description

External

External

Internal

Internal

Internal or External risk

1

2

3

3

Riskiness Index

As we can see from the riskiness index, the financial and Infrastructure components are the components with the highest risk scores. These scores arise from the internal structure of the organization (financial, Infrastructure) and the external environment. My plan to mitigate these two risks in the Financial and Infrastructure components starts with finding new funding resources, also trying to partner with other different organizations and trying to benefit from their equipment and staff. Moreover, One of the mitigation strategies that the organization should think of is utilizing new motivations and healthy environments to improve the outcomes and efficiency of the staff.

References :

Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. London: Kogan Page.

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