Risk Management Plan

A formal risk management plan demonstrates a health care organization’s approach as well as support for risk management and, ultimately, patient safety. Access information from your own employer/organization or using the Internet to find an allied health care organization located in your city or region, and identify the goals and objectives, scope, and functions of an existing risk management plan. How does the plan “measure up” in terms of meeting ethical and legal responsibilities to stakeholders? How might you improve it?
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Risk management in a hospital setting is crucial. When compared to other industries, risk management is more critical in hospitals than in other companies. In industrial companies, risk management is meant to prevent financial loss. However, in a hospital setting, risk management is intended to promote patient safety before it secures the hospital from financial liability. In a hospital, risk management may be the difference between death and life, which makes it essential. A risk management plan is a document that indicates the process, procedures, and tools that the hospital will use to control the risks that would have a negative impact on the hospital.

Goals and Objectives of a Risk Management Plan in a Hospital Setting

A risk management plan in a hospital setting identifies the risk management process set by the leadership of an organization. Its objective is to reduce threats and to develop mechanisms to deal with the potential risk that may face an organization. It outlines in detail the actionable, feasible, and appropriate plan to help the hospital mitigate threats and uncertainties that could affect the hospital and the stakeholders in the hospital, particularly the patients in the hospital’s care. This plan starts by identifying the stakeholders that will review the potential risks of the hospital. It assists in identifying and asses risk so that the hospital can come up with upfront activities and responsibilities that are required to implement the risk management techniques that have been developed by the management of the hospital (Dippenaar & Bezuidenhout, 2019). In (hospital name), the risk management plan objective is to provide risk management guidelines that pertain to patient safety, clinical risk,

safety of other stakeholders such as employees, operations, and property safety and the business as a whole.

Scope of a Risk Management Plan

(Hospital name) risk management plan establishes the process for risk management in the hospital. Its objective is to minimize the hospital’s exposure to risk by identifying, assessing, and managing risk. It also directs the hospital on how it can exploit opportunities through minimizing risk and improving the overall performance of the hospital. This plan provides the hospital with a robust approach in which risk is understood and managed.

How Does the Plan Measure Up To Meeting Ethical and Legal Responsibilities to Stakeholders?

Legally, every hospital is supposed to have well-crafted risk management policies that can be adhered to in the event of an unexpected adverse event. The hospital’s risk management plan has assessed the risk that the hospital is exposed to, and there are well-crafted plans on what is to be done in the event of these risks. This allows the company to meet its legal responsibility. The hospital has an ethical obligation to care for its patients and the employees in the facility. It is the primary job of the hospital to ensure that a patient is cared for, and employees have a safe working environment. The risk assessment plan guarantees the safety of employees and plans for the event of uncertainties to ensure that the employees have a safe working environment (Arab et al., 2019). The risk management plan also factors in the safety of the patients; it ensures the patients are always safe while in the facility.


The plan fails to assign duties to specific individuals, which leads to a lack of accountability. It is paramount to assign responsibilities to individuals so that risk management plans can be executed effectively.




Hospitals require a risk management plan that guides the stakeholders on the process to carry out in the event of uncertainties. The plan assesses and evaluates risk and provides mitigation and control measures. It also assigns duties to the stakeholders that are responsible for the management of risk.


Arab, M. A., Khankeh, H. R., Mosadeghrad, A. M., & Farrokhi, M. (2019). Developing a hospital disaster risk management evaluation model. Risk management and healthcare policy12, 287.

Dippenaar, A., & Bezuidenhout, S. T. (2019). The development of a robust risk management plan for the continuous supply of water to hospitals in the Western Cape Province. South African Journal of Industrial Engineering30(2), 190-204.

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