RISK MANAGEMENT Flashcards
It is the chance or probability, high at one extreme and low at the other, that a person could be harmed or experience an adverse health outcome if something goes wrong, together with an indication of how serious the harm could be
Risk
It is a written document that details the organization’s risk management process
Risk management
These process starts by creating a team of stakeholders across the organization to review potential risks to the organization
Risk management
Risk management involves
Having the necessary systems, processes, and skilled stuff in place the minimize the likelihood of providing poor quality care
Having mechanisms to learn from situations where despite having those systems something has gone wrong
Identifying and minimizing the potential for harm or adverse health outcomes if something goes wrong as a result of a pharmacy’s activities and services
This is a set of pharmacovigilance activities and interventions designed to identify, characterized, prevent or minimize risk relating to medicinal products including the assessment of the effectiveness of those activities and interventions
Risk management system in pharmacy
Risk management process includes
Set objectives
Risk identification
Risk assessment
Risk analysis
Risk tolerance
Risk mitigation
The team members need to review business objectives, such as product development or third party business partnerships
Set objectives
It is the second step in creating a risk management plan lies in reviewing digital assets such a systems, networks, software, devices, vendors, and data. Cataloging this assets then allows the team members to identify risks to the assets
Risk identification
True or false
A risk or uncertain event can be a positive or negative condition
True
True or false
A risk or uncertain event can be positive or negative condition that do not have a financial operational or reputational impact
False it has a financial operational or reputational impact
After identifying risks, the risk management
team needs to assess the risk. Positive risks,
such as early product delivery, can also lead
to negative risks, such as a customer’s
inability to meet a payment schedule. The
organization needs to foresee risks in order
to find a way to analyze their potential
impact.
Risk Assessment
For each risk identified and assessed, the
team must look at the likelihood the event
will occur and then estimate impacts to the
business if it does occur. Multiplying
likelihood by the estimated impact can give
insight into a risk’s effect.
Risk Analysis
A risk with a low likelihood leads to a
Devastating financial impact
Meanwhile, a risk
with a high likelihood may have
No impact
Part
of the quantitative or qualitative analysis is
creating the
Risk Assessment Matrix
