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. This process starts by creating a team of stakeholders across the organization to review potential risks to the organization.
Risk Management
Risk management inloves having the necessary systems, processes, and skilled staff in place to minimize the likelihood of providing ____ quality care.
poor
Risk management involves having _______ to learn from situations where despite having those systems something has gone wrong.
mechanisms
Risk management involves identifying and minimizing the ______ for harm or adverse health outcomes if something goes wrong as a result of a pharmacy’s activities and services
potential
This is a set of pharmacovigilance activities and interventions designed to identify, characterize, prevent or minimize risks relating to medicinal products including the assessment of the effectiveness of those activities and interventions.
Risk Management System in Pharmacy
Risk Management Process
- Set Objectives
- Risk Identification
- Risk Assessment
- Risk Analysis
- Risk Tolerance
- Risk Mitigation
First, the team members need to review business objectives, such as product development or third-party business partnerships. By starting with business objectives, the risk management process aligns with current as well as future goals.
Set Objectives
The second step in creating a risk management plan lies in reviewing digital assets such as systems, networks, software, devices, vendors, and data. Cataloging these assets then allows the team members to identify risks to the assets.
Risk Identification
A risk, or ______ event, can be a positive or negative condition that has a financial, operational, or reputational impact.
uncertain
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 ___ likelihood leads to a devastating financial impact. Meanwhile, a risk with a ____ likelihood may have no impact. Part of the quantitative or qualitative analysis is creating the risk assessment matrix.
This allows the risk management team to use the risk analysis and assign ratings such as high, medium, or low.
low - devastating financial impact
high - no impact
___________ was used to assess the risks identified in the risk universe and prioritize them.
Delphi method
After assigning risk ratings, the team works to determine whether it will accept, transfer, mitigate, or refuse a risk.
Risk Tolerance
