Learning Risk Management Discussion

Use this discussion board to share 2 – 3 insights you have gained from this course and how you think they may apply to your field of work. (250 words) My filed where I work is a hospital I will attach the book that we have studied. Try to mention 8Rs and 4Ts, likelihood and magnitude in your post and how to apply them in the hospital. Here are my classmate’s examples to give you an idea First post: When I first started this class, I only had a minimal understanding of risk management and only knew it in the industry of sales (I worked in an Office Depot a while ago and that was the first-time hearing about the topic). The biggest takeaway from this course I have learned over the past 8 weeks was the 8Rs and 4Ts of risk management in addition to the FIRM and PESTLE models. The 8Rs improve the efficiency of the organization, decrease hazards, control internal and external risks, and demonstrate opportunity to allow for positive outcomes for both staff and consumers. As a healthcare professional, risk management is part of my daily job responsibilities. From avoiding daily hazards to keeping my patients safe, it is critical to recognize, identify, and control risks before they increase magnitude. The FIRM and PESTLE models, while I may not deal with them directly, are used by the hospital’s risk management team to identify and prevent risks. However, if this is not possible, a plan of handling risks before they increase in severity is put into place. Now I have a better appreciation for risk management and how it plays a role in everyone’s job regardless of industry. In the future, if I do seek and obtain a position in management, I will apply the topics covered in this class when coming up with risk planning and working on ways to prevent accidents and disasters while keeping customers and employees safe. Good luck to everyone with their educational studies! Second post In this course, using the FIRM model has given me the insight that internal and external risks can be very important. Having a firm grasp of external risk is important for organizations. Some of the hazards that an organization believes are being handled for their risk might actually be exposing to the organization due to external interactions and reactions. From engaging with these course materials, I might consider several approaches of external risk, or how risks synergize. The other thing that I found insightful was risk exposure. Not only is it critical to identify risks and classify them, it is also important to understand how they might affect the organization. There is likelihood and magnitude to account for, and each should be considered in a very grounded and comprehensive way. Understanding risk exposure means that when I work with Saudi Red Crescent Society, I need to provide sufficient information about the impacts of procedures and the risks that people undertake when learning and performing them. I have to consider the ways in which the probability of incidents might be essential information if I am training others. I cannot train anyone without warning them in a realistic way. …