Description of the Chosen Business
The Bliss Nursing Home is a health care clinic that deals with the provision of health care to patients. It operates under the medical healthcare industry and caters patients across the country. The services offered by this company are classified into three categories: everyday medicine, Acute, and specialty care, and medical services. Everyday medicine services include the following: primary care, urgent care, imaging, and outpatient. Acute and specialty care services include the following: orthopedics, neuroscience, pediatrics, and academic medicine. Medical services include the following: Medical imaging, poison drug information, pain management, maternity and laboratory services.
Steps in the Risk Management Process
The risk management process involves a series of steps that starts with identifying the risks and ends with managing or elimination of the risks. This process ensures that risks are actively identified, analyzed, and managed to help minimize their impact. Risk identification is the first step. The identification of risks encompasses an evaluation of environmental factors and organizational culture. It is during this step that sources of the threats that may accidentally or intentionally induce specific vulnerability to the business are identified. The threats are after that classified into environmental, human or natural risks. The second step is risk analysis. Risk analysis will involve the assessment of the already identified risks to determine the range of possible project outcomes. Both the quantitative and qualitative analysis will help to determine the probability and the impact of the risks. This step analyzes the control measures that had initially been incorporated and implemented by the management to mitigate the potential risks and vulnerabilities. The technical team establishes the professional and the non-technical measures initially initiated by the organization to develop their efficiency and viability. The control analysis is checked and created by the control analysis techniques such as the adopting and establishment of security requirement checklist. After control analysis, the determination of the likelihood of potential risks commences. This step entails establishing the probability of the occurrence of potential risks. The risk assessment team determines the possibility of the existence of these risk and rating them according to the intensity for potential damage and destruction as high, medium or low. Lastly, depending on the intensity, the magnitude and effect the identified risks are bound to cause, the following strategies will be used to manage the risks: avoidance, and mitigation.
Risk Mitigation Plan
Loss of company assets through theft can be addressed by installation of trackers and cameras which can be able to capture intruders by they can get hold of the assets. The problem of the loss of data from the company through the threats to technology can be solved by employing specific individuals to monitor the devices from being handled by unauthorized people. The threat of loss of customers due to new competitors can be solved through the creation of awareness and a platform where the customers and patients feel part of the medical facility (Larson, & Gray, 2015). Besides, service delivery to customers will be highly improved. To eliminate the threat of loss of employees, the management will create an environment where the employees feel highly motivated to work. Compensation package with reward systems will keep them motivated and satisfied. The threat to floods/fire will be mitigated by having a disaster management team that will put in place techniques for mitigating floods and fire outbreaks. Bankruptcy, insufficient retirement funds will be mitigated by having a robust financial system that will cover all the loopholes. Customer injuries will be eliminated by maintaining safe premises by exercising the duty to warn customers non-obvious, dangerous conditions and to make a reasonable inspection to discover dangerous conditions.