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Risk Management Program (risk + management_program)
Selected AbstractsIncident Monitoring in Emergency Departments An Australian ModelACADEMIC EMERGENCY MEDICINE, Issue 11 2000FIFEM, John Vinen FACEM Abstract. The specialty-based study of incidents, adverse events, and errors in medicine has largely occurred in anesthesia and to a lesser extent in intensive care and psychiatry. Few studies have specifically addressed the problem in emergency medicine (EM). Because of the significant risks, the resulting adverse outcome, and the high degree of preventability of errors occurring in the emergency department (ED), it is essential that an incident monitoring system be part of the ED's risk management program. The combination of time pressure, uncertainty, complexity, and workload means the ED is a high-risk environment. The delivery of high-quality emergency care is dependent on having an effective patient processing system in place and, because EM is a "systems-dependent" specialty, the environment lends itself to improvements to the system (re-engineering) to improve the safety of the environment given that the majority of errors in the ED are probably the result of failures of the system. This paper describes an existing incident monitoring system that has recently been adopted by six EDs in Australia. It was developed as a result of a similar successful program in anesthesia, and funded by the Federal Department of Health of Australia. Incorporating incident monitoring and analysis to identify causative factors of incidents and the subsequent implementation of corrective strategies as part of the ED risk management program may result in improvement in the quality of care through a reduction in the frequency of incidents. [source] Enterprise Risk Management: Theory and PracticeJOURNAL OF APPLIED CORPORATE FINANCE, Issue 4 2006Brian W. Nocco The Chief Risk Officer of Nationwide Insurance teams up with a distinguished academic to discuss the benefits and challenges associated with the design and implementation of an enterprise risk management program. The authors begin by arguing that a carefully designed ERM program,one in which all material corporate risks are viewed and managed within a single framework,can be a source of long-run competitive advantage and value through its effects at both a "macro" or company-wide level and a "micro" or business-unit level. At the macro level, ERM enables senior management to identify, measure, and limit to acceptable levels the net exposures faced by the firm. By managing such exposures mainly with the idea of cushioning downside outcomes and protecting the firm's credit rating, ERM helps maintain the firm's access to capital and other resources necessary to implement its strategy and business plan. At the micro level, ERM adds value by ensuring that all material risks are "owned," and risk-return tradeoffs carefully evaluated, by operating managers and employees throughout the firm. To this end, business unit managers at Nationwide are required to provide information about major risks associated with all new capital projects,information that can then used by senior management to evaluate the marginal impact of the projects on the firm's total risk. And to encourage operating managers to focus on the risk-return tradeoffs in their own businesses, Nationwide's periodic performance evaluations of its business units attempt to refl ect their contributions to total risk by assigning risk-adjusted levels of "imputed" capital on which project managers are expected to earn adequate returns. The second, and by far the larger, part of the article provides an extensive guide to the process and major challenges that arise when implementing ERM, along with an account of Nationwide's approach to dealing with them. Among other issues, the authors discuss how a company should assess its risk "appetite," measure how much risk it is bearing, and decide which risks to retain and which to transfer to others. Consistent with the principle of comparative advantage it uses to guide such decisions, Nationwide attempts to limit "non-core" exposures, such as interest rate and equity risk, thereby enlarging the firm's capacity to bear the "information-intensive, insurance- specific" risks at the core of its business and competencies. [source] National addictions vigilance intervention and prevention program (NAVIPPROÔ): a real-time, product-specific, public health surveillance system for monitoring prescription drug abuse,PHARMACOEPIDEMIOLOGY AND DRUG SAFETY, Issue 12 2008Stephen F. Butler PhD Abstract Purpose The National Addictions Vigilance Intervention and Prevention Program (NAVIPPROÔ) is a scientific, comprehensive risk management program for scheduled therapeutics. NAVIPPROÔ provides post-marketing surveillance, signal detection, signal verification and prevention and intervention programs. Here we focus on one component of NAVIPPROÔ surveillance, the Addiction Severity Index-Multimedia Version® (ASI-MV®) Connect, a continuous, real-time, national data stream that assesses pharmaceutical abuse by patients entering substance abuse treatment by collecting product-specific, geographically-detailed information. Methods We evaluate population characteristics for data collected through the ASI-MV® Connect in 2007 and 2008 and assess the representativeness, geographic coverage, and timeliness of report of the data. Analyses based on 41,923 admissions to 265 treatment centers in 29 states were conducted on product-specific opioid abuse rates, source of drug, and route of administration. Results ASI-MV® Connect data revealed that 11.5% of patients reported abuse of at least one opioid analgesic product in the 30 days prior to entering substance abuse treatment; differences were observed among sub-populations of prescription opioid abusers, among products, and also within various geographic locations. Conclusions The ASI-MV® Connect component of NAVIPPROÔ represents a potentially valuable data stream for post-marketing surveillance of prescription drugs. Analyses conducted with data obtained from the ASI-MV® Connect allow for the characterization of product-specific and geospatial differences for drug abuse and can serve as a tool to monitor responses of the abuse population to newly developed "abuse deterrent" drug formulations. Additional data, evaluation, and comparison to other systems are important next steps in establishing NAVIPPROÔ as a comprehensive, post-marketing surveillance system for prescription drugs. Copyright © 2008 John Wiley & Sons, Ltd. [source] An overview of inherently safer design,PROCESS SAFETY PROGRESS, Issue 2 2006Dennis C. Hendershot Inherently safer product and process design represents a fundamentally different approach to safety in the manufacture and use of chemicals. The designer is challenged to identify ways to eliminate or significantly reduce hazards, rather than to develop add-on protective systems and procedures. In the chemical process industries, risk management layers of protection are classified as inherent, passive, active, and procedural. Inherently safer design focuses on eliminating hazards, or minimizing them significantly, to reduce the potential consequence to people, the environment, property, and business. Inherently safer design is considered to be the most robust way of dealing with process risk and can be considered to be a subset of green chemistry and green engineering. It focuses on safety hazards,the immediate impacts of single events such as fires, explosions, and short-term toxic impacts. Many of the strategies of inherently safer design are not specific to the chemical industry, but apply to a broad range of technologies. Strategies for identifying inherently safer options are discussed, with examples. However, for most facilities, a complete risk management program will include features from all categories of layers of protection. Also, the designer must be aware that all processes and materials have multiple hazards and that there can be conflicts among the risks associated with different alternatives. Design alternatives that reduce or eliminate one hazard may create or increase the magnitude of others. Recognition and understanding of these conflicts will enable the designer to make intelligent decisions to optimize the design. © 2006 American Institute of Chemical Engineers Process Saf Prog, 2006 [source] Liquidity risk and the hedging role of optionsTHE JOURNAL OF FUTURES MARKETS, Issue 8 2006Kit Pong Wong This study examines the impact of liquidity risk on the behavior of the competitive firm under price uncertainty in a dynamic two-period setting. The firm has access to unbiased one-period futures and option contracts in each period for hedging purposes. A liquidity constraint is imposed on the firm such that the firm is forced to terminate its risk management program in the second period whenever the net loss due to its first-period hedge position exceeds a predetermined threshold level. The imposition of the liquidity constraint on the firm is shown to create perverse incentives to output. Furthermore, the liquidity constrained firm is shown to purchase optimally the unbiased option contracts in the first period if its utility function is quadratic or prudent. This study thus offers a rationale for the hedging role of options when liquidity risk prevails. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:789,808, 2006 [source] Reading the Tea Leaves,Did Citigroup Risk Their Reputation During 2004,2005?BUSINESS AND SOCIETY REVIEW, Issue 2 20082007 Baruch College, New York City, Presented at ICAA's Second International Conference Globalization, The Good Corporation June 2 ABSTRACT In this paper, we challenge the conventional wisdom that high-quality news reports of questionable corporate business practices will stimulate various marketplace negative responses, which in turn, will pressure management to undertake actions designed to protect the organization's reputation. Analysis is confined to a relatively brief period of bad news relating to Citigroup, Inc. We conclude that while none of the expected negative marketplace responses are evident in widely available news sources, the CEO did exhibit significant concern and instituted a targeted reputation risk management program. In the absence of a concerned CEO, analysts should not, we suggest, expect a management team to respond with reputation-enhancing corrective action solely as a reaction to negative publicity regarding questionable business practices. [source] | |||||||||||||