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add comment or opinion to these posts with reference:

Q:

Let’s revisit the FIRM Risk Scorecard this week. Review the elements and examples of dependencies listed in Table 13.1 on page 155). Then look at Table 14.2 (pages 164 – 166). These tables are used to calculate a Riskiness Index. Using the scoring grid on page 166, briefly describe the type and purpose of an organization (you may select the one you are associated with or another you are familiar with – ex: ABC Dialysis Unit, 500 active patients, 1500 annual patient treatments, located in a lower socioeconomic area of an urban environment). Using the format Table 14.2, assign a score to each of the components (Financial, Infrastructure, Reputational, and Marketplace. Report your total “riskiness index” number for each component. Briefly discuss what you might need to do to mitigate the component with the highest score.

1)

The marketplace component has the highest risk score of 9 This result has been attributed to potential risks from the nursing home care company, In the modern healthcare industry, nursing homes perform a critical, yet often overlooked, role. These facilities are designed to provide long-term care to patients, supplementing and often replacing the care patients receive in hospitals and clinics. As the population of the United States ages rapidly, nursing homes will be expected to overcome numerous challenges and risks. Nursing home insurance helps protect against certain risks, and these facilities must also implement best practices in dealing with the ever-changing face. Therefore, Senior management should strengthen the management structure and embed a culture of risk.

Hopkin, P. (2018) Fundamentals of risk management: Understanding, evaluating and implementing effective risk management (5th Ed.). Kogan Page Limited: London, England.

2)

1500 annual patient treatments, located in a lower socioeconomic area of an urban environment

Riskiness Score: 0=No risk, 1=Little Risk, 2= Medium risk, 3=High risk

As we can see from the riskiness index, the financial and Infrastructure components are the components with the highest risk scores. These scores arise from the internal structure of the organization (financial, Infrastructure) and the external environment. My plan to mitigate these two risks in the Financial and Infrastructure components starts with finding new funding resources, also trying to partner with other different organizations and trying to benefit from their equipment and staff. Moreover, One of the mitigation strategies that the organization should think of is utilizing new motivations and healthy environments to improve the outcomes and efficiency of the staff.

References :

Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. London: Kogan Page.