Business Process Improvement Report ♦ Review All modules; ♦ Familiarise with reflection report writing style. In continuum of Part A, students are required to compile a personal reflection report. The...

Running Head: RISK MANAGEMENT        1
RISK MANAGEMENT        2
RISK MANAGEMENT
Table of Contents
Risk Identification    3
Identifying and Critically analysing the Impact of Possible Risks    3
Recording Risks in a Risk Register    4
Strategies for Effectively Managing Identified Risks    4
Identifying and Describing Stakeholders Appraisal of the Project's On-going Risk Management Activities    5
References    7
Risk Identification
Risk identification is the process of recognising the probable risks from various aspects of a business organisation and its features. It is the first and foremost step in risk management. There is a risk register, in which the possible risks are to be listed down along with their features. The sources of these risks are also to be pointed out in order to take the necessary steps to prevent those risks. The risks are more likely to be avoided easily if these are assessed right away and taken preventive measures.
According to the risk management, the process of risk identification is to be carried out in the beginning. But it should be repeated again and again. Since any risk can come up at any moment in an on-going process, therefore, the chances of identifying new risk factors in the middle are possible (Linton et al., 2019). A company is always advised to run risk management every day, as the risks can lead to huge losses and even cost the lives of employees. In the health sector, any risk may lead to being harmful to the caregivers and the patients too.
Identifying and Critically analysing the Impact of Possible Risks
One of the major risks in the healthcare sector is infections. Every time a patient, who is already vulnerable, can get infected. This leads to thousands of death in a healthcare facility. A patient is bound to have low immunity. Therefore, each object that are used and the rooms are to be fully sterilised to remove this risk (Angst, 2017). Another common factor is cyber-risk. Since the facility has hundreds of patients’ day in and day out; it is obvious that they have the patients’ full medical history along with personal information.
Besides, the information can be accessed by anyone from the staff, which may cause their server to be hacked and files will be leaked easily. One of the leading risk factors in such a facility is violence and physical harm. It can be seen sometimes that a family can get violent with the caregivers if they feel or misunderstand that their patient is being neglected by the staff. In such a scenario, they get violent and try to cause physical harm to the staffs. This is risky for both the caregivers and patients to be in a hostile situation like this (Opera Martins, Sahandi & Tian, 2016).
Recording Risks in a Risk Register
A risk register is the second part of risk management. The risks are registered with full details in the...