I understand that The British University in Dubai may make a digital copy available in the institutional repository. information and communication; Roles and responsibilities of the risk management team and Monitoring and control within the organization.
Introduction and Background
- Introduction
- Research Background
- Research Problem
- Research Aim, Objectives, and Questions
- Research Significance
- Research Framework
- Research outline
Thus, despite the large number of articles and studies in enterprise risk management (ERM), there is little data on the effective implementation of ERM in healthcare organizations in the Middle East, especially in Dubai. What is the relationship when there are distributed roles and responsibilities for risk management and effective ERM in the healthcare organization.
Literature Review
Introduction
Risk and Uncertainty
As the organization's risk management calibrates and realigns the relationship between risk, growth and return. In contrast to the standard risk management approach, which assumes that risk is uncertainty, risks are recognized as one of the consequences of uncertainty.
Risk Management
This resulted in the creation of a risk structure that will assist the subsequent activities of the risk management process and will be attached to the process units. However, it was delayed for several decades due to the requirement that risk managers learn about financial risk management (Sampieri et al. 2001).
Enterprise Risk Management
- The different ERM frameworks a comparative approach
- ERM and Covid-19
It is the CRO's job to work with managers to devise effective risk management strategies. To fulfill the tasks The risk management team helps to perform tasks between interdependencies to effectively run the organization. Traditional risk management Enterprise risk management Risk as pure, hazard risk Risk at risk, financial and strategy Risk identification and assessment Risk identification.
Risk management can be applied to an entire organization, as well as specific departments, projects and activities, at any time and at all levels. The new ISO 31000 emphasizes the need for top-level management leadership in risk management, as well as the ongoing need for external involvement and, finally, the value of interactive risk management in an organization (Institute for Risk Management 2018). On the other hand, the AS/NZS 4360 framework is an important tool to guide companies through risk management.
The standard is intended to provide general guidance rather than to achieve standardization of risk management across companies. Finally, the Canadian Framework for Risk Management creates guidelines for implementing ERM in the public sector. As a result, the ERM framework is particularly concerned with the alignment of risk management with corporate governance strategies, focusing on the definition of risk appetite and board risk oversight (Beasley et al. 2015).
ERM in Healthcare
Risk management in healthcare refers to the clinical and administrative systems, processes and reports used to detect, monitor, analyze, mitigate and prevent threats. Healthcare organizations use risk management to proactively and systematically protect patient safety, as well as the organization's assets, market demand, accreditation, reimbursement levels, brand value, and community accessibility. Enterprise risk management (ERM), as Carroll (2014) explains, is a business decision-making process for recognizing and managing risk in the workplace.
ERM programs follow the same procedure as traditional risk management programs, with the exception that instead of simply preserving assets, the risk management professional now strives to create value and optimize risk opportunities. The risk management process includes processes such as risk and opportunity identification, risk assessment and assessment, strategic risk response and implementation, and review, evaluation and monitoring. ERM programs are like traditional risk management programs, except that instead of simply protecting assets, the risk is managed.
Risk and opportunity identification, risk assessment and evaluation, strategic risk response and execution, and review, assessment and monitoring are all part of the risk management process. After allocating the defined risk, the risk management professional should begin the assessment process by reviewing the risk list. Analyzing, evaluating and regularly monitoring the ERM program is the final stage in the risk management decision-making process.
Global perspective on ERM in healthcare
These voluntary directors may have extensive experience in risk management and governance in other industries, but they have little experience working in the healthcare sector (Martin 2020). According to the Treasury Board of Canada Secretariat Organization, risk management training should be pushed to all personnel within the organization and incorporated into individualized learning. This is based on the ideas of Enterprise Risk Management (ERM), where the aim is to incorporate risk management into the day-to-day operations of the organization and to understand the wide range of risks so that they can be properly managed (National Health Service 2012). .
ERM provides risk management from 'lawsuit on board' in the context of an NHS trust. It also includes the visible and effective leadership of the Board to ensure that risk management and escalation systems and processes are successful (National Health Service 2012). Risk management is discussed once a year as part of the board development program, and risk and governance are discussed in a variety of leadership development programs as well as in ad hoc training.
As a result, it will eventually be necessary to build a more structured risk management training program to support the strategy. This is a flexible tool for assessing performance and progress in developing and maintaining good risk management. The Covid-19 pandemic has proven to be a significant pandemic that has tested countries, populations and those responsible for risk management and health measures.
Conclusion
Research Methodology
- Introduction
- Conceptual framework and study variables
- Sample and data collection
- Methodology
The six main organizational factors that influence the implementation of effective ERM are governance and culture, as it is the system of rules, procedures and structures that serve as the foundation for the use of internal control throughout the organization. Second, strategy development, which requires the board and management to decide whether the strategy is aligned with the company's appetite for risk, as well as how it will help the organization define goals and allocate resources effectively. The third component is risk assessment, which is a dynamic and iterative process for identifying and analyzing risks to the organization's objectives and deciding how the risks should be managed.
Internal and external communication provides the information an organization needs to perform its daily tasks. H4: There is a direct relationship between supported communication and information sharing on the establishment of effective ERM in a healthcare organization. H5: There is a direct relationship between organizational controls and monitoring and effective ERM in a healthcare organization.
H6: There is a strong relationship when roles and responsibilities for risk management and effective ERM in the healthcare organization are established. Respondents were asked about the organizational factors that contributed to the implementation of effective ERM in the organization, including governance and culture in their organization; Strategy development plans; ongoing risk assessment; communication and information sharing in the organization; Roles and responsibilities of the risk management team and Monitoring and control within the organization. The "google form" survey tool was used to obtain data showing agreement or disagreement on six organizational factors that influence the implementation of effective ERM.
Data Analysis
Introduction
Results
Referring to Table 6, it shows the average opinions of the respondents on the relationship between the implementation of organizational factors and ERM effectiveness. This explains that the result is proportional to the study that there is a relationship between organizational factors and their impact on the implementation of effective ERM. In addition, the correlation coefficient between monitoring and control and effective ERM is 81.9% and also represents a high positive correlation.
On the other hand, the correlation coefficient of information and communication has a positive correlation at 26.5% and risk assessment at 24.2%, which represents a low correlation with effective ERM compared to management and culture and strategy development. There is also a positive correlation between roles and responsibilities within the organization and effective ERM with a correlation coefficient of 15.2% and is statistically significant (P < 0.005). For further analysis, data regression was performed to determine the impact of each organizational factor on the dependent variable of effective ERM.
Based on the results of the correlation, the organizational factors with high positive correlation are governance and culture, Strategy. From the results of the regression analysis presented in Table 9, the study reveals that three important organizational factors represent independent variables explaining the variation in the composite score of ERM effectiveness. Furthermore, the R-squared is high (r²= .703), indicating that there is about 70% of the variation in the effectiveness of the ERM composite score that is explained by the three organizational factors (governance and culture, strategy development, monitoring and control) in the model.
Conclusion
Discussion
Introduction
Data discussion
This shows that there is a relationship between organizational factors in general and effective ERM implementation. Thus the answer to question three presented in the research questions discussed above about organizational factors that contribute to establishing effective ERM implementation in healthcare organizations. Correlation tests were later generated for each organizational factor against the dependent variable of effective ERM.
Spearman correlation coefficient is used to determine the strength and direction of the association between each of the organizational factors and effective ERM. On the contrary, the correlation coefficient of Information & communication and effective ERM is positively low at 26.5%. This further indicates that the presence of these organizational factors is a must for effective ERM implementation in the healthcare organization, especially during the Covid-19 pandemic.
Both the governance and culture variable and the monitoring and control variable had a high average in both questions, indicating that it has a major influence on effective ERM in the research organization. This study also validated the proposed five hypotheses that there is a direct relationship between organizational controls and monitoring and effective ERM in the healthcare organization. 2014) points out that when the risk manager acts as the focal point of the portfolio, programs, projects and the rest of the organization can effectively achieve ERM.
Conclusion
Theoretical and practical recommendations
Conclusions and Recommendations for further research
This research contributes to knowledge as it is from the first study ERM in the healthcare organization of UAE and will therefore be regarded as an essential step towards effective risk management for healthcare enterprises. As ERM is becoming a major concern to improve risk management, especially in healthcare, it would be worthwhile to see more academic work on this topic related to the implementation of ERM in healthcare in UAE and other gulf countries . Enterprise Risk Management for Healthcare Boards: Leveraging the Value The Role of the Board in ERM Traditional Risk Management vs. Enterprise Risk Management, pp.
In source document 29th Center for Chemical Process Safety International Conference, New Orleans. Current status of enterprise risk monitoring and market perceptions of COSO's ERM framework, research commissioned by COSO. Enterprise Risk THE CURRENT STATE OF RISK MANAGEMENT IN STRATEGY COMPANIES CAN EMPLOY TO BETTER MANAGE THEIR RISK.
The risk manager's contribution to patient safety and risk management in the clinic or doctor's office. A Comparison of the Major ERM Frameworks: How Limitations and Weaknesses Can Be Overcome by Implementing IT Governance. Available at: https://singularityhub.com the-big-covid-19-blind-spot-lack-of-risk-management-is-leaving-us-wanting/.
