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Showing posts from May, 2017

Risk Manager of the Year

Do you have aspiration to be recognized for your risk management talents? Learn what top Risk Managers have in common. Judges from seven organizations were involved in assessing and evaluating the Risk Management of the Year 2017 Awards. This prestigious award is given to the dedicated risk managers who has proven and demonstrated their dedication to advance the field of Risk Management. All applicants were judged on ten key criteria. These criteria not only assesses the strength of the candidate but also indirectly assesses maturity and strength of the organization in its ability to identify, manage and mitigate risks.

1.Establishing and implementing an effective risk management program. 2.Creating value for the organization by addressing key risks. 3.Applying innovative tools to advance risk management. 4.Applying risk financing and risk transfer program to meet the needs of the organization. 5.Creating internal and external networks enabling effective flow of information for managing ri…

Selecting Board of Directors: What best practices organizations should adopt when selecting and assessing board of directors!

Selecting Board of Directors: What best practices organizations should adopt when selecting and assessing board of directors!
The Board of Directors are vital for any organization’s good governance. Governance determines how an organization is centered and where it stands. “The Boards of Directors are a group of individuals within an organization that are either elected or appointed as representatives of Shareholders or Owners to establish Corporate Governance and enterprise risk management policies”. (Source: ERMGovernance.com) It is given that for an organization to be successful, it should have a Board of Directors (BOD) with a broad mix of skills to oversee the wide range of issues that may arise. The BOD are collectively or in rare cases even individually accountable for your company’s performance, compliance and risk mitigation strategies. Depending on the size of the company and needs, the Board could be limited to just advisory role or fully mandated having the ultimate power a…

New Legislation Brings Additional Compliance Requirements For Helathcare Organizations in Ontario

The Ministry of Health and Long-Term Care released its statement indicating that the new legislation will strengthen privacy, accountability and transparency in the Health Care System. The Act introduces new measures that put patients first by improving privacy, accountability and transparency in the health care system. The changes introduced to HIPA ensures that Ontario remains the leader in health information and privacy protection across Canada. The Act will amend existing legislation: Making it mandatory to report privacy breaches to the Information and Privacy Commissioner and, in certain circumstances, to relevant regulatory colleges.Strengthening the process to prosecute offences under the Personal Health Information Protection Act by removing the requirement that prosecutions must be commenced within six months of when the alleged offence occurred.Doubling the maximum fines for privacy offences from $50,000 to $100,000 for individuals and from $250,000 to $500,000 for organiza…

Operational Risk Management and Compliance Management in Emergency Department

Client Question Hi,
We recently underwent an Accreditation Canada visit and were cited for not using 2 patient identifiers. The nurse picked up the patient in the ED and she was familiar with the patient and neglected to check her name and DOB. Patient identifiers is something that we have been struggling with for the past two accreditations. We thought we had it all well in hand but it only takes one incident to get cited on failing the ROP. Does anyone have a process or audit tools that are used routinely to audit staff using 2 patient identifiers? Any help would be greatly appreciated. Thank you 
Response
In order to comply with the required organizational practices (ROPs), we first need to have a closer look at it. ROPs in this case are the standards that the organization is being held against and must meet. So lets understand what does the ROP actually require. Following is a statement from one of the ROPs that relate to the question at hand. On an average Accreditation Canada ha…

Five Step Plan for an Enterprise Risk Management (ERM) Program

Enterprise Risk Management (ERM): is a process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of a risk to an organization.  It expands beyond a daily run of the mill operational management! A true ERM program will have its scope expand to strategic, financial, reputational, human resource and business continuity as well as operational and legal risks. Most organizations, as they mature embark on a journey of establishing a robust Enterprise Risk Management (ERM) Program! The 5-step plan outlined here can be used for rolling out any organization-wide change. Step 1: Organize effort for a successful change Identify your team! Make this group a core part of the ERM workAssess current organizational change saturation and establish a process to address any road blocksEngage the Executive Leadership Team (ELT) for supportHave a clear plan of actionEnsure that ERM becomes a strategic priorityBe flexible when …

Holistic Risk Management: A Personal Insurance Case Study

Case: The Smith Family Insurance Portfolio
Introduction John is a thirty-five-year-old nuclear engineer who has been working for Virginia Power since 1999. His wife, Karen, is a thirty-year-old homemaker. They have been married for five years. John and Karen have a nine-month-old infant named Tristian. John and Karen are in good health. They are looking forward to having another child, but Karen has high pregnancy risk. This has to be taken into consideration when selecting health insurance coverage for the family. Their annual net income is $72,000 (John’s salary of $100,000, less taxes and other deductions). They own two cars. John drives a 1996 Toyota Corolla and Karen drives a 1997 Toyota Camry. They need good insurance coverage because John is the only one who is working. All the insurance providers examined have ratings of “A” or better in A.M. Best ratings. Insurance Coverage Homeowners Insurance John and Karen purchased a two-story single home for $150,000 in 1996. The house is…