Introduction
Risk management and planning is one of the most vital practices that businesses need to undertake to reduce losses. The risk management process can be defined as identifying, evaluating, and controlling threats through well-coordinated economic processes to minimize the impact of unprecedented events while maximizing available opportunities. The risks may arise from different sources as seen from the Health Network scenario with some including loss of important data, clients and operational ones. Risk management purpose and importance is thus to implement processes that reduce the impact of such uncertainties happening.
Outline for the completed risk management plan
The completed plan of Health Network involves different elements, which include:
- Developing a risk management plan that is not as outdated as the current one.
- Identifying threats associated with the current threats in the reassessment plan.
- Creating a budget for the risk management process to ensure it meets the expectations.
Scope and boundaries of the plan
The scope of the risk management plan involves defining basic assumptions that govern each risk. It also outlines the critical assumptions about both the external and internal surroundings of the organization. The scope ensures that control factors will be used to address changes that may arise in the project. The boundaries that need to set in the plan entail outlining different individuals’ responsibilities, hence providing accountability in the risk management plan. The limits established also presents elements outlined in the security plan, controls selected, and what to inherit in the program after monitoring and reviewing the risk management plan.
Summary of compliance laws and regulations about the organization
The organization has a vast database and operates in the health sector, governed by different regulations. Some of the necessary rules to follow include the Health Insurance Portability and Accountability Act (HIPAA), which protects the workers who have changed or lost jobs. The regulation establishes the boundaries that should be followed in the use and release of health records. The data need proper IT policies that protect it from loss and other threats the organization faces to prevent civil and criminal violations that are penalized. Other procedures that govern the organization refers to the health Information Technology for Economic and Clinical Health (HITECH). The policy mandates audit of health records to ensure that an organization acts as per privacy and security rules since they are more prone to hackers, (“5 Important Regulations In United States Healthcare | Maryville Online”, 2020).
Roles and responsibilities of individuals in different departments as per risk management
The organization’s senior management needs to become supportive of the plan and provide the necessary insight and financial guidance to the organization. The expenses to incur risk management need to become included in the organization’s budget plan. As an IT intern, one needs to provide insights into how to mitigate several organizational threats.
Proposed schedule for risk management planning process.
The completed risk management plan entails different vital steps. Health Network must follow these processes to ensure all functions of risk management become considered, (“What is Risk Reporting? How to Create an Effective Report”, 2020). The significant steps include:
- Identification of the risk to determine what the business is exposed.
- Analysis of the plan which determines the extent of the risk happening.
- Evaluating the risks and the process involves ranking the risks in order hence prioritizing the fatal risks.
- Treatment of the risks to reduce the effect of the uncertainty happening.
- Monitoring and reviewing the risks to determine if the implemented policies meet the set standards.
A professional report as the initial draft of the risk management plan
The report of risk mitigation needs to have different elements, including the financial aspects, as seen in the development of a budget. It also needs to have an operational feature that ensures that the organization does not lose clients due to production outrages. Strategic elements that govern how the organization’s threats are mitigated need to be developed in the organization and may include great company products. The report needs to consider the reputational aspect to prevent the loss of customers. Professional information will thus include financial, strategic, operational, and reputational elements.