RISK MANGEMENT

Question 1

Risk management

Answer 1

is an activity designed to REDUCE the INCIDENCE OF ERRORS

In healthcare environment- it has the additional objective of PROTECTING PATIENT WELFARE

EFFECTIVE Risk management requires a CREATION OF SYSTEM to REDUCE ERRORS and COMMITMENT TO REMEDIATION.

Question 2

Risk Management is NOT about ELIMINATION

Answer 2

TRUE (none of us are 100% perfect all time)

Question 3

**GOAL of risk management is to

Answer 3

-reduce the risk of PREVENTABLE errors
-or LESSEN THE CONSEQUENCES of the error that CANNOT be prevented

Question 4

Responsibility

Answer 4

every pharmacists, every institution (hospital community industrial)

Question 5

risk management has 2 components

Answer 5

1. probability- how likely RISK/ FREQUENT
2. Severity (how bad it will be)
   increase the severity and frequency will change the risks

increase in severity or frequency will change the risks

Question 6

Risk measures the

Answer 6

probability and severity of ADVERSE EVENTS

composed of:

REAL ELEMENT - potential damage or adverse effects/consequences (SEVERITY)

intangible element- probability

Question 7

WHAT CONSIDERATIONS ARE EVALUATED FOR RISK?

Answer 7

-Institutional
-organizational
-MANGERIAL
-political
-cultural
-Scientific

-TECHnological
-ECOnomic
-FINancial

Question 8

3 questions risk assessment questions

Answer 8

1. what can go wrong?
2. what is the likelihood that it would GO WRONG?
3. what are the consequences that result?

Question 9

the risk assessment will have analysis (data) to

Answer 9

-identify
-measure
-quantify
-evaluate risks, consequences, and impacts

Question 10

Risk assessment process

Answer 10

1. risk identification
2. risk quantification/ measurement
3. risk evaluation
4. **risk ACCEPTANCE AND AVOIDANCE (4TH)- an example is when an ostrich feels threatened it buries its head in sand. it ignores the situation and still ACCEPTS IT. ex2) final exams we nee to plan which at most risk and balance grades
5. Risk management

Question 11

management of risk

Answer 11

ask questions-
-What can be done?
-what options are available?
what are the tradeoffs in the COST and or BENEFITS?

Question 12

Steps in risk management

Answer 12

formulate the problem to be considered in the BROADEST context
analyze the risk involved
define the possible options
make sound decisions
take action to implement decisions
evaluate the EFFECTIVENESS of actions taken (RESULTS)

Set boundaries for the problem, what can pose a negligible risk? what activity poses an unacceptable risk?
grey area- where MOST SERIOUS evaluations need to be done

Question 13

the principles of risk management can be applied to LIFE

Answer 13

YES

Question 14

Possible decisions of risks:

Answer 14

1. avoid it
2. reduce it
3. reduce consequences
4. ensure against its financial consequences

Question 15

strategies

Answer 15

problem/context
-what is it
-what is its context
-what is responsible for managing it
-who are the stakeholders/ businesses

Question 16

problem

Answer 16

identification- sometimes it’s OBVIOUS. frequently **you have to focus on symptoms BEFORE you get to the problem
once we identify the problem we can define goals and objectives
if the parameter of the problem is NOT CLEAR you may need a CONSENSUS on collective characterization (facts/sciences)

Question 17

risks

Answer 17

what risk does the problem pose?
what is the NATURE of each risk?
what is the LIKELIHOOD of occurance?
how severe will the adverse effect of each be risk?

Question 18

risks

Answer 18

tasks

look at the factual and scientific base of the problem

incorporate SUBJECTIVE PERCEPTIONS (our
perceptions are subjective)

look at risk both QUANTATIVELY AND QUALITATIVE

Identify CUMULATIVE risks associated with related problems and INDIRECT effects

Question 19

options

Answer 19

what can and should be done about the problem?
what are the potential consequences and expected benefits of intervention?
what are the costs of each option?
who are stakeholders, regulators, data gathered?

Question 20

decisions

Answer 20

what are the BEST SOLUTION TO PROBLEMS?

how can that decision or SET of decisions be REACHED?

who should make the decision?

Question 21

GOAL

Answer 21

FIND THE most FEASIBLE, EFFICIENT ACCEPTABLE, COST-EFFECTIVE APPROACH TO MITIGATE PROBLEM or use conflict resolution to STRIVE TO CLOSURE of consensus

A defer decisions is still a decision

Question 22

a decisions to do nothing is still a decisions

Answer 22

yes

Question 23

actions

Answer 23

how can a decision be implemented RAPIDLY and FLEXIBLY?

who should be responsible for implementation?

how do we know when the implementation has occurred?

the decisions may require a SERIES of actions

Question 24

EVAULATIONS

Answer 24

how effective were actions?
do we need additional follow-up?
was the cost too high?
did the findings match the estimate made in DECISION MAKING PROCESS?

evaluations:
-monitor
-surveillance
-discuss with stakeholder

Question 25

criteria for evaluations should be made before TO FOCUS on goals and objective originally set

Answer 25

true

Question 26

results

Answer 26

original problem REDEFINED
action may be RECONSIDERED
stages may be REPEATED when appropriate and needed
results can be difficult to MEASURE AND VALIDATE

Question 27

BENEFITS OF RISK MANAGEMENT

Answer 27

integrated
holistic
top-down approach to a problem(wholistic)
avoids case by case- bottom-up
emphasize: collaboration, community negotiation
an open and inclusive process
decisions- PRAGMATIC(EASY) IMPLEMENT

Question 28

LIMITATIONS

Answer 28

-the process is a formidable task
-requires LOTS OF DATA, TECHNICAL EXPERTISE
-carefully select the risk measure you use
-uncertainty and variability are part of assessing

-formal “quantitative approach” is complex and difficult to understand and not needed

Question 29

common risk errors

Answer 29

-overlooking or ignoring defect
-tardiness in correcting the defect
-breakdowns in communication
-missing signals or data due to inadequate inspection and maintenance
-lack of INCENTIVES TO FIND PROBLEM
-loss of institutional memory
-loss of flexibility and innovation
-ignoring LONG TERM EFFECTS

Question 30

benefits of the product need to be greater than the risk to get approval