Identify significant risks that are not fully mitigated

Background:

The Board of Directors for a Regional Health Care Organization has several new business lines and affiliations and has ordered a Targeted Compliance Risk Assessment on the newly acquired activities.

Assignment #3: Create a focused summary document to support your Board Presentation by completing the Excel template workbook you started in assignment #2.

Your deliverable for this week is the full completion of the Excel template T-4 through T-6.

This week’s exercise will take you through

Weighting of the risks by determining which risks are likely and high impact,
Identify significant risks that are not fully mitigated,
Determine the root cause of those risks
Assign a business owner
and develop a risk monitoring plan.
A solidly developed workbook will support your credibility (should your targeted assessment be challenged) as well as drive your Board presentation, which will be Assignment #4.

Module 5: Learning Materials
Readings
Textbook:

Risk Management Handbook for Health Care Organizations – Student Edition: Chapter 14
Compliance Risk Assessments – An Introduction Chapters 6 & 7
Video
Please watch this IMPORTANT video introducing the COSO ERM (Enterprise Risk Management) Framework. This process is widely accepted and utilized in most large healthcare organizations.

Summary
This course mirrors a real-life situation where a compliance professional is asked to design a targeted compliance risk assessment for a fictional regional medical center’s new acquisitions, aligning risk coverage with the larger enterprise’s strategic objectives. You are also expected to manage the risks at or above the acquiring entity in line with the enterprise’s risk tolerance level. The goal is to help target and mitigate the new acquisition risk to comply with the enterprise’s expectations in compliance with the applicable healthcare industry regulations, standards, and best practices.

Objectives: Risk Weighting – Risk Mitigation – Risk Monitoring
Gain experience working the basic steps of a Targeted Regulatory Compliance Risk Assessment
Be introduced to some basic risk assessment tools
Collaborate with others to perform: Risk identification, Risk Assessment & Risk Mitigation
Drive a Presentation to the Board
Project Phase 2:
Finalize your prep and preliminary findings with supporting documentation
Incorporate provided Stakeholder input
Complete the final weighting risk mitigation for all high-likelihood and high-impact findings
Identify unmitigated risk and assign due dates and ownership for monitoring and mitigation
Produce a PowerPoint presentation with a support package for the Board
Collaboration
This week you will be asked to collaborate with a peer assessor to ensure all moderate and significant risks are included and weighted appropriately by likelihood and impact. You will also prioritize the risks that need mitigation, identify business owners, and develop monitoring plans.

Module 5: Learning Materials
Readings
Textbook:

Risk Management Handbook for Health Care Organizations – Student Edition: Chapter 14
Compliance Risk Assessments – An Introduction Chapters 6 & 7
Video
Please watch this IMPORTANT video introducing the COSO ERM (Enterprise Risk Management) Framework. This process is widely accepted and utilized in most large healthcare organizations.

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