Page 19 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

Y New treatments: New treatments, such as pros- risks and maintain the long-term sustainability of their
thetic limbs and other assistive equipment, have operations by learning from these lessons and taking
been developed to help manage the symptoms of a proactive approach to risk management.
thalidomide-related illnesses.
References:
Conclusion: X "Risk Management Failures: What Are They and
How Do They Impact the Business?" by Deloitte.
To summarise, the most serious risk management fail-
https://www2.deloitte.com/content/dam/Deloitte/
ures have had far-reaching effects for individuals,
in/Documents/risk/in-risk-risk-management-fail-
organisations, and society as a whole. These failures
ures-noexp.pdf
were caused by a variety of factors, including insuffi-
X "Lessons from the Financial Crisis for Risk Manage-
cient risk assessment, inadequate risk mitigation tech-
ment" by the International Monetary Fund. https:/
niques, and a lack of responsibility and oversight.
/www.imf.org/en/Publications/WP/Issues/2019/06/
24/Lessons-from-the-Financial-Crisis-for-Risk-Man-
To solve these difficulties, risk management must be agement-47092
proactive, which includes conducting extensive risk
X "The 9 biggest risk management failures of all
assessments, devising robust risk management strat- time" by Business Insider. https://
egies, and implementing effective risk monitoring and www.businessinsider.com/biggest-risk-manage-
reporting systems. To guarantee that their risk man- ment-failures-of-all-time-2015-3
agement practises are successful and sustainable, X "Risk Management Failures and Lessons Learned"
organisations must prioritise openness, accountability, by the National Aeronautics and Space Administra-
and continual improvement. tion (NASA). https://www.nasa.gov/pdf/
60711main_Risk_Mgmt_Lessons_Learned.pdf
Past risk management failures have taught us the sig- X "The Role of Risk Management in Healthcare Op-
nificance of effective regulation and monitoring, the erations: A Review of the Literature" by the Jour-
importance of openness and responsibility, and the nal of Healthcare Management. https://
benefit of proactive risk management techniques. journals.lww.com/jhmonline/Fulltext/2019/01000/
Organisations may limit the potential impact of future The_Role_of_Risk_Management_in_Healthcare.2.aspx T

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