Risk management is a cycle. That means that it is not something that gets checked off a “to do” list but it is a continuous activity. Having a risk management process means that your practice knows and understands the risks.

It also means that your practice has deliberately evaluated the risks and has strategies in place to remove the risk altogether, reduce the likelihood of the risk happening or minimize harm in the event that something happens.

 

At a very basic level, risk management focuses on two fundamental questions:
  1. What can go wrong?
  2. What can we do to prevent the harm from occurring in the first place and in response to the harm or loss if it actually happens?

Identify the risks:

  • The very first step is to identify the risks. Ask yourself what can go wrong. Every activity of a practice poses a risk so brainstorm and document the risks.
  • Consider both the general risks (that could happen to any practice) and the risks specific to your practice.
  • Risks can be:
    • Personal injury
    • Medical
    • Environmental
    • Property
    • Financial
    • Reputation/goodwill
    • Other