ITS835 UOTC Ch 5 ERM in Practice Health System Discussion

User Generated

ohaal123

Computer Science

ITS835

University of the Cumberlands

Description

Subject: Enterprise Risk Management

TOPIC - ERM AT MARS AND UC

Chapter 3 presented the approach Mars, Incorporated used to implement ERM, and chapter 5 presented the University of California Health System’s ERM development. In what ways are the two organization’s approaches to ERM similar? How do they differ? Choose one aspect of each ERM implementation from which the other organization would benefit and explain why.

To complete this assignment, you must do the following:

A) As indicated above, describe in what ways the two organization’s approaches to ERM are similar. Also, explain how they differ. Choose one aspect of each ERM implementation from which the other organization would benefit and explain why.
B) Select AT LEAST 3 other students' threads and post substantive comments on those threads, evaluating the pros and cons of that student’s recommendations. Your comments should extend the conversation started with the thread.

Discussion should be around 500-600 words

NOTE: These discussions should be informal discussions, NOT research papers. If you MUST directly quote a resource, then cite it properly. However, I would much rather simply read your words.

Attached chapter 3, 5 documents for reference

Unformatted Attachment Preview

ITS 835 Chapter 3 ERM at Mars, Incorporated: ERM for Strategy and Operations Enterprise Risk Management Professor Michael Solomon Introduction • • • • • Mars’ ERM history • • Phase 1 – Crash and Burn Phase 2 - Success Global rollout Reporting Operating workshops • • • Technology Aggregation Template evolution Conclusion Mars’ ERM History • • • • Mars, Incorporated • • • Privately held -> migration to non-family management • Decentralized management Leadership had legacy commitment to risk management ERM was viewed as an evolution COSO versus bespoke approach • • COSO – Committee of Sponsoring Organizations structure Bespoke approach won Phase 1 • Failed due to being impractical and overly complex Phase 2 • Simpler and targeted Planning Workshops • • Desire to align senior management goals with ERM Started with simple template • • Operating plan initiative sheet • • • • Objective Score Risk column Risk treatment column Management team met to define and rank • • Risks Risk treatments • Changed label from “mitigations” Global Rollout • Used lessons learned from pilot • Each unit has specific nuances • Interviewing GM and CFO together saved subsequent interview time • Workshops helped to identify • • • Gaps in risk management readiness High-risk initiatives Ongoing activities with unexpected high risk Reporting • Color-coding adds • • Urgency Clarity • Groups are defined • Clusters • Score represents • Confidence of meeting goals Reporting, cont’d. Reporting, cont’d. Reporting, cont’d. Operating Workshops • Several ongoing changes • Technology • • • Early-on, process was technology agnostic Word -> Excel Excel -> purpose-built software • ERM supports aggregation • More complete view of organizational impact of risk • Continual template evolution • Added risk treatment owners and due dates Summary • Mars received an award for their ERM • Corporate Executive Boards’ “Force of Ideas Award” for ERM • Key factors for ERM success • • Alignment with Mars’ principles Focus on meeting objectives • • • • Operational Strategic Flexible Realistic ITS 835 Chapter 5 ERM in Practice at the University of California Health System Enterprise Risk Management Professor Michael Solomon Introduction • University of California’s ERM • Technology • Premium rebate program • • Professional Liability Prescription Program (PLPP) ERM and the Center for Health Quality and Innovation • Protected health information value estimator • PHIve University of California’s ERM • • • • • University of California (UC) Health System • • Clinics, medical centers, schools Over 3 million patient visits annually UC Office of the President’s Office of Risk Services • Responsible for ERM UC formally adopted COSO Integrated Framework in 1995 • Committee of Sponsoring Organizations Internal Control Newly hired Chief Risk Officer (CRO) • Experienced in ERM from industry Key Performance Indicator (KPI) • Critical to ERM foundation Technology • UC’s approach incorporates technology • ERM information system (ERMIS) • Initial phases • • • Simple risk assessment tools Dashboards Control, mitigation, monitoring, survey • Dashboard system • • Based on KPIs Visual indicators ERM Process ERMIS Dashboards UC MMR (My Managed Risk) Portal UC’s Approach to Evaluating Incidents, Events, and Claims Premium Rebate Program • • • • Program to reduce frequency and severity of loss • Professional Liability Prescription Program (PLPP) Encourage risk reduction initiatives • Aimed at reducing cost of risk Rewards units for implementing effective initiatives • • Annual rebates for initiatives that work Driving concept - Everyone is a risk manager ERM and the Center for Health Quality and Innovation • • Joint venture to award up to $8 million Reduce risk of clinical harm to UC surgery patients PHIve • • • • Personal health information (PHI) UC asked Bickmore to develop a software tool • • Estimates the value of PHI PHI value estimator (PHIve) PHIve steps • Process determines the impact of PHI breach Repercussions • • • • • Reputational Financial Legal and regulatory Operational Clinical Summary • Risk is a part of all organizations • ERM assists organizations in managing all risk • UC deliberately advanced ERM to reduce overall risk • UC Office of Risk management updates risk plans in an ongoing effort • Technology is a cornerstone of UC’s ERM
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Explanation & Answer

Attached.

Enterprise Risk Management outline
Thesis Statement: In the University of California, dashboards, which show different colors
concerning the risk identified are used. The dashboards are based on Key Performance Indicators
(KPI) which show how the level of risks.

I.
II.
III.

Similarity
How they differ
One aspect of each ERM implementation from which the other organization would
benefit and why

ENTERPRISE RISK MANAGEMENT

2

References
Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case
studies and best practices. John Wiley & Sons.


Running head: ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management

Institution Affiliation

Date

1

ENTERPRISE RISK MANAGEMENT

2

There are several similarities which exist between the ERM model applicable in Mars
and the University of California. The first similarity is on t...


Anonymous
Really useful study material!

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