Working with business units to assist the leaders in understanding risk in business transactions

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  1. Which of the following best define Risk analysis?

    A process used by the person or the person’s assigned risk management functions to determine the potential severity of the loss from an identified risk, the probability that the loss will happen, and alternatives for dealing with the risk.

    Working with business units to assist the leaders in understanding risk in business transactions

    Advising staff and leaders on the best approach to manage the new or emerging risk for the organization

    Providing leadership to maintain an understanding of the organization’s mission and goals, and defining who is able to provide direction

2 points

QUESTION 2

  1. The purpose of patient safety is to provide a safe environment, to explore the possibility of failure, and to create “defenses” that will change the current system of operation in order to reduce the potential for failure.

    True

    False

2 points

QUESTION 3

  1. Patient safety is about the organizational tactics to fix problems. Focus is on individual case, Post- event investigation, Implement tactics to address the event rather than the system failures, Relationship with legal standard of care, Unexpected outcomes drive the process.

    True

    False

2 points

QUESTION 4

  1. Which of the followings is not a characteristic of board engagement in quality improvement and patient safety identified by the Executive Quality Improvement Survey?

    The board receives a formal quality-performance- measurement report.

    There is a high level of interaction between the board and the medical staff on quality strategy.

    The senior executives’ compensation is based in part on quality performance.

    The board sets clear policies and procedures to guide the medical staff.

2 points

QUESTION 5

  1. Duty of care requires the board to make responsible and informed decisions on behalf of the organization

    True

    False

2 points

QUESTION 6

  1. Duty of obedience is the obligation to further the purposes of the organization as set forth in its articles of incorporation or bylaws.

    True

    False

2 points

QUESTION 7

  1. Medical malpractice, a professional-liability subset of negligence law, has never been criticized on the grounds of inefficiency and poor distribution

    True

    False

2 points

QUESTION 8

  1. Medical malpractice is the longest- standing social- incentive structure that attempts to promote safety in healthcare delivery and represents an ethos of individual responsibility

    True

    False

2 points

QUESTION 9

  1. Which of the following best describe Enterprise Risk Management?

    Enterprise risk management is a comprehensive process which evaluates all risk exposures confronting an organization from the top down.

    Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite

    Enterprise risk management process is a broad- based discipline requiring the active involvement of all in healthcare and has risk identification and analysis, risk prioritization, and the implementation and monitoring of risk mitigation initiatives at its core.

    Enterprise risk management is an enterprise- wide process designed to identify potential events that may affect the entity, determine the enterprise’s appetite for risk, and manage the event risk according to enterprise objectives.

    All of the above.

2 points

QUESTION 10

  1. Which of the following best define Financial Risk?

    The business of health care is the delivery of care that is safe, timely, effective, efficient, and patient-centered within diverse populations.

    These risks affect the profitability, cash position, access to capital or external financial ratings through business relationships, or the timing and recognition of revenue and expenses.

    Risks associated with brand and reputation, business strategy, and failure to adapt to a changing healthcare environment, changing customer priorities, and competition.

    Refer to the organization’s most valuable asset: its workforce. This is an explosive area of exposure in today’s tight labor and economic markets

2 points

QUESTION 11

  1. Which of the following best define Operational Risks?

    The business of health care is the delivery of care that is safe, timely, effective, efficient, and patient centered within diverse populations.

    These risks affect the profitability, cash position, access to capital or external financial ratings through business relationships, or the timing and recognition of revenue and expenses.

    Risks associated with brand and reputation, business strategy, and failure to adapt to a changing healthcare environment, changing customer priorities, and competition.

    Refer to the organization’s most valuable asset: its workforce. This is an explosive area of exposure in today’s tight labor and economic markets

2 points

QUESTION 12

  1. The Sarbanes– Oxley Act of 2002 (SOX) requires management of public companies, both large and small, to annually assess and report on the effectiveness of internal control over financial reporting.

    True

    False

2 points

QUESTION 13

  1. Which of the following best define Benchmarking?

    Allows risk managers or healthcare organizations to look outside their own setting to identify best performers in the industry. When processes are to be evaluated, healthcare organizations may wish to look outside the healthcare industry to identify other service providers who have excelled at the same or similar function.

    Collect only data elements from within their own organization. The data can be analyzed after the first data collection to identify best performers at the unit or department levels.

    Process of collecting and analyzing data to identify trends in performance and, when compared with other collectors of the same data, identifying best performers and determining if interventions that were introduced to address identified problems yielded the desired results.

    All of the above

2 points

QUESTION 14

  1. Which of the following best define Internal Benchmarking?

    Allows risk managers or healthcare organizations to look outside their own setting to identify best performers in the industry. When processes are to be evaluated, healthcare organizations may wish to look outside the healthcare industry to identify other service providers who have excelled at the same or similar function.

    Collect only data elements from within their own organization. The data can be analyzed after the first data collection to identify best performers at the unit or department levels.

    Process of collecting and analyzing data to identify trends in performance and, when compared with other collectors of the same data, identifying best performers and determining if interventions that were introduced to address identified problems yielded the desired results.

    All of the above

2 points

QUESTION 15

  1. Which of the following best define External or Competitive Benchmarking?

    Allows risk managers or healthcare organizations to look outside their own setting to identify best performers in the industry. When processes are to be evaluated, healthcare organizations may wish to look outside the healthcare industry to identify other service providers who have excelled at the same or similar function.

    Collect only data elements from within their own organization. The data can be analyzed after the first data collection to identify best performers at the unit or department levels.

    Process of collecting and analyzing data to identify trends in performance and, when compared with other collectors of the same data, identifying best performers and determining if interventions that were introduced to address identified problems yielded the desired results.

    All of the above.

2 points

QUESTION 16

  1. Which of the following are the claims data collected as part of the benchmarking process aggregated to establish rates?

    Number of incidents per year.

    Number of potentially compensable events.

    Number of claims per year.

    All of the above.

2 points

QUESTION 17

  1. Benchmarking is risk management can be both a challenging and exciting activity, yielding valuable information that can provide direction to the organization.

    True

    False

2 points

QUESTION 18

  1. Which areas could Risk Managers add value to the administration of Workers Compensation?

    Risk Financing

    Loss Prevention

    Loss Mitigation

    Claims Administration

    All of the above

2 points

QUESTION 19

  1. Claims Administration: handling workers’ compensation claims bears some resemblance to handling professional-liability or general- liability claims, except fewer issues are subject to dispute and the payments are controlled by statutory schedules. The extensive medical knowledge gained from professional liability claims becomes very beneficial in workers’ compensation because most issues are resolved by medical opinion.

    True

    False

2 points

QUESTION 20

  1. Loss Mitigation: Reducing the accidents giving rise to workers’ compensation claims can be incorporated easily into the risk manager’s role. Given the volume of workers’ compensation incidents, it is usually possible not only to analyze the loss history to pinpoint likely sources of problems but also to demonstrate improvements using the loss data.
 
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