Running head: SIGNIFICANCE OF ERM 1

Significance of ERM

Student's Name

Institutional Affiliation
SIGNIFICANCE OF ERM 2

Significance of ERM

Discuss the importance of ERM as one innovative strategy healthcare managers would

apply to broaden and institutionalize risk management in the health organization.

Enterprise Risk Management (ERM) is a coherent and comprehensive approach to

addressing organizational risks. In healthcare settings, ERM can help to ensure the following:

Improved Decision-Making

ERM gives healthcare managers a thorough understanding of risks to weigh the risks and

rewards when considering options (Home: The Institute of Internal Auditors: The IIA, n.d).

Enhanced Patient Safety

ERM aids healthcare establishments in identifying and reducing potential security

concerns, guaranteeing that patients receive top-notch care.

Compliance with Regulations

ERM ensures that healthcare businesses have the essential safeguards in place to secure

patient data and preserve financial stability, assisting them in complying with requirements like

the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

Share any personal experiences on with ERM.

I used to work as a system administrator in a local hospital. One day, I was notified that a

patient's sensitive information had been compromised. The episode soon attracted public

attention, risking the hospital's standing.

In this case, a robust ERM program may have assisted me in identifying and mitigating the

likelihood of a data breach. Furthermore, by conducting frequent risk evaluations, the hospital

may have recognized weaknesses in its systems and adopted safeguards to avoid a breach.
SIGNIFICANCE OF ERM 2

How are emerging technologies facilitating the reduction in patient data errors, medical

coding errors, and access to patient records in risk management in healthcare

organizations?

Emerging technologies are becoming increasingly important in healthcare settings. One

of these technologies is electronic health records (EHRs). EHRs are digitalized copies of patient's

medical records that give users immediate access to vital data (Stephens, n.d.). They can assist in

eliminating data input errors and increase patient safety. The other critical technology is

Telemedicine. Telemedicine technology, which enables real-time communication between

healthcare practitioners, can increase access to patient information and assist in eliminating

medical coding mistakes. By doing this, it may be possible to guarantee that the correct data is

being entered into patients' records.

SIGNIFICANCE OF ERM 2

References

Home: The Institute of Internal Auditors: The IIA. Home | The Institute of Internal Auditors | The

IIA. Retrieved February 1, 2023, from

https://na.theiia.org/standards-guidance/publications/Pages/Enterprise-Risk-

Management.aspx

Stephens, T. (n.d.). The importance of Electronic Health Records: Naveen Jindal School of

Management. Naveen Jindal School of Management Business School. Retrieved

February 1, 2023, from https://jindal.utdallas.edu/blog/importance-electronic-health-

records/