A standard set of definitions is set out in Appendix 1. Providers share exposure to similar risk types and risk categories. More simply, a risk is something that could go wrong. In this chapter Rob Kurau provides some fresh insights into the essentials of risk management that even experienced risk practitioners are likely to find useful.Ī risk is defined as "an uncertain event or set of circumstances that, should it occur, would have an impact on an organisation's objectives". It will make it more difficult for boards to be sufficiently well sighted on all of the ventures in which they are involved to be confident that they have adequate assurances of the right quality. However, system working will also mean increased complexity. While it has always been the case that changes within a nearby provider presented both risk and opportunities, now the chance to plan together also presents the right set of circumstances to maximise opportunities collectively and to minimise the likelihood and impact of risks. Provider boards will need to be well sighted on system-wide risk, risks accruing from place-based and other collaborations and co-operative ventures in addition to managing risk within their own organisations. The effective management of risk is becoming both more complex and more important as we move into working as systems. The essentials of risk management Author: Rob Kurau
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