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Introduction

 
This particular report has evaluated the risk management operations in the healthcare industry. Risk Management is determined as the process that allows in evaluating and managing the risks of businesses between the layers of security governance and enterprise risk. The implementation of risk management is vital for the organization ASC healthcare to improve its functions in the project of increasing the number of employees and physicians to reduce the effect of the pandemic. The risk management approaches and their importance in ASC healthcare in the UK have been presented here to manage the risk of the firm related to the availability of employees and physicians (Mason et al., 2022). ASC healthcare is able to improve and manage its risks related to the lack of adequate number of employees and physicians with the help of the MOR framework. The framework has an improved role in managing the risks of ASC healthcare regarding the project of increasing the employees and physicians.
 

Level Of Complexity In The Organisation


ASC Healthcare is an organisation that is functioning in the UK and providing improved services to customers in the country. In the sector of healthcare, the number of physicians is essential for the firm to manage its services and productivity. Most of the risks have increased for ASC healthcare after the outbreak of the pandemic, which are consistently affecting the growth of the firm. The outbreak of the pandemic has reduced the performance by increasing the unavailability of physicians (Dyrda, 2022). Moreover, after the pandemic, ASC healthcare was facing issues due to the lack of ownership by the physicians in clinics. It has affected the performance of ASC healthcare in the UK and increased issues for the firm. Another issue of the firm was determined as the increased expenditure during the pandemic. The cost of additional kits used during the pandemic has affected the performance of the firm and its profitability (Pidgeon, Steentjes & Demski, 2019). The increased unavailability of PPE kits during the pandemic has affected the performance due to the unavailablity. Moreover, the firm was unable to provide healthcare services to patients in different locations in the UK, as the individuals are unable to reach, which is also affecting the performance of the firm in recent times. These are increasing threats for the firm and increasing risks in the market. The challenges of the firm are affecting its growth by developing risks. Furthermore, the issues related to the lack of physicians, employees and increased cost are also affecting the performance of the employees in ASC Healthcare Pvt. Ltd in the UK (Hamblin, 2020). The high cost of protective equipment and lack of staff has evaluated challenges for the firm and affected its growth, which has increased threats. The risks of the firm relate to the number of employees and the quality of services have increased issues in the UK, which is increasing the requirement of management of risks in the firm to improve the performance and reduce threats.
 
 
The identification of different variants of COVID has increased the unavailability of employees in the firm and increased risks regarding its future growth. The firm is also facing challenges in the market, as these have increased during the pandemic and still affecting the productivity, along with operations of the firm (Cruz et al., 2020). The increased cost of equipment and the lack of availability of employees in the firm are drastically affecting the operations in the UK. The fulfillment of the number of employees is another challenge in the firm that is affecting the performance and growth, as the ASC Healthcare Pvt. Ltd is unable to compete with the other organisations in the market. Furthermore, it is also increasing challenges for the firm in the UK by affecting its performance and growth. It was essential for the firm to increase the expanses regarding the management of additional safety and infection control protocols in its clinics, which has increased risks by affecting profitability (Surminski et al., 2018). The unavailability of skilled staff was another challenge for the firm during the pandemic, as it was essential to provide leaves to them between their shifts. The risks have also increased in the firm as the demand of additional services was increasing and the employees were unable to operate consistently. It has reduced the number of employees in the firm, as they have left, which has reduced the number of care providers. Furthermore, the lack of appropriate and skilled employees in the firm is increasing risks due to inappropriate services and a lack of adequate individuals. The lack of employees and inappropriate services are affecting the patients and their perception of ASC healthcare in the UK. The productivity of the firm is getting affected due to the unavailability of employees, which was affecting the ability to satisfy the patients and their family members. In addition, the early retirements of physicians have also affected the firm and increased the lack of services in the firm, which has increased risks. It was essential for the firm to maintain the number of physicians, which has increased the issues for ASC Healthcare due to the unavailability.
 
 
The increased cost of surgery and care by the company has increased issues for the clinics of ASC Healthcare in the UK, as most of the owners of clinics were forced to sell the clinics. It has affected the firm in the UK by increasing risks towards maintaining its services. The risks have increased challenges for the firm by affecting its operations (Ramírez et al., 2020). The owners of the ASC clinics were unable to make appropriate decisions regarding the services due to the increased issues in managing the performance of the firm with reduced number of employees. It has affected the ability of the firm to provide increased services to the individuals in the UK, as the lack of productivity has allowed in selling the clinics. In addition, the lack of performance of the employees has increased challenges for the clinic owners and affected the quality of services, which is developing risks. Additionally, at the end of the year 2020, most of the doctors and physicians have been posted in hospitals in different locations, which has increased the unavailability of physicians in the firm and affected the profitability of ASC Healthcare. The issues in the firm were increasing, as the lack of performance was affecting the existing employees by increasing their work pressure (Mohiuddin et al., 2021). Additionally, the work pressure was another aspect that was affecting the performance of the existing employees in ASC Healthcare in the UK. It is increasing the requirement of risk management in the firm. Additionally, the issues were needed to be maintained and reduced to improve the overall performance of the firm, which requires increased risk management strategies to improve the overall productivity and profitability of ASC Healthcare Pvt. Ltd in the UK. In addition, the increased risks need to be maintained in the challenges in the firm that are affecting the overall growth and the ability of employees in the firm. It is also affecting ASC Healthcare and reducing the performance of the firm by increasing risks. The complexities are increasing issues regarding the project of the firm to increase the physicians and employees.


The Usefulness Of MOR Principles In The Firm

 
There are seven risk management principles that are influencing the performance of firms. These principles are essential to improve the productivity of firms operating in the healthcare industry, such as ASC Healthcare. The challenges related to the management of risk can be reduced with the principles of risk management. These principles are determined as
 

1. Ensure risks are identified early
 
 
2. Factor in organisational objectives and goals
 
 
3. Manage risk within the context
 
 
4. Involve stakeholders
 
 
5. Ensure responsibilities and roles are clear
 
 
6. Create a cycle of risk review
 
 
7. Strive for continuous improvement (Vanharen, 2013)
 

Ensure Risks Are Identified Early:


It is determined as the most important principle in managing the risks, which is able to allow in keeping a step ahead and compete with others by managing risks. This particular principle is essential for the identification of the risks in the early stage and reducing the challenges related to the management of risks. It is able to allow the ASC Healthcare Pvt. Ltd to improve its performance in the UK by reducing the risks (Aipm, 2022). It will allow the firm to identify the risks related to the availability of an appropriate number of employees and physicians in the firm. The implementation of the first principle of MOR is able to allow the organisation to reduce its challenges regarding the unavailability of employees, which has been increased by the pandemic. The firm is able to improve its risk management strategies by reducing the issues with the first principles that allow for managing the performance. ASC Healthcare is able to help the firm to reduce the challenges and risks of lack of employees and the increased price of equipment in the early stage, which is essential for the company to improve its performance and growth. The project of ASC healthcare of maintaining the employees, along with physicians could be maintained by the use of this principle.
 

Factor In Organisational Objectives And Goals


The second stage is to tie the risk management strategies with the organisational goals and objectives to improve operations and performance. The second principle is essential to manage the performance by reducing the issues and aligning the objectives with the strategies. The challenges faced by ASC healthcare are able to reduce the ability to manage risks due to the adoption of the second principle. It is able to help the firm to manage its performance and allows the strategies to maintain its goals. The implemented strategies to reduce the issues are able to allow the firm to focus on managing the ability to meet the goals and objectives. The alignment of the strategies with the second principle of risk management is able to help in improving the value of the organisation by reducing the risks in the early stage.
 

Manage Risk Within The Context


Context is one of the most essential aspects to improve the outcome of projects, which is determined as the third principle of MOR. It is able to help firms in considering the risks and evaluate the different tolerance levels. It is able to allow the ASC Healthcare Pvt. Ltd to identify the challenges related to the performance of the employees due to increased workforce. Moreover, it is also able to help the firm to identify the ability of the employees to handle their workforce. The third principle is able to help the employees of ASC Healthcare to improve its overall performance in the UK by reducing its risks.
 

Involve Stakeholders


The development of the plan for risk requires firms to involve the stakeholders and involve them in the process of implementing strategies. Moreover, the involvement of the stakeholders, such as employees is able to allow them in gaining knowledge about the implemented strategies to manage the risks. The importance of the strategies and the involvement of the stakeholders is able to allow ASC Healthcare to improve its performance and reduce the risks by maintaining the employees. It is also able to help the firm to manage its performance by increasing the knowledge of employees in the process is implementing risks in the firm. Moreover, the involvement of the stakeholders in the process of risk management is allowing the firm to manage its performance by increasing the ability of employees to handle an increased workforce.
 

Ensure Responsibilities And Roles Are Clear


The fifth principle of the MOR is determined as ensuring the responsibilities and roles of employees in the process of risk management. The fifth principle is able to help in managing the roles of individuals in the process and identify expertise. On the other hand, increasing the performance of employees in ASC Healthcare is possible through the implementation of this particular principle. It is essential for the firm to manage productivity and performance in all the markets by gaining competitive advantages with the management of risks. The adoption of the fifth principle is essential for the firm to manage its performance and risk management process by involving the employees in the process.
 

Create A Cycle Of Risk Review

 
Reviewing the identified risks in the early stage is essential; to managing the potential risks. The implementation of the risk management process is able to help firms to implement appropriate strategies by reviewing them. This principle is able to help ASC Healthcare to identify the challenges with the identified risks and the ability to handle them. It would help the firm to manage its performance in the UK by involving the employee in the process of risk management. It is also able to allow the firm to create a cycle of risks.
 

Strive For Continuous Improvement

 
The completion of a project after reviewing the risk management plan is essential to identify the areas for improvement. It is able to help ASC Healthcare to identify the risks and the process of improving the performance with the identification of potential risks and managing productivity. The ability of employees to manage their performance and reduce the risks is possible in the firm through the involvement of the employees in the process. It is also able to increase the performance of the firm by reducing the risks and issues.
 

The Usefulness Of The MOR Approach In The Firm

 
There are four different approaches to risk management, which are influencing the firms and their performance in different markets. The management of risk approaches is essential to improve the strategies in firms to maintain their risks. The strategy of risk management is determined as the primary part of the risk management lifecycle (Ideagen, 2021). The identification of the risks is able to allow firms and the management of firms to develop and implement strategies to reduce the issues and the sources of risk. The approaches of risk management are determined as the appropriate treatment of risks. The four different approaches to the management of risks are determined as 
 
 
1. Rick's acceptance
 

2. Risk transference
 
 
3. Risk avoidance
 
 
4. Risk reduction
 
 
Firms have to choose the right and appropriate risk approaches to manage the strategies and challenges. All the approaches of MOR are being implemented to reduce different kinds of risks. These are able to allow for reducing different kinds of risks in firms, which are able to improve the issues faced by firms in different ways.
 

Rick Acceptance

 
Risk accp4ertance is the strategy of firms that allows for managing the risks without taking any actions (Woolford et al., 2020). This approach is unable to reduce the risk and its impact on firms. The sources of risks are not being managed in this aspect. It has been identified that mitigating risks increases the time and cost that is required to accept them. It is also essential for firms to accept a few risks to improve their processes and performance (Disemadi, 2019). It is able to help ASC Healthcare to identify the risks that can be accepted to improve the overall performance of the organisation in the UK. It also needs another aspect for the firm that if the risk occurs in the future ASC Healthcare should be able to manage it. It is able to help the firm to identify and improve its performance in the future if the risk increases in the future.
 

Risk Transference


It is determined as the transformation of risk via a contract to an external party that will assume it on the behalf of the organisation. It is unable to allow firms to reduce the risks in a permanent manner. The transformation of risks is able to allow firms to reduce their risks for a limited time. It is unable to reduce a particular risk permanently (Chafjiri & Mahmoudabadi, 2018). It shifts the risks from one organisation to another. It is able to help ASC Healthcare Pvt. Ltd to minimise its risks by transferring to another firm. It is able to help the firm to reduce its financial consequences regarding a particular risk. The ability of the employees in the firm can be increased with the implementation of this particular risk.
 

Risk Avoidance

 
It evaluates the approach of not taking or implementing any strategy to reduce risk. It is able to increase or occur a risk in the future in a firm. Risk acceptance allows the firm to accept the risks and carry out operations with them. The increased possibility of occurring risk in the future limits the investment by firms to invest in the future (Choudhry, 2018). It is essential for the risks that are able to create a massive impact on a firm. Moreover, ASC Healthcare needs to identify the risks that can be increased in the future and could have a huge impact on the future. The firm should identify it and reduce its investments to reduce the financial loss. It is able to help the firm to manage its financial aspects regarding a risk, as it could not be mitigated. 
 

Risk Reduction

 
The approach of risk reduction evaluates the ability to minimise risks and their impact on performance and growth. It is determined as a common strategy that allows firms to reduce risks with appropriate strategies. It increases the requirement of firms to use a quality management system to manage the risks and reduce its effect (Clarke, 2019). Furthermore, it is able to reduce the possibility of s risk occurring again in the future due to the implementation of appropriate strategies. ASC healthcare in the UK is able to reduce the risks by implementing strategies and managing the effect. It is determined as the most essential strategy for the firm to reduce its risks and manage its performance in an appropriate manner by the implementation of adequate strategies (Gehandler & Millgård, 2020).
 

The Usefulness Of MOR Process In The Firm


The process of management of risk (MOR) is essential for firms to reduce the challenges that are occurring and affecting their growth. The processes of risk management include several steps, which are essential to manage the risks and reduce their occurrence in the future. The processes include five different steps, which are the identification of the risk, analysing of the risk, evaluating or ranking of the risk, treating the risk and monitoring the risk (360factors, 2022). These steps are able to allow firms in managing the risks and improve their processes. The ASC Healthcare Pvt. Ltd is able to improve its performance by implementing strategies to reduce the occurrence of risks. Moreover, these strategies are able to help the firm to manage its performance and productivity in the UK by reducing the risks. 
 

Step 1: Identify The Risk


The initial step of the process is to identify the risk that has been identified by businesses in the process of operations. It evaluates the types of risks, such as legal risks, environmental risks, market risks and regulatory risks (Lamine et al., 2020). It is essential to identify all the types of risks and manage the issues. Moreover, the identification of the risks is able to allow firms to manage their issues related to performance and the implementation of possible strategies. ASC Healthcare is able to adopt and implement adequate strategies by identifying all the types of risks that are affecting the firm. It is able to increase the advantages of the firm by identifying the risks in the firm and their effect with the help of the strategy. The first step is able to help ASC Healthcare to manage its performance by reducing the risks with the identification the risks (Qazi & Akhtar, 2020). Furthermore, the risk management system in the firm is able to improve with the identification of the possible risks.
 

Step 2: Analyse The Risk

 
The analysis of the risks is essential for firms to increase the scope of determining the risks. It is able to help firms to reduce and manage the risks by understanding the different factors that are increasing these challenges. Moreover, the seriousness of a particular risk is able to increase in the firm by idd4netification and the analysis of these issues. The risk management environment in firms is able to increase with the ability to analyse it. The analysis of the risks is able to allow firms in managing their performance by completing the risk analysis process in an improved and manual way (Samimi, 2020). It is essential to analyse and evaluate the policies, procedures, and business process to maintain its performance in an improved manner. Furthermore, it is essential for ASC Healthcare to identify the risk of a lack of employees and physicians and increase its performance. The analysis of the risks is able to help the organisation to understand the potential risks and strategies to analyse them. The documents and processes of the firm can be developed by the analysis of the risks. 
 

Step 3: Evaluate The Risk

 
The development of the rank of risks is essential for organisations to manage their performance and improve the ability to identify the risks and manage them. It is essential to rank the risks as per the outcome and adopt strategies to reduce the occurrence based on the developed priority. In addition, risks that can have a lower impact should be ranked low and the risks that can have a better effect need to be ranked high (Ozdemir, 2018). This step in the process of MOR is able to help firms in managing their performance and reduce the outcome of risks. This step is able to help ASC Healthcare to identify its risks and manage them as per the developed priority. The firm is able to reduce the effect of risks by evaluating them and developing its ranks. It is essential for the firm, as there are different risks affecting the performance of the company. The risks include, the lack of funding due to COVID, increased cost of kits and equipment after the outbreak of the pandemic, reduced employees and physicians and others. The firm needs to prioritise its risks and implement strategies based on the outcome. This step is able to help the firm to manage its risks based on the priority in the firm, which is able to reduce the challenges. Additionally, the development of qualitative and quantitative risks is possible for ASC Healthcare with the development of an analysis of the risks.
 

Step 4: Treat The Risk


This particular step evaluates the implementation of appropriate strategies to reduce the risks. It is able to help the firm to manage its risks. This step allows for treating the risks after identification with adequate strategies based on the priority. ASC Healthcare in the UK is able to reduce its challenges by implementing strategies based on the different kinds of strategies. It is able to help the firm to implement risks and manage its performance in the market with adequate treatment. 
 

Step 5: Monitor The Risk

 
After the implementation of appropriate strategies, it is essential for firms to monitor the risks by evaluating the effect. This step allows firms to monitor the implemented strategies and particular risks, which evaluates the chances of a risk that can occur again. The process of monitoring the risks is vital to managing them. ASC Healthcare is able to reduce its issues and risks by monitoring them (Anton & Nucu, 2020). The ability of the firm to monitor the strategies to reduce its risks can be reduced in the future. It is able to help the company to reduce the chances of reducing the risks in the future. The monitoring process is able to help the firm to reduce the challenges, such as lack of employees, unavailability of physicians, financial issues, increased expenditure and others.
 

Recommendations To Improve Risk Management Practices In The Firm


It has been identified that ASC Healthcare is facing issues in the UK due to the risks increased during the pandemic. The risks of lack of employees increased cost of kits, and lack of physicians are affecting the firm. Thus, it is recommended to the firm manage its risks based on its priorities and reduce the issues in the future. Moreover, the firm needs to develop and implement strategies based on the priority of the risks, which able to allows the firm to manage its productivity by reducing the risks. The strategy of reducing the risks with appropriate strategies is able to allow the firm to reduce its risks and their effects of them. In addition, it is also recommended to the firm that it should identify the risks and implement strategies to reduce the effect, along with the opportunity of these risks to increase again in the future. These could help in reducing the challenges for the firm in the future. 
 

Conclusion

 
It was concluded from the report that the risks of ASC Healthcare are increasing due to the pandemic. The increased risks are affecting the operations and the profitability of the firm in the future. The lack of performance of the firm is increasing due to the lack of employees and physicians. It was also concluded that the firm needs to implement strategies to reduce the effect of risks by identifying their outcome and analysing them.  
 

Reference


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