,1. What is the primary objective of Enterprise Risk
Management (ERM) in a healthcare organization?
A) To maximize profit
B) To increase patient satisfaction
C) To ensure compliance with healthcare regulations
D) To identify, assess, and manage risks that could impact
the organization’s objectives
- Answer: D
- Rationale: The main goal of ERM is to strategically
manage risks to achieve the organization’s objectives,
ensuring a comprehensive approach unlike merely focusing
on profits or compliance.
2. Which framework is most commonly used for
implementing ERM in healthcare?
A) ISO 31000
B) COSO ERM Framework
C) Six Sigma
D) COBIT 5
- Answer: B
- Rationale: The COSO ERM Framework is widely adopted
for its overarching approach to enterprise risk management,
especially in complex industries like healthcare.
, D) ERM is typically reactive while traditional risk
management is proactive
- Answer: B
- Rationale: ERM differentiates itself by aligning risk
management with strategic goals and taking a holistic view of
risks impacting the entire organization.
4. What role does data analytics play in ERM for healthcare
organizations?
A) Merely collecting data for archival purposes
B) Generating reports for financial stakeholders
C) Predicting and mitigating potential risks early
D) Ensuring personal biases in decision-making
- Answer: C
- Rationale: Data analytics is crucial in ERM as it helps in
predicting potential risks, thereby allowing for early
interventions and mitigation strategies.
5. Which risk is unique to healthcare organizations that ERM
must address?
A) Currency exchange risk
B) Regulatory compliance risk
C) Political risk
D) Climate-related risk
- Answer: B
- Rationale: Healthcare organizations face strict regulatory
compliance challenges that are crucial to address within their
ERM strategies due to the nature of patient data and safety.
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