Category Archives: Risk Management

Minimizing the Dangers for Hospital Nurses

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Nurses in Emergency Room

In “Bad Medicine,” from the December issue of Risk Management magazine, Alan H. Rosenstein wrote about managing the risk of disruptive behaviors in health care settings, which he defined as “any inappropriate behavior, confrontation or conflict, ranging from verbal abuse to physical or sexual harassment, that can negatively impact patient care.
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” More than half of respondents in one survey felt these events led to medical errors and compromises in patient safety and quality of care, Rosenstein reported.

But the risks nurses face do not just come from within the staff—simply doing their jobs presents a minefield of potential danger to physical and mental health. According to the Occupational Safety and Health Administration, those who work in nursing are the most likely to face violence on the job. Over 54% of emergency room nurses report experiencing physical violence or or verbal abuse on the job, of whom 41% report they have been punched or slapped at work and almost 28% report being pushed, shoved or thrown.

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Nearly 98% of physically violent incidents against nurses are perpetrated by patients, who are also responsible for 92.

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3% of verbal abuse in the health care setting.

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Check out the infographic below for more details on the risks nurses face, and some preventative best practices to minimize risk for hospital workers:
The Dark Side of Nursing
Source: TopRNtoBSN.com

Weather Risks Often Overlooked

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Unpredictable weather is a risk that can’t be put off or ignored. In fact, insurer payouts for weather-related catastrophes rose from $15 billion a year between 1980 and 1989 to a staggering $70 billion annually between 2010 and 2013, a study found.

While major weather events are a focus of businesses, small events can still have a big impact, according to The Weather Business: How Companies Can Protect Against Increasing Weather Volatility by Allianz Global Corporate & Specialty.

Even though weather volatility is shown to be rising globally, organizations are still failing to protect their revenue from the risks of changes in temperature, snowfall, wind levels, rainfall and too much sun, the report found. Changes in weather can also impact a number of industries including construction, energy, retail, tourism, food, distribution and transport.

Bad weather, however, is no longer an excuse for company stakeholders. Analysts, lending and rating agencies are increasingly looking at whether weather risks are included in a company’s risk management program, the study found.

Weather risk management can help companies hedge the risk posed by fluctuations in weather, similar to how companies already combat the threats of interest rate and foreign currency exchange movements, the report said.

Construction Fraud Costs An Estimated $860 Billion

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Infrastructure Construction

Fraud in the construction business is “commonplace and in some cases endemic across Australia, Canada, India, the UK and the US,” according to a new report from Grant Thornton, amassing a global price tag of up to $860 billion today—between 5% and 10% of total revenues. The accounting and advisory group projects that annual fraud cost in the sector could rise to .

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5 trillion by 2025.

“The greatest threat of fraud comes from within—from employees and senior management,” said David Malamed, fraud expert at Grant Thornton Canada.

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While the risk of insider fraud is highest, the odds of fraud in a construction project increase drastically with the number of stakeholders.

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The primary sources of major frauds in the sector include billing fraud, bid rigging, money laundering or tax avoidance, theft or substitution of materials, bribery or corruption, false representation (of documents, figures, certificates), change order manipulation and fictitious vendors, LiveMint reported.

“Individuals and organizations need to invest the time and money to put a fraud prevention and detection plan into action before they become a victim,” said Bo Mocherniak, Grant Thornton’s national leader for construction, real estate and hospitality. “The push for fraud prevention requires strong governance and leadership, and must start at the very top of the organization.”

But one of the primary nations at risk offered promising news for public risk managers this month on the efficacy of anti-corruption efforts in the sector. In Canada, the Quebec government announced a $240-million savings on road contracts alone for the first 10 months of the year. According to the Globe and Mail, Minister of Transportation Sylvain Gaudreault said the building and maintenance of roads and bridges in the province has dropped 16% below the estimated costs projected for 2013, crediting the battle against corruption and collusion for forcing builders and engineering firms to play by a tougher set of rules.

Gaudreault’s administration has focused on more rigorous oversight and enforcement to minimize graft losses over the past year. Moves are currently on hold in the formation of a formal transportation agency tasked with approving and monitoring road construction and maintenance contracts, but the minister has hired 321 employees – including 118 engineers – to “reinforce” the expertise in his department. The local government has also promised legislation in the coming weeks aimed at recovering at least part of the money obtained by construction and engineering firms through collusion and fraud, the Globe and Mail reported.

Midwest Tornado Insured Losses Could Top $1B

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A series of tornadoes in the Midwest on Sunday that killed six, levelled homes and businesses and left tens of thousands without power may top $1 billion in insured losses, according to risk modeller RMS.

The New York Times reported that on Nov. 18, Illinois Governor Pat Quinn declared seven counties disaster areas and said he would seek relief funding from state and federal agencies. He also said the series of tornadoes were the deadliest to occur in the state in November.

Matthew Nielsen, director of model product management at RMS said in an email that while damage estimates are far from final, “There is a good chance that Sunday’s outbreak will likely rank as one of the top five most significant November outbreaks since 1950.”

The magnitude and severity of the tornado outbreak was driven by two factors, he said, “Unseasonably strong thermodynamic instability and unusually strong wind shear throughout the depth of the atmosphere.”

Robert P. Hartwig, Ph.D., president of the Insurance Information Institute said from the Chicago airport, en route to assess the tornado damage first hand, that there is “No question that it will at least be the second costliest tornado event of the year.” The largest event this year was the Moore, Okla., tornadoes, which approached $1.6 billion in insured losses. By comparison, damage from the Midwest tornadoes is spread over a wider area, impacting Illinois, Michigan and Indiana.

“There are thousands of damaged structures throughout the states that were hit—residential and commercial,” he said. “What’s difficult to tell at this point is the extent of commercial damage and that can really drive up the losses. Not only are commercial structures more expensive, but there is often a business interruption component as well.”

He explained that insured losses for tornadoes are typically higher than those for floods. Because there was no flooding involved, more of the losses would be covered by insurance, meaning a faster recovery. “The vast majority of property owners here are going to have insurance coverage. Uninsured losses may include some business interruption loss, vehicles that didn’t carry comprehensive coverage and uninsured structures,” he said.

As is generally the case after tornadoes, “Most people will be getting checks [from their insurers] very quickly, which will help them with temporary living expenses. It will also help them make initial repairs more quickly and provide funds for debris removal so that rebuilding can start,” Hartwig said.