Like other faculties, the nursing faculty is faced with various risks. The risks include being unable to meet the set objectives in the right manner or even not attaining them at all. Some of the risks in the nursing faculty may touch on the people or the equipment involved (McNeil et al, 2015). Therefore, there is a need to have in place the respective risk management strategies to reduce or do away with the possible loss.
This is a risk requiring the management to avoid the occurrence of a risk at all costs (Glendon et al, 2016). This is a strategy applied when the occurrence of a risk could lead to the paralyzing of the entire business of the faculty. As such, the risk causing aspect is eliminated from the plan and implementation of the faculty.
Mitigation of the risk
This is a strategy applied when it is literally impossible to eliminate the whole aspect of the risk. Therefore, the management device ways in which the possible loss would be minimized (Hinkel et al, 2015). It is a strategy that is suitable the risk bound to occur is not as huge, and thus would not affect the normal operations of the faculty.
Transfer of the risk
In this case, the risk is transferred to another party to relieve the faculty. In many cases, the transfer of risk is done by insuring the risk with the insurance companies (Christensen 2016). If the risk materializes, the faculty has the opportunity of claiming it from the insurance company, therefore reducing the ultimate loss.
Examples of strategies applied by the company
The faculty has applied the risk avoidance strategy by avoiding to computers that were said to be faulty. As such, the faculty avoided the entire risk of buying dysfunctional machines (Pressler & Kenner 2014). The faculty also mitigated risks maintaining the apparatus used for nursing from time to time, to avoid the ultimate loss in case they fail to function (Patton & Lewalle 2015). However, the nursing faculty has not applied the transfer of risk. This is because it has not contracted any insurance company to cater for the potential risks.
Christensen, L.S (2016). The academic performance of students: Legal and ethical issues. In D. Billings and J. Halstead (Eds.), Teaching in nursing. A guide for faculty. (5th ed). (Chapter 3, pages 35-54). St. Louis, MO: Elsevier
Patton, C.W. & Lewalle, L.P. (2015). Legal issues in clinical nursing education. Nurse Educator DOI: 10.1097/NNE.0000000000000122 (Publish ahead of print area)
Pressler, J.L. & Kenner, C.A. (2014) Navigating legal issues in academic nursing. Nurse Educator, 39(6), 261-262.
Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc Press.
Hinkel, J., Jaeger, C., Nicholls, R. J., Lowe, J., Renn, O., & Peijun, S. (2015). Sea-level rise scenarios and coastal risk management. Nature Climate Change, 5(3), 188.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.