Academic Master

Human Resource And Management

Faculty Risk Management Strategies

Introduction

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 the respective risk management strategies in place to reduce or do away with the possible loss.

Strategies

Risk avoidance

This is a risk that requires 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 faculty business. As such, the risk-causing aspect is eliminated from the faculty’s plan and implementation.

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 because 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 to claim 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 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 by 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 to the potential risks.

References

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 Change5(3), 188.

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton University Press.

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