Risk Management and Good Governance Support Organizational Value

SUMMARY As healthcare faces mounting financial challenges and an uncertain flow of resources, proactive risk officers are working to implement effective operating policies to handle those challenges and uncertainties. Clear governance structures that are fully integrated into the organization’s strategic planning process can provide the framework for effective risk management. At Providence, a large not-for-profit health system, enterprise risk management practices serve to identify, assess, and manage the risks that can affect the entire organization. Armed with a complete view of risks (both taken and those avoided), system executives, core leaders, and board members work together to protect value and advance the corporate mission.