Hopkin (2018) suggests a scoring grid to measure an organization’s risk exposure. Thistool helps firms to develop a consolidated representation of threats.
Table 1: Scoring Grid
Description
Score
Description
Average risk
3
No risk
High risk
4
Slight risk
Extreme risk
5
Some risk
Score
0
1
2
According to Hopkin (2018), a “riskiness index” presents all threats an organization faces
in a semi-quantitative approach. I will discuss the riskiness index of the Saudi Red
Crescent Authority. This organization undertakes operations in Saudi Arabia, and it
focuses on health, emergency medical services (EMS), as well as education and training.
This discussion will center on the risks encountered by EMS or disasters and crises
operations. The study by Mehmood et al. (2018) provides a detailed overview of EMS.
Mehmood et al. (2018), therefore, offer the basis of describing the risks posed to EMS.
Organizations offering EMS encounter numerous threats in their operations.
Table 2: Riskiness Index
Financial
Score
Description
4
Lack of adequate funds and capital to meet long-term and short-term objectives.
2
Lack of enough capital to invest in new emergence care initiatives.
2
Lack of insurance companies to cover EMS and emergence care.
2
The declining proportion of public funds covering EMS.
10
Total Score
Infrastructure
Score
4
3
2
2
11
Description
Insufficient healthcare personnel, governance, and resources to support EMS.
Lack of adequate information systems such as dispatch, location identifiers, and GPS
Breakdown of EMS delivery services such advanced and basic life support systems.
Reduced capacity to cover or reach a wider population to provide medical emergencie
Total Score
Reputational
Score
4
4
2
2
12
Description
Concerns over poor medical services and products.
Poor public perception and brand recognition.
Failure to adhere to cultural and ethical standards.
Poor governance and EMS standards.
Total Score
Marketplace
Score
5
3
3
2
13
Description
Failure to attract funding and medical investment due to declining reputation.
High competition with high expectations from clients.
Constant innovation in medical facilities and communication.
Potential disruption because of natural disasters, crime, and terrorism.
Total Score
Discussion
The marketplace component has the highest risk score of 13. It is vital to clarify that
taking these risks would result in losses. Therefore, opportunity assessment and cost
containment would help to minimize the marketplace risks (Hopkin, 2018). Entering
profitable partnerships is the most preferred strategy to solve marketplace threats. Saudi
Red Crescent, for instance, can collaborate with companies that manufacture medical
tools. Strategic partnerships would enable Saudi Red Crescent to enhance the reputation
and, thus, improve its position in the marketplace. It is, however, vital for an organization
to undertake opportunity assessment first. Evaluation helps a company to examine the
potential strengths and weaknesses of partnerships. Saudi Red Crescent should
incorporate opportunity management into its internal and external procedures as a way of
developing sustainable strategies (Hopkin, 2018). Secondly, contractual agreements with
insurance companies would reduce the identified threats. For instance, there is a risk of
disruption resulting from natural disasters, accidents, and terrorism. Thus, it is necessary
for Saudi Crescent to transfer such risks to insurance companies or third parties. The
transfer of risks is the best way to manage costs in case of disasters. Generally,
companies should embrace new opportunities and transfer risks when necessary.
References
Hopkin, P. (2018). Fundamentals of risk management: Understanding, evaluating, and
implementing effective risk management. Kogan Page Limited: London, England.
Mehmood, A., Rowther, A. A., Kobusingye, O., & Hyder, A. A. (2018). Assessment of
pre-hospital emergency medical services in low-income settings using a health systems
approach. International Journal of Emergency Medicine, 11(1), 53. doi: 10.1186/s12245018-0207-6
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