THE CHALLENGE
Healthcare organisations face an increasingly complex and challenging business environment. Healthcare organisations are grappling with numerous compliance requirements and industry standards and other national healthcare regulations. Patient safety and quality are also under constant scrutiny. Typical business challenges facing healthcare organisations include:
- Compliance with a myriad regulations across multiple geographies
- Fraud, malpractice and false claims
- Multiple and complex supply chain partners and vendors (outsourced risk)
- Patient safety and quality of service
- Hospital and general medication safety issues
- Higher degree of privacy standards and requirements (cyber risk)
- Environmental pollutants, health & safety (EH&S) risks
- Technology disrupters such as telemedicine and associated risks
- Increased shortage in skilled professionals such as doctors and nurses
- Operational inefficiencies
- Infrastructure quality
- Reputational risk
THE SOLUTION
A flexible risk management framework is critical for meeting the needs of a complex and dynamic industry such as the healthcare industry. Healthcare organisations need an effective way of prioritising and managing risk across the organisation as well as complying with local and cross-border legislation, standards and mandates. Proactive risk management also involves the documenting and managing of incidents / near misses. In addition, the identification and ongoing monitoring of risk mitigation plans is critical to effective risk management.
An organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)
HOW BARNOWL FACILITATES THE SOLUTION
BarnOwl GRC software streamlines your GRC processes, integrates risk, compliance and assurance information on a centralised platform, standardises risk and control taxonomies and offers the flexibility and scalability required for your changing business environment. BarnOwl:
- provides a flexible risk management framework for the Healthcare industry (in line with the COSO and ISO31000 standards) for you to manage your risk and compliance process as well as facilitate inspections / audits, findings and detailed analysis.
- enables you to identify and document risks, causes, consequences and related controls.
- automates risk and control self-assessments.
- enables you to record, monitor and report on issues / incidents.
- provides a centralised repository for all your regulatory compliance requirements (fully integrated 3rd party compliance library) and track how you are meeting each compliance requirement.
- streamlines internal audits, forensic audits as well as third-party audits and enables you to gain real-time visibility into risk-based auditing, audit findings, root cause analysis and the ongoing monitoring of mitigation actions.
- brings together risk management, compliance, assurance, as well as all related communication, analysis and reporting under a common platform.
- provides continuous monitoring of your risk universe with early-warning notifications.
- drives proactive risk mitigation strategies.
- generates risk intelligence and trend reporting at all levels of the organisation.
THE BENEFITS OF USING BARNOWL
The benefits of using BarnOwl include:
- Improved GRC maturity through an integrated and flexible GRC solution.
- Optimise and monitor risk-reward outcomes by gaining a comprehensive, real time view of your organisation’s risk profile.
- Simplify regulatory compliance, using a single system to manage your compliance requirements and activities.
- Enhance GRC productivity and efficiency as well as embed standards across the value chain.
- Facilitate greater communication and collaboration on GRC tasks across all business units and locations.
- Drive ownership and accountability for risk management across the organisation.
- Facilitate the principle that an organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)
