Power Point Slides Risk Management
Job Duties with Risk Management
Job Descriptions with Risk Management
Rasmussen College
Katie Block, Brittany Barrett, and Amanda McCauley
Author Note
This paper is being submitted on January 15, 2017 for William Tipton’s ACG3205 Risk Management for Accountants course. Amanda McCauley completed CEO, Katie Block completed CFO, and Brittany Barrett completed CRO.
Job Duties for the CEO
The CEO to the City Community Hospital is tasked with the responsibilities of serving the hospital in full-time basis, and also ensuring that he works in close collaboration with the related institutions (Heart of the Rockies Regional Medical Center. 2017). In faith, industriousness and to the best ability possible, the CEO should work with the aim of overseeing the duties entrusted to the CEO as outlined by the legislations to the Hospitals, its contractual obligations and regulations as outlined by the Board of Directors (Heart of the Rockies Regional Medical Center. 2017). As much as the CEO continues exhibiting his/her commitments to providing the best possible leadership of being the leading administrative officer, directing operations, and ensuring proper coordinate\on of the Hospital’s activities so as to help achieve the goals, missions, and strategies of the organizations, he/she should be wary of the possible risks and how they can be managed.
The CEO of the City Community Hospital has the following ten key duties and responsibilities in line with risk management. The first duty is administration of the board and provision of adequate support. He needs to have adequate maintenance of the members of the Board and the organizational Medical Staff (Heart of the Rockies Regional Medical Cent er. 2017). This will help with ensuring that the Board remains updated with the board’s operations. He/she will be tasked with ensuring that there is good relationship between the physicians by facilitating proper medical staff liaison. This will help mitigate the risk of employee wrangles and misunderstandings in the course of them exercising. Third, the CEO will be tasked with the duty of facilitating healthy relations with both the public and community (Heart of the Rockies Regional Medical Center. 2017). This should be exhibited through proper communication and social skills. With this, the Hospital will be able to build a strong relation with the members of the public hence a wide consumer bases. Other significant duties include cases like proper strategic planning and transparent financial management. Both of these are key in proper operations by the hospital and can leave the hospital wreathing if not handled well by the CEO.
In conclusion, the CEO should be aware of the following when it comes to risk management. The first is the necessity of realising whether risk management has become an integral part of the business planning tactic used by the hospital. Second, the CEO should ensure a continuous check of whether the organization as a whole is actually walking the talk (Things every CEO should know about risk management. 2017). Finally, the CEO should figure out if the organization is taking enough risks in the course of its operations.
Job Duties for the CFO
A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions. The CFO is similar to a treasurer or controller because he is responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner (Investopedia, 2017).
Duties and responsibilities of a chief financial officer are very important because they are the second in command when it comes to a business. One essential duty or responsibility is the financial accounting and reporting, procedures and internal controls of the department. These duties are important because they oversee all the financial records and reports. When it comes to risk management, as a CFO, you want to make sure the control of risk is being adapted into the job duties. In order to keep the risk control in place, there needs to be guide of operations and how things are going to be accounted for and reported. Therefore, organization is key to being a CFO.
Preparation of annual organization budget as well as individual grant budgets; coordinate all department budgets; work with all department heads throughout the year to ensure that expenditures adhere to legal and budgetary requirements are another job duty of an CFO. These duties are important from a few different aspects. One reason that it is important is because of the communication. Communication between departments and working well with others should come easy to the CFO.
There are also more risk management duties to cover as a chief financial officer and those are: Understand and mitigate key elements of the company's risk profile, monitor all open legal issues involving the company, and legal issues affecting the industry, construct and monitor reliable control systems, maintain appropriate insurance coverage, ensure that the company complies with all legal and regulatory requirements, ensure that record keeping meets the requirements of auditors and government agencies, report risk issues to the audit committee of the board of directors, and maintain relations with external auditors and investigate their findings and recommendations (Accounting Tools, 2016).
Job Duties for the CRO
The CRO of the City Community Hospital is tasked with modeling, promoting, and ensuring that the Hospital’s Mission, Vision, and Core Values are evident and present in the provision of health care at CCH. The CRO is tasked with the following responsibilities:
Create an integrated risk framework for entire organization
Assess risk throughout the organization
Quantify risk limits
Develop plans to mitigate risks
Advise on directing capital to projects based on risk
Assist functional managers in obtaining risk mitigation funding
Monitor the progress of risk mitigation activities
Create and disseminate risk measurements and reports
Communicate to key stakeholders regarding the risk profile of the business (AccountingTools, 2016)
The CRO also must oversee insurance and decide upon the types and specifics of the various insurance policies that the organization should buy. The CRO will be the contact person for the insurance providers. They will also recommend insurance alternatives and any alternative insurance features that are not currently in place or even suggest insurance products that would be entirely new to the company. The will manage the claims and supervise the filling of insurance claims, monitor their progress with insurers, and verify that payments have been received. CRO will need to investigate the risks inherent in a target company that may be acquired, as well as the state of its risk management practices.
Other responsibilities that the CRO is tasked with is the ability to work in a fast-paced environment, with high levels of activity and frequent interruptions. The CRO must be willing to work beyond normal hours. CRO will also be a representative of CCH and will travel and serve on state level boards. The most important duty of a CRO is confidentiality. They must maintain patient, employee, and hospital confidentiality at all times.
References
Accounting Tools. Chief Financial Officer (CFO) Job Description. (2016). Retrieved on January 15, 2017 from http://www.accountingtools.com/job-description-cfo
AccountingTools. (2016). Chief Risk Officer (CRO) Job Description. Retrieved from AccountingTools: http://www.accountingtools.com/cro-job-description
Investopedia. Chief Financial Officer – CFO. (2017). Retrieved on January 14, 2017 from http://www.investopedia.com/terms/c/cfo.asp
Heart of the Rockies Regional Medical Center. (2017). Webcache.googleusercontent.com. Retrieved 15 January 2017, from http://webcache.googleusercontent.com/search?q=cache:er7JQtwNvvMJ:salidacitizen.com/wp/media/CEO-Job-Description-1.13.doc+&cd=1&hl=en&ct=clnk
Things every CEO should know about risk management. (2017). Webcache.googleusercontent.com. Retrieved 15 January 2017, from http://webcache.googleusercontent.com/search?q=cache:CUKtYeKUlr4J:www.grantthornton.cn/upload/10%2520things%2520every%2520CEO%2520should%2520know%2520about%2520risk%2520management.pdf+&cd=1&hl=en&ct=clnk
