Risk management is a process for identifying, assessing, and prioritizing risks of different kinds. All companies experience risk so it is important to have a dedicated team to managing these risks to help protect your company. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies are available, depending on the type of risk and the type of business. Through the risk management, an organization reviews its susceptibility to unexpected losses, and then develops strategies either to prevent losses from happening, or to reduce damage and expense when they do.
Understanding Emerging Risks
As technology advances, new risks are surfacing. It’s terrifying to think how easy it is for the wrong people to get your personal information, especially as a business owner. Hackers could ruin your business in minutes if they got their hands on valuable information. In healthcare, patients’ personal information is all in one area, making it a goldmine. Cyber attacks and drones are on the rise, finding personal information. More and more specialty drugs are being released leading to more risk of side effects in patients and 3D printed materials are being used and developed for the healthcare industry. Risks are always developing and it’s important to understand them fully in order to take proper precautions.
Growth and Innovation
In recent years, 3D printing has opened doors to many possibilities, primarily in healthcare. Within the last two years, patients have received 3D printed products, some resulting in lives being saved. “3D printing has advanced the production of personalized medical products, including implants, prostheses, devices, surgical guides and models. Those products are created using patient specific data to create truly personalized devices that are helping to advance medicine in a number of fields,” Dr. Alasdair Stewart stated. The 3D printing industry for healthcare is projected to reach $2.879 billion in 2019.