Identification and Assessment of Risks of United healthcare Group is huge organization and is a Fortune 500 corporation

        The identification and assessment of risks is the very first step of the enterprise risk management process in which the management team of the company tries to identify the risks that can be dangerous or effective for the company's strategic management or the business. The risk management team should never compromise on the risks whether they have minor or major effects on the strategic structure of the enterprise or company. The risk managers try to identify the risks as well as assess those risks. It is very interesting step is the assessment, but it is very difficult because sometimes risks and issues are not identifiable. They are in front of the risk managers, but the managers cannot find those risks. So the company’s risk managers brainstorm on the risks and note it down in the log files to keep remember that kind of issues as well as they have to see and remember that what kind of actions or conditions formed that are responsible for generation of those risks.

         After the identification of the risks, managers start the assessment on the risks as well as they also analyze whether the risks are internal or external because both kinds of risks can be effective for the company. Furthermore on the assessment, the resource-centric, individual business induced as well the operational ones are included by the internal risks to revisit. On the other side, the external risks might be anything from the loss of the identity of any brand, the transformation, or any other kind of changes in the environment as well as a slowdown in the market. In very simple words, the identification of risks is made just because to make the business structure of the company better as well as for the assessment of how effective the identified risk can be.  Some risks are not so effective, and management teams do not feel bother about those because they might have assessed already that the particular risk will be resolved automatically without taking any kind of action because some risks do not create any other risks as well as not dangerous for the business of the company.

Respond to Risks of United healthcare Group is huge organization and is a Fortune 500 corporation

The risk response is the step of the enterprise risk management that provides the information about the identified and assessed risk that what kind of action should the team member has to perform according to the situation such as the reduction, acceptance, avoidance, or transfer this risk. The team manager firstly assesses the risks of how effective it is then a decision will be made against that risk or issue. Sometimes the effects of the issues can be more than normal and just need to be reduced their effects. One more thing on this kind of risks, these risks are not resolvable sometimes, but the risk handler team manage its effects by reducing the effects of the specific risk. Some risks are acceptable sometimes because their effects are not bearable.

The responses depend on the regulations nature of how the company subscribes to and the involved projects. The plan for the response must not only account for the involvement of financial liability. We can understand this plan or technique with the help of an example. Suppose, the safety and health become the main concern, and the risk handler teams do it with exposure to the chemicals which are harmful, as low as it puts reasonably practicable for use. In short the leader of risk handler team should empower the risk handler team with the flexibility to implement the risk responses as well as to monitor.

Monitor and Reporting on Risks of United healthcare Group is huge organization and is a Fortune 500 corporation

                The basic outcome of the enterprise risk management process is the ordering of the most significant risks of an entity as well as how the particular entity is managing that kind of risks, a process of enterprise management does also put emphasis on the significance of keeping an eye closely on the risks by using the indicators of key risks. The management dashboard systems are being increasingly enhanced through the key risk indicators inclusion associated with each of the identified top risks by using the process of enterprise risk management. So, the metrics for the key risk indicators (KRI) provide the management, as well as the board of the risk handler team, should keep an eye on the trends of risks according to the time (Taylor, 2017).

Establishment of ERM Governance

                The responsibility which needs the active and effective commitment as well as involvement from the leaders in every program area and each business area for the development as well as for the maintenance of the risk-aware culture. It is the shared responsibility for risk management. The culture where the leaders of the risk management teams of the company to encourage the flow of the communication as well as the information for the importance of the risk management, monitoring, identification as well as reporting. The chartered executive risk committees and the chief of risk officers have been hired by some agencies for overseeing the effectiveness as well as the integration risk concepts of the enterprise risk management process within the strategic performance as well as strategic planning activities for measurements across the enterprise.

Objectives and Goals of United healthcare Group is huge organization and is a Fortune 500 corporation

Every federal agency is required by the performance of the government as well as the outcomes of the modernization Act of 2010 for the production of new strategic plan at the launch of every new term of administration. The long term objectives of the agency are presented by each strategic plan as well as the objectives through the review of the results of the management activities for the risks, performance reports as well as the operating plans.

Further on ERM

The risk officers have analyzed the guidelines of ERM and the related data, which were incurred 15 interviews along with the chief risk officers to generate the risk inventory. The risks identified as well as also confirmed from results of the survey of the risk managers through the healthcare organization’s range during the conference known as ASHRM in 2017. The cluster-based analysis has performed the results of the survey, as well as descriptive statistics, were also developed.

As risk professionals, we often focused on enterprise risk management as of end itself rather than a means to do support the objectives of the particular organization. There are no specific methods to implement such a program that could target. Leaders of the organization do not feel to understand only the importance of risk management, processes, and involvement.

They have to ensure their continuity by winning. ERM is a more effective tool for decision making whenever it was implemented to minimize risks. There are some guidelines to implement enterprise risk management given below.

Defining what kind of your organization’s value will attain from ERM

Research and understanding several frameworks and it is standards

Inventory: Organizations is doing already

Make it simple

Taking a small start

Quick wins and Representative to risk owners (fixes)

Make a report on progress

Develop soft skills

References of Assessment of Risks of United healthcare Group is huge organization and is a Fortune 500 corporation

Banks, E., & Dunn, R. (2004). Practical Risk Management: An Executive Guide to Avoiding Surprises and Losses. John Wiley & Sons.

Brigham, E. F., & Houston, J. F. (2012). Fundamentals of Financial Management. Cengage Learning, 8 серп.

Measham, T., & Lockie, S. (2012). Risk and Social Theory in Environmental Management. Csiro Publishing.

Morning Star. (2019). UnitedHealth Group Inc. Retrieved from http://financials.morningstar.com/ratios/r.html?t=UNH&region=usa&culture=en-US

Niu.edu. (2019). Risk Review Process. Retrieved from www.niu.edu: https://www.niu.edu/risk-management/enterprise/review-process.shtml

SAUNDERS. (2011). Financial Institutions management. Tata McGraw-Hill Education.

Simona-Iulia, C. (2014). COMPARATIVE STUDY BETWEEN TRADITIONAL AND ENTERPRISE RISK management–a theoretical approach. THE ANNALS OF THE UNIVERSITY OF ORADEA, 1-7.

Taylor, B. J. (2017). Decision Making, Assessment and Risk in Social Work. Learning Matters.