• Incremental cost of new hires
• Costs of recruiting and training new hires
• Costs associated with reorganization following a breach
• Fraudulent claims processed
• Delayed or inaccurate diagnoses
• Bad data in search results
Total the Impacts
Add up all adjusted costs to determine the total adjusted cost of a data breach to the organization.
The pilot PHIve tool was previewed by UC's medical risk managers for the first time at the University of California's 2013 Risk Summit. Bickmore is demonstrating the tool and seeking comments from the UC medical risk managers before the tool is released. The tool was demonstrated and comments were sought from the UC medical risk managers before the tool was released.
ERM and Strategy
Risk is an inherent and essential part of any organization. When properly managed, risk drives growth and opportunity. If enterprise risk management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital, earnings, and operations, then it only makes sense that ERM is seen as a strategic tool for management.
The past several years have been a financially challenging time for the university. Even in the face of those challenges, however, the university has made significant strides in reducing its risk exposure, thereby allowing the campuses to focus their limited dollars on the university's mission of teaching, research, and service. ERM is seen in the university as a continuous improvement process and has been integrated into its Working Smarter initiative.
The Office of Risk Services, as part of the CFO division, has integrated the Division Strategic Goals into our operations:
• Reexamine the day-to-day
• Showcase our value-add
• Engage with the customer
• Develop our staff
• Be action-oriented
The Office of Risk Services continues to reexamine the day-to-day operations, looking for innovative ways to reduce risk while improving operational efficiency. It continues to showcase the savings that are generated by implementing ERM, and continually engages its customers to learn how it can better meet their needs. It not only focuses on developing its staff, but encourages the professional development of those at the campuses and medical centers by providing the Risk Summit and monthly webinars. Finally, the tools and information provided by Risk Services allow campus and medical center leadership to be action-oriented and to be able to implement quickly programs that will result in immediate impacts. The guiding principle in all of the work that Risk Services does is to support the university mission of teaching, research, and public service, as well as patient care.