Environmental, Social and Governance and Sustainable Development in Healthcare by Tiffany Cheng Han Leung & Wang-Kin Chiu & Cindy Shi-Xiang You & Ben Yuk Fai Fong

Author:Tiffany Cheng Han Leung & Wang-Kin Chiu & Cindy Shi-Xiang You & Ben Yuk Fai Fong
Language: eng
Format: epub
ISBN: 9789819915644
Publisher: Springer Nature Singapore

4.4.5 Risk and Crisis Management

SDG 3 encourages all organisations to strengthen the capacity of risk and crisis management of health risks (United Nations 2015). In 2022, the COVID-19 pandemic is still ongoing, and its negative impacts on the economy have been significant. In this post-pandemic period, critical challenges are posed to society due to economic, geopolitical, and public health risks (World Economic Forum 2022). The healthcare industry is at the front line of combating these risks considering its close connection with human health.

The WHO (2019) provides some suggestions for enhancing risk management in the healthcare industry. First, the human resource department needs to recruit adequate risk management talent. Meanwhile, employees should be provided multisectoral training and capacity building to help them prepare for potential health emergencies. Second, organisations are expected to establish coordinated risk communication systems. A company’s risk communication content is restricted to its relations with the market and investors. Thus, timely internal coordination for information release is critical in risk communication (Edwards and Chakraborty 2012). Third, the WHO encourages mandatory annual reporting on risk management. Disclosures on risk management are process heavy, and issuers have opportunities to display how risk management promotes good decision-making and stakeholder engagement (PwC 2019).

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