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What does the term 'hazard' signify in risk management?

A method of risk assessment

A condition increasing the likelihood of loss

In risk management, the term 'hazard' specifically signifies a condition or circumstance that increases the likelihood of loss or injury. Hazards can arise from various sources, such as physical, biological, or environmental factors and are essential to identify during the risk assessment process. By understanding hazards, organizations can implement effective risk mitigation strategies to minimize potential harm or loss.

This focus on hazards allows risk managers to proactively address conditions that could lead to negative outcomes, thereby enhancing the safety and effectiveness of healthcare operations. Recognizing and addressing hazards is a critical component of creating a safer environment for patients, staff, and visitors.

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A financial strategy for reducing costs

A regulatory compliance requirement

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