The study of nearly 100 healthcare professionals from across the world, including India, identified the integration of clinical, operational, and financial management as a critical step towards achieving enterprise risk management
The healthcare sector faces unprecedented risks, from skills shortages and cybersecurity threats to economic pressures and the unintended consequences of AI technologies. A new report by ACCA (the Association of Chartered Certified Accountants) underscores the growing recognition of the importance of a collaborative risk culture to navigate these complexities effectively.
The study of nearly 100 healthcare professionals from across the world, including India, identified the integration of clinical, operational, and financial management as a critical step towards achieving enterprise risk management. This alignment fosters better decision-making and enables healthcare organisations to deliver quality patient care – the common purpose shared across the sector.
Md. Sajid Khan, Director-India, ACCA said, “Healthcare in India and around the world is a resource-intensive and highly regulated sector where effective risk management depends on reliable data, ethical oversight, and sound financial stewardship – all areas where accountancy professionals can excel and play their part effectively.”
Rachael Johnson, Head of Risk Management And Corporate Governance, ACCA, said, “By collaborating and learning from each other, different departments in healthcare can meet shared objectives – of quality care, financial sustainability, and regulatory compliance – more effectively. They also crucially become better prepared for emerging threats and trends.”
The report outlines key enablers of a strong risk culture, including effective communication, cooperative education, and a transparent environment. It also emphasises cross-functional knowledge-sharing and ethical decision-making as essential practices for managing interconnected risks, from rising cybercrime and fraud to fast-changing workforce challenges.
Mark Millar, past ACCA President And Non-Executive Director at East Suffolk & North East Essex NHS Foundation Trust in the UK, warned against viewing risk management solely as a financial function.
“Understand that risk in healthcare is far more than a financial issue. It is about life and death. Old cultural attitudes viewed people who raised the profile of risk as admitting to failure and they were therefore subject to criticism or censure. A more helpful culture is one that encourages the sharing of information willingly to address challenges and make improvements,” he said.
The study also reveals regional nuances in risk priorities:
- Africa:Balancing the promise of telemedicine with infrastructure challenges and corruption risks.
- Canada:Addressing cybersecurity concerns while adapting to regulatory changes.
- UK:Striving for talent retention amidst rising living costs and advancing technology adoption.
- Caribbean:Managing climate-induced risks alongside workforce shortages.
- Ireland:Integrating clinical and enterprise risk management to overcome fragmented systems.
The report, Risk Cultures in Healthcare: The Role of Accountancy highlights that while the specifics of risk differ by region, the universal need for collaboration and a shared understanding of risk remains critical.
This report is a call to action for the sector to break down silos and embrace a cohesive approach to risk management, aligning financial, clinical, and operational goals for the betterment of healthcare systems globally.
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