ABOUT PRisM

Evidence suggests the risk that is frequently overlooked in the acute health and aged care environment is Property Risk (defined as building, plant and equipment including all relevant statutory compliance requirements and documentation).This area is, in many cases, the organisation’s largest investment and often its biggest exposure. 

PRisM, our innovative property risk management package, addresses this forgotten area.  It has been designed exclusively for acute health and aged care properties to ensure that all risks associated with building, plant, equipment and services are identified and managed right through to remediation. 

The key objectives of PRisM are to:

• improve incident and near miss management in order to reduce revenue loss and decrease the costs of risks, including commercial insurance premiums
• improve shareholder, employee and customer confidence and trust
• provide an objectively based risk management scoring system to compliment current  decision making and planning processes
• deliver better identification of facility based weaknesses and threats
• provide an objectively based scoring system which will allow proactive rather than reactive management of properties
• enable more effective allocation and use of resources to minimise overall business risk
• enhance corporate governance and compliance 

PRisM is simple and transparent.  It conforms to the requirements of the major standards such as Australian Standard 4360:2004, Australian Council on Healthcare Standards (ACHS), Residential Aged Care Service and ISO 9001:2000.  It also aligns to the ASX Corporate Governance council’s set of guidelines titled ‘Principles of Good Corporate Governance’. 

The key strengths of PRisM include:

• Clearly defined rating system
• Ability to delineate impacts separately to people, buildings and plant
• Consistency of reporting
• Centralised record keeping
• Assists in determining the impact of risk
• Ability to automatically store photographs of risks
• Provides one central location for the management of property risks across single or multiple facilities 

 
Most importantly, PRisM allows senior executives to accurately report upon property risk management to their respective boards and stakeholders. All parties will appreciate knowing that the organisation’s business financial risk, business interruption and/or business reputation arising from property risk is being protected.