Essay About Chief Risk Officer And Risk Register

Jansen Stem Cell Business Case Study
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Question 4: How is Jansen handling these risks? For Sydney IVF:Jansen has hired Cynthia Roberts, who is the chief risk officer and oversees safeguards throughout the company. Cynthia is also the chief scientific officer of the company. But resumed the role of chief risk officer in 2007 February.Cynthia has made a risk register that identifies the risk inherent within each line of business.The risk register is developed by the managers of each department and they have to consider the following questions for each department:What can happen?How can it happen?How likely is it to happen?What is the impact if it does happen?They also manage risk in concentric circles.The outside circle comprises of the day to day rules: never be rude to a patient and never cover up a mistake.At the center they have the board level concerns, enterprise risks and signoffs by the audit committee.The larger and final ring comprises the more formal definition of operational risk within each of the four areas that is Science, Business, Ethics and community interest. These are codified to give maximum flexibility by defining broad but definite boundaries while insisting on strict adherence to precise protocols that are technically or administratively critical.One more way of handling risk was to codify what was not permissible at Sydney IVF.Example of what Sydney IVF will not allow:Anonymous egg or sperm donations-due to every child’s right to know their genetic heritage.Embryo donations to other couples-due to further genetic risks and potential for psychological trauma when people learn later in life that they have siblings in other families.Sex selection- due to recent legal restrictions in Australia.Cloning- in addition to posing risk of producing genetically unhealthy individuals, this practice is illegal all around the world.The other important way is that the internal control is supplemented with a ‘Whistle Blower’ system that allows employees to contact board members directly in the event that they feel it necessary to report an event or transgression that could put the enterprise at risk.Stem Cell Risk: Stem Cell Business was more like a biotech start-up. Its still evolving and they are in the process of developing a sustainable business model. They were learning as they go. Therefore the risk management principals were the same.