Global survey of healthcare risk and financial professionals highlights the need for integrated approaches to risk management to tackle emerging challenges.
TORONTO, Dec. 17, 2024 (GLOBE NEWSWIRE) — 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), Risk Cultures in Healthcare: The Role of Accountancy, 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 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 organizations to deliver quality patient care – the common purpose shared across the sector.
Rachael Johnson, head of risk management and corporate governance for 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.”
The report outlines key enablers of a strong risk culture, including effective communication, cooperative education, and a transparent environment. It also emphasizes 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, former ACCA president and non-executive director at East Suffolk & North East Essex NHS Foundation Trust, 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.
As healthcare becomes increasingly complex, the role of accountancy professionals is pivotal. From promoting cross-departmental communication to embedding risk cultures, they provide the financial insights and strategic frameworks necessary to achieve resilient and patient-centric systems.
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. Read it here.
About ACCA
We are ACCA (the Association of Chartered Certified Accountants), a globally recognized accountancy body providing qualifications and advancing standards in accountancy worldwide.
Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 252,500 members and 526,000 future members in 180 countries.
Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organisations and economies.
Guided by our purpose and values, our ambition is to lead the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.
Find out more at: www.accaglobal.com
ACCA is not affiliated with any Chartered Accountant (CA) organization or Chartered Professional Accountant (CPA) organization.
CONTACT:
Matt Sollars
Anat Gerstein, Inc.
(on behalf of ACCA North America)
347-925-0101
matt@anatgerstein.com
