Portfolio: Risk Management PlanThe concept of risk management is relatively new, as hospitals seek to prevent hospital-acquired infections (HAIs), falls, injuries and other forms of avoidable harm. , rather than reacting after the harm has already occurred. Before this concept became a best practice, most healthcare organizations relied on malpractice and liability insurance to protect against losses and mitigate the effects of accidents and poor patient outcomes (Colorado State University-Global Campus, 2014). Today, risk management is an integral part of a healthcare organization's business practices to prevent risks, ensure regulatory compliance, minimize financial damage, and preserve its reputation in the community. Although most important however, beyond these important elements, there are regulatory agencies that govern and grant a hospital the right to operate and require the hospital to remain in compliance with their rules. Some of these agencies and laws are the Centers for Medicare and Medicaid Services (CMS), the Joint Commission (TJC), the Health Insurance Portability and Accountability Act (HIPAA), the Emergency Medical Treatment and Active Labor Act (EMTALA), and individuals . state laws. According to Shannon (2010), each of these laws and regulatory agencies has unique and specific requirements that the hospital must meet to participate in the agency's benefits or, in some cases, to have the right to continue operating. . Many agencies use in-person on-site surveys and inspections to monitor compliance. Additionally, liability insurance companies, including those covering malpractice, generally require a formal risk management plan. Beyond these generalities, the objectives of a risk management plan are to improve patient safety, prevent errors, system failures and damages, minimize risks and liability losses. , support regulatory and accreditation compliance, and protect organizational resources (ECRI Institute, 2010). However, the FPM is concerned with specific objectives and follows the Life Safety Code. According to Campbell (2012), these include fire protection, egress, fire and smoke hazards, maintenance of fire alarms and suppression systems, and building services such as elevators and garbage chutes and laundry chutes. Evidence of objectives and their achievement is also required for regulatory compliance and accreditation certification.