Jones International University
Sustainability, Risks, and Mitigants
Assignment 7.1
Dr. Tilokie Depoo
Submitted for the Requirements of
BBA 305
Introductory Economic Theory

By
Tahnee Fisher
August 20, 2011

Sustainability, Risks, and Mitigants Organizational Risks and Mitigants | Changes in federal, state, local and third party payer regulations or policies or other future reforms in the health care system, new insurance or payment systems. | Adverse results from investigations or audits of clinical laboratories by the government | Loss or suspension of a license or imposition of a fine or penalties under, or future changes in, or interpretations of, the law or regulations of the Clinical Laboratory Improvement Act of 1967, and the Clinical Laboratory Improvement Amendments of 1988, or those of Medicare, Medicaid, the False Claims Act or other Federal, state or local agencies | Failure to comply with the Federal Occupational Safety and Health Administration requirements and the Needlestick Safety and Prevention Act, which may result in penalties and loss of licensure, or failure to comply with HIPAA | Failure to maintain the security of customer-related information or compliance with security requirements could damage the Company’s reputation with customers, cause it to incur substantial additional costs and become subject to litigation |

Labcorp faces many risks that can affect the company. Some things can be mitigated and others cannot. The first risk noted cannot actually be mitigated because those factors are not things the company can control. They can however stay on top of the changes and make internal ones as required or needed.
The second risk factor can be mitigated by the company staying on top of the rules and regulations set by the organizations that perform the investigations and audits. Taking actions to ensure such requirements are followed will lessen the possibility of adverse results.
The third, fourth and fifth risk factors can be mitigated by following the same advice for the second risk factor. All of these requirements and acts have specific training and internal departments to monitor the rules and regulations set forth. The internal departments have the obligation to stay on top of any changes made, training required or issues needing to be addressed. These departments also need to be knowledgeable of the acceptable training requirements, and expectations they should cover to ensure proper training and protocols are followed.
Many of these risk factors are things that the company already monitor rather closely, but can run the risk of failing in the expectations required by the company. A failure in accomplishing or following these rules and regulations could be very detrimental for the company, not only its reputation but its ability to stay in business as well.

References
SEC.gov (2011). 10-Q Labcorp. Retrieved August 20, 2011 from, http://www.sec.gov/Archives/edgar/data/