Performing Cost-Benefit Analysis on Hospital Risk

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The Cost-Benefit Analysis

The cost-benefit analysis (CBA) is invaluable for making investment and budgeting decisions for many leaders. A well-developed CBA gives decision-makers a more objective and defensible way to assess the tangible and intangible costs and benefits of a project or solution. 

Risk managers and cyber security teams often struggle to develop meaningful CBAs because they rely on qualitative risk analysis methods that use colors (e.g., red/yellow/green) and risk scoring systems (e.g., 1 - 25) that are not up to the task. To perform a meaningful cost-benefit analysis, you need to measure and express risk quantitatively, in dollars and cents. Quantitative analysis should provide decision-makers with a simple yet effective way to compare each option side-by-side when evaluating risk treatment options.

Cost-Benefit Analysis with DecipherRisk™

DecipherRisk™️ is an Integrated Risk Management (IRM) platform that puts the power of quantitative cost-benefit analysis into the hands of hospital risk management and cybersecurity teams. Utilizing the industry-leading Open FAIR™️ standard gives analysts an effective way to quantify, compare and present risk in multiple formats (e.g., graphical and tabular).

Hospital leaders that are faced with many competing priorities should have an accurate and objective way to compare options when choosing where to invest their limited resources. A well-developed cost-benefit analysis is a valuable tool that saves time, avoids misunderstandings, and helps hospital leaders make better decisions - decisions that protect their patients and their bottom line.

Visit the DecipherRisk page to learn more.

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Apolonio Garcia

08/19/2022

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