?Definition Risk managements definition is focused on identifying, assessing, and taking corrective action against probable risks that could lead to injuries of patients, staff or visitors. It is a strategic program of loss prevention and liability control, and its main purpose is to recognize, analyze, and evaluate risks (Lowey,1996). Risk management is a continuous notion of detection, education, and intervention and development a plan for reducing the frequency and severity of accidents and injuries (Lowey, 1996). Categories of Risks In the article “Refocusing the Compliance Paradigm,” (2008) it conducts a list of various risk management and assessment categories associated in a healthcare facility. These categories have been tested and proven to emulate a more productive atmosphere of risk management (Moran & Shajahan, 2008, p.45). It allows the healthcare facilities to regulate, keep an accurate record, and report any and all risks. Just to name a few, these categories are as stated: Quality of Care Quality of Care is the top element that enables evaluation, investigation, and enforcement. Its objective is to monitor and improve quality of care provided by physicians and other providers because increasing number of claims are holding hospitals liable for everything that occurs within a hospital premise. (Moran & Shajahan, 2008, p.44). Emergency Medical Treatment and Active Labor Act (EMTALA) EMTALA assesses fines against hospitals for failure to document, report, and violate its code of ethics. Its objective is to require staff to file incident reports immediately after incidents have taken place. (Moran & Shajahan, 2008, p.44). Costs Reports Cost reports are reviewed daily to determine the adequacy and accuracy of data recorded. Its objective is to provide statistical cost related data from both internal and external entities (Moran & Shajahan, 2008, p.45). HIPAA Privacy and Security HIPAA was developed to administer pat