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Risk management issues in benchmarking: a practical perspective on avoiding liability exposure

F A Rozovsky1

  • 1AIG Consultants, Inc., Healthcare Services Division, Wynnewood, PA 19096-3332, USA.

Best Practices and Benchmarking in Healthcare : a Practical Journal for Clinical and Management Application
|July 1, 1996
PubMed
Summary
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Mitigating liability risks associated with benchmark development, implementation, and misuse is crucial. Addressing problematic practices effectively reduces potential legal exposures and enhances benchmark integrity.

Area of Science:

  • Financial Risk Management
  • Regulatory Compliance

Background:

  • Benchmarks are integral to financial markets, yet their creation and use present significant liability exposures.
  • Mismanagement and flawed development processes can lead to substantial legal and financial repercussions.

Purpose of the Study:

  • To identify potential liability exposures stemming from benchmark development, implementation, and misuse.
  • To propose strategies for mitigating these risks through the identification and correction of problematic practices.

Main Methods:

  • Review of legal precedents and industry best practices related to financial benchmarks.
  • Analysis of common failure points in benchmark governance and operational frameworks.

Main Results:

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  • Development and implementation phases are key areas for potential liability.
  • Misuse of benchmarks by market participants introduces further significant risks.
  • Proactive identification and remediation of risk-prone practices are essential.

    • Conclusions:

    • Establishing robust governance and operational controls can minimize benchmark-related liability.
    • Continuous monitoring and adaptation of practices are necessary to manage evolving risks.
    • Rectifying risk-prone practices offers a direct pathway to limiting liability exposures.