Risk Management

Risk management involves an assessment of the risks a pharmacy faces, followed by the development of ways to eliminate or control those risks to prevent setbacks from happening.

This could include:

• methodically identifying the risks surrounding the pharmacy activities
• assessing the likelihood of an event occurring
• understanding how to respond to these events
• putting systems in place to deal with the consequences
  

Managing pharmacy risks well not only makes it easier to obtain insurance, but it also makes good business sense and can reduce further costs that insurance does not cover, such as insurance excess, the cost of replacing staff, bad publicity, inconvenience or fines.

It could:

• improve decision-making, planning and prioritisation
• help allocate capital and resources more efficiently
• help anticipate what may go wrong
• prevent a disaster or serious financial loss
  

Pharmacy owners are legally required to carry out a fire risk assessment of their premises and the precautions they have in place (Regulatory Reform (Fire Safety) Order 2005).

Fire hazards need to be identified, such as sources of ignition, inflammable materials and hazardous processes, and an emergency plan should be prepared and tested by reviewing the means of escape.

It is advisable to draw up an action plan so that if problems do arise, the damage is minimised. This may include contingency plans to minimise injury and business disruption and a list of important contacts, such as emergency services.

Top Tips

1. Make sure doors are in a good condition, well fitted and well secured.
2. Windows should be in a good condition, sufficiently glazed and protected by shutters where possible.
3. Intruder alarms should preferably be connected to an alarm receiving sensor which can notify the key holders and police.
4. CCTV systems both internal and external also reduce the vulnerability of staff.