I. INTRODUCTION
The concept of risk management has been used in banking
and insurance services since the early 1970’s. Risk
management has been an accepted practice in industries in
the West since the 1900s and in hospitals in the U.S. since the
mid-1970s. However, the activities related to risk
management have been in place for decades without the
specific name of “Risk Management.” The term risk
management in the curriculum of postgraduate studies in
hospital administration in Asian countries is almost absent.
Yet, the graduates of these postgraduate programs will be at
the helm of the hospital industry. They will have little or no
appreciation of the critical importance of the continuing
process of risk management in the delivery of quality care
and sustainability of the hospital in the long run.