16th April 2024

Dispelling Myths and Unveiling Benefits – Third-line Risk and Assurance Programs



Anchor Excellence

All Residential and Home Care services are required to ensure the safety, well-being, and dignity of the older people they support. To achieve this, robust risk and assurance programs are essential. However, misconceptions often shroud the effectiveness and necessity of third-line risk and assurance programs in aged care settings.

Lets debunk these myths and shed light on the advantages of partnering with independent risk specialists, such as Anchor Excellence

Myth 1: Third-line risk and assurance programs are unnecessary redundancies. 

Reality: While first-line (operational) and second-line (compliance and oversight) functions play critical roles, third-line programs offer independent validation and oversight, ensuring a comprehensive risk management framework.

Myth 2: Existing frameworks are sufficient without third-line oversight

Reality: Relying solely on first and second-line functions can lead to blind spots and potential gaps in risk management. Third-line programs provide an additional layer of scrutiny and expertise, enhancing overall risk management effectiveness.

Myth 3: Third-line programs are too costly and resource intensive

Reality: While establishing an effective third-line program requires investment, the costs are justified by the benefits. Independent risk partners like Anchor Excellence bring specialised skills and experience, optimising resource allocation and enhancing operational efficiency.

Myth 4: Third-line programs hinder operational agility

Reality: On the contrary, third-line programs can enhance agility by providing timely insights and recommendations. They identify emerging risks, enabling proactive mitigation strategies and fostering a culture of continuous improvement.

Myth 5: Third-line programs create conflicts of interest

Reality: Independent risk partners, such as Anchor Excellence, operate free from conflicts, ensuring impartial assessments and recommendations. Their sole focus is on enhancing risk management practices and safeguarding the interests of those the organisation seeks to serve, that is older people in residential or home care services

Partnering with an independent risk specialist offers numerous benefits for organisations of all sizes and mix:

  • Specialised Expertise: Anchor Excellence brings deep knowledge of aged care regulations, industry best practices, and emerging risks, ensuring comprehensive risk management.
  • Independent Validation: As an external partner, Anchor Excellence provides unbiased assessments, offering a fresh perspective on risk management practices and highlighting areas for improvement.
  • Enhanced Risk Mitigation: By identifying and prioritising risks, Anchor Excellence helps aged care services implement targeted mitigation strategies, reducing potential harm to older people and enhancing organisational resilience.
  • Improved Compliance: Anchor Excellence assists in aligning risk management practices with regulatory requirements, reducing compliance-related risks and potential penalties.
  • Stakeholder Confidence: Partnering with Anchor Excellence demonstrates a commitment to robust risk management, enhancing trust among older people, families, regulators, and other stakeholders.

In conclusion, third-line risk and assurance programs are indispensable components of effective risk management in aged care services. Dispelling myths surrounding these programs and embracing the benefits of independent risk partners can significantly enhance the safety, quality, and reputation of aged care facilities. Partnering with Anchor Excellence can provide the expertise and support needed to navigate the complex landscape of risk management in aged care, ensuring the well-being of your older people remains the top priority.

Contact us today to find out more, and let one of our team craft the right program for your organisation.

Cynthia Payne

Founder, Managing Director