Final answer:
Using color wristbands to identify patient code status can improve the effectiveness of the risk management plan.
Step-by-step explanation:
The practice that can be implemented to improve the effectiveness of the risk management plan is to use color wristbands to identify patient code status. By using color wristbands, healthcare professionals can quickly and easily identify the code status of a patient. This will help ensure that the appropriate steps, such as calling the patient's next-of-kin or administering CPR, are taken based on the patient's code status.