Understanding the risks and managing them appropriately will enhance your organisation’s ability to make better decisions, safeguard assets, and enhance your ability to provide products and services and to achieve your mission and goals. By considering risk throughout your organisation the likelihood of achieving stated objectives is improved, output is more consistent and customers can be confident that they will receive the expected product and/or service. Risk-based thinking therefore helps to:
I suggest that you use the familiar Plan-Do-Check-Act (PDCA) methodology to manage your organisation’s transition to risk-based thinking, also using an approach that ring-fences processes into ‘risk themes’ or groups such as:
Risk and opportunity assessment Assessment of the severity of a risk drives management attention and supports planning for risk mitigation. A qualitative risk assessment scheme consisting of qualitative probability and impact scales is undertaken to ensure consistency. Ensure that all accountable managers should engage with risk owners to:
Forecasting probability, cost and time data is about assessing each risk based on the causes and effects described, taking into account the existing controls and active responses. Probability or likelihood estimations should be established giving due consideration to the effectiveness of existing control measures. The consequence evaluation criteria is about assessing against potential financial loss, reputation impact, health and safety, legal and regulatory compliance and management time and effort. Risk assessments should be undertaken to provide an improved understanding of the risk profile and derive a more detailed understanding of certain cost and time risks. Forecast probability, cost and time data can be assessed for each risk based on the causes and effects described, considering the existing controls and active responses. Probability or likelihood estimations should be established giving due consideration to the effectiveness of existing control measures. The consequence evaluation criteria define the consequence criteria, assessed against potential financial loss, reputation impact, health and safety, legal and regulatory compliance and management time and effort. If you would like to look at how to implement an ISO 9001 quality management system, then simply contact us. Or, if you want to see what's involved in more detail, then get a completely free, no obligation, totally tailored ISO Gap Analysis for your business (only available to UK businesses).
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