Quality management standards request for a risk based approach.
Become clear where in your company, where in your project you have risks and opportunities. When this has become clear we can act appropriately.
“Risk Management” Is linked to FMEA – Failure Mode and Effect Analysis for many of us.
FMEA is one prominent example for a risk management method. But FMEA is only one of many.
Basically, any procedure, any method to evaluate risks and to initiate controlled actions to handle and mitigate the risks, is a part of risk management.
What is “Risk”?
There are several dozens of definitions.
In a technological context, the most common definition describes “risk” by 2 factors:
How critical ist he consequence of a failure ? -> Severity S
and
How high is the probability for this failure to happen? -> Occurrence O
Risk management in companies starts with clear target settings and with a frequent monitoring based on well known key indicators of the business.
This goes through the typical analysis of requirement manuals before a quote, the search for potential killer in a design pre-evaluation or the QFD, is using variants of FMEA, feasibility studies, design review, supplier pre-assessments and nominations, the creation of requirement manuals for service providers, finishing with product and process verification and validation, lessons learned, inspection and control plans and multiple documents in an approval process.
Furthermore, governance is an important part of risk management, as well as topics like failure tolerant culture or corruption .
After” a child is fallen into the deep well” we introduce problem solving procedures to limit the consequences and to countersteer for the near future.
My offer starts with support for the chain of advanced planning steps. I can do the moderation of feasibility studies, HAZOPs, FMEAs or even crisis management and problem solving e.g. in case of heavy customer claims.