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Guest Post by James Kline (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
The title may sound strange given the Baldrige’s origin as the U.S. National Quality Award. Yet, its migration to a Performance Excellence Criteria and the addition of Cyber Security, Innovation, and Enterprise Risk Management (ERM) does pose challenges to the quality profession. This is particularly true since the many of the Baldrige examiners are quality professionals. [Read more…]
We are seeing more global certification bodies create their own assurance and branded certification schemes.
Like ISO 31000 letter of conformance for airports.
Dubai Airports this week received a letter of conformance for ISO 31000 – 2009 Enterprise Risk Management from Lloyds’ Register Quality Assurance (LRQA). [Read more…]
Planning and Implementing a risk management framework is an admirable accomplishment. Now make sure it is running well and will do so into the future.
As with any process, there will be opportunities to make improvements. By monitoring and reviewing your program you will find what is working well and what is not. [Read more…]
With the advent of ISO 31000 and other ISO standards suggesting organizational risk management practices, your organization may have or soon will implement a risk management plan. Reliability of your products, systems, or assets is an element of the organization’s risk profile.
As reliability professionals, your knowledge and skills are a natural fit within any risk management plan. You may focus exclusively on the reliability performance-related risks You may find the skills and tools to identify and mitigate risks play an important role beyond just reliability performance.
Large and small organizations face risks. The lines of communication differ as do the context, culture, and management practices between any two organization. The implementation of a risk management plan has to fit your organization.
Here are few general guidelines and practical considerations when implementing your organization’s risk management plan. [Read more…]
ISO 31000 is 23 pages long, but these pages provide an entry level Enterprise Risk Management (ERM) guideline.
Why is this important?
An organization develops ISO 31000 ERM capabilities to provide a structured, consistent, disciplined, and achievable approach to risk management that facilitates Risk Based Thinking throughout the organization. Risk Based Thinking is composed of 1. Risk based, problem solving (RB – PS) and 2. Risk based, decision making (RB –DM). Both RB – PS and RB – DM are the basis for all management and supervision. We discuss this in our new book: ISO 31000: Enterprise Risk Management.
Interestingly, we wrote a 230 page book packed with loads of information for a 23 page standard. And oh by the way, we could have written another 200 pages. [Read more…]
Risk assessment is a critical element of ISO 31000 risk management framework. Risk assessment provides the requisite evidence based data and information for Risk Based Thinking, specifically risk based problem solving and risk based decision making. Using the appropriate risk assessment for the organization can determine how to treat and manage specific risks. [Read more…]
ISO 31000 is going to be used more often as more ISO certified companies adopt Risk Based Thinking. However, ISO 31000 can be challenging. Why?
Interestingly, the descriptive nature of the ISO 31000 standard may well be its strength, but may also be its weakness. The standard without the proper guidance of a risk practitioner maybe come discretionary and even arbitrary.
ISO 9001:2015 has Risk Based Thinking requirements. Note ISO 31000 was developed in 2009 and is not harmonized with the new annex SL standards and ISO 9001:2015. [Read more…]
Creating a reliable product that meets customer expectations is risky.
What is risk and how does one go about managing risk? The recent set of ISO standard updates elevates risk management.
A starting place is a definition. [Read more…]
Guest Post by Greg Hutchins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)
ISO 31000 is organized around 11 risk management principles. A management principle refers to a fundamental idea, rule, or truth about a subject. ISO 31000 risk principles serve as the guideline, method, logic, design, and implementation for the risk management framework and its process. [Read more…]