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A risk management plan has to meet your organizations needs as the organization identifies, manages, and mitigates potential and actual risks. The ISO 31000 framework does not detail how an organization should plan or what elements are required for an effective plan.
This short article outlines a few details that may comprise a starting point as you build a risk management plan within your organization. Or, the suggestions here may help you review and improve your existing plan. [Read more…]
The uncertainty concerning the future performance of a product or system is a risk to the customer and supplying organization. A product that fails too often or in an unsafe manner may require repair, replacement, or a recall.
A product’s performance including its reliability performance reflects on the organization that designs, builds, and sells the product. A poor reliability performance is no longer a risk to that individual product, rather it is a risk to the product line and organization as well.
Reliability professionals have long been involved with identifying and mitigating risks. The increased emphasis on enterprise risk management through standards such as ISO 31000 require reliability professionals to consider the larger risk management framework and how reliability related risks fit within the larger context. [Read more…]
The risk management framework in ISO 31000 provides a flexible approach to create the right program for your organization. The document doesn’t provide advice or wisdom, so you have to supply that yourself.
The details of the risk management program or specific framework in your organization includes policies, procedures, analysis, and reporting, yet it also has to work within the context of your organization.
Based on the work of Greg Hutchins in ISO 31000: Enterprise Risk Management here are four considerations to supplement your wisdom as you design and implement your program. [Read more…]
Every organization, business, and individual faces a relentless barrage of risk. Some risks are minor, while others may overwhelm.
We all deal with risk, manage risk, in our own way. For more than just yourself the management of risk is taking on a new level of organization and importance.
Risk exists whether or not we choose to plan, prepare, and mitigate.
The decisions concerning product reliability, and associated risks, require senior management (including the board of directors) engagement and commitment. While there is a wide array of business and societal risks the management team must address, the reliability performance of products and systems presents potentially catastrophic risks to any organization. [Read more…]
Making or supporting decisions involving product or system reliability is fraught with uncertainty. Is it reliable enough? Will failures occur prematurely? Are failures dangerous?
Uncertainty is risk.
In recent years more organizations and international standard bodies have focused on risk management. Identifying, analyzing, and mitigating uncertainty in a systematic manner.
There is not a set way for every organization to organize a risk management process. The ISO 31000 standard does describe a framework for the implementation of risk management within your organization. [Read more…]