Risk Management Posts

The Newest Kind of Risk

Mark Crawford

It’s a high-tech world full of high-tech solutions that give us comfort and peace of mind. We’ve got risk and quality management practices in place that free us up to charge ahead with business—but do we look back enough over our shoulders, or do we fall victim to complacency—like, “Hey don’t sweat it, if it hasn’t happened yet it’s not going to happen.”   (more…)

Make Risk Work for You

Mark Crawford

Risk is everywhere—from the time you get up to the time you go to bed, and even while you sleep (earthquake, fire, carbon monoxide poisoning, sleep apnea, alien landing, etc.). The question always is: How much risk is tolerable, or reasonable? What kinds of risk need to be controlled the most? What is the cost benefit in doing so? Where is the trade-off? (more…)

Little Things Mean a Lot

Skinny jeans, 100-calorie snacks, smart cars – everyone is focused on smaller and leaner. So why not manufacturing? Research has shown that almost all activities in manufacturing fail to add value to a product. Nielsen Research reports that a minute of downtime can cost a manufacturer more than $20,000! A MINUTE! Success lies in efficiencies. It’s about being lean.

Lean principles have been with us for a while in quality and manufacturing. You’re probably familiar with Six Sigma, TQM, Kaizan, etc. Lean is about getting the right things in the right place at the right time and always looking for continuous improvement. It can apply to processes throughout the value chain. (more…)

Risk Management: An Opportunity or a Challenge?

All organizations at some point face issues in their operational activities related to product complexity, organizational inefficiencies, supply chain management and outsourcing, as well as internal and external risk. A series of highly publicized blunders, from BP’s oil disaster and Toyota’s massive recalls, to the egg recall, along with regulatory mandates and more active involvement among shareholders, are prompting organizations to focus their efforts more closely than ever on identifying areas of potential risk across their enterprise. (more…)

MHRA Looking for Quality Risk Management Systems — Sound Familiar?

The UK is on to something. British inspectors will be looking for a “risk register” and a defined document management control system including periodic reviews of risk management assessments when inspecting drug manufacturers. It seems both sides of the Atlantic are on board with quality risk management, and for good reason. (more…)

Taking Risks for Profitability – What Can We Learn from BP?

Taking Risks for Profitability – What Can We Learn from BP?

A series of internal BP memos were recently published by Congressional investigators which, they say, are proof that the British company systematically and negligently put safety at risk on the Deepwater Horizon oil rig in exchange for the prospect of increased profits.  Henry Waxman, chairman of the House Energy and Commerce Committee and head of its oil spill investigation, accused BP of making at least five questionable decisions prior to the disaster (see Times Online).  Every time BP had a decision to make, they  chose to cut corners; to do things more quickly than they should have; and, to take the less expensive route.  The consequence of these decisions is what has left us a blackened  Gulf of Mexico.  Time after time, it appeared that BP made selfish decisions that increased wide-scale risk for the sake of saving the company time or money. (more…)

Risk Management Software is Crucial

Every company, no matter how large or small, faces a number of pressing internal and external risks, any of which, whether singly or in combination, could pose a serious threat to long-term viability and short-term revenues. Some organizations treat risk management as an art, and allow their management to use their best judgment in order to avert disaster–but increasingly, savvy corporations are taking another tack. Risk management software can help take the guesswork out of avoiding unknown pitfalls, and put the power of self-determination back in the hands of your company’s decision-makers. (more…)