Comments on: Risk management: more than a buzzword http://www.thequalityblog.com/2008/03/13/risk-management-more-than-a-buzzword/ The #1 blog on Quality Sun, 15 Aug 2010 18:02:13 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Brian R Nichols http://www.thequalityblog.com/2008/03/13/risk-management-more-than-a-buzzword/comment-page-1/#comment-44 Brian R Nichols Tue, 10 Mar 2009 14:14:09 +0000 http://www.thequalityblog.com/2008/03/13/risk-management-more-than-a-buzzword/#comment-44 In my experience, outside the auto industry, engineers and managers are willing to accept mediocre FMEA risk assessments, partially because risk management takes time to do right, and partially because the engineers and managers do not know what an FMEA done right looks like. I agree that risk management isn't necessarily easy, but it doesn't have to be extremely difficult either. FMEA's are nothing more than the documentation of thorough engineering practices. Unfortunately, until we stop accepting mediocre risk assessments, many organizations will find it to be an exercise in bureaucracy. In my experience, outside the auto industry, engineers and managers are willing to accept mediocre FMEA risk assessments, partially because risk management takes time to do right, and partially because the engineers and managers do not know what an FMEA done right looks like.
I agree that risk management isn’t necessarily easy, but it doesn’t have to be extremely difficult either. FMEA’s are nothing more than the documentation of thorough engineering practices.
Unfortunately, until we stop accepting mediocre risk assessments, many organizations will find it to be an exercise in bureaucracy.

]]> By: Ed Bones http://www.thequalityblog.com/2008/03/13/risk-management-more-than-a-buzzword/comment-page-1/#comment-29 Ed Bones Thu, 13 Mar 2008 09:13:07 +0000 http://www.thequalityblog.com/2008/03/13/risk-management-more-than-a-buzzword/#comment-29 There is a popular misconception that risk management is oomplicated and bureacratic; it is not or need not be. Essentially it is a simple proposition whose complexity and administration is dictated by the nature of the project and the people involved. at its simplest risk management involves: Identifying risk: Counteracting risk; Acting when risk happens: and for all of this to happen - Monitoring at all stages. Typically this means drawing up a risk Profile which by balancing the probability of something going wrong against the probable effect, helps to identify the main problem areas. A good risk manager will try to develop contingency plans that reduce either the probability or the effect of such factors, and in so doing remove them from the danger zone. There is a popular misconception that risk management is oomplicated and bureacratic; it is not or need not be. Essentially it is a simple proposition whose complexity and administration is dictated by the nature of the project and the people involved. at its simplest risk management involves:
Identifying risk: Counteracting risk; Acting when risk happens:

and for all of this to happen – Monitoring at all stages.

Typically this means drawing up a risk Profile which by balancing the probability of something going wrong against the probable effect, helps to identify the main problem areas.
A good risk manager will try to develop contingency plans that reduce either the probability or the effect of such factors, and in so doing remove them from the danger zone.

]]>