In the world of business, risk management refers to the practice of identifying potential risks in advance, analysing them and taking precautionary steps to reduce / curb the risk.

Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk. All businesses, no matter what size, must identify these risks and put processes and procedures in place to reduce or mitigate them.

Risk can arise out of poor quality services or goods, disasters or market factors. To ensure that a business is aware of them, and prepared to handle them, Management Systems are implemented and embedded, thereby reducing their effect on the business.

Quality is one aspect of a business’ risk management. This can be done separately, as a Quality Management System or combined with a Risk Management System, becoming a Quality Risk Management System.

The different elements required for the implementation of Quality Risk Management (QRM) – risk identification, analysis, evaluation and control – require tools and practices that are linked to good knowledge management. The initial stages, dealing with risk identification and analysis, should effectively capture knowledge, map processes, and allow the definition of different objects (unit operations) with specific attributes (inputs and outputs). That should be followed by establishing the connection between those inputs (process parameters) and outputs (quality attributes), from which the whole criticality analysis exercise will develop.

Management systems

There are over 1200 ISO Management Systems currently active around the world. However, there are a core number of management systems that every business should consider implementing. Some of the many reasons for having a Management System are that they:

  • Reduce waste, time, material and money
  • Improve your evidence for decision making
  • Increase efficiency
  • Better process integration
  • Increase customer satisfaction
  • Reduce risk
  • Increase sustainability
  • Enhance Business Continuity
  • Promote employee commitment
  • Be recognized as an environmentally caring business
  • Create a continual improvement culture
  • Ability to apply and WIN tenders

Plus lots more.

Among the ISO Standards businesses should consider are:

ISO 41001:2018 Facility Management Systems
ISO 9001:2015 Quality Management System
ISO 14001:2015 Environmental Management System
ISO 45001:2018 Occupational Health and Safety Management System
ISO 22000:2005 Food Safety Management System
ISO 22301:2016 Business Continuity Management System
ISO 31000:2018 Risk Management System
ISO 26000:2010 Sustainable Procurement Management System
ISO 17001:2015 Translation Services Management System
ISO22000-1:2008 Information Technology Services Management System
ISO 27001:2018 Information Security Management System
ISO 26000:2010 Social Responsibility (CSR) Management System
ISO 37001:2006 Anti Bribery Management System
ISO 55000:2014 Asset Management System