Find Risk Management Solutions with the right Tools

Identifying, analyzing, evaluating and communicating risks associated with a system is important in business realities: Relying on professionals for advice for advice is often a good idea.

 

Risk management is the process during which the risk is measured and to develop strategies to decrease or address it. Analysis and risk management is an important aspect for large companies as well as small businesses.

What is the most important aspect to focus on in the process of analyzing and managing business risks? 

There are three points to keep in mind during the risk management process:

Risk Assessment: Preliminary analysis, risk identification, risk measurement, assignment of the “target risk;

Risk Management: Generation of activities to address the identified risks, assessment of organizational and structural principals have already been adopted by the company, the definition and choice of the most efficient strategies and adoption of additional measures for risk mitigation;

Risk Control: Monitoring of risk level and comparison with the target risk, control and residual risk management, assessment of the need for additional corrective action and evaluation of the trade-off costs/ benefits.

First it is necessary to carry out a risk mapping, identifying all possible types of risk to which the company is subject and identify the activities (internal and external) that can generate problems. The referral to an analysis model and risk management produces an immediate impact on the proper management of business risks and a medium-term impact in the development of proper corporate culture of risk management. The model should be seen not as a weighting of assets and management’s responsibility but rather an effective operational tool to facilitate the conduct of business functions, improving the perception of corporate security both inside and outside the enterprise.

 

Who can offer advice on business risks?

For risk management solutions it is best to get in touch with a business consultancy firm specialized in the optimization of business processes and risk management. Often these consultancy firms are also specialized in specific sectors. An example is the San Diego based business consultancy firm PTM Consulting with headquarters in Italy. PTM Consulting has a risk-based approach to identify, analyze, evaluate and control the risks throughout the project life cycle. The approach aims at maximizing the probability of occurrence of positive events and decrease the negative events through systematic methods of analysis and risk management. For over a decade they have been mainly focused on the food , pharmaceutical and medical device industries.

PTM Consulting has acquired extensive knowledge and expertise in the use of the quality risk management tools, necessary for practical and scientific approach to the organization of data and decision support, providing a consistent method to be used in stages of development and manufacturing of drugs and medical devices. PTM Consulting supports pharmaceutical companies in the implementation of the quality risk management is on specific projects with the appropriate and effective use of the instruments listed below:

  • MEA (Failure Mode and Effect Analysis)
  • FTA (Fault Tree Analysis)
  • Ishikawa or Fishbone Diagram
  • CAPA (Corrective Action and Preventive Action)
  • HAZOP (HAZard OPerability analysis)
  • HACCP (Hazard Analysis Critical Control Points)
  • PHA (Preliminary Hazard Analysis)

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