Mazars highlights the importance of a well-defined internal control system in maintaining organizational objectives, financial integrity, and law compliance. Effective internal controls, which encompass financial and operational processes, provide reasonable assurance that an organization operates efficiently, produces accurate reports, and complies with regulations. The COSO … [Read more...] about How to Assess an Organizations’ Internal Control Using a Risk-Based Approach
Quality-Risk Management
Compliance, risk, audit, and the business
While this story is more from a financial/safety compliance/risk perspective, it still underscores the complexities of managing compliance, safety, and risk, especially in highly regulated industries. It discusses a recent example from Tesla’s Fremont facility illustrates the ongoing challenges: regulatory bodies ordered Tesla to address frequent toxic emissions, showing how … [Read more...] about Compliance, risk, audit, and the business
FMEA in the Age of Industry 4.0
In the context of Industry 4.0, Failure Mode and Effects Analysis (FMEA) is adapting to address the increased complexity of manufacturing processes. Traditionally, FMEA assessed potential failure modes by analyzing severity, occurrence, and detection, which produced a Risk Priority Number (RPN) to guide risk mitigation efforts. However, this approach has limitations in modern … [Read more...] about FMEA in the Age of Industry 4.0
Supply Chain Risk Management 101: Everything You’ll Ever Need to Know
Supply Chain Risk Management (SCRM) is essential for businesses to secure operations and mitigate risks, especially in an era of increased disruptions. By identifying and assessing supply chain risks, companies can avoid costly disruptions, such as those seen in the semiconductor shortage or the Suez Canal incident. SCRM helps ensure compliance with legal and ethical standards … [Read more...] about Supply Chain Risk Management 101: Everything You’ll Ever Need to Know
Decision Rule Guidance for Metrology and Measurement Risk
In metrology, decision rules are crucial in ensuring that measurement results are accurate and reliable, determining whether products conform to specified standards. This process involves three key pillars: measurement uncertainty, metrological traceability, and decision rules. Measurement uncertainty accounts for the inherent doubt in any measurement, and it must be rigorously … [Read more...] about Decision Rule Guidance for Metrology and Measurement Risk
What is GRC: A Guide to Leveraging GRC for Effective ESG Strategy
Governance, Risk, and Compliance (GRC) is an essential operational strategy organizations use to manage governance, enterprise risk, and regulatory compliance efforts. Developed by the Open Compliance and Ethics Group (OCEG) in 2002, GRC aims to achieve “Principled Performance” by aligning a company's activities with its business goals. It encompasses three core principles: … [Read more...] about What is GRC: A Guide to Leveraging GRC for Effective ESG Strategy
A Systematic Literature Review of Failure Mode and Effect Analysis (FMEA) Implementation in Industries
Failure mode and effects analysis (FMEA) is a risk assessment tool developed in the 1960s by the aerospace industry. It is intended to identify and prevent potential failures in systems, processes, designs, or services before they reach the customer. It is extensively applied across various sectors, including automotive, aerospace, nuclear, and electronics. The primary … [Read more...] about A Systematic Literature Review of Failure Mode and Effect Analysis (FMEA) Implementation in Industries
Risk Management In Manufacturing Processes To Reduce The Total Cost Of Quality
The Pipes and Puddles framework aims to decentralize standards from a central authority to individual process owners, facilitating continuous improvement and reducing the total cost of quality. Traditional centralized standards create a burden of chore tasks that hinder improvement efforts. This new framework integrates Lean principles, the PDCA cycle, and risk analysis, … [Read more...] about Risk Management In Manufacturing Processes To Reduce The Total Cost Of Quality
Impact of uncertainty ascribed to defective products on supply chains
Traditional inventory management primarily addresses the uncertainty of demand, but the uncertainty in the supply, mainly due to defective products, is equally crucial. Including defective products introduces variability in supply chains, affecting order quantities and leading to overstock or shortages. This paper formulates a supply chain model incorporating defective products … [Read more...] about Impact of uncertainty ascribed to defective products on supply chains
Root Cause Analysis 101
This 36-page primer on Root cause analysis (RCA) from audit software supplier EASE covers this essential method in quality management. RCA is used to diagnose the fundamental reason for faults or problems. Five common RCA methods are Pareto Charts, The 5 Whys, Fishbone Diagrams, Scatter Plots, and Failure Mode and Effects Analysis (FMEA). This structured approach helps identify … [Read more...] about Root Cause Analysis 101
Critical failure factors for Quality 4.0: an exploratory qualitative study
Adoption of Quality 4.0 (Q4.0) in organizations is challenging. Identifying the critical failure factors (CFFs) can lead to more effective implementation of Q4.0 initiatives. Researchers used a qualitative research methodology involving in-depth interviews with quality managers and executives to help establish the CFFs associated with Q4.0. This approach enriches the existing … [Read more...] about Critical failure factors for Quality 4.0: an exploratory qualitative study
Why Change Control is Important: Tips for Manufacturers
In the dynamic manufacturing landscape, change control is a crucial mechanism to effectively manage innovations and mitigate associated risks. Recognized for its importance across industries, change control is pivotal in regulated sectors like pharmaceuticals, medical devices, and food and beverage manufacturing. This systematic approach ensures that any alterations in … [Read more...] about Why Change Control is Important: Tips for Manufacturers
A Fool-proof Plan for Building an Effective CAPA Process
(Note: Whitepaper download requires the creation of a free account and log-in)This whitepaper outlines a plan for building an effective Corrective Action, Preventive Action (CAPA) process, a crucial aspect scrutinized by the Food and Drug Administration (FDA). Highlighting the frequent issuance of warning letters due to poor CAPA implementation and documentation, the paper … [Read more...] about A Fool-proof Plan for Building an Effective CAPA Process
Elevate Your Audits: Upgrade Your Conventional Audit Program With A Risk-Based Approach
This "Quality Progress" journal article by Lance B. Coleman Sr. emphasizes integrating risk management into auditing processes. The author argues for a shift from traditional auditing to a risk-based approach, highlighting that this method not only enhances the performance of the audit program but also contributes significantly to the organization. Key to this approach is … [Read more...] about Elevate Your Audits: Upgrade Your Conventional Audit Program With A Risk-Based Approach
Risk-Based Thinking: An Essential Part of ISO 9001
The article delves into the significance of risk-based thinking in the ISO 9001:2015 Quality Management System (QMS) standard. One of the primary concepts introduced in this standard is the systematic approach to considering and addressing risks and opportunities as an essential component of the quality management system. This approach contrasts with the previous version, ISO … [Read more...] about Risk-Based Thinking: An Essential Part of ISO 9001
Risk-Based Thinking and the IATF 16949 Requirements Related to Risk
Risk-based thinking is one of the more significant additions to ISO 9001:2015's list of quality management principles. Risk-based thinking involves incorporating risk analysis in an organizational quality management system, including certain risks' opportunities, probability, and consequences. The goal is to prevent identifiable problems before they happen, evaluating risks … [Read more...] about Risk-Based Thinking and the IATF 16949 Requirements Related to Risk
Closed loop supply chains 4.0: From risks to benefits through advanced technologies. A literature review and research agenda
Industry 4.0, focusing on more interconnective digital technology, has shown promising benefits for manufacturers and supply chains. Specifically, Industry 4.0 technologies could mitigate risks involving closed-loop supply chains, in which organizations rework their waste into new goods or products. This paper outlines two extensive reviews of the current operational risks with … [Read more...] about Closed loop supply chains 4.0: From risks to benefits through advanced technologies. A literature review and research agenda
Quality vs. Inflation and the Deficit
Quality professionals may have more tools to address inflation than previously believed, specifically by removing waste within their organizations. For manufacturers, eliminating waste from supply chains can lower prices, raise wages, and boost profits since waste contributes to inflation. Waste begets poorer quality as organizations spend more on unproductive labor, energy, … [Read more...] about Quality vs. Inflation and the Deficit
Risk Management Rarely Gets to the Root Cause
Large corporations typically have internal risk management functions. Many are staffed by individuals with advanced degrees—even Ph.D.s—in areas such as mathematics, statistics, actuarial science, etc. The role of these folks is to identify areas of financial risk and forestall or reduce the threat they pose to their employer’s profitability. Supply chain risk is evaluated and … [Read more...] about Risk Management Rarely Gets to the Root Cause
A Guide to Quality Risk Management
The main aim of any risk management plan is to make an adverse event less likely to be fatal to your business and reduce the damage done by similar threats when they happen again. All organizations should use risk identification, assessment and management to capitalize on their strengths and evaluate weaknesses.Similarly, quality management is a process that ensures your … [Read more...] about A Guide to Quality Risk Management