Author Archives: Peter Mills, Managing Director, Compliance Master International

Quantitative risk-base thinking – does it exist?

I recently wrote about the benefits of quantitative risk-based thinking and why organisations should avoid qualitative methods when developing their ISO 9001:2015 processes. (link) But is there such a thing as a practical quantitative risk-based thinking solution? Or, as one a reader suggested, “It’s the Holy Grail of risk analysis, and thus it doesn’t fully […]

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Why organisations should avoid qualitative ISO 9001:2015 risk-based thinking

The recent release of ISO 9001:2015 finds many organisations at the crossroads when deciding how to conform to the standard’s new risk-based thinking requirements. One option is to continue doing what they have done in the past; a road that brings with it suboptimal process monitoring and control, and an increased likelihood that poor compliance […]

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Solving the Integrated Risk Assurance Puzzle

What is Integrated Risk Assurance?“ Integrated risk assurance involves an objective examination of evidence for the purpose of providing an independent assessment on risk management, control, or governance processes for the organisation”, (as defined by the IIA).   Why is it important? Despite the events of the recent global financial crisis and the ever-increasing pressure […]

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Size matters – especially when it comes to auditing.

A question I often get asked is “what sample-size do I need”? A reasonable question you might think, but the answer is rarely straightforward. This is because deciding which sample-size to use involves taking three competing requirements into consideration: (i) risk (ii) time and (iii) cost. For example, it stands to reason the more “riskier” […]

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Repainting Asset Condition Monitoring

Proactive asset owners and operators worldwide are moving away from inefficient time-based maintenance practices and looking to adopt forward looking condition-based methods. I like to compare asset maintenance to painting a house.  Occasional touch-ups will maintain a house in good condition for many years, but at some point this approach will no longer be sufficient and […]

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Is call for risk-based approach to Government Regulation achievable?

A growing trend among asset owners and operators worldwide is the move away from inefficient time-based maintenance practices and the adoption of more proactive condition-based methods. There were a couple of recommendations from the recent Murray inquiry into Australia’s financial system that I found particularly interesting. It called for a strengthening of ASIC’s investigative capacity […]

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Santa’s quality control secret exposed!

Have you ever wondered how Santa Claus ensures children get what they wished for on Christmas Day? Given that each year Santa has to deliver over 526 million presents to children worldwide, it’s quite an amazing feat. Yes, I know he gets it wrong occasionally. I’m sure we’ve all experienced the disappointment of receiving something […]

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Conference Highlights Need for More Effective Risk Monitoring

I recently attended the Risk Management Institute of Australia (RMIA) National conference in Brisbane, Australia.  This was one of the most worthwhile conferences I’ve attended in quite a while. A real credit to the organisers.  Well done RMIA. What I most enjoyed about the conference was meeting lots of people who like me are passionate […]

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Lessons from Melbourne Grocon wall collapse tragedy

The Grocon wall collapse that tragically killed three passers-by in Melbourne has hit the headlines again. One of the key questions that it raises is whether companies like Grocon and its contracted signage company Aussies Signs could have foreseen and done anything to avoid this event. Without knowing the inside story, it is hard to […]

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Optimised risk monitoring using acceptance sampling

When performed correctly auditing can be a very powerful risk monitoring and control tool.   Unfortunately, many organisations often fail to achieve maximum value from their risk monitoring and control systems because they continue to rely on non-scientific auditing and inspection methods. The biggest weakness with non-scientific auditing is that the accuracy of the result remains […]

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