risk-based thinking software
World-best process and risk-based thinking sits at the centre of Compliance Master®'s smart, A.I. risk auditing and inspection software.
One of the key changes the International Organization for Standardization (ISO) has adopted for its current and future standards is to establish a systematic risk-based thinking approach to the monitoring and control of products and services
Fundamentally, risk-based thinking helps organisations better control and reduce their compliance and operating risks by focusing their limited monitoring and improvement resources on those processes, suppliers, products and services that represent their highest risk exposure.
When it comes to implementing risk-based thinking organisations can choose a (i) qualitative or (ii) quantitative approach. The ISO standards don't prescribe which approach organisations should use; but not all things are created equal.
While the qualitative approach may appear the easiest and least costly to implement, it has one serious weakness. Its highly subjective and therefore unsuitable for reliable risk control and improvement. This point is eloquently made by US author and quality guru H. James Harrington, refer below;
If you cannot understand it, you cannot control it. If you cannot control it, you cannot improve it."
H. James Harrington, US Quality Guru and Author
What are the Benefits?
Quantitative risk measurement
- Quantitative risk measurement
Effective risk control
- Effective risk control
Objective performance evaluation and reporting
- Objective performance evaluation and reporting
Continual performance improvement
- Continual performance improvement
Optimized risk monitoring
- Optimized risk monitoring
Scientific non-conformance analysis and reporting
- Scientific non-conformance analysis and reporting
Full assessment and approval trail
- Full assessment and approval trail
Take the next step
- Take the next step
Compliance Master uses world-best-practice statistical sampling methods to quantitatively assess and control an organisation's compliance and operational risks within specified limits; or risk appetite.21 If you want to read more about how we use these methods to reliably assess and control risk levels click here
Compliance Master controls an organisation's compliance and operational risks, by rejecting large batches or products and services that fall outside an organisation's specified risk limits, or risk appetite. Rejected products and services can be either disposed, reworked or replaced before they are resubmitted for assessment and approval.
Compliance Master uses smart A.I. machine learning to reliably evaluate the capacity of each process, group or supplier (Entity) to consistently achieve an organisation's specified risk appetite over consecutive audits and inspections. This information is then used to assign each Entity an objective performance rating i.e. Excellent, Good, Poor; which is displayed in an easy-to-understand dashboard.
Continuous improvement is facilitated by enabling internal and external stakeholders to quickly identify where an organisation is most risk exposed, and better understand the causes of unacceptable risk control performance. From here, boards and senior-management can focus their limited improvement resources where it will generate maximum benefit i.e. risk reduction. Continuous improvement is also be facilitated by making process-owners. asset-managers and suppliers more responsible for their risk control performance via incentives and penalties.
Compliance Master automatically calculates the optimum level of audit and inspection rigor required for each process and supplier i.e. sample-size and frequency, based on its risk control performance rating. This calculation is risk-based, meaning processes and suppliers with an "Excellent" performance-rating are audited or inspected less rigorously than those with a "Good" or "Poor" performance-rating. This dynamic, risk-based approach to process auditing and inspection is far more efficient and effective than ad-hoc methods, and ensures an organisation's limited auditing and inspection resources are always focused on its areas of highest risk exposure.
Compliance Master's in-built scientific analytics make it easy for process-owners, asset managers and suppliers to quickly identify, prioritise and correct the causes of unacceptable risk control performance; before they can adversely impact organisation goals and objectives. Reports can be directly emailed to internal and external stakeholders, or downloaded in MS Excel and pdf formats for futher analysis and reporting purposes.
Compliance Master records the details of all process, asset, supplier, product and service inspections including the date and time of each product inspection, who undertook the inspection, who approved the results, and who was responsible for overseeing any rework or process improvements.
With just a couple of clicks, authorised users are able to quickly view individual audit and inspection results including, auditor and inspector comments, attached documentation, supporting photographic evidence, and rejection / approval details.
Significant benefits now await those organisations seeking to create a new risk-based process monitoring, control and improvement paradigm. The methods and technology exist - all that remains is for you to take the next step.
Call us now or click here to organise your FREE no-obligation consultation and demonstration of our smart ISO compliant risk- based thinking software
Download the brochure by clicking here or view the video here.
21The acceptance sampling procedures used by Compliance Master® are based on AS 1199.1-2003 Sampling procedures for inspection by attributes, Part 1: Sampling schemed indexed by acceptance quality limit (AQL) for lot-by-lot inspection. These procedures are the same as those found in ISO 2859.1:1999 apart from minor variations in terminology. These methods are used with the permission from SAI Global under license 1004-c068. To purchase this standard online follow link: http://www.saiglobal.com.