How to identify risk significance in ISO 9001 Certification in Oman?

With the new version of the ISO 9001 Certification in Oman standard requirements for making a quality management system , the new concept of risk based thinking has carried with it some confusion on the best way to implement these new requirements. While a few companies were already utilizing a SWOT analysis (strength, weakness, opportunity, threat) on their business to enable them to identify risks, this procedure does not determine how to address these risks once they are known. So, how would you evaluate the significance of the risk once you know what it is?

The significant of ISO 9001 Certification in South Africa in the QMS risk?

The ISO 9001 Certification in South Africa standard requirements request  that you to identify risks, plan your reaction, integrate it into the QMS and evaluate its adequacy. To ensure the effectiveness you need from your risk response, there is one step you will need to do as part of planning your reaction: identify how significant your risk is. In other words, how significant is the risk?
For those who understand the failure modes and impacts analysis  process, you will be comfortable with the fact that there are several things to consider while determining what a risk is, its severity of event, probability of occurrence and possibility of identification. The possibility of detection is influenced by the controls you put in place, which has not yet been done in this discussion. The severity and probability of event, however, are the two things we have to consider while evaluating the significance of the risks.

It is significant to consider how bad the possible issue could be,combined with how likely it is that the issue will occur(probability). If a risk can cause an issue that you think will have drastic consequences, and the possibility of the risk happening is in all respects likely, then this is a significant risk that you will need to do something about. Alternately, if you have a risk that will cause a minor inconvenience, and isn't  probably going  to happen, then may be this is a risk that you will do nothing to prevent and simply respond should the impossible occurrence happen.

ISO 9001 Certification in Nigeria Criteria to help the severity and probability of risk

What do you do next? You have to expand your thinking about each hazard. If a risk can cause an issue that will make difficulty for you, and has a 50-50 possibility of occurring, then you should evaluate what you will do about it, in other words: what controls you will set up.  Remember that you can also choose to do nothing if the significance of the hazard does not warrant activity. Knowing how significant the hazard is, or how it will influence you, is the first thing you have to do before deciding how you are going to respond.

So, what criteria do you utilize to assess the severity and probability? What assessment criteria you pick isn't as significant as important as keeping your criteria consistent. You can choose to assess each component with a low-medium-high range,  any other ranking that works best for you. What is significant is that a consistent ranking criterion can assist you with making consistent decisions about what is really significant  and what is not. This way, you will just control what is significant for you to control.

Use risk significance to create risk management work for you

While the FMEA procedure tries to compare different risks by assigning numbers to the severity, probability and detection utilizing a 10-point scale, this is not essential in the ISO 9001 Certification in Chennai. It is sufficient for you to determine how significant a risk is and then determine what controls are necessary for you to address the risk to a point where the hazard threat is at an acceptable level for your business. So, utilize your risk significance assessment to avoid going overboard with your risk controls.

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