Foundations of quality risk management : a practical approach to effective risk-based thinking

In todays uncertain times, risk has become the biggest part of management. Risk management is central to the science of prediction and decision-making; holistic and scientific risk management creates resilient organizations, which survive and thrive by being adaptable. This book is the perfect guide for anyone interested in understanding and excelling at risk management. It begins with a focus on the foundational elements of risk management, with a thorough explanation of the basic concepts, many illustrated by real-life examples. Next, the book focuses on equipping the reader with a working knowledge of the subject from an organizational process and systems perspective. Every concept in almost every chapter is calibrated to not only ISO 9001 and ISO 31000, but several other international standards. In addition, this book presents several tools and methods for discussion. Ranging from industry standard to cutting edge, each receives a thorough analysis and description of its role in the risk management process. Finally, youll find a detailed and practical discussion of contemporary topics in risk management, such as supply chain risk management, risk-based auditing, risk in 4.0 (digital transformation), benefit-risk analyses, risk-based design thinking, and pandemic/epidemic risk management. Title Page 4 Copyright 5 Table of Contents 8 Tablesand Figures 12 Foreword 20 Preface 22 Acknowledgments 30 Chapter 1: Introduction to Risk Management 32 Chapter 2: Quality and Risk Management 36 Chapter 3: So, What Is Risk? 41 Chapter 4: Risk-Based Thinking 44 Chapter 5: Risk-Based Decision Making 47 Chapter 6: ISO 9001 and Risk Management 51 Chapter 7: Basic Risk Identification and Analysis 55 Chapter 8: Events and Consequences 62 Chapter 9: Basic Risk Modification 67 Chapter 10: The Stakeholder 71 Chapter 11: Upside of Risk: Opportunity 75 Chapter 12: Detailed Risk Identification 78 Chapter 13: Chance and Possibilities 88 Chapter 14: Organizational Context and Risk Management: The Working Details 95 Chapter 15: Stakeholder Risk Attitude and Appetite 99 Chapter 16: Organizational Context and Risk Management 2: The Top View 102 Chapter 17: Comprehensive Risk Management Maturity (CoRMM) Model 106 Chapter 18: Risk Management Planning and Risk Management Plan 110 Chapter 19: Risk Process Facilitation 114 Chapter 20: The Risk Repository (Risk Register or Hazard Log) 121 Chapter 21: Detailed Risk Identification Tools 123 Chapter 22: Checkpoint: Risk Assessment—a Macro View 131 Chapter 23: Hazard, Hazardous Situation, and Benefit and Harm 134 Chapter 24: Detailed Consequence Analysis 140 Chapter 25: Risk Analysis 156 Chapter 26: The Risk Matrix and Its Constituents 159 Chapter 27: Risk Evaluation 171 Chapter 28: Risk Treatment/Modification Selection 180 Chapter 29: Risk Response Planning 188 Chapter 30: Monitoring and Reviewing Risk 194 Chapter 31: Monitoring and Reviewing Risk 2 198 Chapter 32: Graphical Tools for Monitoring and Reviewing Risk 203 Chapter 33: Visual Risk Exposure Tracker 218 Chapter 34: A DMAIC Approach for Structured Risk-Based Trending 221 Chapter 35: Risk-Based Auditing 233 Chapter 36: Risk-Benefit Analysis 237 Chapter 37: Cognitive Science of Risk-Based Decision Making 253 Chapter 38: Risk-Based Design Thinking: Risk Mitigation by Design 258 Chapter 39: Supplier or Vendor Risk Oversight 263 Chapter 40: Risk in Industry 4.0 270 Chapter 41: Advanced Risk Tools: Failure Modes and Effects Analysis (FMEA) 273 Chapter 42: Advanced Risk Tools: Hazard Analysis 292 Chapter 43: Advanced Risk Tools: Hazard and Operability Study (HAZOP) 301 Chapter 44: Advanced Risk Tools: Hazard Analysis and Critical Control Points (HACCP) 311 Chapter 45: Advanced Risk Tools: Fault Tree Analysis (FTA) 323 Chapter 46: Advanced Risk Tools: Monte Carlo Analysis 329 Chapter 47: Pandemic and Epidemic Risk Management 338 Bibliography 356 Index 364 About the Author 380 QUALITY RESOURCES 382 ASK A LIBRARIAN! 383 VIRTUAL EDUCATION TO FIT YOUR SCHEDULE AND BUDGET 384 ASQ MEMBERSHIP: MAKE YOUR MEMBER BENEFITS WORK FOR YOU! 385 "A comprehensive reference and thorough introduction to risk management and risk-based thinking from a quality perspective and using quality tools"-- Provided by publisher