Businesses are becoming more risk-conscious, bringing risk management tools such as the Risk Register to the fore.
As you measure risk and take actions you're building a history of risk within your organization. This is valuable data that can help you fine-tune operations based on your history of risk.
The Risk Register automatically gathers this risk data from all operational areas and stores it in a central repository. Not all areas will assess risk in the same way, but when data is stored in a common location, businesses can see how risk management has evolved over time and analyze trends to identify high risks that would otherwise remain hidden. With greater visibility, the business can improve operations using risk as a benchmark for overall compliance.
The second function of the Risk Register is to provide a library of hazards. This is a centralized reference for all the known hazards in different areas of the business. It provides a useful collection of information for using hazards to identify risks.
The Risk Register helps the business make better decisions faster. As more and more events, incidents or complaints enter the system, a risk history is building – a growing knowledge base of events with similar risk levels. This becomes a crucial reference point for building a quality culture. Any event with a similar risk can be handled in a similar fashion, standardizing and streamlining the process. By referring to the knowledge base, the business can take action much more quickly, and handle problems more efficiently.
An automated Risk Register is a very powerful tool for planning your risk management efforts and managing them over time. It can be linked to modules within Quality, EHS and Compliance Management Software systems. The result is an integrated risk assessment tool that calculates the risk of quality events at every step of the process, thereby improving overall quality, and reducing recurrence of critical events.
This risk-based filtering allows businesses to:
- Automatically segregate and categorize events at the source module level (Complaints, Audits, etc.)
- Automatically identify and display risk assessment for related events
- Perform an initial risk assessment to allow early closure of non-critical events
- Calculate risk assessments throughout the process to guide decision-making
- Fully investigate the overall impact of events with step-by-step root cause analysis
- Automate lookup and display of related investigations and Corrective Actions (CAPAs)
- Generate a comprehensive risk-based CAPA 'action and effectiveness check' plan with risk mitigation history
The Risk Register provides the business with a means of checking and refining the effectiveness of all its risk management procedures and the controls it has implemented. It is therefore essential to any risk-based quality culture.
Find out more about the latest innovations and processes in risk management by downloading our handbook. The Risk Management Handbook – Supporting a Quality Culture Across Your Business