Global supply chains have made processes complex and prone to several quality risks. These quality risks exist in all industries and extend across all processes and departments. So, every organization must have formal risk management processes to manage these risks using a risk-based approach. Quality Risk Management can help reduce risk by enabling the review, identification, and monitoring of risks and planning responses to mitigate risks or threats. These are critical elements in implementing quality risk management, and the process should be examined regularly and after any major incident or variation.
What is Quality Risk Management?
Quality risk management is a continuous process that facilitates risk managers to analyze risks and develop strategies to control future outcomes by taking proactive measures. Effective risk management allows risk managers to reduce repetitive losses and maximize project success by analyzing risk patterns. Quality risk management software is also considered an awareness and learning tool that can identify and track risk to control the negative impact and future outcomes.
Overview of Quality Risk Management Software
Quality risk management software helps business leaders make consistent and risk-based decisions by offering the right tools and practices of quality risk management that can extend across the product lifecycle. Integrating ComplianceQuest’s Quality Risk Management software into your processes enables you to prevent problems, including the loss of time, financial penalties, and goodwill due to unanticipated product failures, by taking proactive steps and having processes in place to resolve them when they do.
Implementing a quality risk management strategy is a five-step process that includes
- Identification of all the main processes within the organization
- Design risk management framework linked to these operations
- Determine quality risk assessment tools and people involved
- Encourage risk-based thinking by implementing tools
- Implement mitigative steps to manage risks
ComplianceQuest’s Quality risk management software is an integral part of the Enterprise-wide Quality Management System with numerous advantages, including,
End-to-End Holistic View of Data
ComplianceQuest’s Quality Risk Management software integrates seamlessly with other enterprise systems such as ERP, CRM, and SCM to get an end-to-end holistic view of data. Thus, managers can determine potential risks, evaluate and reduce them effectively, and monitor to assess their effectiveness with visibility and transparency into processes.
ComplianceQuest ‘s Quality Risk Management software can be implemented based on need as a modular, cloud-based solution. So you don’t require investment in additional resources.
The training module of the CQ EQMS delivers training as per the requirement so that business leaders can evaluate each employee’s risk identification and management skills.
The CQ EQMS integrates with security features, including authentication, authorization, and permission-based access control aligning with all regulations and standards.
What are the principles of Quality Risk Management?
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Steps involved in Quality Risk Management
Finding out the Risk
Analyzing the Risk
Ranking the Risk
Implementing a Solution
Monitoring and Reviewing the Risk
Key features of CQ Quality Risk Management Software
Reporting and Analytics: You can create any number of reports and dashboards using preconfigured best practices-based reports.
ComplianceQuest Quality Risk Management Software helps to track progress, monitor, and measure the success of risk mitigation measures, creating a risk-aware culture that minimizes business risks for faster growth and innovation.
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Tools used in Quality Risk Management
- Risk Matrix: The risk matrix helps to minimize risks by visualizing the potential risks and assessing the possibility of a risk event occurring. The organization can set the priorities for an effective quality risk management strategy.
- Decision Tree: By embedding a decision tree, ComplianceQuest’s Quality Risk Management software can help to identify reportable hostile events.
- Failure Mode and Effects Analysis (FMEA): FMEA is a diagram of the operation and details of all components that encompass engineering, manufacturing, and the field, by providing a single definition of failure modes.
- Best-Practice Form Design: ComplianceQuest’s this feature helps users to collect and track relevant data for assessing risks.
- Analytics and Reporting Tools: This feature in ComplianceQuest’s quality risk management tool is designed with preconfigured or customized reports depending on users’ needs.
- Collaboration: By integrating with different processes, including CAPA, nonconformances, change management, etc., ComplianceQuest’s quality risk management software tool makes it easier for all stakeholders to participate in risk management activities. Therefore, stakeholders can collaborate and prioritize risk mitigation efforts that could impact product quality and improve operations.
Issues that occur while considering Quality Risk Management and how ComplianceQuest helps to overcome them?
Great product, support, and people to work with!
Solution Consultant, Continental Contitech
Quality-centric companies rely on CQ QMS
Frequently Asked Questions
How does Quality Risk Management Software help in transforming an organization?
- Avoid: You can avoid risk-causing factors if you have control of the activity. Eliminate the root cause or consequence of the identified risk and reconfigure the project, so the risk disappears or is minimized to an acceptable value.
- Reduce: You can minimize the negative effects or likelihood of the risk occurring by establishing early warning systems through data collection. An automated quality risk management solution can help you to evaluate and mitigate various types of risk more precisely by streamlining processes.
- Accept: You should accept the risk in cases where the risk mitigation strategies are more expensive than the possible problems caused by the risk occurring.
- Transfer: Additionally, you can transfer risk to a third party, such as an insurance company or subcontractor.