QSP61

TITLE : ADDRESSING RISK AND OPPORTUNITIES

Purpose: 1. To considered and manage all aspects risk in our organization with a focus on decreasing their
likelihood And minimizing their impact if they should occur.
Scope: 1. Cover all processes which are part of the Quality Management System of our Organization.

SlNo Activity Responsibility

1 Identify Risks as part of the Context of the Organization Exercise. Director
Identify Additional Risks. Methods may include FMEA (failure mode effects All employees and
analysis), SWOT ( strength, weakness, opportunity and threat) or other tools. No Process Coordinators
single methods= is used for all risk assessments; the tools selected should be best tool
applicable to that particular risk analysis.
Actual risk assessment is conducted as per following: Sr.Technical Manager
i. Identify the risk
ii. Identify the process for which the risk most likely dominates.
iii. Assigning a probability rating to the identified risk, this probability is
comprised of two elements: likelihood and previous occurrences. Each
element is given a score from 1 ( lowest risk) to 5(highest risk) .The final
probability elements.
iv. Assigning a consequence rating if the risk were to be encountered; this
consequence is comprised of live elements: eventual loss of contract;
negative impact on existing customer; inability to meet contract terms ;
any violation of statutory regulations or law; impact on ( short client
name)’s reputation; and estimated cost of correction. Again , each
element is given a score from 1(lowest risk) to 5 (highest risk). The final
consequence rating is the higher of the two elements.
v. Calculating a final risk factor based on the equation:
RISK FACTOR =PROBABILITY RATING X CONSEQUENCE
RATING
Risk with a factor less than the risk threshold may be accepted without a
mitigation plan, unless otherwise directed by management. The final Colum
allows for entry of an estimated risk factor after mitigation , which is an
 estimate on what the risk should be reduced to if the risk should be reduced to
if the risk treatment is successful
MANAGEMENT OF OPPORTUNITIES
Discussing and analyzing opportunities shall be done by top management and Management Review
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these shall be recorded in the management review records. To help determine Team
which opportunities should be purchased, the opportunity Register may be used.