Are we aware of the risks?

When we think about risk in all business processes it often turns out to be significant.

SWOT [Strengths – Weakness – Opportunities – Treats] reveals the weakness and threats it faces, but also the strengths and opportunities are available.

  • Is the strategy of the company well known throughout the organization?
  • Are all employees informed about the vision/mission and goals?
  • Who are our closest competitors and in which direction have they chosen?
  • Continuously ensuring the company in being at the forefront?
  • Are we aware of expiring date of our patents?
  • Are there new products/services in pipeline?
  • Are we in compliance with FDA requirements? FDA = Food and Drug Administration
  • Have we ensured that all the equipment in the production is validated?
  • Are we using validated software?
  • What about IT security?
  • Is the customer satisfaction measurements contained in the strategy?
  • Do we know the real value of the inventory?

It is fundamental to any company’s competitiveness that it keeps abreast of risks, through continuous monitoring and identification of issues that may arise. Focus on risk management is essential, especially when companies operate at international level, with many comparable and competing companies.

Always doing what they are best at, and what it takes being even better? If they do not notify focus on risks, there is high probability that competitors show that they can deliver similar, or worse yet maybe even a better product or a better service?

Have we asked our customers / employee what they are happy with and where we can be better?

Ongoing focus at performance and development by identification all resources available and/or lack of training?

Customer satisfaction measurements are an excellent tool in implementing process improvements and setting up an overview facing all risk concerning the company and its products.

Risk Management and Quality Management being ‘a must’ in companies’ strategy to achieve best practice and high performance through all business processes.