In Tandem

Abstract:Distinguishing between opportunity and risk management is crucial for any organization to properly implement risk mitigation and opportunity exploitation. Clause 6.1 of the ISO 9001:2015 requires that any quality management system must address both opportunity management and risk management. Risk management is the preventive actions and contingency plans put in place to reduce risk, or negative impacts on an organization. Opportunity management, however, aims to identify opportunities for an organization and maximize their benefit. Determining acceptability levels, priority numbers, and contingency plans for both risks and opportunities utilize very similar methods, but actions on opportunities and risks often fall on opposite sides. Knowing the difference between the two sets an organization up on the right path to minimizing risks and maximizing opportunities …

Access this article
Other ways to access this article
Please register to access this article

Social Bookmarking

Digg, delicious, NewsVine, Furl, Google, StumbleUpon, BlogMarks, Facebook

Very good article discussing the difference in managing risks vs. opportunities.

I think those who don't have a documented system for risk/opportunity management under ISO 9001:2015 will be hard pressed to show compliance. "If it isn't written down, it didn't happen."
--John Elwer, 07-17-2017

The article was well written for those companies choosing to maintain a Risk Management system. However, the article is in error in implying that ISO 9001:2015 requires a Risk Management system. Annex A.4 addresses this: "Although 6.1 specifies that an organization shall plan actions to address risks, there is no requirement for formal methods for risk management or a documented risk management process." The decision to have a formal risk management system is an individual business decision, or it can be mandatory for compliance to an additional standard other than ISO 9001:2015. For some organizations, risk management is a must. For others, it can be overkill for the processes. This decision is based on the business, not ISO 9001:2015.
--Gray Warner, 05-05-2017

Average Rating


Out of 2 Ratings
Rate this article

Add Comments

View comments
Comments FAQ

Related Articles

Follow QP
Facebook Twitter Linkedin

Featured advertisers