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 …

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