Coming Soon: Risk Management

Risks and opportunities often influence each other. It therefore makes sense to consider both together. Babtec's risk management software allows you to summarize, describe and clearly manage the risks and/or opportunities identified in the respective context (e.g. process, environment or workplace) in the form of an analysis map. This gives you a transparent overview of the risks and opportunities that you have identified as part of an analysis. If you have additional information that is important for the subsequent evaluation, you can collect these as attachments in the analysis map.

As part of your risk analysis, you record for each identified risk what consequences are to be expected and, if necessary, estimate the financial impact on your business. The risk assessment is carried out on the basis of a risk matrix in which the estimated probability of occurrence of the risk and the severity of the expected impact are classified. These two factors result in an index that allows the identified risks to be assessed and compared.

Where risks are assessed in terms of their negative impact, opportunities are assessed in terms of their positive impact on your company. The assessment principles to be used in each case can be defined according to the company and context – regarding the size of the matrix, the necessary evaluation classes (symbolized by colors), the distribution of points, the labeling of the matrix and the description of the evaluation criteria.

Based on the assessment made, you decide on your strategy for dealing with the risk: Should the risk be avoided or reduced or must it even be accepted. As part of your opportunity management, you would decide to seize a particular opportunity or not. In both cases, you document your decisions and your thoughts on how to proceed. If the decision is made to implement specific actions, then use the central task and action management of the Babtec software to track implementation and monitor deadlines.

You should monitor the identified risks and opportunities on an ongoing basis – not only in connection with tracking the defined actions, but also because various general conditions could change. To do this, set suitable review dates so that the evaluation can be carried out again at a later date. As each evaluation is retained in the analysis map, you can also see how the assessment of a specific risk or opportunity has developed over time.

In addition to the company management, those responsible for various areas of your company must certainly be aware of serious and threatening risks as well as promising opportunities – at all times. Reports containing all the details of the evaluation, decisions made and actions taken are suitable for reporting on a current risk assessment. In addition, flexibly configurable pivot evaluations provide a quick overview of the situation regarding strategic, financial or personnel risks, for example. And with the help of heat maps, you can identify company-wide risks that pose the greatest threat to the company. You will also be able to communicate such relevant information from your risk management process to all authorized persons in the proven dashboards of the Babtec software.

Not only the standard for a quality management system, but also other management system standards require risk-based thinking and, above all, the integration of dealing with risks and opportunities into the company's processes. This means that you also need to think about risks and opportunities during the design, definition and process improvement phases. The module integration of the Babtec software will help you with this, as each process in the process management module can be linked to the associated risk/opportunity consideration.

This means that not only the person responsible for the process is aware of the risks and opportunities identified and the actions introduced in the central action management module, but also all other responsible persons who have access to these modules. This transparency is a prerequisite for being able to take the findings into account promptly and in coordination with all those involved in the relevant business processes.