Coming Soon: Risk Management

Recognizing risks at an early stage, but also being aware of opportunities and seizing them, is part of everyday entrepreneurial life today. It is important to recognize threats and act quickly with suitable actions in order to protect the company and remain competitive. For this reason, all management system standards (including ISO 9001 / IATF 16949, ISO 14001, ISO 27001) require risk-based thinking and actions for dealing with risks and opportunities. Focusing "only" on technical risks in relation to product design and manufacturing is not enough. In future, Babtec's risk management software will support you in taking a holistic view of all business risks and opportunities in the context of your management system.

Icon Risk Management: Holistic Consideration
Holistic Consideration of risks and opportunities
Icon Risk Management: Systematic Risk Evaluation
Systematic Risk Evaluation according to company-specific requirements
Icon Risk Management: Effective Support
Effective Support for your management system
Preview of the "Risk Management" module in the Babtec software

Risks and Opportunities in Entrepreneurial Context

Make Your Risk and Opportunity Management Effective

Babtec's risk management software helps you to efficiently and reliably evaluate all identified risks and opportunities and keep an eye on them at all times. The software is based on the ISO 31000 risk management process and supports you in implementing your strategy by tracking the actions introduced and regularly reviewing and reassessing them. Risks and opportunities in relation to processes can be considered in the same way as hazards in the context of occupational health and safety, for example.

An additional software installation at the respective workstation is not necessary for this: within the company network, the software for risk management can be easily accessed via the browser-based frontend.

The first choice for the consideration of technical risks, which must be countered preventively during the development of new products and the planning of the production process, is still the FMEA module of the Babtec software.

Functions for Your Software-Supported Risk Management

Bundling Risks and Opportunities
Screenshot of the list of analysis maps in the "Risk Management" module of the Babtec software

Bundling Risks and Opportunities in Context

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.

Analysis and Assessment
Screenshot of the risk analysis in the "Risk Management" module of the Babtec software

Transparent Analysis and Assessment

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.

Strategic Handling
Screenshot of the analysis map in the "Risk Management" module of the Babtec software

Strategic Handling of Risks and Opportunities

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.

Clear Communication
View of reports in the "Risk Management" module of the Babtec software

Clear Communication for Everyone Involved

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.

Management System
Info graphic about the context of requirements, processes, risks & opportunities, actions

Expansion and Support of (Integrated) Management Systems

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.

Bundling Risks and Opportunities
Analysis and Assessment
Strategic Handling
Clear Communication
Management System

Bundling Risks and Opportunities in Context

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.

Transparent Analysis and Assessment

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.

Strategic Handling of Risks and Opportunities

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.

Clear Communication for Everyone Involved

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.

Expansion and Support of (Integrated) Management Systems

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.

Info graphic about the context of requirements, processes, risks & opportunities, actions

Companies That Already Rely on Babtec

Companies from a wide range of industries rely on software solutions from Babtec – from medium-sized family businesses to international corporations. Read the success stories of selected customers in our case studies.

 

Logo of KAP Surface Holding GmbH
Logo of Preh Gmbh
Logo of J. Schmalz GmbH
Logo of Gebr. Eickhoff Maschinenfabrik u. Eisengießerei GmbH
Logo of Melitta Europa GmbH & Co. KG
Logo of MENNEKES Elektrotechnik GmbH & Co. KG
Logo of HAILO-Werk Rudolf Loh GmbH & Co. KG
Logo of HES-Präzisionsteile Hermann Erkert GmbH
Logo of KEUCO GmbH & Co. KG
Logo of KTM Sportmotorcycle Deutschland GmbH
Logo of Woodward L'Orange
Logo of Niterra EMEA GmbH
Logo of Rosenberg Ventilatoren GmbH
Logo of Stadler Rail AG
Logo of Thomas Magnete GmbH
Logo of ulrich GmbH & Co. KG
Logo of Weißer + Grießhaber GmbH
Logo of WMF GmbH
Logo of Woco Industrietechnik GmbH

Your Contact to Us

Are you interested in finding out more about our software solutions?
Then please use our contact form or get in touch with us by phone!

Phone: +49 202 4960-0
E-mail: info@babtec.de

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Also Relevant for Your Business Processes:

Icon process landscape Process Management Turn planned processes into real, lived and effective processes. Four puzzle pieces come together Requirements Management Organize the handling of requirements better and more transparently. Icon gear, lightning FMEA: Failure Mode and Effects Analysis Identify and avoid potential errors during the development process.