From PilgrimSoftware.com
Risk Management
By
Jun 12, 2008,
09:34
At some point, all Manufacturing organizations inevitably face issues related to product complexity, organizational inefficiencies, supply chain management and outsourcing, as well as internal and external risk in their operational activities. Furthermore, an increasing number of regulatory mandates and more active involvement among shareholders are prompting organizations to focus their efforts more closely than ever on identifying areas of potential risk across their enterprise.
By implementing an integrated Risk Management system enterprise-wide, organizations can reduce the potential inefficiencies that result from unanticipated operational disruptions and evolving regulations and restrictions. Such a system ultimately promotes healthy operating margins, process efficiencies, quality and compliance, and overall profitability.
Pilgrim Software’s Risk Management Platform
Pilgrim Software’s platform provides a means for documenting and assessing risks, defining the required controls, managing assessments and audits, identifying issues and implementing recommendations and remediation plans in a centralized and coordinated manner. Pilgrim helps maintain best practices and compliance with ISO 9000 and other critical quality and operational mandates to ensure manufacturers remain a preferred supplier to their customers.
Pilgrim’s Enterprise Risk Management provides a framework comprised of three steps for controlling risk:
- the identification, quantification and prioritization of risks across the enterprise
- examination of the controls needed to successfully mitigate the risks identified
- identification of processes to control the losses after the adverse event
Risk Assessment and Analysis
Pilgrim Software’s solution provides a centralized risk framework to document and manage all risks faced by an organization. The solution can be configured to enable the customer to even categorize the risk factors and have different risk collection forms for different forms of risks. The application framework supports risk assessment and computations, giving a clear view into an organization’s risk profile and enabling managers to prioritize their response strategies for optimal risk/reward outcomes.
Risk Planning and Review
Pilgrim’s enterprise risk management solution integrates with its document management solution to allow a company to define a risk plan, process and controls. Using Pilgrim’s solution, a manufacturer can easily implement its own risk plan, policies and procedures. Capabilities within the solution to execute them and regularly review their effectiveness include consistent and highly visible documentation, the tracking of events in real time to drive risk evaluation, and the enforcement of standardized processes and effective enterprise-wide communication.
Monitoring Risk
Executive dashboards provide enterprise-wide visibility into the risk management process and highlight issues that need to be addressed. The solution has the ability to track risk categorizations, control ownership, assessment plans, remediation status, etc., on graphical charts that can be accessed globally and display real-time information. Ability to drill-down provides an easy way to access the data at finer levels of detail.
The Integrated Compliance Platform
Pilgrim’s Risk Management is a fully-integrated part of the Pilgrim Software’s Enterprise Compliance and Quality Platform. Pilgrim Software provides an enterprise–wide solution for managing corrective and preventive actions, complaint handling, change control management, internal and external audits, document control, SOP enforcement, engineering collaboration, employee certification and training, equipment/calibration, supplier quality management, advanced quality planning and risk management.
This powerful solution enables you to manage quality and compliance
across your entire business, helping you meet regulatory requirements,
increase efficiency and reduce costs.
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