Mitigate risks with Risk Management and Failure Mode & Effects Analysis (FMEA)
Always know what could happen
In a fast-paced world that is ever-changing, we all face the challenge of identifying and mitigating risks. Having a system in place that allows you to connect risks with your existing processes will help you understand where the risks are coming from and how to prevent them.
The DevonWay Risk Management solution allows you to initiate risks from anywhere, whether they’re standalone or associated with another process (i.e. corrective actions, customer complaints, or any other module within the platform).
Create mitigation plans
Just as important as identifying the potential risks to your business is having a mitigation plan in place. Understanding how actions affect severity will give you insight into what is working and what needs improvement.
With DevonWay Risk Management, you can specify ranking criteria configured to your unique processes. You also have the option to set up Failure Mode & Effects Analysis (FMEA) to help drive appropriate actions. Once your plan is set, you can track the actions associated with it and see how they impact the severity of the risks.
Close the loop
To really close the loop on Risk Management, you need to put in place the operational changes necessary to execute on your mitigation plans. This includes:
- Seamlessly integrating your processes together, so you’ll always know when risks are associated with a specific project, supplier, customer, or process.
- Using self-service reporting tools layered on top of an in-memory search engine, so you can perform your own data discovery and uncover patterns without involving IT.
Copy line items up to a specified field to make duplicating partial information easy.
Choose to integrate Failure Mode & Effects Analysis into your system and export to PDF, Excel, CSV, etc.
Risks are presented across a hierarchy of individual risks, which roll up to business unit risk areas and general risk categories.
Risks include scores and colors indicating severity level along with associated likelihood and consequence values for calculating the scores.
Risks can be directly associated with other DevonWay modules such as CAPA, assessments, customer complaints, observations, etc.