Certified Risk Management FMEA ISO 31000 Expert | Accredited

Explore how risks appear in trains, banks, and food supply, and how the human mind perceives and processes these risks, guiding risk management decisions.

Make a risk-based decision between taking €20 now or gambling on one of two identical boxes that may contain €50, highlighting uncertainty and payoff trade-offs.

The lecture defines rationality as knowing options, ranking outcomes, and choosing highest expected value, linking loss aversion and risk under uncertainty to prospect theory via a €50/€0 versus €20 gamble.

Showcases how certainty bias makes people choose a sure €20 over a higher expected but uncertain gamble, illustrating the tipping point when uncertainty shifts decisions.

In a risk management game, students weigh a sure €20 against yellow blocks that symbolize uncertainty and probabilities, mirroring decisions like investing in research and development and entering new markets.

Explore how rationality influences risk management by comparing expected value decisions under uncertainty, and use historical and sector data to estimate outcomes.

Explore how prospect theory reveals why humans misjudge extreme probabilities, such as 0.1% or 99.9%, and why risk managers must treat low-probability events as non-zero in corporate risk assessments.

Discover how medical and nursing students learn patient communication, adapting language for patients versus peers, with a hospital bed as the teaching context.

Discover how to identify, list, and categorize risks in a wildlife park setting using a risk matrix, with the Beekse Bergen safari as a practical example.

Explore the risk matrix concept with impact and likelihood axes, its variations, and simple color-coded categories used in initial risk assessments and to explain risk to non-risk management professionals.

Collaborate in a session to brainstorm risks, place them on a red, orange, green risk matrix, and apply mitigations like roadside support; align with ISO 31000 and FMEA depth.

Discover how risk interactions amplify outcomes and escalate isolated risks into major events. Learn to identify interactions when mapping risks with risk matrices or FMEA.

Identify how risk interactions amplify consequences by combining risks to reveal bigger threats, and include these interaction risks as separate entries in the risk matrix or FMEA.

Explore a risk matrix exercise in an education context, mapping risks of online, at home written exams during COVID, including impact and likelihood scales and fraud risk.

Explore how to identify and evaluate exam risks using a risk matrix, from computer compatibility and crashes to cheating, analyzing interactions and assessing likelihood and impact under ISO 31000.

Learn how the bow tie diagram supplements the risk matrix by mapping causes, controls, and cushioning effects to guide urgent follow-up actions in risk management.

Explore the bow tie diagram as a practical risk-management tool, linking stage-collapse causes to preventive controls and recovery plans, including medical, insurance, and a PR firm.

Learn to build multiple bow tie diagrams from a risk matrix, and cover each cause and effect with multiple preventive and recovery measures for robust risk management.

Explore how ancient Egypt managed labor risk under pharaoh Ramses the third, where skilled workers organized a peaceful sit-in to secure full compensation and avert violent conflict.

Use the bow tie diagram to map causes, preventive measures, effects, and recovery methods for high employee turnover and the costs of training new staff.

Use the bowtie exercise for risk management to map causes and effects, and implement preventive and recovery measures from onboarding and management training to CRM documentation and staff backups.

Compare the risk matrix and fmea as equal tools for different risk management situations, noting fmea's depth and detectability.

Explore the origins of FMEA from military roots to NASA missions and automotive and service industries, and learn how failure modes are identified, analyzed, and mitigated.

Identify subtypes of FMEA, including software, machine, and design FMEA, and learn to quantify severity, occurrence, and detection to rank and treat risk across contexts.

Download the FMEA template in Excel that automatically calculates the risk priority number using severity, occurrence, and detectability. Use the Word version for manual calculation.

Explore failure modes in a self serve pizza place using fmea to assess severity, occurrence, and detectability, then compute the rpm and rank risks for treatment.

Apply fmea by moving from listing risks to implementing controls in a group brainstorm. Use rolling oven to reduce occurrence, adjust rpn by changing occurrence while preserving severity and detectability.

Quantify failure impact with the severity score in FMEA, rating 1–10 based on user or operator harm, and reduce bias by averaging scores from multiple experts to guide risk prioritization.

Apply the FMEA severity score from 1 to 10 using context to identify consequences. The lecture contrasts heavy machinery injuries with software risks to justify nine or ten in context.

Reuse the same exam context from the previous section and apply the failure mode and effects analysis (FMEA) tool. Compare FMEA with the risk matrix to highlight limitations and possibilities.

Define an FMEA for three risks—incompatible hardware, a laptop crash, and cheating during a home exam—assessing severity, occurrence, and detectability, with mitigation actions and RPN comparison.

Apply FMEA to analyze failure modes, such as software incompatibility with hardware, assessing severity, occurrence, and detectability to reduce risk priority number with pre-checks, monitoring, webcam, and screen lock controls.

Explore how probability informs risk assessment by examining event likelihoods. Analyze real-world scenarios, such as fishing industry injuries, to connect percentages like 0.1%, 1%, and 10% to risk management.

Explore the ISO 31000 risk management framework and ISO 31,000 standards, learn how compliance benefits organizations, and see how the tools learned in previous parts support meeting these standards.

Define ISO as a standards organization that creates norms, rules, and regulations for fields like food safety and aviation, and explore how organizations adopt or create standards.

ISO standards enable clear communication, easy comparison, and ongoing compliance through audits, making it easier to meet requirements, make informed decisions, and leverage conformity as a selling point.

Explore the three main elements at the heart of ISO 31000—process, framework, and principles—and how risk managers apply a flexible approach to risk assessment within this framework.

Discover how ISO 31000's principles, framework, and process interrelate to form an integrated risk management approach, detailing design, implementation, evaluation, and continuous improvement of the policy.

ISO 31000 principles integrate risk management into strategy, ensuring value creation and protection against risks. The approach is structured, customized, dynamic, and inclusive, analyzing DESTEP and emphasizing continual improvement.

Demystify the ISO 31000 process and see how FMEA fits into the framework. Define scope, context, and criteria across regions and product groups, and decide ownership of risk management.

Explore the ISO 31000 risk management process with risk identification, analysis, evaluation, and treatment, using brainstorming and FMEA to assess risks and decide on actions.

Engage internal and external stakeholders across scope, context, criteria, risk assessment, and risk treatment with management oversight, monitoring, and an auditable paper trail to satisfy ISO 31000 requirements.

Navigate the ISO 31000 framework, placing leadership and commitment at the center, and learn how risk management aligns to strategy, with organization-wide integration to prevent blind spots.

Align the risk management approach to ISO 31000 framework and external and internal context, including political and social climates, organizational culture. Implement with plan, define decision rights, and evaluate improvements.

Explore how a simple unit mismatch between imperial and metric measurements in the Mars Climate Orbiter caused a costly disaster, and why clear procedures and SOPs prevent similar failures.

Improve SOP through concrete definitions, safety checks, and quality checkpoints in furnace operation; identify vague steps and assign responsibility to prevent misinterpretation.

Improve risk management through a precise furnace sop, adding exact parameters, pre-start checks, safety verification, clear deviation handling, and a specified cooling procedure to replace approximate ranges.

Develop a robust risk management SOP with clear operator and supervisor responsibilities, PPE and equipment specifics, pre-operation checks, temperature control at 870°C with ±5, and detailed monitoring and logging.

Enhance standard operating procedures by merging text with visuals, using a Japanese factory example to define burn as blackening and enforce no more than 5% burned.

In risk management, a professional standard operating procedure is a team sport. Build a diverse group—operator, supervisor, non-technical manager, safety officer—to uncover blind spots and improve quality.