ISO 31000:2018—Enterprise Risk Management (ERM), FMEA

Explore the eight principles of ISO 31000:2018 risk management, including integration, structure, customization, stakeholder involvement, dynamic risk management, informed decisions, human factors, and continuous improvement for value and protection.

Risk management enables informed decisions based on data and risk prioritization, reducing surprises, optimizing resource use, and reassuring stakeholders across finance, health, military, and IT.

Plan, identify, assess, analyze, treat, and monitor risks in your organization with practical, step-by-step guidance for enterprise risk management.

Plan risk management by swot analysis of internal and external context, set a policy aligned with appetite and tolerance, categorize risks, define terms, and assign roles using tools.

Identify potential risks through structured brainstorming with stakeholders, applying systematic steps and tools like the fishbone diagram, flow charts, and SWOT analysis.

Identify potential risks using the Ishikawa diagram (fishbone diagram) across machines, materials, methods, personnel, measurements, and environment. The burger example shows sub-causes like storage, hygiene, freshness, and recipe adherence.

Explore how flowcharts identify risks in risk management, using operation, decision, document, and data shapes, with a hospital example showing bottlenecks and waiting times.

Use SWOT analysis to identify strengths, weaknesses, opportunities, and threats for a local delivery service, then translate these risks into a risk register for management.

Register identified risks into a structured risk register by recording date, risk ID, name, and a clear description, and prepare for risk analysis with fishbone diagrams and SWOT.

Analyze risks by transitioning from planning to analysis, using tools like fishbone diagrams, flow charts, and swot, then apply qualitative methods and a probability and impact matrix to rank risks.

Learn how a probability and impact matrix defines risk levels by multiplying likelihood and consequence, and use it to prioritize risks and guide management decisions.

Define probability categories from very high to very low using a probability table. Assess cost, schedule, and quality impacts under ISO 31000 ERM with clear risk rankings.

This lecture explains how to respond to high probability, high impact opportunities using four strategies—exploit, enhance, share, and assist—within enterprise risk management.

Explore four risk responses—avoid, mitigate, transfer, and accept—to threats in enterprise risk management, with practical examples of shipping risks and contingency planning.

Assign duties and resources, then monitor and control risks throughout the project. Record lessons learned, keep the risk register relevant, identify new risks, and continually evaluate risk management efficacy.

Explore how to capture, analyze, and monitor risks using a risk register, including risk identification, probability impact matrix, risk scoring, controls, and planned responses.

ISO 9001:2015 risk based thinking empowers leaders to identify risks and opportunities, plan and execute actions, and evaluate effectiveness without a formal risk register.

Learn failure mode and effects analysis (FMEA) to identify possible failure modes, assess severity, occurrence, and detection, compute risk priority number, and plan preventive actions for enterprise risk management.

Walk through ISO 31000:2018 guidelines for enterprise risk management, detailing the principles, framework, and core process from risk identification and analysis to evaluation, treatment, and ongoing monitoring and reporting.

Analyzes a local pizza bites delivery case using fishbone diagrams to identify risks, fill a risk register, and implement controls to ensure timely, warm pizzas.

Case study applies ISO 31000 ERM and FMEA to prevent late delivery by identifying risks from equipment, client requirements, and applying mitigations like extra bandwidth and multiple providers with monitoring.

Examine how a National College of Arts case study reduces poor concept delivery by identifying risks and implementing classroom practices like questioning, reminders, and targeted teacher guidance.