An enhanced approach for risk mitigation considers this effort to be a portion of an overall business management system, not an activity in isolation. This objective is achieved with the Integrated Enterprise Excellence (IEE) business management system.
Step number 2 provides an IEE value chain. An IEE value chain describes what an organization does and how it measures what is done. As part of step 3 the organization as a whole should be analyzed to determine risk exposures for the organization. If risks are identified, these issues should be addressed and established as a process in the IEE value chain.
Business risks are not the result of only outside influences but internally policies as well. For example, if truthful communications up the organization chart is not embraced, this can become a business risk. If an IEE value chain is made clickable with automatic updated metrics through Enterprise Performance Reporting System (EPRS) software, identified risks by people throughout the organization can become transparent (i.e., a means for risk mitigation).
The benefits of an IEE system for transparency scorecard reporting, risk mitigation, and process improvement is described in a 1-minute video:
Webinar: Risk Mitigation in an Enhanced Business Management System
A few Lean Six Sigma project-problem statements read: Avoid problem [blank] from ever happening again. We can apply the standard Define-Measure-Analyze-Improve-Control (DMAIC) process to this issue to provide improvement recommendations to the organization, but is this the most efficient path to take? The choice to execute a lean Six Sigma DMAIC improvement project will take significant time and many of the steps are not very useful.
In this webinar, we will provide a sequence of Lean Six Sigma tool usage that will provide a very comprehensive and long standing risk mitigation effort that is more than just using an FMEA.
Contact Us to set up a time to discuss with Forrest Breyfogle how your organization might gain much from an Integrated Enterprise Excellence (IEE) Business Process Management System and its risk mitigation methodology.