As per the dictionary definition, risk management is the forecasting and evaluation of risks together with the identification of procedures to avoid or minimize their impact.
Wikipedia says similar that Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
In other words, Risks has to be identified and mitigated to maximize opportunities and reduce unfortunate attempts. In other words this needs to be followed:
- Identify the threats
- Assess the vulnerability of critical assets to specific threats
- Determine the risk
- Identify ways to reduce those risks
- Prioritize risk reduction measures
Quality management system complements the project and facilitates successful project completion. Controlling or mitigating the risk through Quality Management System tactics can be done using the following methods:
- Enhancing the knowledge management system
- Creating clear checklists and/or standard operating procedure.
- Identifying strategic locations in the workflow to independently validate compliance with contract requirements
- Creating prescriptive quality control checklists to be used by independent inspectors
Author Bio: Shalu Chawla is a trained Quality Assurance professional and Business Analyst who writes about Quality Assurance and testing with the sole purpose of sharing information from her knowledge or by referring to other good sites. You can know more about her by clicking on www.shaluchawla.com or www.shaluchawla.me