Roughly 7 in 10 manufacturershave implemented Lean manufacturing principles in their organizations, with 5S, Six Sigma and Kaizen representing the most popular strategies today.
One tool that supports these specific approaches and Lean manufacturing principles more generally is a layered process audit (LPA) program. LPAs draw auditors from all management layers and departments to verify mission-critical processes on a daily basis. Continue reading
A risk management plan has to meet your organizations needs as the organization identifies, manages, and mitigates potential and actual risks. The ISO 31000 framework does not detail how an organization should plan or what elements are required for an effective plan.This short article outlines a few details that may comprise a starting point as you build a risk management plan within your organization. Or, the suggestions here may help you review and improve your existing plan. Continue reading
In January 2005, the California Legislature authorized the state auditor to conduct audits of state agencies to determine those that are at risk. The rationale for the authorization was that identification and mitigation of these risk would improve government efficiency and effectiveness. This piece looks at key aspects of the 2013 and 2018 high risk audits results and how the process of mitigating risk can link to broader risk management efforts. Continue reading
Financial institutions state that the “non-financial risk” of their business customers is often related to compliance failure, misconduct, technology or operational challenges.
These financial institutions describe non-financial risks as only having a downside. At the same time, ESG investor groups are seeking businesses that use harmonized international standards to improve the environmental, social and governance situations at all facilities and their supply chains. Continue reading
I was speaking with a friend who is the Chief Operating Officer of a multi-national chemical processing company a few weeks ago. We were speaking about the various challenges that he is facing, which are not unlike the challenges faced by many companies. His most important goal was to maximize profits whilst minimizing inventory – nothing new here. Continue reading