ASQ RRD series webinar: Some Risks involved in Risk Assessments

Share This Post

On Thu, Dec 9, 2021, Duke Okes presented: ASQ RRD series webinar: Some Risks involved in Risk Assessments

 

While the past 20 years has seen risk management spread from primarily the financial industry to now being utilized in nearly all sectors, it’s become more evident that much of these efforts have failed to prevent some very serious failures. Part of the reason is the increased complexity of systems and interconnections, but some of the failures can also be attributed to the risk management process itself.

The purpose of this webinar is to focus solely on the risk assessment process, since it is key to the subsequent decision making about how to treat and monitor identified risks.

Many others have pointed out some of the risks associated with how risk assessments are performed (a few references are provided at the end of this article). This author has identified seven common errors seen over his years of studying, instructing and reviewing risk efforts.

The use of math (Likelihood X Impact) to determine level of risk
Using averages (vs. actual) when evaluating potential impact
Using single point estimates (vs. a range) to describe a risk
Use of qualitative (vs. quantitative) risk ranking scales
Using probability (vs. frequency) to describe risk opportunities
Using linear risk ranking scales
Lack of aggregation of risks

 

 

More To Explore

Recorded Webinars

ASQ RRD Series Webinar: Product Liability Drama:  How Reliability and Statistical Methods Prevent It

On Thursday, May 9, 2024  Allise Wachs presented ASQ RRD Series Webinar: Product Liability Drama: How Reliability And Statistical Methods Prevent It Abstract: Large manufacturing companies spend billions of dollars on warranty and product liability lawsuits annually. Warranty, product liability suits, safety recalls, and associated costs could easily be minimized with the proper use of

Recorded Webinars

ASQ RRD series webinar: 2024 AIAG CONTROL PLAN Manual review

On Wednesday, April 24, 2024 Richard Harpster presented: ASQ RRD series webinar: 2024 AIAG CONTROL PLAN Manual review Abstract: 2024 AIAG CONTROL PLAN Manual– What’s New and Will It Lead to Stronger or Weaker Process Control Plans?On March 5, 2024, the AIAG announced that the CONTROL PLAN Reference Manual was available for sale. It has

Scroll to Top
small_c_popup-1-1-1-1-1-1-1-1-1.png

Thanks for following this webinar!

Enter the form to get the RU's you earned

small_c_popup-1-1-1.png

Thanks for following this webinar!

Enter the form to get the RU's you earned