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How can you use quality improvement to enhance risk management in your business operations?

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Quality improvement (QI) is a systematic approach to enhancing the performance, efficiency, and effectiveness of your business processes and outcomes. It involves identifying problems, analyzing data, implementing changes, and monitoring results. By applying QI principles and methods, you can also improve your risk management, which is the process of identifying, assessing, and mitigating potential threats to your business objectives, resources, and reputation. In this article, you will learn how you can use QI to enhance your risk management in your business operations.

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Olagoke Salawu (CISA,CRISC,CFCS,CFE,CAMS)

Head, Financial Crimes Compliance @ Sterling Bank | VP, ACFCS (NGA)

1 Define your QI and risk management goals

The first step to using QI to enhance your risk management is to define your QI and risk management goals. These goals should align with your business vision, mission, values, and strategic objectives. They should also be specific, measurable, achievable, relevant, and time-bound (SMART). For example, you may want to reduce the number of customer complaints by 10% in six months, or increase the compliance rate of your safety standards by 15% in one year. By defining your QI and risk management goals, you can clarify what you want to achieve, how you will measure your progress, and what resources and actions you will need.

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Olagoke Salawu (CISA,CRISC,CFCS,CFE,CAMS)

Head, Financial Crimes Compliance @ Sterling Bank | VP, ACFCS (NGA)
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Another path to formally defining your risk management goal is the use of a capability maturity model integration (CMMI) to identify the current state and chart a course to a future state by identifying the gaps between where the current state of the organisations risk management and the desired state.

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2 Identify and prioritize your risks

The next step to using QI to enhance your risk management is to identify and prioritize your risks. Risks are any events or circumstances that could negatively affect your QI and risk management goals, such as errors, defects, accidents, delays, lawsuits, or reputational damage. You can use various tools and techniques to identify and prioritize your risks, such as brainstorming, surveys, interviews, checklists, audits, SWOT analysis, or risk matrices. By identifying and prioritizing your risks, you can focus on the most significant and likely ones, and allocate your resources and efforts accordingly.

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Olagoke Salawu (CISA,CRISC,CFCS,CFE,CAMS)

Head, Financial Crimes Compliance @ Sterling Bank | VP, ACFCS (NGA)
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The ability to contextualize and separate your risks into internal and external risks allows you to apply bespoke models i.e external risks can be identified using PESTLE while internal risks can be better identified using SWOT or DELPHI or RCSA. A quick analysis of likelihood and impact allows you to achieve a risk rating that enables prioritization of the risks that fall outside the organisations appetite and tolerance levels.

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3 Implement QI interventions to mitigate your risks

The third step to using QI to enhance your risk management is to implement QI interventions to mitigate your risks. QI interventions are any actions or changes that you make to your business processes, products, services, or systems to improve their quality and reduce their risks. You can use various QI methods and frameworks to design and implement your QI interventions, such as Plan-Do-Study-Act (PDSA), Lean Six Sigma, Kaizen, or Total Quality Management (TQM). By implementing QI interventions to mitigate your risks, you can prevent or minimize the occurrence and impact of potential problems, and enhance your customer satisfaction, efficiency, and profitability.

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4 Monitor and evaluate your QI and risk management outcomes

The final step to using QI to enhance your risk management is to monitor and evaluate your QI and risk management outcomes. This means collecting and analyzing data and feedback to measure the performance and effectiveness of your QI interventions and risk management strategies. You can use various tools and indicators to monitor and evaluate your QI and risk management outcomes, such as dashboards, charts, graphs, surveys, audits, or key performance indicators (KPIs). By monitoring and evaluating your QI and risk management outcomes, you can identify the strengths and weaknesses of your QI and risk management practices, and make adjustments and improvements as needed.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use quality improvement to enhance risk management in your business operations?

1

2

3

4

5

1 Define your QI and risk management goals

2 Identify and prioritize your risks

3 Implement QI interventions to mitigate your risks

4 Monitor and evaluate your QI and risk management outcomes

5 Here’s what else to consider

Business Operations

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How can you use quality improvement to enhance risk management in your business operations?

1

2

3

4

5

1 Define your QI and risk management goals

2 Identify and prioritize your risks

3 Implement QI interventions to mitigate your risks

4 Monitor and evaluate your QI and risk management outcomes

5 Here’s what else to consider

Business Operations

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