Smart risk-based thinking software
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Transform your organisation's audit and inspection processes into a powerful integrated risk monitoring, control and improvement system.
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Smart risk-based thinking software
- 1. Smart Risk-Based Auditing Software www.compliance-master.com Quantitatively monitor, control and improve your operational risks
- 2. Quantitatively measure and control operational risks within user-specified limits.
- 3. Operational risk is the prospect of loss resulting from inadequate or failed procedures, systems or policies. Employee errors. Systems failures. Fraud or other criminal activity. How can I consistently measure and compare my operational risks?
- 4. Quality Safety Finance Security Common Weaknesses • Unnecessarily high costs • Inconsistent reporting • Suboptimal decision making • Ill-informed risk taking
- 5. Non-conformance Consequence Non-conformance % 0.01 0.1 1.0 10.0 100 Acceptable RiskUnacceptable Risk Process / System Risk Assessment Action Example • Accept risk • Approve dispatch • Approve receipt Example • 100% inspection • Mitigate risk • Strengthen controls
- 6. Objective Performance Rating Process / System Achieves risk limits all of the time Achieves risk limits most of the time Exceeds risk limits most of the time
- 7. Significantly improve your organisation’s risk monitoring, control and improvement capability I’m a genius!
- 8. Improve stakeholder assurance, collaboration and continuous improvement
- 9. Action • Smaller sample-size • Reduced audit / inspection frequency • Larger sample -size • Increased audit / inspection frequency Objective Performance Rating Process / System
- 10. www.compliance-master.com info@compliance-master.com +61 3 9367 5777 Contact us now to organise your FREE consultation and software trial!
Editor's Notes
- Unlike other auditing and inspection systems, Compliance Master quantitatively measures and controls operational risks, within user-specified limits. At the same time, the software’s in-built analytics will significantly reduce the amount of time and effort - your employees spend collecting, analyzing and reporting audit and inspection results. There is simply no other software that incorporates Compliance Master’s smart, risk-based auditing and inspection technology.
- All organisations are subject to operational risk. But finding a common system, that can objectively measure and compare operational risks organisation-wide, has always been a challenge.
- Without a common system, operational risk monitoring and control tends to operate in siloes; which often leads to unnecessarily high monitoring costs, inconsistent reporting, suboptimal decision-making, and worse still, ill-informed risk taking.
- Unlike other software solutions, Compliance Master uses proven statistical sampling methods, to quantitatively assess the consequence and rate of process and system failure. This information is then analyzed to determine whether operational risk levels have exceeded an organisation’s specified limits, and if so - what actions are needed to mitigate risk levels and strengthen risk controls. Conversely, should process and system failures fall within an organisation’s risk limits, products and services can be approved for use, dispatch, payment or acceptance into production, or service.
- Another powerful feature of Compliance Master, is its ability to assign each process and system an objective performance rating. Put simply, if a process or system consistently achieves an organisation’s risk limits all of the time, it is assigned an Excellent performance rating. If it achieves these limits most of the time, it is assigned a Good performance rating. Conversely, if it exceeds these limits most of the time, it is assigned a Poor performance rating. This rating system to continuously optimise auditing efficiency and improve process performance. For example, a switch from a Good to an Excellent performance-rating will result in a smaller sample-size requirement for the process’s next audit. While the production of user-specified protocal a reduction in auditing or inspection frequency, and to reward process-owners and suppliers for achieving this quality milestone. Conversely, a switch to a Poor performance-rating, can be used to increase audit frequency, or to initiate an investigation into a process’s unacceptable risk performance. This dynamic risk-based approach to process monitoring and control, is far more efficient and effective than conventional nonconformance auditing and inspection solutions. Most importantly, it also fully conforms to the new process and risk-based thinking requirements outlined in ISO 9001 2015.
- By incorporating this information in an easy-to-follow performance dashboard, board-members, top-management and other stakeholders can quickly understand where an organisation is most risk exposed; and the extent of that exposure. From here they can ensure the organisation’s limited improvement resources, are always directed to those processes and systems most in need. The software can also be used to monitor the effectiveness of these improvements over time.
- With a simple click of the mouse, or a tap of the screen, process-owners and suppliers can objectively benchmark and compare their operational risk performance against the organisation’s risk targets. They are also able to identify the causes of unacceptable risk performance, and work more collaboratively with other stakeholders to ensure they don’t reoccur in the future. They can also take advantage of the software’s full audit trail, to view individual audit and inspection results, auditor and inspector comments, attached documentation and photographic evidence, view product and service approval and rejection details. But the benefits don’t end here.
- Another powerful feature of Compliance Master, is its ability to significantly improve an organisation’s risk monitoring efficiency, by adjusting the level of rigor applied to each audit and inspection. For example, a process with an Excellent performance-rating, is assigned a smaller sample-size and auditing-frequency, than a process with a Good or Poor performance rating. This dynamic, risk-based approach to auditing and inspection, is far more efficient and effective than conventional solutions. This is because it focuses an organisation’s limited auditing and inspection resources, on those parts of its business that are most risk exposed. Most importantly, this approach conforms to the new process and risk-based thinking requirements outlined in ISO 9001 and ISO fourteen thousand and one.
- Call us now or visit our website, to organise your FREE no-obligation consultation and trial of the world’s most advanced operational risk monitoring and control software.