How is risk management defined in the context of quality management?

Risk management in the context of quality management is defined as a systematic process that involves identifying, assessing, and prioritizing risks. This approach ensures that organizations can proactively manage potential threats to the quality of their products or services. By identifying risks, organizations can understand what could potentially derail their quality objectives. Assessing those risks allows for a better understanding of their likelihood and impact, which is crucial for prioritization. Once risks are prioritized, organizations can allocate resources effectively to mitigate them, enhancing overall quality and performance.

This definition emphasizes a balanced and methodical approach to risk, highlighting the importance of assessment and prioritization in fostering quality improvement and ensuring that resources are used efficiently to manage risks. As a result, organizations can maintain high-quality standards while being prepared for uncertainties that may arise in their processes.