Six Sigma: Manage your risks with Experts!
Just when you start believing that things are working out really well, the business statistics have hit the desired numbers, when even the Sales Head congratulate you and you’re about to plan for an off, just then at that very moment you realize a new competitor has come overnight in the market, the big Brand has suddenly thought of investing in your country, the servers crashed for the biggest event you had your eyes on and what not!!
You remember the surprise quiz our professors had to offer us, for them it was a delight, for us only another plight!!
But the after college life makes us realize that every alternate day is a plight and delights are like bonuses- once in a year! But just when you think that cribbing is all what you can do considering to be out of syllabus, Six Sigma steps into just like your genius best friend who always managed to know the answers of all the topics so that at least you can pass! Yes, you read it right. Be it the network security, cryptographically sound internet portals, product maintenance, a new brand coming up, or you name one for us, Six Sigma can fight back all! Since we always give you reasons to believe so this time we’re up with the same trend.
- ANALYZE Phase of Six Sigma identifies and assess the risks involved thus ruling out the major problem of ignorance towards the risks.
- MEASURE Phase ranks the risks according to the severity and outlines a proper contingency plan on the basis of outcomes of proper data driven approaches and value stream mapping.
- CONTROL helps to monitor and quantify each aspect leading to better results. Close evaluation and examination of the risks is the only key solution that can save you at first.
While the Six Sigma methodologies are built in a way that they can easily be deployed for risk management in any organization. But there’s one more aspect to it. The presence of certified sig sigma professionals. The stages are simple to visualize but difficult to implement without a trained person. Risks can be mitigated but they can be avoided only when you know the ‘To Do List’ precisely. Still Reading? It’s time to act now and when the giant like Six Sigma is all ready to help you out, why not stand on his shoulders. After all the expert’s sight does wonders.
Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.
Step 1: Identify the Risk.
Step 2: Analyze the risk.
Step 3: Evaluate or Rank the Risk.
Step 4: Treat the Risk.
Step 5: Monitor and Review the risk.
Six Sigma professional identifies and assesses the risks involved thus ruling out the major problem of ignorance towards the risks. Phase ranks the risks according to the severity and outlines a proper contingency plan. Helps to monitor and quantify each aspect leading to better results.
Business Risk: These types of risks are taken by business enterprises themselves to maximize shareholder value and profits. Non- Business Risk: Risks that arise out of political and economic imbalances can be termed as non-business risk. Financial Risk: Financial risk generally arises due to instability and losses in the financial market caused by movements in stock prices, currencies, interest rates and more