Compliance and Risk Management for the Manufacturing Industry
“Quality is Job 1” was Ford Motor Company’s slogan for nearly two decades. In a way, the slogan is timeless. Manufacturers have always focused on quality to win customers and stand out from the competition.
In the 1980s, total quality management (TQM) dominated business. In the 1990s, manufacturers first adopted enterprise risk management to drive quality.
Today, leading manufacturers in a variety of industries are addressing quality by integrating GRC (governance, risk, compliance) activities that assist in managing risk, among other.
Why? Improving manufacturing quality today isn’t as simple as obtaining higher quality source materials, ramping up training or recruiting higher skilled workers. Significant drivers of quality include internal processes and controls for quality and regulatory compliance, ever-changing supply chain risks and integrated risk management practices. Hence, manufacturers focused on quality are looking to GRC because it encompasses the many drivers of quality.
For compliance and risk management professionals in the manufacturing industry, the shift to GRC coincides with the International Organization for Standardization (ISO) evolution into integrated risk management.
For example, ISO 9001:2008, which outlines requirements for a quality management system focused on consistency and customer satisfaction. When the standard was revised with ISO 9001:2015, the emphasis was expanded to include more risk-based thinking.
Regardless of the size or industry of the manufacturer, the goal is the same: gain a competitive advantage by evolving risk management practices that enable companies to produce higher quality products. That requires a more analytical and agile approach to assist manufacturers in gaining the most from an enterprise-wide view of risk management.
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About NAVEX Global, Inc.
NAVEX Global is the worldwide leader in integrated risk and compliance management software and services. Our solutions help organizations manage risk, address complex regulatory requirements and foster an ethical, productive workplace culture.