Risk Management
Procedure to Address Risk and Opportunity
The overall aim of risk and opportunity management within Navriti is to ensure organization takes actions to mitigate risks and leverages opportunities.
The scope of risk and opportunity management process includes the assessment of the internal and external issues, the assessment of the needs and expectations of interested parties. Risk and opportunity management is taken as part of Navriti’s day-to-day operations and is captured at the following hierarchy:
1. Strategic level
2. Department level
Navriti has implemented the PDCA cycle for risk and opportunity assessment.
Risks have been identified and assessed at strategic level and at each department level. We have defined the action plan to mitigate/ prevent / control the risk. This framework will help to Navriti to prevent or reduce undesired effects.
At strategic and departments levels, the opportunities are identified for the improvement of business processes. For each opportunity, the action plan has been identified.
Navriti is confident that with the risk assessment and opportunity methodology, the quality management system can achieve its intended results.
Planning to Address Risks and Opportunities:
Navriti has identified all risks, opportunities and action plan in the register. (Snapshot of the register shown below). This register helps Navriti record, assess, respond, review, report, monitor and plan for the risks and opportunities. The register has been maintained for each process. The effectiveness of the actions identified are reviewed during management review meetings.
Snapshot of the Risk & Opportunities Register:
Quality objectives and planning to achieve them
The leadership has identified quality objectives at a process level. The quality objectives are consistent with the quality policy of our organization. We maintain a separate document to identify and define the measuring methodology, measuring and monitoring frequency for each objective.
The quality objectives are reviewed during management review. The objectives are measured and reported as a set of key performance indicators (KPI). The department heads (ISO Champions) are responsible for cascading the quality objectives to the employees in their department. The department heads will guide the team to measure the parameters as per the formula defined. They will monitor the parameter against the benchmark defined as per the frequency defined for each objective.
Planning of changes
Changes in organization. Process change. New version of quality management system. How a change affects – understand risks and management, org chart, roles, responsibilities
Risk management
We maintain a Quality Manual (Ref: QM_01_NAVRITI_QUALITY_MANUAL-v1.1.pdf) which constitutes our overall plan for establishing, maintaining and improving the quality management system. For each instance of management system planning, the output is documented and retained accordingly, and changes are conducted in a controlled manner. The management review and the internal audit processes ensure that the integrity of the QMS is maintained when significant changes are planned which may affect key processes.
Whenever quality management system changes are planned, top management ensures that all personnel are made aware of any changes which affect their process, and that subsequent monitoring is undertaken to ensure that QMS changes are effectively implemented.
Risk Mitigation Strategies
Risk mitigation strategies are designed to eliminate, reduce or control the impact of known risks intrinsic with a specified undertaking, prior to any injury or fiasco. With these strategies in place, risks can be foreseen and dealt with.
Our business streams are broadly defined under three categories,
- Govt/Vocational Assessment
- Corporate Assessment
- Product Innovation
1. Govt/Vocational Assessment: At Leadership level, the foremost risk is “business continuity”. Business remains largely impacted by the ever,
- Changing scheme/project guidelines,
- Circumstantial Roadblocks
The guidelines and requirements keep changing at scheme or project level from time to time, but directly impacts the environment and the amount of business a company is able to do in a given timeframe. We have been able to mitigate this risk by enforcing certain practices both at individual and system level.
If we talk about circumstantial roadblocks, these can be due to any unforeseen situations that develop over a period of time or pop up at any time. Covid-19, can be considered one such unforeseen incident which has forced businesses to shut down. It has directly impacted the Trainings being undertaken and viz-a-viz assessments on similar grounds. The best way to mitigate this risk is to change the mode of assessments from physical to remote. With remote assessments taking over the assessment space, it gives candidate more flexibility, a sense of feel-good factor is seen when a candidate is allowed to take assessment, as per his choice of time on the date of assessment. Having said that, administering remote assessment is not an easy task, but worth the effort when cost and time are saved by effective & efficient use of technology.
2. Corporate Assessments: These are undertaken based on the specific requirements received from a client. Here the assessments are administered using both summative and formative Risks underlying in this category of assessments are broadly on the outcome of evaluation, where each of your client tries to influence the result based on their need.
3. Product Innovation: This remains one of the utmost important aspects in any space today. During the pandemic, it has become although more important to give a bigger role to technology to play. However, it comes with its own risks,
- Risk of loss of opportunity for manpower
- Risk of failure/downtime/bandwidths
We have often heard, that in years to come, tasks being performed by humans will be performed more efficiently with use of technology, and will eventually result in loss of jobs and reduced jobs opportunities for humans. Product that are being developed which are available in the market are self driven. You just need to follow instructions or follow certain steps to achieve desired results. To mitigate this risk, one has to firstly understand & acknowledge ever changing business dynamics and secondly to keep upgrading on modern day technologies to stay abreast in the market. By doing this you will be able to reduce on the probabilities of losing your jobs.
With more dependency increasing on technology, risk of failure/downtime/bandwidths is a constant challenge for companies. While performance of a product may be dependent on its use and application in different streams, at the same time upkeeping is something that gets influenced by external factors. For example, doing assessments in remote/border areas where the connectivity is a known problem. To mitigate this risk, the technology should be able to perform and operate in both offline and online modes.