What is Risk Based Thinking
What is Risk Based Thinking? Risk based thinking helps an organization identify what could affect its goals and decide how to manage those risks before they create serious problems. What is Risk Based Thinking means looking at uncertainty as part of normal business planning, process control, and improvement. ISO management system standards use this approach to help organizations prevent unwanted results, use opportunities, and improve the effectiveness of their processes. What Does Risk Based Thinking Mean? Risk based thinking means considering possible risks and opportunities while managing everyday work. Every organization faces uncertainty. A supplier may deliver late. A machine may fail. A customer may change requirements. An employee may leave. A cyber incident may affect information. A process may produce inconsistent results. Risk based thinking helps an organization ask simple questions: What could go wrong? What could cause the problem? What could happen if ...