Managing Risk for life science organizations is often seen as simply a way to achieve and maintain industry compliance, and not as a means to improving operational performance.

That’s far from the perception in other industries, where effective Risk Management also supports Continuous Improvement and competitive differentiation.

Industry leaders in risk management are committed to continuous improvement programs, which drive down risks on existing products. The reality today is that the changing nature of risks requires adopting effective strategies to properly prioritize and mitigate them.

Arguably life science manufacturers should adopt a similar approach that takes advantage of best practices from across industries.

To that end, manufacturers should focus on:

Using a single unified framework for risk management

A unified framework allows the ability to compare risks, and execute continuous improvement measures. Many possible risk models exist, such as failure modes/failure effects/causes/controls/verification, or hazards/harms/controls/consequences. A unified model allows manufacturers to … Read more...

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