Monday 25 October 2021

Quality One Australia


Financial Services FMEA Consulting

 

Quality One Financial Services FMEA Consulting

Financial Services FMEA   Financial Services FMEA Consulting  Financial Services FMEA Training

Financial Services FMEA Implementation Financial Services FMEA Implementation
Financial Services FMEA Delivery Financial Services FMEA Delivery
Financial Services FMEA Consulting Financial Services FMEA Consulting

Financial Services FMEA Consulting Home Financial Services FMEA Implementation

Quality One engages with FS organisations in the implementation of FSFMEA and risk analysis across the organisations processes and products.

FSFMEA is implemented by:

  • Analysing new financial products against the required outcomes of the product and against the processes and services that deliver that financial product.
  • Analysing existing products, processes and services and determining which need deeper analysis according to risk criticality. The FSFMEA is performed on high ranking and critical risk items

In both cases the outcomes of the analysis are actions that mitigate, prevent or eliminate high risk failures in the financial product, instrument, process or service.

Activities required in the FSFMEA analysis process include knowing:
  • Number of interactions with other processes or bodies
  • The complexity of the product, process or service
  • Interactions with regulatory requirements
  • Past performance of similar products, processes or services
  • Whether the process, product or service is new
  • The current levels of controls and automation available for the product process or service

When reviewing the current set of products, process and services as against new products it is important to determine where FMEA is required and where to focus efforts the organisation needs to efficiently use the time available for risk analysis.

In order to identify which products, processes and services require FMEA analysis the organisation should:
  • Identify Risk Factors
    • Identify all regulatory requirements
    • Identify all current financial industry requirements
    • Identify all financial institution strategies and objectives
    • Identify all chosen standards of the organisation
    • Identify all customer requirements
    • Weight all the risk factors in terms of severity
  • Identify Organisational Products, Services and Processes
    • Identify Business Areas
    • Identify Key Deliverables in Business Areas
    • Identify Process Value Chain of Key Deliverables (Process Steps)
    • Identify Frequency of Processes
    • Identify the owner of the Product, Service or Process
  • Identify Process Interactions
    • Identify Process Hierarchy
      • Level 1, 2, 3…..
    • Process SIPOC for each process
      • Direct, Indirect, Support
    • Identify the relationship between risk factors and products, services and processes
      • High – Process or process steps not conducted correctly will release the risk factor
      • Medium - Process or process steps not conducted correctly may release the risk factor or input interacting process that fail will release the risk factor
      • Low - input interacting process that fail may release the risk factor or there is some suggested correlation between the product, service or process and the associated risk factor

Financial Services Characteristics Matrix


From the output of the report following this structure it is possible to identify high level risk processes and those exposed to regulatory requirements that will allow the FMEA to be conducted to ensure the appropriate controls are in place to mitigate, reduce and eliminate the risk in product, service or process delivery.

The FSFMEA would then need to be integrated into the organisations management system and audit requirements. Audit requirements would include analysis of external change forces on the product, instrument, process or service on a regular basis.

For further assistance in Financial Services FMEA Implementation please contact Quality One

Financial Services FMEA Consulting Home Financial Services FMEA Delivery

FSFMEA delivery is conducted through both consulting and channels. In order to deliver FSFMEA effectively implementation requirements must be followed. For efficient delivery of FSFMEA sessions and the actions that come from the analysis that precedes the FSFMEA session needs to be completed. This includes:

  • Collecting all required data to:
    • Identify Risk Factors
    • Identify Organisational Products, Services and Processes
    • Identify Process Interactions
    • Identify the relationship between risk factors and products, services and processes
    • Identify products, instruments, processes and services that need FSFMEA analysis
    • Identify Requirements and Characteristics of products and instruments needing analysis
    • Identify Process Value Chain of Key Deliverables (Process Steps) of processes and services needing analysis
    • Conduct FSFMEA Sessions
    • Deliver on actions from FSFMEA Sessions
    • Implement audit program against potential future changes on identified products, instruments, process and services
    • Integrate FSFMEA into the organisational management system
    • Implement audit program against potential future changes of products, instruments, process and services that in the current state were deemed low risk
    • Conduct FSFMEA on new products, instruments, process and services as they are created and deemed high risk
    • Conduct FSFMEA review periodically and as required when change affecting the existing products, instruments, process and services occurs

Financial Services Process Risk


Financial Services FMEA Consulting Home Financial Services FMEA Consulting

Quality One has consultants available to come to your financial organisation to implement, consult and train in integrating and conducting FSFMEA in your institution. Please contact Quality One to discuss your needs and organise a consultant to come out on site.

Forthcoming courses

There are currently no upcoming training courses scheduled. We add more courses regularly, so please check back soon.

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Quality One Australia was first established as Quality Associates Australia in 2005 due to an overwhelming response for its partner company, Q1 - Quality One USA to provide quality training, consultation and facilitation services to various industries throughout the South East Asia region.  We rebranded in 2018 to more closely align with our US partner.

We specialise in end to end process and quality management from initial education, training, curriculum and certification ( Lean Six Sigma , 8D , FMEA, APQP, SPC etc. ) through to the implementation of quality management, electronic management and business and process improvements across your organisation. We deliver change, improvement and solutions to organisations locally, throughout Australia, across the Asia region and globally through our Q1 network.

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