Financial Services FMEA Implementation
Financial ServicesFMEA Delivery
Financial Services FMEA Consulting
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
- 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
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 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 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.