Quality is Free – But How do We Measure the Cost?
Customers demand quality. We expect quality in what we do and in what
we consume. In 1985, Philip Crosby told us that quality is free. We will examine
Crosby's statement and look at the four aspects of the cost of quality –
prevention, appraisal, internal failure, and external failure. What are the true
costs associated with each of these elements? How do we determine the way in
which each aspect can be measured? We will test the adage that an ounce of
prevention is worth a pound of cure to see if this 16:1 relationship holds true.
Quality matters, and we need to know how to evaluate the true cost of quality
and the value.
Topics Discussed
- What do we mean by quality?
- Why does quality pay off?
- Total quality management, including lean and six
sigma
- The four elements of the cost of quality
- Practical prevention activities
- The necessity of appraisal and why quality cannot be
inspected into a process
- Sources of internal failure and other sources you may
not have considered
- External failure and the hidden costs of 'shortcuts'
- Creating an effective and actionable cost of quality report
Objectives: Understanding the process to determine the cost of quality within
your organization. Why does quality matter? Why is quality so valuable?
Understanding and Mitigating External and Internal Risks:
How?
Risk is everywhere, but which risks matter? In the dynamic landscape of
modern business, the role of a Chief Financial Officer (CFO) extends far beyond
financial management. It encompasses navigating an array of external and
internal risks that can impact organizational performance and sustainability.
This seminar will empower professionals with the foresight and practical tools
needed to understand, anticipate, and mitigate both external and internal risks.
We must be aware and anticipate. If we do not adequately prepare, the
organization will be exposed to avoidable and onerous risk. This course is
essential for leaders and organizations that want to survive and thrive.
Topics Discussed
- Defining risk as it impacts organizations
- Understanding external and internal risks
- Examples of these risks
- How do we identify and assess?
- What can be done about the risks?
- Developing a risk mitigation strategy and plan
- Monitoring and mitigating risk
Objectives: To have a better understanding of the various external and
internal risks present today and expected tomorrow - and to understand methods
to mitigate risk
Insurance – How to Manage Your Insurance Program
At its core, insurance is risk management. What insurance does the
organization need? What types? What limits should we buy? How large a deductible
should we accept? What is the difference between a deductible and a self-insured
retention? What do I need to know about insurance contracts? What should I
expect of my insurance broker? What coverage is available and what do I need to
buy? This is specifically designed for any leader responsible for insurance and
risk. The insurance function is critical to the ongoing viability of an
organization. We will review a practical approach to managing insurance.
Topics Discussed
- How are risks managed?
- What does a broker do, how do we choose a broker, and
how should we pay them?
- What can insurance protect against?
- Deductibles, self-insurance, and captives
- Issues affecting different classes of insurance
regarding claims and accessibility
- Actions you need to take in addition to securing
insurance
- Umbrella policies and how they attach above the primary
Objectives: Review insurance law and discuss issues regarding the selection
of insurance policies. What is valuable to know about insurance exceptions and
exclusions?
Effective Implementation of Enterprise Risk Management
Many have tried to implement ERM, and many have failed. This seminar will
provide a route map of how to implement an effective ERM program without
disrupting the organization by building ERM practices into everyday management
and planning.
Topics Discussed
- What is ERM and why is it important?
- What is your risk appetite and risk tolerance?
- The COSO framework for ERM and its recent updates
- The ERM Steering Committee – what is it for and what
does it do?
- Risk heat maps – evaluating what is hot and what is
not
- Risk owners and the risk control plan
- Measuring the effectiveness of the implementation
- The role of leading and lagging indicators - KRIs
- Making it part of everyday management
- The need to integrate ERM into strategic planning
Objectives: How to successfully implement ERM and integrate it into everyday
business practice