Significance can be related to the impact on customers, regulatory compliance, costs, ...
Many organizations have a risk table that defines several levels of risk, similar to the tables used in an FMEA.
I totally agree with Duke Okes , significant risk has everything to do with the impact it has a "foreseen" - if no mitigation/prevention is in place to avoid - event, to your organization's product, process etc. If as an example an event A occurs and your product has quality issues (not meeting the requirements) then isn't it a significant risk? But if this event A occurs and your product quality is not affected but it is affected the delivery time, isn't it that also significant risk? So everything has to do with your perception and internal policies and contractual requirements.
Risk analysis consider factors like:
1. The likelihood of events and consequences
2. The nature and magnitude of consequences
3. Complexity , connectivity
and many more.
I would suggest to read ISO 31000:2018 and IEC 31010:2019
Quality professional can involve in many different functions. To help the discussion going, below are the few major areas that I was involved in for risk management activities.
- Natural Disaster
- Work stoppage (labor and job hazard)
- Product Quality/ Warranty
- Customer Satisfaction
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