Track: Decision Sciences

Abstract

The new requirements of ISO 9001: 2015 quality management system standard clause 0.3.3 required the organization to implement a risk based thinking for achieving an affective quality management system. The definition of risk as stated in the standard is “the effect of uncertainty’ which could be positive or negative. Thus, ISO 9001 certified organization requires to demonstrate objective evidence of the implementation of risk based thinking such risk analysis and risk mitigation plan not only to satisfy the need of ISO 9001:2015 standard, but also widely accepted that organization requires risk management activities to stay competitive. However, there many initiative, tools and approach for the operational risk management activities have been subjected to little research and are not well understood. This paper reviewed and discussed the available literatures on operational risk management decision support tools. Based on an extensive literature review, the issues relevant to operational risk management support tools are examined, and discussed the several issues to identify the decision support tools to satisfy the intended requirements of the ISO 9001:2015 standard.