JET TECHNOLOGIES Rev. No.

01
Doc. No.: JET-QMS-SOP-03
Doc. Name: - Procedure for Risk and Opportunity Date: 01.09.2021

1. Purpose: The purpose of this procedure is to define the process for identifying and assessing the risks
and opportunities pertaining to the products being manufactured and processes at Jet Technologies.
The procedure further defines the process of taking actions to address the risks and opportunities as
well as evaluate the effectiveness of such actions.

2. Responsibility: All departments

3. Abbreviations: Nil

4. Procedure:
4.1 RISK ASSESSMENT AND MITIGATION:
4.1.1 Identification of Risks: Considering the risks related to following aspects need to be identified for
each function of Jet:

 Operation related issues

 Aspects specific to a process
 Quality issues and nonconformities
 Performance of external service providers for support functions
 Timely delivery performance
 Customer complaints / Feedback

4.1.2 Risk Assessment: This shall be done in an excel format with following information:
 Key process
 Risk
 Risk Category – High / Medium / Low
 Actions needed to mitigate risk
 Residual risk based on actions identified

4.1.3 Norms for Risk Categorization: The following norms shall hold good for categorizing the risks.

Risk Categorization Norms

Risk Category Norms

• Will result in financial loss to the company / customer
• Will result in customer dissatisfaction
High • Will lead to poor productivity
• Will result in inefficient processes
• Will reflect poorly on the company’s professional image

Prepared By:- QMS Co-Ordinator Approved By:- Proprietor

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 JET TECHNOLOGIES Rev. No. 01
Doc. No.: JET-QMS-SOP-03
Doc. Name: - Procedure for Risk and Opportunity Date: 01.09.2021

• May lead to customer dissatisfaction

Medium • May result in financial loss to company / customer
• May affect productivity / efficiency

Low • Very little impact on costs / customer satisfaction

• Very little impact on productivity / efficiency

4.1.4 Risk Mitigation Actions: All risks with “High” and “Medium” categorization need actions that will
reduce / mitigate the level of risk. The QMS Coordinator shall decide on the actions that need to be
taken and also identify persons responsible for taking such actions. These actions may include
eliminating the source of risk, changing the likelihood or consequences, sharing the risk or retaining
risk by informed decision.

4.1.5 Residual Risk: The risk mitigation action is expected to bring down the risk level and this risk that
still remains shall be indicated in the “Residual Risk” column.

4.2 ASSESSMENT OF OPPORTUNITIES AND ADDRESSING THEM

4.2.1 Identification of Opportunities: Considering the each division function risks / opportunities related
to following aspects need to be identified for each division functions :
 Extension of existing services
 Changes to laws and regulations
 Introduction of new regulations
 Requirements of any customers
 Technological developments
 New requirements of the organization

4.2.2 Addressing the Opportunities: This shall be done under the following headings:
 Process
 Opportunity
 Potential of the Opportunity – High / Medium / Low
 Pro-active actions to address the opportunity
 Current Status

4.2.3 Norms for categorizing the Opportunities: The following norms shall hold good and the
department Head is responsible to assign the category based on his / her understanding and
evaluation of the opportunity:

Opportunity Categorization Norms

Prepared By:- QMS Co-Ordinator Approved By:- Proprietor

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 JET TECHNOLOGIES Rev. No. 01
Doc. No.: JET-QMS-SOP-03
Doc. Name: - Procedure for Risk and Opportunity Date: 01.09.2021

Potential of
Norms
Opportunity
• Will result in additional business to the company
• Will result in increased customer satisfaction
High • Will lead to higher productivity
• Will result in increased efficiency in processes
• Will enhance the image of the company

• May lead to increased customer satisfaction

Medium • May result in financial gain to company / customer
• May improve productivity / efficiency

Low • Very little impact on costs / customer satisfaction

• Very little impact on productivity / efficiency

4.2.4 Current Status: This refers to the status of the Opportunity subsequent to taking the actions. This
indicates the extent to which the opportunity has been exploited

4.3 Approval and Review of the “Risk and Opportunities Assessment sheet: The QMS Coordinator is
responsible to check and approve the document and ensure that all personnel are aware of the
contents. The document shall be reviewed once in a year to update the status and document any new /
additional risks and opportunities. Besides, whenever unexpected events take place and new risks /
opportunities arise, the document may be revised.

4.4 Reporting at Management Review Meetings: The Risk and Opportunity Assessment sheet shall be
discussed during the Management Review Meeting.

5. Document Reference: QMS Manual Clause 6.1

6. Documented Information (Records) pertaining to this procedure:

Sr. Title of Record Hard Copy / Format No. (if any)
No. Electronic
1 Risk and Opportunity Assessment Sheet Electronic JET/QMS/R&O/01

7. Revision History:
Revision Date of Release Details of Revision
No.
01 01.09.2021 First Issue

Prepared By:- QMS Co-Ordinator Approved By:- Proprietor

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