Risk Management in Quality Management System: Economic Content and Classification of Risks

Abstract

The paper aims to study the nature of risk management in the context of the quality management system. Through historical and logical methods of research, we analyze the stages of formation and development of ideas about risk and its impact to economic activity. We consider different definitions of risks that were formulated by economists and presented in international standards, and analyze key moments which characterize the economic content of risk. Based on the considered approaches we propose the author’s definition of risk. Further, attention is paid to different risk classifications, and we analyze most known approaches to risk classification. As an alternative approach, we propose an authorial classification of risks based on key processes of the organization’s quality management system. The consideration of risks by the quality management allows, on the one hand, to integrate risk management into the existing enterprise management system, on the other hand, to react more effectively to possible changes and to use a unified management mechanism. The results of the research can be applied in practice to improve the quality management system of organizations in various business areas and to form a risk management system within the organization.