Risk Management Model from the Perspective of the Implementing ISO 9001:2015 Standard Within Financial Services Companies
Author:Cătălina Sitnikov, Claudiu George Bocean, Dorel Berceanu and Ramona Pîrvu
JEL:G32, L1, M11, M14
DOI:
Keywords:management models, ISO 9001:2015, SL Annex, ISO 31000:2009, risk-based
approach, financial services companies, risk assessment
Abstract:
In its new form, the ISO 9001:2015 standard activates and utilizes a thought pattern based
on risk assessment functioning in parallel with the implementation of the system regarding
quality management. Therefore, we strive to identify the risks and opportunities associated
with the processes and products needed to create and implement a system of quality
management based on the ISO 9001:2015 standard. This standard is defined by a strong
client-based orientation, motivation and managerial involvement from the higher levels, as
well as a process-based approach and a commitment towards constant improvement.
By implementing the requirements of the new version of the ISO 9001:2015 standard, the
organisation needs to determine all the processes necessary to the system of quality
management, as well as to identify those which include activities dealing with risks and
opportunities.
Considering the importance and the impact of the requirements of the new version of the
ISO 9001:2015 standard, starting from theoretical concepts and underscoring a set of
research vectors, a model of financial risk assessment has been devised. The model is based
on the correlation which can be established between the multiplicity of components relating
to the components of the new standard structure, SL Annex, elements of an approach
derived from risk patterns of processes and risk types which are assessed from the
perspective of financial services companies.