QUALITY MANUAL -> 6.1.2. Risk – Opportunities Equation
Loran interprets the risk and opportunity approach as follows:
Loran sees the "uncertainty" as neutral (ineffective), but the "risk" has a negative effect of the uncertainty and the “opportunity” as a positive effect of the uncertainty.
Loran Aerospace identifies the opportunities depending on the risks to give assurance for the QMS to achieve the desired results, increase the positive effects and implement the continuous improvement.
Loran determines the probability, frequency and severity of each of the identified opportunities by considering the risks separately. In the light of the information and Loran collects the data and creating risk preventive decision to turn the risks into new opportunities. Loran keeps and manages all records related to the risk management process on the ERP system.
The Biggest Opportunity of the Very-High Level Risks:
In very-high-risk groups, the priority is to improve the process and reduce the risk value one level. This is the biggest opportunity for Loran from very high risk.