Why should someone who is interested in risk management understand “Lean” management? That’s the question answered in this podcast. We relate effective risk management to the Lean movement, which emphasizes continuous process improvement and waste reduction. In less then 15 minutes, you will understand why anyone interested in dealing with threats and opportunities should subscribe to Lean process improvement.
You will hear Risk Alternatives CEO Ted Bilich describe the basic elements of effective risk management, which consist of identifying threats and opportunities, avoiding unacceptable risks, developing opportunities through pilot programs, mitigating threats, shifting threats to others, and accepting residual risk but always seeking to improve. You will also hear Ted explain some of the basic concepts underlying Lean, including kaizen (continuous improvement), gemba (gathering actual data), and poka yoke (mistake proofing). As you listen, you will learn that risk management and Lean have much in common. Each practice informs the other.
Thus, if you want to learn about risk management, pay attention to Lean. That’s the message of this podcast.