Compliance Risk Assessment at Siemens

Abstract

What has dental care to do with risk management? Everybody knows that preventive measures like brushing your teeth twice a day, using dental floss daily and going to a dentist once a year cost nearly nothing. Still many people do not do it or do not do it properly, get holes in their teeth and, on top of this, face a huge invoice from their dentist to fix the problem. It would therefore be much more effective and efficient to focus on taking preventive measures than on fixing the holes afterward. In many companies – including Siemens in the past – it is like this. Risk management is done but not properly – like brushing your teeth but just with water. In many cases, fixing the holes at the end costs more than if the issues had been identified and tackled with appropriate preventive measures beforehand.