SHREYA TEST HOUSE

(LAB DIVISION OF SHREYA REALTY PRIVATE LIMITED)

STH/SOP/RO-01
SOP FOR MANAGEMENT OF RISK & OPPORTUNITY

SOP FOR MANAGEMENT OF RISK &

OPPORTUNITY

DOCUMENT NO.: STH/SOP/RO-01 DOCUMENT NAME: SOP FOR MANAGEMENT OF RISK &
OPPORTUNITY
ISSUE NO.:01 ISSUE DATE:15.04.2019 AMENDMENT NO.:00 AMENDMENT DATE:-00 PAGE: 1 OF 4
PREPARED BY: REVIEWED & APPROVED BY: ISSUED BY:
 SHREYA TEST HOUSE
(LAB DIVISION OF SHREYA REALTY PRIVATE LIMITED)
STH/SOP/RO-01
SOP FOR MANAGEMENT OF RISK & OPPORTUNITY

HISTORY OF AMENDMENTS
AMENDMENT ISSUE DATE OLD SEC.NO BRIEF DESCRIPTION ABOUT AMENDMENT NEW SEC NO
NUMBER REV NO AND REV NO AND
PAGE NO PAGE NO.

DOCUMENT NO.: STH/SOP/RO-01 DOCUMENT NAME: SOP FOR MANAGEMENT OF RISK &
OPPORTUNITY
ISSUE NO.:01 ISSUE DATE:15.04.2019 AMENDMENT NO.:00 AMENDMENT DATE:-00 PAGE: 2 OF 4
PREPARED BY: REVIEWED & APPROVED BY: ISSUED BY:
 SHREYA TEST HOUSE
(LAB DIVISION OF SHREYA REALTY PRIVATE LIMITED)
STH/SOP/RO-01
SOP FOR MANAGEMENT OF RISK & OPPORTUNITY

Purpose:

The purpose of this procedure is to provide guidance for identification and

assessment of Risk and opportunities that may exist or may emerge in
course of product realization and related processes.

Scope:
This procedure is applicable to all processes of our Quality Management System.

Responsibility:
Respective process heads are responsible for implementation of this Quality System
Procedure.

Authority:
This procedure is authorized by the Quality Manager and can be amended only by him/her.

Procedure:

 Risk & opportunity: Risk or opportunities are effect of uncertainty that impact
process execution and process outcome.

 Risk: All potential non conformities and external adverse situation that exist or may
emerge and threaten achievement of process objective are called Risk.

 Opportunity: Situation where opportunity exists for further improvement in our

process documents and activities, that help in achievement of process objectives, is
called Opportunity.

DOCUMENT NO.: STH/SOP/RO-01 DOCUMENT NAME: SOP FOR MANAGEMENT OF RISK &
OPPORTUNITY
ISSUE NO.:01 ISSUE DATE:15.04.2019 AMENDMENT NO.:00 AMENDMENT DATE:-00 PAGE: 3 OF 4
PREPARED BY: REVIEWED & APPROVED BY: ISSUED BY:
 SHREYA TEST HOUSE
(LAB DIVISION OF SHREYA REALTY PRIVATE LIMITED)
STH/SOP/RO-01
SOP FOR MANAGEMENT OF RISK & OPPORTUNITY

Risk identification, assessment & management plan

 To identify significant risks that exist or may develop in matters related to

any process the Quality Manager convenes a meeting of technical manager
and senior chemist , at least once in every 6 months. During this meeting
significant risks for different processes are identified and containment or mitigation plan is
documented. Responsibilities for resource allocation and plan implementation and targets for
achievements are identified and assigned.
Reference : Risk management plan

 The Quality Manager invites concerned technical manager and periodically reviews and
monitors Risk management plan implementation. Risk assessment monitoring meeting must
be held at least once in every block of 6 months. Record of decision is retained for further
review and analysis.
Reference: Risk management plan

Opportunity identification and benefit plan

 To identify significant opportunities that exist or may emerge in matters related to any
process, Quality Manager convenes a meeting of technical Manager, at least once in every 6
months. During this meeting significant opportunities for different processes are identified
and harnessing plan or opportunity utilization plan is documented. Responsibilities for
required resource allocation and plan implementation and targets for achievements are
identified and assigned.
Reference: Opportunity utilization plan

 The Quality Manager invites concerned person and periodically reviews and monitors
implementation of the Opportunity utilization plan. The meeting to identify opportunities and
to monitor implementation of the Utilization plan must be held at least once in every block of
6 months. Associated records are retained for further review and analysis.

DOCUMENT NO.: STH/SOP/RO-01 DOCUMENT NAME: SOP FOR MANAGEMENT OF RISK &
OPPORTUNITY
ISSUE NO.:01 ISSUE DATE:15.04.2019 AMENDMENT NO.:00 AMENDMENT DATE:-00 PAGE: 4 OF 4
PREPARED BY: REVIEWED & APPROVED BY: ISSUED BY: