What encompasses quality risk management?

Quality risk management is a systematic process that involves identifying, assessing, and controlling risks that could potentially impact the quality of products or services. The focus of quality risk management is to detect and reduce quality-related risks throughout various phases, such as development, production, and post-market activities. This proactive approach ensures that potential issues can be addressed before they lead to defects or failures, ultimately enhancing customer satisfaction and compliance with quality standards.

By concentrating on detecting and reducing quality-related risks, organizations can implement strategies that not only protect the quality of their offerings but also support continuous improvement initiatives. This component is critical for maintaining a reputation for quality and achieving operational excellence.

In contrast, the other options do not capture the comprehensive scope of quality risk management. Focusing primarily on cost reduction ignores the quality aspects that can lead to compliance and customer trust issues. Addressing only regulatory issues limits the view of risks, as quality encompasses broader operational and customer-related factors. Monitoring external market risks, while valuable, is not synonymous with quality risk management as it does not specifically target the internal processes and practices that directly impact product or service quality.