Intelligent Product Solutions Launches New Risk Management Consulting Practice Focused on Product Design Issues
01 Março 2022 - 1:00PM
Intelligent Product Solutions (IPS), a subsidiary of Forward
Industries (NASDAQ:FORD) and award-winning product design and
development firm, today launched a full service Risk
Management Consulting practice focused on incorporating
product safety into product design.
“In product design, design teams take great care to produce
products that not only perform well, but are safe to use, yet the
formal application of risk management practice is often
overlooked,” said Ed Lanzilotta, Principal Systems Engineer,
Intelligent Product Solutions. “The IPS Risk Management Consulting
team is uniquely qualified to assist product design teams with
incorporating risk management into their design and development
processes, leveraging our broad technical background and extensive
experience in product development and risk management.”
The new IPS Risk Management practice provides companies with a
range of services including:
*Risk Management Planning: The risk management plan
defines which risks are being managed and the process by which they
are being managed. Planning usually occurs in advance of product
design, concurrent with development of product requirements. The
IPS team has expertise to guide selection of the elements of the
risk management plan, such as assessment methods and cadence,
acceptance criteria, and milestones, and will assist in packaging
that plan into a formal document.
*Risk Assessment: This includes employing various methods
for risk assessment, including failure mode and effects analysis
(FMEA), failure mode, effects, and criticality analysis (FMECA),
hazard analysis, fault tree analysis, event tree analysis, and root
cause analysis. Data compiled during the risk assessment process is
stored in a dedicated database, ensuring traceability and
completeness. The culmination of each risk assessment cycle is a
summary report, identifying the most critical risks.
*Risk Mitigation and Monitoring: At each iteration of risk
assessment, value is gained by applying mitigation strategies to
the most significant risks. The IPS team has extensive experience
in risk mitigation strategies for a wide variety of risk classes
and will guide the product development team toward the most
effective strategies for the application. Crucial to the risk
management process is documentation of risk assessment and
resultant mitigation strategy, captured as formal risk management
reports.
*Standards: The risk management approach used by the IPS team is
rooted in ISO 14971, Application of Risk Management to Medical
Devices. In addition, the ISO 31000 family of standards is
utilized as guidance for application of risk assessment
techniques.
Lanzilotta added, “Early and consistent integration of risk
management greatly improves the product development process,
enabling a product manufacturer to reduce the product development
timeline with a higher-quality product.”
About IPS
IPS, a subsidiary of Forward Industries (NASDAQ: FORD), is an
award-winning global product design and development company with
headquarters in New York. IPS offers expert product design and
engineering services, including Internet of Things (IoT)
and wearable technology solutions. Its clients are among
the leading brands in consumer electronics, medical devices,
enterprise and security solution providers, and IoT-connected
solutions, including AdhereTech, Google, Stryker, Zebra
Technologies, and charity: water. To learn more about IPS,
visit http://www.intelligentproduct.solutions or
contact info@ips-yes.com or @IPSdesigners.
About Forward Industries
Incorporated in 1962, and headquartered in Long Island, New
York, Forward Industries is a global design, manufacturing,
sourcing and distribution group. The company has a 30-year plus
track record of Far Eastern sourcing capability. Forward’s products
can be viewed online at www.forwardindustries.com.
For more media information, contact:
Lisa Hendrickson/LCH Communications for IPS
(516) 643-1642 or lisa@lchcommunications.com
Forward Industries (NASDAQ:FORD)
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