| |NOVEMBER 20168Consultants Reviewoday, ISO is widely recognised international standard for maintaining Quality Management System in an organisation. The implementation of ISO and Quality Management System requires companies to focus on the customer requirements and deliver products or services as per customer's demand. However, this can be a challenging task as customer demands are dynamic. At the same time, if a company has implemented the Quality Management System effectively, at least the existing customers are ensured that it would lead to consistent performance of the product or service and this would lead to repeat sales for the company. Besides, there are other benefits as well. ISO and Quality Management implementation is suitable for all types of companies regardless of their nature of business. Also, since the ISO standard is generic in nature, it is suitable for any small or large organisation. Further, having an ISO certification builds the brand image of the organisation. Even when most large organisations wish to empanel new suppliers, they prefer companies who are ISO accredited. Large manufacturing companies sometimes outsource part of their production to smaller suppliers. These large organisations insist that their suppliers are ISO accredited. Having a robust Quality Management System also helps organisations to identify cost saving opportunities, reduce rework and enable the employees to take ownership for their activity. Initially the implementation of ISO and Quality Management was focused mainly on manufacturing sector. However, the benefits of implementation have been observed by several service sector companies. Even the upgraded ISO standard has replaced the word "product" with "products or services". Earlier, when a company was ISO certified, lot of documentation would be maintained. Over a period of time, the ISO and Quality Management have evolved, and now it has great emphasis on the Risk assessment in an organisation and less on the documentation. ISO certified companies believe that this change would definitely make their systems strong internally and not just on paper. The company's top management would also be happy as their staff would do more productive work. The customers too would get the IN MY OPINIONISO & Quality Management SystemNPCI is an umbrella organisation for the retail payment system for the country. RuPay, IMPS and UPI are known as retail payment products owned by NPCI. Bharat is well known thought leader globally about has views on GRC, Cyber security and fraud management. He has more than 24 years of experience in risk, security and compliance function in banking and telecommunication.TBy Bharat Panchal, Head ­ Risk Management, National Payments Corporation of India
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