At ThinkGRC, we believe Root Cause Analysis (RCA) is a critical aspect of your overall Governance, Risk & Compliance (GRC) program and strategy. RCA should be integrated into all operational functions where any potential and/or actual negatively impacting events such as: problems, accidents, incidents, failures, deviations, or non-conformances, can put your business at risk and/or result in operational failures.
It is our intent to present and justify Root Cause Analysis (RCA) as a simple and effective tool for risk reduction with your organization. The key word here is “simple”, and to do so, we will introduce the most common/traditional definitions & methodologies of Root Cause Analysis to establish a framework, and then present the ThinkGRC Root Cause Analysis System as the “simplest” and most effective method of implementing RCA.
The ThinkGRC Root Cause Analysis System (RCAS) is an effective method to implement RCA at scale due to the structured approach and industry standard categorizations. We implement valuable pieces of “traditional” RCA with our proven methods of data categorization to provide an effective strategy for implementation, performance monitoring and improvement metrics. The lack of metrics and a focused data driven approach are key features missing within traditional RCA and why the ThinkGRC RCAS is an ideal successor in our data driven world. The ThinkGRC RCA System provides a data driven approach to RCA, allowing for predictive & preventative trend analysis which when used properly will result in better decision making and ultimately improve operations and increase efficiencies.
If the following sections, we will dive deeper into Root Cause Analysis methodologies, tools and the ThinkGRC Root Cause Analysis System.