Full Form of QMS in the Finance – Full Form, Meaning, and Definition
The full form of QMS in finance is: QUALITY MANAGEMENT SYSTEM
What does QMS mean in the finance sector?
Quality Management System is a series of business processes/steps implemented for customer satisfaction with the product/services they avail from the company.
It helps the organization to move in a direction which enhances the customer’s experience and helps it improve overall efficiency.
How is the Quality Management System beneficial for the finance sector?
In the finance or banking sectors, the Quality Management System helps in preventing expensive mistakes with people’s money. It helps commercial banks improve operation and enhance customer’s experience
It equips the employees with tools and techniques with the help of which they can provide high-quality products and services. The top management with the help of QMS develop strategies which will help their banks surpass the customer’s expectation.
What is the QMS process?
A QMS process is an essential part of a QMS organization, the ISO 9001.2000 standard requires its organization that are seeking certification to define the process of forming a QMS and the sequence of these processes.
Some examples of these processes are as follows;
- Order processes
- Production plans
- Statistical process control and measurement system analysis
- Internal audits
- Corrective actions
- Preventive actions
- Identifying, labeling and controlling of defective products and prevent its delivery or processing
- Purchasing and monitoring
Why are the quality principles of the Quality Management System?
The seven quality principles mentioned in QMS standards are:
- Customer focus
- Engagement of people
- Process approach
- Continuous improvement
- Evidence-based decision making
- Relationship management
What are the core elements of QMS?
The core elements of QMS are:
- Quality Objectives
- Quality Manual
- Organizational Responsibilities
- Data Management
- Customer Satisfaction With Product Quality
- Continuous Improvement
- Quality Instruments
- Document Control
What are the benefits of a Quality Management System?
- Gives more concrete explanation won which processes are not working
- New ideas are managed and implemented easily
- Brings a positive shift in the company’s culture
- Customers feel valued for being heard and hence QMS is customer-centric series of steps
What are the different types of QMS?
There are different sets of Quality Management System variations for different industries and sectors;
- ISO 9001 – for any industry
- IATF16949 – for the automotive sector
- ISO 13485 – for the medical industry
- ISO 22000 – for the food industry
ISO 9001 is a standard QMS that is accepted worldwide; it has all the typical requirements. It also defines and outlines basic policies, procedures and records needed for a successful QMS.
It ensures the best QMS experiences including data management, product and service quality.
What are the challenges of developing a QMS?
Developing a Quality Management System can be quite challenging sometimes as there is a certain misinterpretation thinking that QMS only refers to the assessment and disposition of a damaged product.
This type of system only manages the check-up of the product but does not govern the inputs that help a product or service to be compliant, successfully inspecting the quality of a service or product.
The other problem is executing QMS in showing the commitment of management and communicating with all levels of the organization.