It sounds like a corporate buzzword that means almost nothing.
What's important is the quality and integrity of the people implementing this TQM system. If they are competent and capable in their roles, it does not matter what corporate buzzword system they implement; they will make it work.
Sadly, from what you describe, it wounds like those in positions of power at your company do not fit this criteria. As such, neither TQM nor any other "system" will work.
