OPERATIONAL RISK MANAGEMENT

Identifying, assessing, and controlling risks that arise from an organization’s operational activities, such as system failures, fraud, or external events.

RISKS IDENTIFICATION

Identify operational risks that exist through various methods, such as risk assessments, controls and analysis.

RISK ASSESSMENT

Assess risk’s likelihood and potential impact, through qualitative or quantitative methods, such as risk scoring or scenario analysis.

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RISK MITIGATION

Implement measures to mitigate the risks which include process improvements, additional controls, developing contingency plans and addressing insurance as they arise.

MONITORING AND REPORTING

Monitor the effectiveness of the risk mitigation measures and report on risk exposure and control effectiveness to all stakeholders.