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DOCUMENT DESCRIPTION
Operational Risk is the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events. Operational Risk Management (ORM) is the management function of identifying, analyzing, and responding to these operational risks. ORM involves the systematic assessment of potential operational risks, the implementation of controls to mitigate or eliminate those risks, and the continuous monitoring of the effectiveness of those controls.
The Operational Risk Management Plan is a document that captures the following elements of ORM:
• Risk Environment – Describes how your division, business unit, or team supports the company goals and strategic plan. Is the department or team performing activities like those completed in the past or is the department or team performing activities out of the ordinary and, therefore, riskier? How complex is your role? What parts are most tricky? How much experience does the team have in managing operational risks?
• Methodology – Describes the methods of how you will identify, evaluate, respond to, and control risk.
• Roles & Responsibilities – Describes who will perform which Risk Management activities. List roles such as risk manager, risk owners, and stakeholders, along with their responsibilities.
• Timing
• Risk Categories
• Risk Measures
• Risk Evaluation Scales
• Risk Scores
• Definitions
• Risk Attitude, Appetite, & Tolerance
• Reporting Formats
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Source: Best Practices in Risk Management Word: Operational Risk Management Plan Word (DOCX) Document, Boris Agranovich
ABOUT THE AUTHOR: BORIS AGRANOVICH
Founder at Global Risk community helping clients master risks and opportunities, adviser, Building Bridges Globally.
Entrepreneurial business leader with 25+ years of global experience in Financial Services, IT and Consulting. Worked in West & East Europe, Middle East, Asia Pacific. Advised executive teams on effective risk management strategies.
Founder of the world's premier community for Risk Managers.
[read more]
We help people in the risk area to be connected and the main customers are marketing managers who want to create a greater visibility for their products and services among their prospects with much better results.
Boris Agranovich has published 12 additional documents on Flevy.
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