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Risk Self-Assessment Exercise (Run & Monitor Operations) (PDF)
PDF document 38 Pages
RISK MANAGEMENT PDF DESCRIPTION
A Risk Self-Assessment Exercise is a process of evaluating an organization's Risk Management practices and identifying areas where improvements can be made. It typically involves reviewing the organization's current Risk Management processes and procedures, identifying any gaps or weaknesses, and developing recommendations for improving risk management practices.
A Risk Self-Assessment can be conducted internally, by the organization's own staff, or it can be conducted by an external party, such as a consultant or a third-party Risk Management firm.
The goal of the Risk Self-Assessment Exercise is to help an organization identify and address any weaknesses in its risk management practices, so that it can better protect itself against potential risks and threats.
This Risk Self-Assessment Exercise is 38-page PDF based on a specific process: Run and Monitor Operations. The objective of this process is to proactively monitor, identify, and fix operational incidents and potential incidents before they adversely impact users. It includes 9 key steps (or subprocesses):
1. Initiate short term operational schedule
2. Complete short term operational schedule
3. Monitor operational events
4. Identify operational trend data
5. Any events of trends require action by other processes?
6. Handle cross process requirements
7. Prepare operational reports
8. Provide operational status
9. Perform ongoing process activities
This process and all subprocesses are described in detail within this Risk Self-Assessment Exercise document, including detailed process maps.
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TOPIC FAQ
What is a Run & Monitor Operations Risk Self-Assessment and what does it evaluate?
A Run & Monitor Operations Risk Self-Assessment evaluates an organization’s practices for proactively monitoring, identifying, and resolving operational incidents before they impact users. It examines current processes, gaps, and remediation actions and documents subprocesses such as monitoring operational events and preparing operational reports, across 9 key steps.What are the typical subprocesses included in a Run & Monitor Operations process?
Typical subprocesses cover short-term operational scheduling, execution, event monitoring, trend identification, cross-process action requirements, preparing reports, providing operational status, and ongoing activities. The product describes these subprocesses in detail and organizes them into 9 key steps.How are process maps used in operational risk self-assessments?
Process maps document workflow steps, decision points, handoffs, and control interactions to reveal gaps and cross-process dependencies. They support control testing and remediation planning; the Flevy Risk Self-Assessment Exercise provides detailed process maps for the Run & Monitor Operations process.How does monitoring operational events differ from identifying operational trend data?
Monitoring operational events captures discrete incidents and real-time alerts, while identifying trend data aggregates events over time to reveal recurring issues or emerging risks. Both activities are described separately within the assessment’s subprocesses and linked to reporting and remediation steps in the 9-step process.What should I look for when buying a Run & Monitor Operations self-assessment?
Prioritize coverage of end-to-end subprocesses, clear process maps, and alignment with relevant compliance frameworks (SOX, ITIL, ISO standards). The Flevy Risk Self-Assessment Exercise explicitly documents 9 subprocesses and includes detailed process maps and compliance references.How can my internal team run a self-assessment versus hiring external help?
A self-assessment can be conducted internally using staff to map processes and identify gaps, or externally by consultants for independent validation. The document notes both approaches are valid and presents the Run & Monitor Operations process in a 38-page format to guide either internal or external execution.I’m seeing repeated incidents that affect users—which assessment activities should I prioritize?
Prioritize monitoring operational events, aggregating and analyzing trend data to spot recurring causes, then handling cross-process requirements to assign remediation. Focused reporting and operational status updates help track fixes; these activities are central to the 9 key steps.How do I justify purchasing a template or assessment tool for operational risk work?
Justification often rests on saving time and ensuring coverage of required subprocesses and compliance needs. Buyers typically look for documented subprocess descriptions and process maps to speed assessments; the Flevy product delivers those elements across a 38-page PDF.Source: Best Practices in Risk Management PDF: Risk Self-Assessment Exercise (Run & Monitor Operations) PDF (PDF) Document, Boris Agranovich
