Structured Approach to Operational Risk Identification PPT

A comprehensive top-down framework is presented as a structured approach to identify, assess, and mitigate operational risks. The process begins with interviews involving 20 to 30 senior managers, which generate approximately 350 risks, revealing significant overlaps. This initial step serves to gather insights directly from leadership, ensuring that the identified risks are relevant and reflective of the organization's operational landscape.

Following the interviews, the next phase involves mapping these risks by business unit, risk type, and underlying drivers. This risk mapping creates a visual representation that highlights concentrations of risk across the organization. The output from this mapping feeds into strategic planning and performance reviews, ensuring that risk considerations are integrated into broader business objectives.

Key risk themes are then identified, which align with group-wide standards and facilitate themed reporting. This step is crucial for establishing a common understanding of risk across the organization. A shortlist of the top 40 risks is outlined, which is subsequently refined into a rolling "Top 20" list. This list is tailored for mitigation strategies and is used for board reporting, ensuring that senior leadership remains informed and engaged with the most pressing risks.

The framework also emphasizes the importance of linking with existing bottom-up compliance initiatives, such as loss data and risk control self-assessments (RCSAs). This integration ensures a holistic view of risk management, combining insights from both top-down and bottom-up approaches. Overall, this structured methodology not only identifies risks, but also aligns them with strategic objectives, enhancing the organization's resilience.

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