What are the Main Procedures of Operational Risk Management?

Risk Management
Mark White, Manager, Australia, Member
A useful framework for deciding how to assess and measure risk is the new international standard on risk management, ISO 31000:2009. This will provide you with stages of risk identification, assessment, treatment and monitoring.

Operational Risk Management
Ian Lyall
If you follow the ISO standard noted above, the risk management process is essentially the same. The only difference is the TYPE OF RISK you are trying to manage. The other difference is the MEASUREMENT OF CONSEQUENCES. It can be done much more reliably with financial type risks, e.g. measuring the impact of a rise in interest rates than with operational risks, e.g. lack of succession planning.

Operational Risk Management
musa jerry, Student (University), Nigeria, Member
The first step for addressing operational risk is to set up a common classification of events that should serve as a receptacle for data gathering processes on event frequencies and cost. Operational risks appear at different levels:
* Human errors
* Processes
* Technical
* Information technology.

Operational Risk Management
K.Viswanathan, Management Consultant, India, Member