What are the Main Procedures of Operational Risk Management?

      
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		            		NNAKWE KINGSLEY C.
Student (MBA), Nigeria
			            
What are the Main Procedures of Operational Risk Management?

	          		What are the main procedures involved in operational risk management?
				      
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						            	Mark White
Manager, Australia
												
				                Risk Management

													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.
				                
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						            	Ian Lyall, Australia
												
				                Operational Risk Management

													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.
				                
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						            	musa jerry
Student (University), Nigeria
												
				                Operational Risk Management

													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.
				                
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						            	K.Viswanathan
Management Consultant, India
												
				                Operational Risk Management

													The biggest part of enterprise risk is operational risk. Many firms concentrate on credit & market r... Sign up
				              
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