What are the Main Procedures of Operational Risk Management?
What are the main procedures involved in operational risk management?
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Welcome to the Credit Risk Management and RAROC forum. The topic being discussed here is: "What are the Main Procedures of Operational Risk Management?".
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Ian Lyall, Australia
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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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