What are the Main Procedures of Operational Risk Management?

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What are the Main Procedures of Operational Risk Management?
What are the main procedures involved in operational risk management?

Risk Management
Mark White, 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, Member
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, 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, Member
The biggest part of enterprise risk is operational risk. Many firms concentrate on credit & market risks; very little attention seems to be paid to the area of operational risk, concerned with the risk arising out of the actions and inaction of the people.
More attention needs to be paid to this area. A lot of good work is beginning to be done. But it will take some time before it translates into actual actions.


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