Operational Risk Management 6 Key Strategies for Effective Mitigation.pdf

Gain invaluable insights into the world of Operational Risk Management with our latest video. Designed for professionals and businesses striving for excellence, this exploration uncovers the essential strategies, tools, and methodologies to fortify against operational hazards.

In this comprehensive breakdown, we will address:
⚠️ Defining Operational Risk and Its Implications
⚙️ Key Elements of a Robust Risk Management Framework
📊 Real-Life Case Studies and Industry Best Practices
💡 Expert Tips for Implementing Effective Operational Risk Strategies

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1. Operational
Risk
Management
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2. RTCompliance

3. Risk Identification
1 Thoroughly identify operational risks by
analyzing internal processes, systems, and
external factors that could impact business
operations
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4. Conduct comprehensive risk
assessments to evaluate the
severity and likelihood of
identified operational risks,
prioritizing them based on their
potential impact
Risk Assessment
2
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5. Process
Improvement
Implement process
improvement initiatives to
streamline operations,
enhance efficiency, and
reduce the likelihood of
operational failures
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6. Controls Implementation
4 Establish robust internal controls to mitigate
operational risks, including segregation of
duties, access controls, and regular audits
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7. Provide regular training to
employees on operational
risk management practices
and raise awareness about
potential risks associated
with their roles
Employee
Training
5
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8. Monitoring and
Reporting
Implement monitoring
mechanisms to track
operational risks and their
effectiveness in mitigating
them. Regular reporting to
management ensures visibility
and informed decision-making
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9. Conclusion
By implementing these six key strategies,
organizations can effectively mitigate operational
risks, enhance operational resilience, and
safeguard their long-term success

10. THANK
YOU
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[email protected]
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