Features of operational risk management

Abstract

In this paper, the author considers aspects of operational risk management, which are understood as the process of identifying, assessing, managing and controlling operational risks in an organization. It includes the development of policies, procedures and controls that enable an organization to minimize the potential harm from operational risks. One of the key aspects of operational risk management is risk assessment. It allows you to determine the likelihood of operational risks, their potential damage and the resources needed to manage them. Risk assessment can be performed using various methods such as data analysis, risk modeling and expert judgment. Another important aspect of operational risk management is the development and implementation of controls. They allow you to minimize risks and reduce potential damage from operational risks. Control measures may include automated control systems, checks and balances, personnel training and other measures. In addition, the author notes that operational risk management also includes monitoring and analysis of operational risks. It allows the organization to quickly respond to possible problems and take timely action to eliminate them. Monitoring and analysis of operational risks can be carried out using various tools such as reports, statistics and regular reviews. The author also considers it important that operational risk management should be integrated into the overall risk management strategy of the organization. At the same time, it must be flexible and adaptive in order to respond to changes in the external environment and changes in the organization itself. In general, according to the author, operational risk management is an integral part of risk management in an organization. Its main goal is to minimize potential losses from operational risks in order to ensure the long-term sustainability and success of the organization