ORM and Organisational Prosperity, Is there a Link
All organisations want to be successful, or at least do well enough to satisfy their shareholders, and keep their various stakeholder groups happy. They also want this prosperity to be continuous, and, ideally, to increase over time. But there is one barrier that must be considered, inherent in all business
Is There A Link Between ORM and Organisational Prosperity
Operational risk is something all organisations have to deal with. It is inherent in all business activities, and can include fraud, physical damage, business disruption, transaction failures, legal and regulatory breaches, employee health and safety hazards. If not carefully managed and monitored, it may result in financial losses for the
What Do Operational Risk Managers Really Do For The Company?
Operational risk relates to losses resulting from inadequate or failed internal processes, people and systems, or external events. These may occur in an organisation’s day-to-day operations, and may involve internal resources and systems, procedures and the organisation’s employees. Operational risk may also result in data loss, equipment malfunction or high
Whose Role Is It To Manage Operational Risk?
What is operational risk? It is usually defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies or other external events. Generally, it is understood to be the uncertainties and hazards that an organisation has to deal with in the course of its day-to-day business
The Race To Operational Resilience In The New Normal
What is resilience? It’s what helps individuals and organisations bounce back from adversity. The result of experience, ability and strength, resilience is a dynamic process that has to be developed over time, and continually tested to gauge its fitness for purpose. Within the business context, resilience is what keeps companies
Is Operational Risk Management A Profession Or A Skillset?
Operational risk deals with the uncertainties the organisation faces in its day-to-day business activities. This may include a range of happenings spanning equipment breakdown, insubordinate staff and non-compliance with internal procedures; to problems that are the result of external events, such as natural disasters; to political unrest in neighbouring countries
Managing the risk of failure via operational risk management
What keeps CEOs, COOs, CIOs and CFOs up at night? It’s not just members of the C-Suite; nobody can sleep if they think they will wake up to a natural disaster, or a pandemic. The thought of systems and processes, and the people who run them, failing, is terrifying to
The gargantuan scope of Operational Risk Management
What constitutes Operational Risk (OR)? Just about anything. It can be as localised as a plumbing problem that makes the office toilets unusable, or new software that disrupts office systems across the organisation and its subsidiaries in different jurisdictions while making it difficult for customers to transact online. OR can be
The 8 operational risk taxonomy that you should know
Operational risk, the loss resulting from inadequate or failed internal processes, people and systems, or other external events is essentially juggling every aspect of operations; everything passes through your hands, and you cannot afford to take your eyes off the objects you’re juggling for even a second. As environments grow