Organizations face operational risks day-to-day due to their internal activities. Operational risks result from people, systems and inadequate or failed internal processes through which an organisation operates. They also include risks caused by external events such as fraud, legal risks, physical or environmental risks.
Unlike credit or market risk which is exploited to generate profits, operational risks are not used to generate profit. Nevertheless, all risks have to be managed to keep losses within the limits of organization’s risk appetite, the amount of risk they are prepared to accept to achieve their objectives.
Operational Risk Management is a continual cyclic process which includes identification of risks that will affect an organization’s profitability, risk assessment, decision making, and implementation of risk specific responses. Organisations must adopt an integrated approach to ensure that all operational risks are managed by sustainable processes aligned with the corporate strategy.
MakroNorm’s training on the operational risk management aims to give you an understanding on how a risk management framework is created for identification, assessment and management of operational risks.
The course is designed for Board Members with the risk management responsibility, Audit Board Members, Internal Control Team Managers and Members and Risk Managers and risk management team members.
At the end of the course you will gain an understanding how audit, control and risk analysis processes are more effectively evaluated, how the key control points in the upper management are set up and how better assurance against loss events is established.