Discover published sets by community

The risk of loss resulting from inadequate or failed internal processes, people, systems, or external events. Examples include fraud, legal risks, and disasters.

A systematic process for identifying and evaluating operational risks. It involves identifying risk sources, assessing their potential impact, and determining controls. A use case is conducting an annual risk review to comply with regulatory standards.

Metrics that provide an early signal of increasing risk exposure in various areas of an organization. Used for monitoring potential problem areas. A use case is tracking transaction volumes for anomalies.

The level of risk that an organization is willing to accept in pursuit of its objectives. It guides decision-making and risk management strategy. A use case is defining how much financial risk the company is willing to take.

A process through which internal controls are assessed and improved by the people responsible for the application. It engages employees to evaluate the efficacy of risk management and control procedures. A use case is identifying gaps in the control process.

A process for identifying, analyzing, and responding to operational risk events. It helps in minimizing the impact of incidents and improving future response. A use case is dealing with a data breach.

A structured process that identifies, assesses, manages, and monitors operational risks. It typically involves governance, risk identification, assessment, monitoring, and reporting. A use case is establishing a bank's operational risk management protocol.

A tool used to anticipate the impact of extreme operational events and assesses the potential consequences. It helps in understanding unlikely but severe risks. A use case is planning for a natural disaster's impact on business continuity.

A document outlining how a business will continue its critical functions during and after an emergency event. It is a proactive planning to ensure service resilience. A use case is designing a process to maintain operations during a power outage.

A problem-solving method used to identify the underlying causes of an operational risk or failure. RCA is critical for implementing corrective actions. A use case is investigating the cause of a system outage.

A simulation technique used to evaluate how certain stress conditions would affect a business. It is employed to forecast the potential risk scenarios' impacts. A use case is assessing the impact of a significant market downturn on a firm's finances.

A quantitative approach to estimating the capital required to cover potential operational losses. It involves statistical methods. A use case is determining the economic capital a bank should reserve for operational risks.

The process of capturing and analyzing data related to operational loss events to understand risk exposure. It includes documenting loss events and their financial impact. A use case is maintaining a database of past incidents to guide future risk assessments.

A method where business units evaluate their own risks and controls. It allows for a bottom-up assessment of operational risks. A use case is each department documenting their specific risks and control measures.