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What is the Process for Developing an Operational Risk Model?

Source: Mash Risk Television

Consul risk management
Kristin Gallina Lovejoy, CTO

Runtime: 5:58

Key Takeaways:

  1. Operational risk involves understanding the negative events associated with people, process, technology and external events and mitigating their potential effects.
  2. Process for developing an Operational Risk Model:
    • Map business processes as a whole.
    • Identify who is performing what action on what type of assets and when.
    • Determine breakpoints.
    • Assign a probability to things that can go wrong.
    • Determine where controls should be implemented to mitigate business process risks.
    • Determine costs associated with implementing controls.
    • Build a business case for investing in technology, consulting and training.

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