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Five Steps to Building the Next Level in Operational Risk Management

Source: Mash Risk Television

ValueBridge Advisors
Brian Barnier, Principal

Runtime: 6:45

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Five Steps to Building the Next Level in Operational Risk Management:

  1. Review Business Objectives
    1. Financial: Revenue, Cost, Profit
    2. Operational Initiatives: New Products, New Channels, Customer Satisfaction, Acquisition
  2. Measure Maturity
    1. Rate 0-5 on strength in key capabilities
    2. Determine gap between current and needed capabilities
  3. Prioritize Improvements Based on Business Objectives and Capability Gaps
  4. Select Proven Tools From:
    1. Risk-related disciplines in financial institutions
    2. Industries with similar operational risk management needs
  5. Continuous Improvement
    1. Create plans to first improve enablers (tools, processes, learning) that then drive improved business outcomes
    2. Tie clearly to business objectives to help engage the organization

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