How do you look at Operational Risk

Question

Accepted Answer

Operational risk is assessed by identifying potential risks, evaluating their impact, and implementing controls to mitigate them.

Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, people, and systems.
It involves identifying potential risks that could impact the organization's operations and objectives.
Evaluating the impact of these risks helps prioritize them based on their likelihood and potential consequences.
Implementing controls and measures to mitigate operational risks is crucial.
Examples of operational risks include fraud, errors in financial reporting, IT system failures, and supply chain disruptions.

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