Operational Risk Assessments

Risk Identification.
Evaluation.
Prioritisation.

The Basel Committee on Banking Supervision defines operational risk as:

“The risk of direct or indirect loss due to inadequate or failed internal processes, people and systems or from external events.”  Basel (December 2010)

The types of risks associated with operational risk relate to business interruption; employee error; product failure; health and safety; IT failure; fraud; loss of key employees; litigation; and loss of suppliers. Operational risk can generally be controlled by an organisation through risk management practices.

An operational risk assessment is a tool or process to identify risks and benefits and then determine the best course of action in any given situation. As with risk management, conducting an operational risk assessment should be done at all levels of the planning process of a project, not when circumstances or events arise. This is the very purpose of risk management – to identify and prevent problems from occurring.

An operational risk assessment consists of the following steps:

1.  Identify the potential risks that could or will occur.
2. Assess the risks using risk quantification.
3. Analyse the risk to identify ways to prevent or reduce it.
4. Decide which solutions you want to implement.
5. Implement the solution.
6. Constantly review in order to ensure that the chosen solution is working and will continue to do so.

Sustainable Footprints offers operational risk assessments tailored to the needs of your company. We will assist you to identify and analyse strategic, tactical and operational risks; environmental aspects and impacts; health and safety hazards; and legal, regulatory, statutory compliance risks and requirements. We can help prioritise risks through evaluation and standardised scoring methodology based on determined risk impact, likelihood, current controls and proximity criteria. We will work with you to develop risk treatment strategies and produce a method statement and documentation, as well as tools and guidance.

Delivering solutions to help you reduce the risk.

TO IDENTIFY, UNDERSTAND AND ANALYSE YOUR ORGANISATIONAL RISK - GIVE US A CALL

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Be Better Prepared!

ISO 22301 Business Continuity Management can help ensure your business is prepared for if the worst happens. It can:

• contributes to organisational resilience;
• reduce legal and financial exposure;
• costs associated with business disruption;
• protects life, property and the environment;
• provides confidence in your organisation's ability to succeed;
• improves capability to remain effective during disruptions; and
• demonstrates proactive control of risks effectively and efficiently.

Find out how we can help you gain ISO 22301 certification.

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