In this master course of operational risk management is understanding about a progression that managers and business analysts utilize to reduce the financial risks that daily business operations may cause. Understanding the risks that may occur during daily operations is able to help companies reduce and manage them. If you’re a business professional, it’s important to know about operational risk management. In this course, we explain what operation risk management is, make clear why it’s important and distribute steps and instructions on how to implement operational risk management at the company for which you work.
Operational risk management is a process involving risk analysis, strategy and risk control to identify and reduce risks that may occur in daily business operations. The objective of this form of management is to control and minimize operational risks which are losses due to failures in processes, systems or by employees in the business. Often operational risks cost the company money, but they can amount to other losses such as time, project deadlines or clients. Using operational risk management as a tool helps increase revenue, productivity and the overall success of an organization.
Why is operational risk management important?
Operational risk management is extremely important to the success of a business. Having a tool or process in place to assess risks and neutralize them saves money, time and hardships for the business. Here are the benefits of operational risk management:
- Improves decision-making processes
- Helps identify unsafe conditions or practices
- Creates better products
- Contributes to transparency between executives and employees
- Provides effective financial forecasting
In this master corse you can learn the 5 major topics,
1. Introduction of risk and operational risk management
2. Major Stages of the operational risk management process
3. Risk Management Framework (RMF)
4. Levels of ORM and Targeted Analytics Tools
5. Major Recommendation for managing operational risk