What is an Operational Risk Assessment?
An Operational Risk Assessment is a tool used by risk managers and teams from various industries to assess and manage operational risks. It is a structured process of identifying, assessing, and responding to potential risks associated with organizational operations. By conducting an operational risk assessment, organizations can identify potential risks and take the necessary steps to mitigate them, while also gaining a better understanding of the potential consequences of a risk event.
What's included in this Operational Risk Assessment template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Operational Risk Assessment template for?
This Operational Risk Assessment template is designed to help risk managers and teams from any industry identify and assess potential risks associated with their organizational operations. It can be used to develop an effective Risk Management Plan that will help ensure that potential risks are identified, assessed, and effectively managed.
1. Define clear examples of your focus areas
A focus area is a broad topic or theme that outlines the major objectives of your strategy. For example, a focus area for an operational risk assessment could include Monitor and Manage Risk, Improve Compliance, or Strengthen Internal Procedures.
2. Think about the objectives that could fall under that focus area
An objective is a specific action or goal that is intended to be achieved as part of the overall focus area. For example, under the focus area Monitor and Manage Risk, an objective could be to Identify and Mitigate Operational Risk.
3. Set measurable targets (KPIs) to tackle the objective
A KPI (Key Performance Indicator) is a measurable target that is used to track the progress of an objective. It is important to set realistic and measurable targets that can be tracked and monitored over time. For example, a KPI for the objective Identify and Mitigate Operational Risk could be to identify current risks.
4. Implement related projects to achieve the KPIs
A project, or action, is a specific activity that is designed to help achieve the objectives and KPIs of a focus area. For example, an action for the objective Identify and Mitigate Operational Risk could be to conduct an operational risk assessment.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
The Cascade Strategy Execution Platform is an all-in-one platform for creating, managing, and executing your strategy. With the Cascade Platform, you can easily create an Operational Risk Assessment template and track your progress to ensure that your strategy is on track and achieving your desired results.