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What (who) is operational risk - definition
Operational risk
RISK OF LOSS RESULTING FROM INADEQUATE OR FAILED INTERNAL PROCESSES, PEOPLE AND SYSTEMS OR FROM EXTERNAL EVENTS
Operating risk; Operational Risk; Ops risk; Standardised Measurement Approach
Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk.
The Journal of Operational Risk
JOURNAL
Journal of Operational Risk; J Oper Risk; J. Oper. Risk
The Journal of Operational Risk is a bimonthly peer-reviewed academic journal covering the measurement and management of operational risk. It was established in 2006 and is published by Incisive Risk Information.
Operational risk management
CONTINUAL CYCLIC PROCESS WHICH INCLUDES RISK ASSESSMENT, RISK DECISION MAKING, AND IMPLEMENTATION OF RISK CONTROLS, WHICH RESULTS IN ACCEPTANCE, MITIGATION, OR AVOIDANCE OF RISK
Operational Risk Management
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk.
Examples of use of operational risk
1. One area worth debating was the operational risk of setting up the commission‘s proposal.
2. "We are facing more operational risk than we have for many, many years," said Sen.
3. "There will be a balance between an operational risk and a political risk," one said.
4. The identified risks are credit and equity investment risks, market and rate of return risks and the operational risk.
5. I made the call in support of the prime minister, and my assessment was operational risk was far exceeded by potential strategic payoff.