Operational Risk--What Is It? And What Do I Do About It?Larry Zimpleman
Operational risk assessment is the process of identifying, analyzing and evaluating the risks associated with the day-to-day operations of an organization. Operational risk cannot be avoided all the time. The goal of operational risk assessment is for stakeholders to identify risks, evaluate the leve...
Eliminating all risk is not possible. After taking steps to avoid, reduce, share or transfer risk, organizations face whatever concerns remain (also known as residual risk). Risk acceptance and risk retention involve accepting the potential consequences of risk and preparing to manage them if they ...
Enterprise risk management (ERM) is the process of planning, organizing, directing and controlling the activities of an organization to minimize the harmful effects of risk on its capital and earnings. Enterprise risk management can include financial, strategic andoperational risksas well as risks asso...
Security ratings, like those offered in UpGuard Vendor Risk, are an increasingly popular part of third-party risk management. This feature, commonly included in third-party monitoring solutions, can help with the following: Understanding third-party and fourth-party risk (vendor risk) posed by supp...
The next one is systems, I think that we mentioned. So particularly, banks where we’ve had this massive leap forward over the last couple of decades in terms of technology, operational risk also captures things like IT failures, cybersecurity risks, or any kind of system malfunction. And ...
What Is Included in a Business Continuity Plan (BCP)? At its most basic, a business continuity plan (BCP) is the simple acknowledgement by leadership that unforeseen disruptive events, often outside the organization’s control, will inevitably occur and that they should take steps to ensure the...
What Is Included in Cloud Infrastructure? The term “cloud infrastructure” refers to a complex system that encompasses a provider’s physical hardware, management and virtualization software, and network capabilities, which combine to deliver a data center experience over the internet to many customers...
The initial phase in business continuity planning is to identify risks to a workload's availability or functionality. Each risk should be analyzed to understand its likelihood and its severity. Severity needs to include any potential downtime or data loss, as well as whether any aspects of the...
Here are the types of goals that are often included in operational excellence-based processes: Operational goals:How the company operates, including efficiency and safety. For example, an organization might seek to accelerate order to cash, solve problems with the supply chain or improve the deliver...