The Operational Risk Management Form is a critical document used by organizations operating in India to systematically identify, assess, and manage operational risks across their business operations. This document becomes necessary when organizations need to conduct formal risk assessments, implement control measures, or demonstrate regulatory compliance. It is particularly relevant in light of increased regulatory scrutiny in India and the growing complexity of business operations. The form includes detailed sections on risk identification, assessment matrices, control evaluation, and mitigation strategies, all aligned with Indian regulatory requirements and international risk management standards. It serves as both a compliance tool and a practical guide for managing operational risks effectively.
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1. Document Control Information: Details of document version, approval status, review dates, and document owner
2. Executive Summary: Brief overview of key operational risks identified and main mitigation strategies
3. Risk Assessment Context: Overview of the business unit/process being assessed and scope of the risk assessment
4. Risk Identification: Systematic identification of operational risks across various categories (people, process, systems, external events)
5. Risk Assessment Matrix: Evaluation of identified risks based on likelihood and impact, including risk scoring methodology
6. Current Control Environment: Documentation of existing controls and their effectiveness
7. Gap Analysis: Identification of control gaps and areas requiring improvement
8. Risk Mitigation Strategies: Detailed action plans for addressing identified risks and closing control gaps
9. Monitoring and Review: Framework for ongoing monitoring of risks and periodic review of control effectiveness
10. Roles and Responsibilities: Definition of key stakeholders and their responsibilities in risk management
11. Sign-off and Approval: Formal approval section for relevant stakeholders and risk committee
1. Business Continuity Considerations: Specific section for business continuity risks and planning, required for critical business functions
2. Third-Party Risk Assessment: Detailed assessment of risks related to third-party vendors and service providers, necessary when significant outsourcing is involved
3. Technology Risk Details: In-depth analysis of technology-related operational risks, required for technology-dependent operations
4. Regulatory Compliance Matrix: Mapping of operational risks to regulatory requirements, necessary for heavily regulated industries
5. Cost-Benefit Analysis: Analysis of control implementation costs versus risk mitigation benefits, useful for major control enhancement projects
6. Historical Risk Events: Analysis of past risk events and lessons learned, valuable for organizations with significant operational history
1. Risk Assessment Methodology: Detailed explanation of risk assessment approach, scoring criteria, and evaluation methods
2. Control Testing Results: Detailed results of control effectiveness testing and evaluation
3. Risk Register: Comprehensive listing of all identified risks, their assessments, and control status
4. Action Plan Timeline: Detailed timeline for implementation of risk mitigation strategies
5. Key Risk Indicators (KRIs): List of KRIs being monitored and their thresholds
6. Risk Assessment Workshop Participants: List of participants involved in risk assessment process and their roles
7. Control Self-Assessment Templates: Standard templates used for control self-assessment
8. Regulatory References: Relevant regulatory guidelines and requirements applicable to the risk assessment
Relevant legal definitions
Operational Risk
Control Environment
Risk Appetite
Risk Tolerance
Key Risk Indicator (KRI)
Risk Owner
Control Owner
Inherent Risk
Residual Risk
Risk Matrix
Risk Assessment
Risk Mitigation
Control Effectiveness
Risk Register
Impact Assessment
Likelihood Assessment
Business Process
Control Activities
Risk Treatment
Compensating Controls
Detective Controls
Preventive Controls
Critical Process
Risk Rating
Control Gap
Risk Event
Near Miss
Loss Event
Risk Profile
Control Self-Assessment
Risk Committee
Material Risk
Key Performance Indicator (KPI)
Process Owner
Regulatory Risk
Risk Framework
Root Cause Analysis
Escalation Matrix
Business Impact
Control Testing
Risk Monitoring
Control Environment
Risk Appetite
Risk Tolerance
Key Risk Indicator (KRI)
Risk Owner
Control Owner
Inherent Risk
Residual Risk
Risk Matrix
Risk Assessment
Risk Mitigation
Control Effectiveness
Risk Register
Impact Assessment
Likelihood Assessment
Business Process
Control Activities
Risk Treatment
Compensating Controls
Detective Controls
Preventive Controls
Critical Process
Risk Rating
Control Gap
Risk Event
Near Miss
Loss Event
Risk Profile
Control Self-Assessment
Risk Committee
Material Risk
Key Performance Indicator (KPI)
Process Owner
Regulatory Risk
Risk Framework
Root Cause Analysis
Escalation Matrix
Business Impact
Control Testing
Risk Monitoring
Clauses
Risk Assessment Methodology
Risk Identification
Risk Measurement
Control Assessment
Governance and Oversight
Reporting Requirements
Documentation Requirements
Roles and Responsibilities
Review and Monitoring
Escalation Procedures
Risk Appetite Statement
Control Testing
Audit Requirements
Regulatory Compliance
Data Protection
Confidentiality
Business Continuity
Emergency Response
Training and Awareness
Technology Risk
Operational Procedures
Performance Measurement
Quality Control
Change Management
Vendor Risk Management
Incident Reporting
Record Keeping
Communication Protocols
Authority Delegation
Risk Mitigation Planning
Risk Identification
Risk Measurement
Control Assessment
Governance and Oversight
Reporting Requirements
Documentation Requirements
Roles and Responsibilities
Review and Monitoring
Escalation Procedures
Risk Appetite Statement
Control Testing
Audit Requirements
Regulatory Compliance
Data Protection
Confidentiality
Business Continuity
Emergency Response
Training and Awareness
Technology Risk
Operational Procedures
Performance Measurement
Quality Control
Change Management
Vendor Risk Management
Incident Reporting
Record Keeping
Communication Protocols
Authority Delegation
Risk Mitigation Planning
Relevant Industries
Banking and Financial Services
Insurance
Information Technology
Manufacturing
Healthcare
Telecommunications
Retail
Logistics and Supply Chain
Energy and Utilities
Professional Services
Real Estate
Pharmaceuticals
Relevant Teams
Risk Management
Internal Audit
Compliance
Operations
Finance
Information Technology
Legal
Human Resources
Quality Assurance
Project Management Office
Business Continuity
Security
Process Excellence
Strategy
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Officer
Internal Auditor
Operations Manager
Department Head
Process Owner
Control Owner
Risk Analyst
Business Unit Manager
Chief Operating Officer
Quality Assurance Manager
Project Manager
IT Security Manager
Chief Financial Officer
Legal Counsel
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