The Operational Risk Management Form serves as a critical tool for organizations operating in Nigeria to systematically identify, assess, and manage operational risks in compliance with local regulatory requirements. This document is essential for businesses seeking to maintain compliance with Central Bank of Nigeria (CBN) guidelines and other relevant Nigerian legislation, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and CBN Risk-Based Supervision Framework. The form should be implemented when organizations need to establish or update their operational risk management framework, during periodic risk assessments, or when significant operational changes occur. It contains comprehensive sections covering risk identification, assessment matrices, control measures, monitoring procedures, and reporting requirements, all tailored to the Nigerian regulatory environment and business context.
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Key Requirements PROMPT example:
Operational Risk Management Form
"I need an Operational Risk Management Form for a Nigerian fintech startup that's planning to launch in March 2025, ensuring compliance with CBN guidelines while specifically addressing cybersecurity risks and third-party payment processor risks."
1. Document Information: Basic information including document version, date, department, and approval status
2. Risk Context: Overview of the organization's operational environment and risk management objectives
3. Risk Categories: Detailed breakdown of operational risk categories (e.g., people, processes, systems, external events)
4. Risk Assessment Methodology: Description of risk assessment approach, including risk rating criteria and matrices
5. Risk Identification: Process for identifying operational risks across all business units
6. Risk Analysis and Evaluation: Methods for analyzing and evaluating identified risks, including likelihood and impact assessment
7. Risk Treatment and Controls: Description of control measures and risk mitigation strategies
8. Roles and Responsibilities: Definition of key stakeholders and their responsibilities in risk management
9. Monitoring and Review: Procedures for ongoing monitoring and review of operational risks
10. Reporting Requirements: Guidelines for internal and regulatory reporting of operational risks
11. Documentation and Record Keeping: Requirements for maintaining risk management documentation
1. Business Continuity Management: Details of business continuity planning and disaster recovery - required for organizations with critical operations
2. Third-Party Risk Management: Procedures for managing risks associated with third-party vendors - needed when significant outsourcing exists
3. Information Security Risk: Specific section for IT and data security risks - essential for organizations with significant digital operations
4. Project Risk Management: Guidelines for managing risks in projects - required for project-heavy organizations
5. Change Management Risk: Procedures for managing risks associated with organizational changes - relevant for organizations undergoing significant changes
6. Environmental Risk Assessment: Assessment of environmental impact risks - necessary for organizations with environmental exposure
1. Risk Register Template: Standard template for recording and tracking identified risks
2. Risk Assessment Matrix: Matrix for evaluating risk likelihood and impact
3. Control Assessment Checklist: Checklist for evaluating the effectiveness of control measures
4. Incident Reporting Forms: Templates for reporting operational risk incidents
5. Key Risk Indicators (KRIs): List of KRIs and their thresholds for monitoring
6. Risk Treatment Action Plan Template: Template for documenting risk mitigation actions and timelines
7. Regulatory Reporting Templates: Standard forms for regulatory reporting requirements
8. Risk Committee Terms of Reference: Guidelines for risk committee operations and responsibilities
Authors
Relevant legal definitions
Operational Risk
Risk Assessment
Risk Appetite
Risk Tolerance
Control Measures
Key Risk Indicators (KRIs)
Risk Matrix
Risk Owner
Inherent Risk
Residual Risk
Risk Register
Control Environment
Risk Treatment
Risk Mitigation
Business Impact Analysis
Critical Business Functions
Key Performance Indicators (KPIs)
Risk Event
Near Miss
Loss Event
Control Effectiveness
Risk Profile
Risk Assessment Matrix
Compliance Risk
External Events
Internal Controls
Material Risk
Monitoring Activities
Regulatory Requirements
Risk Governance
Risk Management Framework
Risk Rating
Root Cause Analysis
Stakeholders
System Failure
Third-Party Risk
Process Risk
People Risk
Technology Risk
Legal Risk
Reputational Risk
Strategic Risk
Control Testing
Risk Reporting
Corrective Action
Preventive Action
Detective Control
Likelihood
Impact
Risk Category
Risk Threshold
Risk Assessment
Risk Appetite
Risk Tolerance
Control Measures
Key Risk Indicators (KRIs)
Risk Matrix
Risk Owner
Inherent Risk
Residual Risk
Risk Register
Control Environment
Risk Treatment
Risk Mitigation
Business Impact Analysis
Critical Business Functions
Key Performance Indicators (KPIs)
Risk Event
Near Miss
Loss Event
Control Effectiveness
Risk Profile
Risk Assessment Matrix
Compliance Risk
External Events
Internal Controls
Material Risk
Monitoring Activities
Regulatory Requirements
Risk Governance
Risk Management Framework
Risk Rating
Root Cause Analysis
Stakeholders
System Failure
Third-Party Risk
Process Risk
People Risk
Technology Risk
Legal Risk
Reputational Risk
Strategic Risk
Control Testing
Risk Reporting
Corrective Action
Preventive Action
Detective Control
Likelihood
Impact
Risk Category
Risk Threshold
Clauses
Scope and Objectives
Governance Structure
Risk Assessment Methodology
Risk Identification
Risk Measurement
Control Implementation
Monitoring and Review
Reporting Requirements
Roles and Responsibilities
Documentation Requirements
Compliance Obligations
Information Security
Business Continuity
Third Party Management
Training and Awareness
Incident Reporting
Risk Mitigation
Performance Measurement
Audit and Review
Change Management
Data Protection
Emergency Response
Resource Allocation
Communication Protocols
Record Keeping
Regulatory Reporting
Risk Appetite Statement
Control Testing
Escalation Procedures
Review and Updates
Governance Structure
Risk Assessment Methodology
Risk Identification
Risk Measurement
Control Implementation
Monitoring and Review
Reporting Requirements
Roles and Responsibilities
Documentation Requirements
Compliance Obligations
Information Security
Business Continuity
Third Party Management
Training and Awareness
Incident Reporting
Risk Mitigation
Performance Measurement
Audit and Review
Change Management
Data Protection
Emergency Response
Resource Allocation
Communication Protocols
Record Keeping
Regulatory Reporting
Risk Appetite Statement
Control Testing
Escalation Procedures
Review and Updates
Relevant Industries
Banking and Financial Services
Insurance
Manufacturing
Oil and Gas
Telecommunications
Healthcare
Retail
Transportation and Logistics
Construction
Energy
Technology and IT Services
Agricultural Processing
Mining
Real Estate
Education
Relevant Teams
Risk Management
Internal Audit
Compliance
Operations
Finance
Information Technology
Human Resources
Legal
Quality Assurance
Business Continuity
Process Control
Corporate Governance
Strategy and Planning
Security
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Officer
Internal Auditor
Operations Manager
Chief Operating Officer
Business Continuity Manager
Process Implementation Manager
Quality Assurance Manager
Department Head
Risk Analyst
Chief Financial Officer
Operations Director
Control and Compliance Manager
Business Unit Manager
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