Operational Risk
From business continuity to asset management, organizations face a range of operational risks. To help companies protect their assets, recover from unexpected disruptions and safeguard reputation, we offer certification to international standards that would help companies mitigate operational risks.
Manage your risk registers more efficiently
Operational risk is the risk of loss resulting from ineffective or failed internal processes, people, systems, or external events that can disrupt the flow of business operations. The losses can be directly or indirectly financial. For example, a poorly trained employee may lose a sales opportunity, or indirectly a company's reputation can suffer from poor customer service. Operational risk can refer to both the risk in operating an organization and the processes management uses when implementing, training, and enforcing policies. Operational Risk can be viewed as part of a chain reaction: overlooked issues and control failures — whether small or large — lead to greater risk materialization, which may result in an organizational failure that can harm a company's bottom line and reputation. While operational risk management is considered a subset of Enterprise Risk Management, it excludes strategic, reputational, and financial risk.
(ISO 37001)
Countries are increasingly adopting anti-bribery standards, with harsh penalties for non-compliance. Certification to the ISO 37001 standard, an Anti-Bribery Management System, helps companies identify bribery risks, implement proportional controls and monitor their efficacy across an organization.
(ISO 55001)
Businesses are responsible for numerous physical and non-physical assets, which must be protected and used efficiently. Certification to the ISO 55001 standard can help you identify areas for improvement throughout the asset lifecycle and create a culture of transparency among stakeholders.
(ISO 22301)
Implementing ISO 22301 helps companies mitigate property and revenue loss, reduce legal risks and maintain cash flow in the face of operational failures. Certification to the ISO 22301 standard helps you demonstrate the resilience of your business to unexpected delays.
(ISO/IEC 27701)
ISO/IEC 27701 is a crucial standard that addresses the growing concern surrounding the protection of privacy and the management of personal information in today's digital age. Released as an extension to ISO/IEC 27001 and ISO/IEC 27002, this standard focuses specifically on Privacy Information Management Systems (PIMS) and provides organizations with a comprehensive framework to manage and safeguard personal data.
(ISO 21502)
Project Management is the use of specific knowledge, skills, tools and techniques to deliver something of value to people. The development of software for an improved business process, the construction of a building, the relief effort after a natural disaster, the expansion of sales into a new geographic market—these are all examples of projects.
How Does Operational Risk Management Work?
When dealing with operational risk, the organization has to consider every aspect of all its objectives. Since operational risk is so pervasive, the goal is to reduce and control all risks to an acceptable level. Operational Risk Management attempts to reduce risks through risk identification, risk assessment, measurement and mitigation, and monitoring and reporting while determining who manages operational risk.
These stages are guided by four principles:
- Accept risk when benefits outweigh the cost.
- Accept no unnecessary risk.
- Anticipate and manage risk by planning.
- Make risk decisions at the right level.
