This course sets out a step-by-step approach covering the fundamental steps required to identify, manage, and mitigate operational risks. We cover key aspects of operational risk management including critical issues such as risk analysis, risk appetite, probability, impact, risk mitigation process, and prioritization.

Inadequate or failed internal processes, people and systems or external events are the key “risk drivers” in operational risk. These “risk drivers” are exceptionally wide-ranging and cover virtually every element of the operations in all forms of business and other organizations.

As our source we draw on the financial industries approach to operational risk management as defined in the Basel Accords. The Basel view, from the definition to the process and principles used, is in the presenter's view, the most succinct way of presenting a practical interpretation of operations risk management that is easily replicated for other business and operational entities.

The effective management of all operational risks is a major component of an organization’s risk management strategy.