What is Operational Risk Management?
Operational risk is made up of several areas, all related to the risk of loss resulting from ineffective or flawed internal processes that can disrupt daily operations, such as Cyber security risks that create organizational failure and harm a company’s bottom line and/or reputation, poorly trained employees, and overlooked issues that may lead to greater risk materialization.
There are five categories of operational risk: people risk, process risk, systems risk, external events risk, and legal and compliance risk. These risks are often associated to how the organization functions and what it prioritizes. While some risks are not guaranteed to result in failure, they are seen as higher or lower depending on various internal management decisions. All of this information is digested and given a risk score which is a calculated number (score) that reflects the severity of a risk due to various factors. Tracking these risks are paramount to effective operations.
RiskMgr is a risk collaborative software platform that will track risk along with the progress of the risk plans and actions assigned to project staff. The team will be reminded automatically to address their risk actions, and dashboards will highlight what items are urgent or critical.
RiskMgr is a PMI compliant, Operational Risk Management (ORM) tool that can be customized and scaled to any size of project or organization, implemented in a matter of weeks, not months, at a cost that is more manageable than other risk management softwares. With a no obligation proof of concept, you can be well on your way to protecting your organization from operational risks.