¿Cómo se puede mitigar el riesgo operativo?

To mitigate operational risk: 1. Conduct regular risk assessments. 2. Implement internal controls and segregation of duties. 3. Provide comprehensive employee training. 4. Continuously improve and automate internal processes. 5. Perform due diligence on vendors and assess their performance regularly. 6. Develop disaster recovery and business continuity plans. 7. Stay compliant with regulations and industry standards. 8. Have an incident response plan in place. 9. Ensure strong data security measures. 10. Implement real-time monitoring of key operational metrics. 11. Develop a crisis communication plan for stakeholders.

One thing to consider when evaluating risk is that playing it too safe can have its risks too. In general, it's vital to identify and assess operational risk. Just like a pilot checks the weather before takeoff, use tools like risk registers and scenario analysis to map the risk landscape. For example, think of it as preparing for a journey – you'd plan for roadblocks and detours, ensuring a smoother trip.

💡 In my experience, a deep dive into specific methodologies enhances risk identification and assessment. 🔍 Qualitative Analysis In risk assessment, qualitative analysis complements quantitative tools. Engaging staff for insights and expert judgment uncovers hidden risks, especially in culture and tech trends. 🌐 External Benchmarking Industry comparison is vital. External benchmarks reveal blind spots and areas for improvement. 📊 Data-Driven Approach Big data and analytics enhance risk assessment. Detecting hidden patterns and correlations offers a predictive edge. 📌 In summary, a holistic approach blends qualitative insights, external benchmarks, and data analytics for robust operational risk identification and assessment.

To decide how to manage the risks in your risk register, locate them on a heat map according to their likelihood to actualize and the impact they will create once they actualize. Then taking into account your organization's risk appetite, define your risk tolerance line on the heat map. Anything beyond your risk tolerance is a high priority risk and mitigation efforts should be allocated accordingly.

Conduct regular training sessions, workshops, and awareness programs to equip team members with the necessary knowledge and skills to recognize, assess, and manage risk in their respective roles.

Strive for a culture of continuous improvement in your organization's controls and indicators. Regularly evaluate their effectiveness and efficiency in averting or mitigating risk events.

Establish a schedule for regular control audits conducted by independent teams or individuals. These audits should assess the effectiveness and compliance of your risk controls.

Controls and indicators can be tricky; they are necessary in a successful business, but can leave employees feeling micromanaged. The best systems have team-built KPIs that are reviewed collectively and without blame. The healthiest leadership teams I've been on have had few KPIs that are monitored together.

Operations risks can be mitigated using a range of strategies and measures in order to prevent or minimize negative impacts on a business. A couple of common approaches include increasing transparency and accountability, as well as implementing effective controls. This can involve activities such as conducting regular audits, carrying out staff training and education, and utilizing technology to automate processes and increase accuracy. It’s also important to have contingency plans in place for any potential risks that could impact business operations, such as natural disasters or cyber attacks. This may involve allocating resources to improve infrastructure and security, developing emergency management plans, and regularly testing.

Establishing controls and indicators is a fundamental step in operational risk management. Controls serve as the mechanisms that mitigate the likelihood and severity of operational risk events, while indicators are the metrics that assess the performance of these controls. These controls and indicators should be intricately designed based on the outcomes of the risk assessment. Moreover, alignment with the organization's strategic objectives and risk tolerance is imperative. In essence, these measures function as the safeguards and gauges that ensure a well-guided operational journey, much like the guardrails on a road and the dashboard in a vehicle, helping maintain a steady course toward success

Start by fostering a culture of clear communication and providing comprehensive training to your staff, outlining their roles and responsibilities in the realm of operational risk management. With everyone aligned, ensure the established controls and indicators are consistently adhered to.

Promote a culture of risk awareness among your staff. Encourage them to be vigilant and proactive in identifying and reporting potential operational risks.

One fundamental pillar of any operational risk mitigation strategy lies in education and training. Education is crucial for fostering an understanding among individuals about the rationale behind specific controls in place. Meanwhile, training plays a pivotal role in equipping personnel tasked with roles associated with identified risks, ensuring they can execute their responsibilities accurately and effectively.

When testing controls, emphasise more on impact than probability. Testing controls for probability of occurrence is highly dangerous especially with the ever changing dynamics of business and the the growing cyber threats. If it happens, what's the maximum amount the organisation will lose? Reducing the loss value is better than reducing the number of times the risk might crystalise. Set your KRIs and watch closely. Let application of control be automatic and not manual. The goal is to reduce the risk to an acceptable level if it can't be eliminated totally.

People. It is not a coincidence that the definition of Operational risk mentions failures caused by people because we are at the core of every cause and control. Decisions around what constitutes a risk and what the response in mitigation needs to be all rest on people. Therefore the key to mitigating Operational Risk is getting people to understand the key role they play in risk mitigation.

Setting a risk appetite and the threshold for breaches aid better monitoring. However, a matured risk awareness level of staff members will help in the monitoring phase as not just the assurance officers but all employees that will monitor and report breaches. This will further reduce the burden on the assurance functions and provide room for concentration on consolidation and reporting to senior management for effective decision making.

I always preach risk review. When a risk crystalises, don't just blame, mitigate and move on. The principle of 5 WHYs and the fish scale root cause analysis method must be applied to drill down to the real cause of the crystalization of the risk. You must share lesson learnt with process owners and other at the first line of defence. You also allow them share their perspectives on how best it can be prevented in future.

Use a positive mindset to view risk events as a learning opportunity and not as a 'blame game'. I have often seen infighting cross departmentally and a struggle on who is to be blamed for the risk event. learning and improving is a leadership initiative and a culture mindset to use operational risk as opportunities to strengthen your organization.

Operational Risk is just one part of the overall Risk Framework that can be important to an organization and can be a tough one due to the extra layer of human element that is integral to our processes. Make sure all risk processes align to a wider framework and to the risk appetite for the organization that in turn aligns to the vision and goals of the organization.

"On good teams, coaches hold players accountable. On great teams, players hold players accountable." An effective risk mitigation tactic is to delegate mutual accountability within teams. Accountability involves setting specific expectations, providing consequences, and using clear language to ensure everyone is on the same page. To achieve organizational alignment: 1. Create a shared purpose that everyone can get behind. 2. Define individual roles at all levels to eliminate confusion. 3. Be specific about the expected results to avoid misunderstandings. 4. Establish what to do when things go wrong so everyone knows how to respond. 5. Streamline communication to make sure everyone is informed and involved.

C'est un point très important. La gestion du risque opérationnel est une activité dynamique et évolutive. Il faut être à la page des nouvelles bonnes pratiques et des dispositions réglementaires en la matière afin de s'adapter, transformer et garantir l'efficacité de notre maîtrise des risques opérationnels

You can have all of the tools in place to identify, assess, report, and mitigate risks, but companies sometimes end up reporting everything is ok when it isn't. Operational risks are often overlooked due to a failure to assess what can go wrong. If there is a belief that risks have been mitigated and the culture of the organization is not accepting of an impartial or independent assessment of the risks (emerging or existing), then there will likely be a failure. So, it is also very important to go through the process of identifying what happens when a risk event occurs. Is there a communication plan in place? Have decision-makers been notified? Does the Board need to be informed? Have the risks gone through an impartial assessment?

One very important aspect is to foster a culture of risk awareness and accountabily in the organization; without it, all other steps will not be as effective as needed.

Identification, assessment, mitigation, testing, assurance, monitoring, alignment, accountability, reporting etc etc are all post-mortem actions. 99% of operational risks can be mitigated by follwing a simple practice of ""Write what you do. Do what you write"" i.e. ensure all operating procedures and processes are clearly written down for people to follow. Many organizations fail at this simple practice of documentation, leading to operational risks. Another important aspect is fostering a culture of learning, awareness and growth - not reprimand and retribution.

An often overlooked area of risk reporting is sharing the risks and mitigation of these risk widely. A natural consequence of risk issue is the interpretation of the impact on the department/team performance and thus a tendency to 'hide' it. Be mindful to foster a culture of support and accountability.