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Practice paper

Operational risk assessment

Vicky L. Mckim
Journal of Business Continuity & Emergency Planning, 10 (4), 339-352 (2017)
https://doi.org/10.69554/MFJR7512

Abstract

In the world of risk management, which encompasses the business continuity disciplines, many types of risk require evaluation. Financial risk is most often the primary focus, followed by product and market risks. Another critical area, which typically lacks a thorough review or may be overlooked, is operational risk. This category encompasses many risk exposure types including those around building structures and systems, environmental issues, nature, neighbours, clients, regulatory compliance, network, data security and so on. At times, insurance carriers will assess internal hazards, but seldom do these assessments include more than a cursory look at other types of operational risk. In heavily regulated environments, risk assessments are required but may not always include thorough assessments of operational exposures. Vulnerabilities may linger or go unnoticed, only to become the catalyst for a business disruption at a later time, some of which are so severe that business recovery becomes nearly impossible. Businesses may suffer loss of clients as the result of a prolonged disruption of services. Comprehensive operational risk assessments can assist in identifying such vulnerabilities, exposures and threats so that the risk can be minimised or removed. This paper lays out how an assessment of this type can be successfully conducted.

Keywords: operational; risk; assessment; controls; mitigation and continuity

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Author's Biography

Vicky L. Mckim has more than 25 years of experience in business and disaster recovery, including such roles as director for business continuance at Aviva USA and business continuity manager for Marsh McLennan. She is a Member of the Business Continuity Institute and holds Master Business Continuity Professional Certification. Vicky has presented at the Risk Management Society, Disaster Recovery Journal and Continuity Insights meetings and conferences on such topics as risk assessment, emergency response, business impact analysis, business continuity planning, exercising continuity and disaster recovery plans, programme controls and cycles and compliance measurements.

Citation

Mckim, Vicky L. (2017, June 1). Operational risk assessment. In the Journal of Business Continuity & Emergency Planning, Volume 10, Issue 4. https://doi.org/10.69554/MFJR7512.

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cover image, Journal of Business Continuity & Emergency Planning
Journal of Business Continuity & Emergency Planning
Volume 10 / Issue 4
© Henry Stewart
Publications LLP

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