What are the steps in Operational Risk Management?

Operational Risk Management (ORM) typically involves several key steps:

1. Identification - Recognizing potential risks that could impact operations, including process failures, fraud, and external events.
2. Assessment - Evaluating the likelihood and potential impact of identified risks through qualitative and quantitative analysis.
3. Mitigation - Developing and implementing strategies to reduce or eliminate risks, such as process improvements, training, and controls.
4. Monitoring and Review - Continuously tracking risk exposure and the effectiveness of mitigation strategies, adjusting as necessary to ensure ongoing risk management.