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Operational Risk Checklist
Risk Identification and Assessment
Identify potential sources of operational risk.
Evaluate the impact and likelihood of identified risks.
Conduct regular risk assessments and audits.
Maintain a comprehensive risk register.
Ensure cross-departmental risk identification.
Control and Mitigation Strategies
Develop and implement risk control measures.
Regularly review and update control measures.
Ensure proper documentation of control procedures.
Conduct training programs for risk awareness.
Establish a risk mitigation plan for identified risks.
Monitoring and Reporting
Set up continuous risk monitoring processes.
Generate regular risk reports for stakeholders.
Implement key risk indicators (KRIs) for early warning.
Ensure transparency in risk reporting.
Conduct periodic reviews of risk monitoring systems.
Incident Management
Establish a clear incident reporting process.
Document and investigate all incidents.
Analyze root causes of incidents.
Develop corrective action plans.
Communicate incident findings to relevant parties.
Compliance and Regulatory Requirements
Stay updated with regulatory changes.
Ensure compliance with industry standards.
Conduct regular compliance audits.
Document compliance procedures and policies.
Engage with regulatory bodies for guidance.
