Operational Risk and Resilience

Introduction to operational risk management

At a macro-level, a country’s economy is dependent on

processes in government, industrial, service and infrastructure

sectors running smoothly and efficiently. When they do not –

for example, as a result of natural disaster, industrial action or

a major financial crisis – an economic price is paid in terms of

lost competitiveness, increased running costs, lower future

growth expectations, unemployment or even recession.

At a micro-economic level, individual organizations also face

the risk that their activities and processes may be disrupted

unexpectedly or fail to meet expected performance levels.

Recent high ...