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The Operational Risk Handbook for Financial Companies: A guide to the new world of performance-oriented operational risk by Brian Barnier

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2.8. Key Insights for Responding to Risk

In the risk management process cycle, scenarios and warnings were the inputs to responding to risk. In responding, the normal loop repositions/reshapes within the environment and builds capabilities. In doing so, risk managers bring something special to the cross-discipline party to improve business outcomes. Risk-prioritization tools enhance business performance, process and quality improvement approaches. The reaction loop draws on emergency and investigative approaches to contain, slow and stop a cascade of events. Then recovery begins. After building from the normal loop or rebuilding from the reaction loop, the cycle comes back to the foundation of evaluating the environment and enterprise. Together, ...

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