Operational risk management deals with the grass root levels of a company. Operational
risks arise due to human actions, technology,
processes and external factors. Most of those risks are generated inside the
walls of your company and can be identified and treated even before they occur.
Efficient operational risk management can be
achieved by identifying underlying operational risks running in your company.
Employees are your main channel of enterprise
risk management. So build good rapport with them and
look out for the following behaviours:
A silent approach from the employees…
If your organization believes
in one-way traffic by providing instructions and not taking feedbacks, then it
is time to rebuild your work culture.
Employees should be made aware
of prominent and impending risks. Since they are the ones familiar with every basic
function of the company, they will be the first ones to spot a threat. Give
your employees the autonomy to analyse risks and use an unrestricted gateway to
reporting their speculations.
Risk managers can engage with employees
on personal levels to learn the remarks and responses towards a range of
functions from introducing the new process to the company’s ORM software solutions.
Have your top-level executives taken risk management seriously?
Enterprise
risk management needs
coordinated efforts of every entity in an organization. And operational risk management takes
lead when it comes to the involvement and guidance of management.
You might have installed an ORM software, but ensure that everyone from the top-level executives
to the subordinate members are included in the system. Management will motivate
the employees to follow their lead and abide by the operational risk management solutions.
Training you resources
In today’s competitive
business world, training is not just to evade or move ahead, but to mitigate
the possibility of risks.
Employees are your assets,
train them to gain individual fortitude and build team strength.
