Operational Risk Exam

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CISI – Operational Risk Quiz 05 is covered :-
Risk Response On completion, the candidate should: understand the type of risk response: • risk acceptance • reducing the likelihood and the impact • risk avoidance • risk transfer understand the use of the following examples of operational controls in reducing the impact or likelihood of operational risk: • supervision and segregation of duties • business continuity and contingency planning • information and physical security • risk awareness training understand how the following examples can be used to transfer operational risk: • insurance • outsourcing
Risk Monitoring and Reporting On completion, the candidate should: understand the main activities that comprise the risk monitoring of the risk management process: • measurement • assessment understand the importance of risk monitoring in the risk management process understand how indicators can be used as a method of monitoring operational risk understand the main functions of operational risk reporting to internal and external stakeholders
Operational Resilience On completion, the candidate should: understand the difference between operational risk and operational resilience and the significance placed upon operational resilience by the regulators
The Causes and Impacts of Operational Risk
Operational Risk: Causes and Events On completion, the candidate should: know the four causes of operational risk events understand why knowledge of causes is important in operational risk management understand the operational risk events in simple, practical examples: • incorrect data • delayed processing and documentary omissions • regulatory non-compliance
• project mismanagement • fraud and theft • unforeseen litigation • information technology failures
Operational Risk: Impacts On completion, the candidate should: understand direct and indirect financial loss understand the financial and non-financial impacts of an operational risk event • potential loss of earnings • regulatory censure / closure and reputational damage • staff demotivation • poor conduct risk outcomes • remedial and litigation costs
The Links Between Causes, Events and Impacts of Operational Risk On completion, the candidate should: understand the links between, causes, events and impacts of operational risk
Near Miss Identification and Reporting On completion, the candidate should: understand the concept of near miss identification and reporting as a result of an operational risk event

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