Value Operational/ Project Risk Management

Question 1

what are maturity models?

Answer 1

used to asses the performance of risk management frameworks - firms rate their design and implementation on a scale

Question 2

what does a risk-based approach to ORM look like?

Answer 2

• firms should address top priorities before deploying an ORM framework across departments
• BAU in operational risk will take years
• firms should prioritize and address pressing risks generated by their activities

Question 3

what is the improved profitability result of effective ORM?

Answer 3

reduces expected losses, enhancing profitability

Question 4

what is the increased profitability of effective ORM?

Answer 4

• resource allocation increase due to less incidents
• reduction in project failure
• aids strategic decisions

Question 5

what is project risk management?

Answer 5

process of identifying, assessing, and controlling risks throughout a project’s lifecycle to ensure successful completion.

Question 6

what